FirstSun Capital Bancorp Reports Third Quarter 2025 Results

By: FirstSun Capital Bancorp via Business Wire

October 27, 2025 at 16:00 PM EDT

Third Quarter 2025 Highlights:

Net income of $23.2 million, $0.82 per diluted share

Net interest margin of 4.07%

Return on average total assets of 1.09%

Return on average stockholders’ equity of 8.22%

Loan growth of 10.6%, annualized

Deposit growth of 0.3%, annualized

24.5% noninterest income to total revenue¹

FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.2 million for the third quarter of 2025 compared to net income of $22.4 million for the third quarter of 2024. Earnings per diluted share were $0.82 for the third quarter of 2025 compared to $0.79 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the third quarter of 2024.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “The results for this quarter continue to demonstrate the fundamental strength of our core franchise. The quarter was highlighted by a consistently strong net interest margin of 4.07%, healthy loan growth of 10.6% and a diversified revenue mix with service fees to total revenue of 24.5%. While we did experience higher credit costs this quarter, our operating results remain strong. We remain focused on the great opportunity provided by the robust business environment across our high growth southwestern and western footprint to further grow our franchise and deliver strong financial results.”

Third Quarter 2025 Results

Net income totaled $23.2 million, or $0.82 per diluted share, for the third quarter of 2025, compared to $26.4 million, or $0.93 per diluted share, for the prior quarter.

The return on average total assets was 1.09% for the third quarter of 2025, compared to 1.28% for the prior quarter, and the return on average stockholders’ equity was 8.22% for the third quarter of 2025, compared to 9.74% for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $81.0 million for the third quarter of 2025, an increase of $2.5 million compared to the prior quarter. Our net interest margin of 4.07% was unchanged compared to the prior quarter. Results for the third quarter of 2025, compared to the prior quarter, were primarily driven by an increase of two basis points in the yield on earning assets and increase of $160.5 million in average earnings assets, offset by an increase of six basis points in the cost of interest-bearing liabilities and increase of $76.6 million in average interest-bearing liabilities.

Average loans, including loans held-for-sale, increased by $46.7 million in the third quarter of 2025, compared to the prior quarter. Loan yield increased by six basis points to 6.49% in the third quarter of 2025, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $79.7 million in the third quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits increased by three basis points to 2.81% in the third quarter of 2025, compared to the prior quarter, primarily due to an increase in promotional rate money market deposit balances, partially offset by a decrease in certificates of deposit balances.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $10.1 million for the third quarter of 2025 primarily due to deterioration in a specific commercial and industrial (“C&I”) customer relationship, impacts from net changes in loan portfolio balances, and impacts from net portfolio downgrades.

Net charge-offs for the third quarter of 2025 were $9.1 million resulting in an annualized ratio of net charge-offs to average loans of 0.55%, compared to net charge-offs of $13.5 million, or an annualized ratio of net-charge offs to average loans of 0.83% for the prior quarter. Net charge-offs for the third quarter of 2025 were elevated primarily due to a write-down related to a specific customer relationship in our C&I loan portfolio.

The allowance for credit losses as a percentage of total loans was 1.26% at September 30, 2025, a decrease of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.98% at September 30, 2025, compared to 0.80% at June 30, 2025.

Noninterest Income

Noninterest income totaled $26.3 million for the third quarter of 2025, a decrease of $0.7 million from the prior quarter. Mortgage banking income decreased $0.6 million for the third quarter of 2025, primarily due to a decrease in fair value impact, net of hedging, related to interest rate lock commitments and loans held-for-sale, partially offset by an increase in gain on sales driven by higher margins.

Other noninterest income decreased $0.3 million for the third quarter of 2025, primarily due to a decrease in loan syndication and agency fees.

Noninterest income as a percentage of total revenue¹ was 24.5%, a decrease of 1.1% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $68.9 million for the third quarter of 2025, an increase of $0.8 million from the prior quarter, primarily due to an increase in salary and employee benefits of $0.9 million resulting from an increase in headcount of C&I bankers and support personnel, in addition to higher medical insurance costs.

The efficiency ratio for the third quarter of 2025 was 64.22% compared to 64.52% for the prior quarter.

Tax Rate

The effective tax rate was 18.1% for the third quarter of 2025, compared to 20.0% for the prior quarter.

Loans

Loans were $6.7 billion at September 30, 2025 and $6.5 billion at June 30, 2025, increasing $174.6 million in the third quarter of 2025, or 10.6% on an annualized basis, primarily due to an increase of $165.9 million in commercial and industrial, and an increase of $49.0 million in multifamily, partially offset by a decrease of $40.2 million in construction and land.

Deposits

Deposits were $7.1 billion at September 30, 2025 and June 30, 2025, an increase of $5.3 million in the third quarter of 2025, or 0.3% on an annualized basis, primarily due to growth of $65.9 million in interest-bearing demand accounts, and $56.8 million in savings and money market accounts, partially offset by a decrease of $75.8 million in certificates of deposits, and $32.2 million in non-interest-bearing demand deposit accounts. Average deposits increased $134.8 million in the third quarter of 2025, or 7.7% on an annualized basis, compared to the prior quarter.

Noninterest-bearing deposit accounts represented 23.6% of total deposits at September 30, 2025 and the loan-to-deposit ratio was 94.0% at September 30, 2025.

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2025, our common equity tier 1 risk-based capital ratio was 13.79%, total risk-based capital ratio was 15.81% and tier 1 leverage ratio was 12.44%. Book value per share was $40.48 at September 30, 2025, an increase of $1.13 from June 30, 2025. Tangible book value per share, a non-GAAP financial measure, was $36.92 at September 30, 2025, an increase of $1.15 from June 30, 2025.

Subsequent Event

On October 1, 2025, FirstSun Capital Bancorp redeemed the entire principal amount, or $40 million, of its 6.000% Fixed-to-Floating Rate Subordinated Notes Due July 1, 2030.

Non-GAAP Financial Measures

This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:

Tangible stockholders’ equity to tangible assets;

Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;

Tangible book value per share;

Adjusted net income;

Adjusted diluted earnings per share;

Adjusted return on average total assets;

Adjusted return on average stockholders’ equity;

Return on average tangible stockholders’ equity;

Adjusted return on average tangible stockholders’ equity;

Adjusted total noninterest expense;

Adjusted efficiency ratio; and

Fully tax equivalent (“FTE”) net interest income and net interest margin.

The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.

About FirstSun Capital Bancorp

FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank and First National 1870. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with depository branches in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.5 billion as of September 30, 2025.

First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com

Analyst Conference Call

FirstSun will host a conference call on Tuesday, October 28, 2025 at 10:00 a.m. (ET) to discuss its third quarter 2025 results. Participants may call in by dialing (833) 470-1428 for toll-free within the US and (404) 975-4839 for all other locations. The conference ID number is 154988. Phone numbers for international participants are listed at https://www.netroadshow.com/events/global-numbers?confId=48643.

Alternatively, individuals may listen to the live webcast of the presentation by visiting the link on the Events & Presentations page of FirstSun’s website. An audio replay of the live webcast is expected to be available following the live event on the Events & Presentations page of FirstSun’s website.

Day-Count Convention

Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.

_____________________

¹Total revenue is net interest income plus noninterest income.

Summary Data:

	As of and for the three months ended
($ in thousands, except per share amounts)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Net interest income	$	80,953		$	78,499		$	74,478		$	77,047		$	76,158
Provision for credit losses		10,100			4,500			3,800			4,850			5,000
Noninterest income		26,333			27,073			21,729			21,635			22,075
Noninterest expense		68,901			68,110			62,722			73,673			64,664
Income before income taxes		28,285			32,962			29,685			20,159			28,569
Provision for income taxes		5,111			6,576			6,116			3,809			6,147
Net income		23,174			26,386			23,569			16,350			22,422
Adjusted net income¹		23,174			26,386			23,569			24,316			23,655
Weighted average common shares outstanding, basic		27,801,255			27,783,710			27,721,760			27,668,470			27,612,538
Weighted average common shares outstanding, diluted		28,291,778			28,232,319			28,293,912			28,290,474			28,212,809
Diluted earnings per share	$	0.82		$	0.93		$	0.83		$	0.58		$	0.79
Adjusted diluted earnings per share¹	$	0.82		$	0.93		$	0.83		$	0.86		$	0.84
Return on average total assets		1.09	%		1.28	%		1.20	%		0.81	%		1.12	%
Adjusted return on average total assets¹		1.09	%		1.28	%		1.20	%		1.20	%		1.18	%
Return on average stockholders' equity		8.22	%		9.74	%		9.03	%		6.22	%		8.74	%
Adjusted return on average stockholders' equity¹		8.22	%		9.74	%		9.03	%		9.24	%		9.22	%
Return on average tangible stockholders' equity¹		9.20	%		10.91	%		10.18	%		7.36	%		9.94	%
Adjusted return on average tangible stockholders' equity¹		9.20	%		10.91	%		10.18	%		10.72	%		10.48	%
Net interest margin		4.07	%		4.07	%		4.07	%		4.09	%		4.08	%
Net interest margin (FTE basis)¹		4.12	%		4.13	%		4.13	%		4.15	%		4.13	%
Efficiency ratio		64.22	%		64.52	%		65.19	%		74.66	%		65.83	%
Adjusted efficiency ratio¹		64.22	%		64.52	%		65.19	%		63.63	%		64.16	%
Noninterest income to total revenue²		24.5	%		25.6	%		22.6	%		21.9	%		22.5	%
Total assets	$	8,495,437		$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487
Total loans held-for-sale		85,250			90,781			65,603			61,825			72,247
Total loans held-for-investment		6,681,629			6,507,066			6,484,008			6,376,357			6,443,756
Total deposits		7,105,415			7,100,164			6,874,239			6,672,260			6,649,880
Total stockholders' equity		1,127,513			1,095,402			1,068,295			1,041,366			1,034,085
Loan to deposit ratio		94.0	%		91.6	%		94.3	%		95.6	%		96.9	%
Period end common shares outstanding		27,854,764			27,834,525			27,753,918			27,709,679			27,665,918
Book value per share	$	40.48		$	39.35		$	38.49		$	37.58		$	37.38
Tangible book value per share¹	$	36.92		$	35.77		$	34.88		$	33.94		$	33.68
¹Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
²Total revenue is net interest income plus noninterest income.

	As of and for the nine months ended
($ in thousands, except per share amounts)	September 30, 2025			September 30, 2024
Net interest income	$	233,930		$	219,863
Provision for credit losses		18,400			22,700
Noninterest income		75,135			68,157
Noninterest expense		199,733			190,367
Income before income taxes		90,932			74,953
Provision for income taxes		17,803			15,675
Net income		73,129			59,278
Adjusted net income¹		73,129			63,428
Weighted average common shares outstanding, basic		27,769,320			27,355,098
Weighted average common shares outstanding, diluted		28,274,134			27,976,215
Diluted earnings per share	$	2.59		$	2.12
Adjusted diluted earnings per share¹	$	2.59		$	2.27
Return on average total assets		1.19	%		1.01	%
Adjusted return on average total assets¹		1.19	%		1.09	%
Return on average stockholders' equity		8.99	%		8.04	%
Adjusted return on average stockholders’ equity¹		8.99	%		8.60	%
Return on average tangible stockholders' equity¹		10.08	%		9.23	%
Adjusted return on average tangible stockholders' equity¹		10.08	%		9.86	%
Net interest margin		4.07	%		4.04	%
Net interest margin (FTE basis)¹		4.13	%		4.11	%
Efficiency ratio		64.62	%		66.10	%
Adjusted efficiency ratio¹		64.62	%		64.30	%
Noninterest income to total revenue²		24.3	%		23.7	%
Total assets	$	8,495,437		$	8,138,487
Total loans held-for-sale		85,250			72,247
Total loans held-for-investment		6,681,629			6,443,756
Total deposits		7,105,415			6,649,880
Total stockholders' equity		1,127,513			1,034,085
Loan to deposit ratio		94.0	%		96.9	%
Period end common shares outstanding		27,854,764			27,665,918
Book value per share	$	40.48		$	37.38
Tangible book value per share¹	$	36.92		$	33.68
¹ Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
² Total revenue is net interest income plus noninterest income.

Condensed Consolidated Statements of Income (Unaudited):

	For the three months ended				For the nine months ended
($ in thousands, except per share amounts)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Total interest income	$	121,128	$	118,932	$	348,496	$	343,501
Total interest expense		40,175		42,774		114,566		123,638
Net interest income		80,953		76,158		233,930		219,863
Provision for credit losses		10,100		5,000		18,400		22,700
Net interest income after credit loss expense		70,853		71,158		215,530		197,163
Noninterest income:
Service charges on deposit accounts		2,162		2,560		6,205		7,276
Treasury management service fees		4,402		3,748		12,929		10,847
Credit and debit card fees		2,671		2,738		7,985		8,447
Trust and investment advisory fees		1,536		1,395		4,430		4,351
Income from mortgage banking services, net		12,641		8,838		34,970		29,383
Other noninterest income		2,921		2,796		8,616		7,853
Total noninterest income		26,333		22,075		75,135		68,157
Noninterest expense:
Salary and employee benefits		44,822		39,306		128,304		116,487
Occupancy and equipment		9,591		9,121		28,668		26,417
Amortization and impairment of intangible assets		578		651		1,784		2,118
Terminated merger related expenses		—		1,633		—		5,168
Other noninterest expenses		13,910		13,953		40,977		40,177
Total noninterest expense		68,901		64,664		199,733		190,367
Income before income taxes		28,285		28,569		90,932		74,953
Provision for income taxes		5,111		6,147		17,803		15,675
Net income	$	23,174	$	22,422	$	73,129	$	59,278
Earnings per share - basic	$	0.83	$	0.81	$	2.63	$	2.17
Earnings per share - diluted	$	0.82	$	0.79	$	2.59	$	2.12

	For the three months ended
($ in thousands, except per share amounts)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Total interest income	$	121,128	$	116,921	$	110,447	$	116,039	$	118,932
Total interest expense		40,175		38,422		35,969		38,992		42,774
Net interest income		80,953		78,499		74,478		77,047		76,158
Provision for credit losses		10,100		4,500		3,800		4,850		5,000
Net interest income after credit loss expense		70,853		73,999		70,678		72,197		71,158
Noninterest income:
Service charges on deposit accounts		2,162		2,016		2,027		2,219		2,560
Treasury management service fees		4,402		4,333		4,194		3,982		3,748
Credit and debit card fees		2,671		2,728		2,586		2,706		2,738
Trust and investment advisory fees		1,536		1,473		1,421		1,436		1,395
Income from mortgage banking services, net		12,641		13,274		9,055		9,631		8,838
Other noninterest income		2,921		3,249		2,446		1,661		2,796
Total noninterest income		26,333		27,073		21,729		21,635		22,075
Noninterest expense:
Salary and employee benefits		44,822		43,921		39,561		38,498		39,306
Occupancy and equipment		9,591		9,541		9,536		9,865		9,121
Amortization and impairment of intangible assets		578		578		628		1,431		651
Terminated merger related expenses		—		—		—		8,010		1,633
Other noninterest expenses		13,910		14,070		12,997		15,869		13,953
Total noninterest expense		68,901		68,110		62,722		73,673		64,664
Income before income taxes		28,285		32,962		29,685		20,159		28,569
Provision for income taxes		5,111		6,576		6,116		3,809		6,147
Net income	$	23,174	$	26,386	$	23,569	$	16,350	$	22,422
Earnings per share - basic	$	0.83	$	0.95	$	0.85	$	0.59	$	0.81
Earnings per share - diluted	$	0.82	$	0.93	$	0.83	$	0.58	$	0.79

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Assets
Cash and cash equivalents	$	659,899		$	785,115		$	621,377		$	615,917		$	573,674
Securities available-for-sale, at fair value		476,114			473,468			480,615			469,076			496,811
Securities held-to-maturity		34,247			34,581			34,914			35,242			35,885
Loans held-for-sale, at fair value		85,250			90,781			65,603			61,825			72,247
Loans		6,681,629			6,507,066			6,484,008			6,376,357			6,443,756
Allowance for credit losses		(84,040	)		(82,993	)		(91,790	)		(88,221	)		(83,159	)
Loans, net		6,597,589			6,424,073			6,392,218			6,288,136			6,360,597
Mortgage servicing rights, at fair value		85,695			84,736			82,927			84,258			78,799
Premises and equipment, net		81,886			82,248			82,333			82,483			82,532
Other real estate owned and foreclosed assets, net		13,418			13,052			4,914			5,138			4,478
Goodwill		93,483			93,483			93,483			93,483			93,483
Core deposits and other intangible assets, net		5,650			6,228			6,806			7,434			8,866
Other assets		362,206			348,096			351,268			354,395			331,115
Total assets	$	8,495,437		$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts	$	1,674,497		$	1,706,678		$	1,574,736		$	1,541,158		$	1,554,762
Interest-bearing accounts:
Interest-bearing demand accounts		811,617			745,750			708,783			685,865			645,647
Savings and money market accounts		3,223,254			3,166,466			2,974,774			2,834,123			2,608,808
NOW accounts		42,559			52,005			39,806			45,539			41,234
Certificate of deposit accounts		1,353,488			1,429,265			1,576,140			1,565,575			1,799,429
Total deposits		7,105,415			7,100,164			6,874,239			6,672,260			6,649,880
Securities sold under agreements to repurchase		9,824			11,173			8,515			14,699			10,913
Federal Home Loan Bank advances		—			—			35,000			135,000			215,000
Subordinated debt, net		76,163			76,066			75,969			75,841			75,709
Other liabilities		176,522			153,056			154,440			158,221			152,900
Total liabilities		7,367,924			7,340,459			7,148,163			7,056,021			7,104,402
Stockholders' equity:
Preferred stock		—			—			—			—			—
Common stock		3			3			3			3			3
Additional paid-in capital		548,952			547,950			547,484			547,325			547,271
Retained earnings		606,279			583,105			556,719			533,150			516,800
Accumulated other comprehensive loss, net		(27,721	)		(35,656	)		(35,911	)		(39,112	)		(29,989	)
Total stockholders' equity		1,127,513			1,095,402			1,068,295			1,041,366			1,034,085
Total liabilities and stockholders' equity	$	8,495,437		$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487

Consolidated Capital Ratios as of:

	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Stockholders' equity to total assets	13.27	%	12.99	%	13.00	%	12.86	%	12.71	%
Tangible stockholders' equity to tangible assets¹	12.25	%	11.94	%	11.93	%	11.76	%	11.59	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax^{1, 2}	12.21	%	11.90	%	11.89	%	11.71	%	11.56	%
Tier 1 leverage ratio	12.44	%	12.39	%	12.47	%	12.11	%	11.96	%
Common equity tier 1 risk-based capital ratio	13.79	%	13.78	%	13.26	%	13.18	%	13.06	%
Tier 1 risk-based capital ratio	13.79	%	13.78	%	13.26	%	13.18	%	13.06	%
Total risk-based capital ratio	15.81	%	15.94	%	15.52	%	15.42	%	15.25	%
¹Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. ²Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.

Summary of Net Interest Margin:

	For the three months ended								For the nine months ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹		6,667,158	6.49	%		6,460,484	6.68	%		6,570,356	6.43	%		6,386,620	6.61	%
Investment securities		505,999	3.43	%		527,241	3.60	%		506,068	3.48	%		532,562	3.52	%
Interest-bearing cash and other assets		714,885	4.25	%		442,632	5.14	%		604,936	4.29	%		343,911	5.27	%
Total earning assets		7,888,042	6.09	%		7,430,357	6.37	%		7,681,360	6.07	%		7,263,093	6.32	%
Other assets		540,079				534,740				542,038				543,916
Total assets	$	8,428,121			$	7,965,097			$	8,223,398			$	7,807,009

Interest-bearing liabilities
Demand and NOW deposits	$	796,192	3.29	%	$	657,537	3.73	%	$	770,395	3.25	%	$	609,632	3.71	%
Savings deposits		391,444	0.59	%		411,526	0.71	%		397,745	0.58	%		415,687	0.70	%
Money market deposits		2,852,860	2.58	%		2,140,552	2.24	%		2,652,819	2.41	%		2,098,927	2.07	%
Certificates of deposits		1,397,371	3.64	%		1,800,502	4.56	%		1,482,529	3.77	%		1,812,839	4.63	%
Total deposits		5,437,867	2.81	%		5,010,117	3.14	%		5,303,488	2.78	%		4,937,085	3.10	%
Repurchase agreements		8,055	1.82	%		13,528	1.29	%		8,892	1.66	%		17,099	1.16	%
Total deposits and repurchase agreements		5,445,922	2.81	%		5,023,645	3.14	%		5,312,380	2.77	%		4,954,184	3.09	%
FHLB borrowings		—	—	%		135,641	5.58	%		10,491	4.61	%		125,799	5.62	%
Other long-term borrowings		76,117	8.41	%		75,654	6.54	%		76,017	7.02	%		75,522	6.61	%
Total interest-bearing liabilities		5,522,039	2.89	%		5,234,940	3.25	%		5,398,888	2.84	%		5,155,505	3.20	%
Noninterest-bearing deposits		1,642,346				1,568,685				1,587,670				1,529,793
Other liabilities		145,730				141,206				148,675				136,491
Stockholders' equity		1,118,006				1,020,266				1,088,165				985,220
Total liabilities and stockholders' equity	$	8,428,121			$	7,965,097			$	8,223,398			$	7,807,009

Net interest spread			3.20	%			3.12	%			3.23	%			3.12	%
Net interest margin			4.07	%			4.08	%			4.07	%			4.04	%
Net interest margin (on FTE basis)²			4.12	%			4.13	%			4.13	%			4.11	%
¹ Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
² Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

	For the three months ended
	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹		6,667,158	6.49	%		6,620,493	6.43	%		6,420,710	6.36	%		6,481,701	6.51	%		6,460,484	6.68	%
Investment securities		505,999	3.43	%		510,350	3.48	%		501,809	3.53	%		519,221	3.40	%		527,241	3.60	%
Interest-bearing cash and other assets		714,885	4.25	%		596,713	4.28	%		500,857	4.37	%		491,326	4.48	%		442,632	5.14	%
Total earning assets		7,888,042	6.09	%		7,727,556	6.07	%		7,423,376	6.03	%		7,492,248	6.16	%		7,430,357	6.37	%
Other assets		540,079				537,156				548,976				542,862				534,740
Total assets	$	8,428,121			$	8,264,712			$	7,972,352			$	8,035,110			$	7,965,097

Interest-bearing liabilities
Demand and NOW deposits	$	796,192	3.29	%	$	793,461	3.26	%	$	720,700	3.21	%	$	703,087	3.45	%	$	657,537	3.73	%
Savings deposits		391,444	0.59	%		401,093	0.58	%		400,801	0.58	%		404,762	0.64	%		411,526	0.71	%
Money market deposits		2,852,860	2.58	%		2,659,342	2.42	%		2,441,737	2.19	%		2,348,328	2.23	%		2,140,552	2.24	%
Certificates of deposits		1,397,371	3.64	%		1,504,235	3.76	%		1,547,634	3.91	%		1,589,721	4.08	%		1,800,502	4.56	%
Total deposits		5,437,867	2.81	%		5,358,131	2.78	%		5,110,872	2.73	%		5,045,898	2.85	%		5,010,117	3.14	%
Repurchase agreements		8,055	1.82	%		9,024	1.61	%		9,615	1.57	%		10,964	1.45	%		13,528	1.29	%
Total deposits and repurchase agreements		5,445,922	2.81	%		5,367,155	2.78	%		5,120,487	2.73	%		5,056,862	2.85	%		5,023,645	3.14	%
FHLB borrowings		—	—	%		2,308	4.72	%		29,489	4.60	%		121,957	5.02	%		135,641	5.58	%
Other long-term borrowings		76,117	8.41	%		76,025	6.19	%		75,907	6.43	%		75,778	6.41	%		75,654	6.54	%
Total interest-bearing liabilities		5,522,039	2.89	%		5,445,488	2.83	%		5,225,883	2.79	%		5,254,597	2.95	%		5,234,940	3.25	%
Noninterest-bearing deposits		1,642,346				1,587,302				1,532,150				1,581,571				1,568,685
Other liabilities		145,730				145,064				155,337				152,552				141,206
Stockholders' equity		1,118,006				1,086,858				1,058,982				1,046,390				1,020,266
Total liabilities and stockholders' equity	$	8,428,121			$	8,264,712			$	7,972,352			$	8,035,110			$	7,965,097

Net interest spread			3.20	%			3.24	%			3.24	%			3.21	%			3.12	%
Net interest margin			4.07	%			4.07	%			4.07	%			4.09	%			4.08	%
Net interest margin (on FTE basis)²			4.12	%			4.13	%			4.13	%			4.15	%			4.13	%
¹ Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
²Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Deposits as of:

($ in thousands)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Consumer
Noninterest bearing deposit accounts	$	412,568	$	426,909	$	412,734	$	410,303	$	397,880
Interest-bearing deposit accounts:
Demand and NOW deposits		129,148		113,415		93,675		61,987		61,929
Savings deposits		314,953		322,672		330,489		326,916		331,811
Money market deposits		1,885,610		1,803,348		1,600,413		1,516,577		1,333,486
Certificates of deposits		869,077		937,439		1,065,839		1,069,704		1,247,348
Total interest-bearing deposit accounts		3,198,788		3,176,874		3,090,416		2,975,184		2,974,574
Total consumer deposits	$	3,611,356	$	3,603,783	$	3,503,150	$	3,385,487	$	3,372,454
Business
Noninterest bearing deposit accounts	$	1,261,929	$	1,279,769	$	1,162,002	$	1,130,855	$	1,156,882
Interest-bearing deposit accounts:
Demand and NOW deposits		725,028		684,340		654,914		669,417		624,952
Savings deposits		71,281		74,448		75,132		75,422		77,744
Money market deposits		951,410		965,998		968,740		915,208		865,767
Certificates of deposits		57,225		56,930		65,420		51,131		62,187
Total interest-bearing deposit accounts		1,804,944		1,781,716		1,764,206		1,711,178		1,630,650
Total business deposits	$	3,066,873	$	3,061,485	$	2,926,208	$	2,842,033	$	2,787,532
Wholesale deposits¹	$	427,186	$	434,896	$	444,881	$	444,740	$	489,894
Total deposits	$	7,105,415	$	7,100,164	$	6,874,239	$	6,672,260	$	6,649,880
¹ Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.

Balance Sheet Ratios as of:

	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Cash to total assets¹	7.70	%	9.20	%	7.50	%	7.50	%	6.90	%
Loan to deposit ratio	94.0	%	91.6	%	94.3	%	95.6	%	96.9	%
Uninsured deposits to total deposits²	36.2	%	37.0	%	35.2	%	34.8	%	32.7	%
Uninsured and uncollateralized deposits to total deposits²	28.3	%	28.3	%	26.4	%	25.2	%	26.8	%
Wholesale deposits and borrowings to total liabilities³	5.8	%	5.9	%	6.7	%	8.2	%	9.9	%
¹ Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions. ² Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. ³ Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.

Loan Portfolio as of:

($ in thousands)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Commercial and industrial¹	$	2,945,697	$	2,779,767	$	2,764,035	$	2,627,591	$	2,678,859
Commercial real estate:
Non-owner occupied		725,425		705,749		733,949		752,628		821,434
Owner occupied		668,172		660,334		677,341		700,867		698,398
Construction and land		343,803		383,969		386,056		362,677		333,457
Multifamily		183,504		134,520		85,239		94,355		95,125
Total commercial real estate		1,920,904		1,884,572		1,882,585		1,910,527		1,948,414
Residential real estate²		1,209,742		1,226,760		1,195,714		1,180,610		1,172,459
Public Finance		516,247		524,441		551,252		554,784		536,776
Consumer		38,931		42,881		38,896		41,144		45,067
Other		50,108		48,645		51,526		61,701		62,181
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,681,629	$	6,507,066	$	6,484,008	$	6,376,357	$	6,443,756
¹Loans to nondepository financial institutions are included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation. ²Includes 1-4 family residential construction.

Asset Quality:

	As of and for the three months ended															As of and for the nine months ended
($ in thousands)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			September 30, 2025			September 30, 2024
Net charge-offs (recoveries)	$	9,053		$	13,547		$	631		$	(462	)	$	1,401		$	23,231		$	20,839
Allowance for credit losses	$	84,040		$	82,993		$	91,790		$	88,221		$	83,159		$	84,040		$	83,159
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due	$	69,641		$	54,841		$	78,590		$	69,050		$	65,824		$	69,641		$	65,824
Nonperforming assets	$	83,059		$	67,893		$	83,504		$	74,188		$	70,302		$	83,059		$	70,302
Ratio of net charge-offs (recoveries) to average loans outstanding		0.55	%		0.83	%		0.04	%		(0.03	)%		0.09	%		0.48	%		0.44	%
Allowance for credit losses to total loans outstanding		1.26	%		1.28	%		1.42	%		1.38	%		1.29	%		1.26	%		1.29	%
Allowance for credit losses to total nonperforming loans		120.68	%		151.33	%		116.80	%		127.76	%		126.34	%		120.68	%		126.34	%
Nonperforming loans to total loans		1.04	%		0.84	%		1.21	%		1.08	%		1.02	%		1.04	%		1.02	%
Nonperforming assets to total assets		0.98	%		0.80	%		1.02	%		0.92	%		0.86	%		0.98	%		0.86	%

Non-GAAP Financial Measures and Reconciliations:

	As of and for the three months ended															As of and for the nine months ended
($ in thousands, except share and per share amounts)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			September 30, 2025			September 30, 2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)	$	1,127,513		$	1,095,402		$	1,068,295		$	1,041,366		$	1,034,085		$	1,127,513		$	1,034,085
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(5,650	)		(6,228	)		(6,806	)		(7,434	)		(8,866	)		(5,650	)		(8,866	)
Tangible stockholders' equity (non-GAAP)	$	1,028,380		$	995,691		$	968,006		$	940,449		$	931,736		$	1,028,380		$	931,736
Total assets (GAAP)	$	8,495,437		$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487		$	8,495,437		$	8,138,487
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(5,650	)		(6,228	)		(6,806	)		(7,434	)		(8,866	)		(5,650	)		(8,866	)
Tangible assets (non-GAAP)	$	8,396,304		$	8,336,150		$	8,116,169		$	7,996,470		$	8,036,138		$	8,396,304		$	8,036,138
Total stockholders' equity to total assets (GAAP)		13.27	%		12.99	%		13.00	%		12.86	%		12.71	%		13.27	%		12.71	%
Less: Impact of goodwill and other intangible assets		(1.02	)%		(1.05	)%		(1.07	)%		(1.10	)%		(1.12	)%		(1.02	)%		(1.12	)%
Tangible stockholders' equity to tangible assets (non-GAAP)		12.25	%		11.94	%		11.93	%		11.76	%		11.59	%		12.25	%		11.59	%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	1,028,380		$	995,691		$	968,006		$	940,449		$	931,736		$	1,028,380		$	931,736
Less: Net unrealized losses on HTM securities, net of tax		(3,432	)		(4,238	)		(3,803	)		(4,292	)		(2,852	)		(3,432	)		(2,852	)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	1,024,948		$	991,453		$	964,203		$	936,157		$	928,884		$	1,024,948		$	928,884
Tangible assets (non-GAAP)	$	8,396,304		$	8,336,150		$	8,116,169		$	7,996,470		$	8,036,138		$	8,396,304		$	8,036,138
Less: Net unrealized losses on HTM securities, net of tax		(3,432	)		(4,238	)		(3,803	)		(4,292	)		(2,852	)		(3,432	)		(2,852	)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	8,392,872		$	8,331,912		$	8,112,366		$	7,992,178		$	8,033,286		$	8,392,872		$	8,033,286
Tangible stockholders' equity to tangible assets (non-GAAP)		12.25	%		11.94	%		11.93	%		11.76	%		11.59	%		12.25	%		11.59	%
Less: Net unrealized losses on HTM securities, net of tax		(0.04	)%		(0.04	)%		(0.04	)%		(0.05	)%		(0.03	)%		(0.04	)%		(0.03	)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)		12.21	%		11.90	%		11.89	%		11.71	%		11.56	%		12.21	%		11.56	%

Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,127,513		$	1,095,402		$	1,068,295		$	1,041,366		$	1,034,085		$	1,127,513		$	1,034,085
Tangible stockholders' equity (non-GAAP)	$	1,028,380		$	995,691		$	968,006		$	940,449		$	931,736		$	1,028,380		$	931,736
Total shares outstanding		27,854,764			27,834,525			27,753,918			27,709,679			27,665,918			27,854,764			27,665,918
Book value per share (GAAP)	$	40.48		$	39.35		$	38.49		$	37.58		$	37.38		$	40.48		$	37.38
Tangible book value per share (non-GAAP)	$	36.92		$	35.77		$	34.88		$	33.94		$	33.68		$	36.92		$	33.68
Adjusted net income:
Net income (GAAP)	$	23,174		$	26,386		$	23,569		$	16,350		$	22,422		$	73,129		$	59,278
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax		—			—			—			5,799			1,233			—			4,150
Write-off of Guardian Mortgage tradename, net of tax		—			—			—			625			—			—			—
Disposal of ATMs, net of tax		—			—			—			1,542			—			—			—
Total adjustments, net of tax		—			—			—			7,966			1,233			—			4,150
Adjusted net income (non-GAAP)	$	23,174		$	26,386		$	23,569		$	24,316		$	23,655		$	73,129		$	63,428
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)	$	0.82		$	0.93		$	0.83		$	0.58		$	0.79		$	2.59		$	2.12
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—			—			—			0.21			0.05			—			0.15
Write-off of Guardian Mortgage tradename, net of tax		—			—			—			0.02			—			—			—
Disposal of ATMs, net of tax		—			—			—			0.05			—			—			—
Adjusted diluted earnings per share (non-GAAP)	$	0.82		$	0.93		$	0.83		$	0.86		$	0.84		$	2.59		$	2.27
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)		1.09	%		1.28	%		1.20	%		0.81	%		1.12	%		1.19	%		1.01	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		—	%		0.28	%		0.06	%		—	%		0.08	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		—	%		0.03	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		—	%		0.08	%		—	%		—	%		—	%
Adjusted ROAA (non-GAAP)		1.09	%		1.28	%		1.20	%		1.20	%		1.18	%		1.19	%		1.09	%

Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)		8.22	%		9.74	%		9.03	%		6.22	%		8.74	%		8.99	%		8.04	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		—	%		2.19	%		0.48	%		—	%		0.56	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		—	%		0.24	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		—	%		0.59	%		—	%		—	%		—	%
Adjusted ROACE (non-GAAP)		8.22	%		9.74	%		9.03	%		9.24	%		9.22	%		8.99	%		8.60	%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)		8.22	%		9.74	%		9.03	%		6.22	%		8.74	%		8.99	%		8.04	%
Add: Impact from goodwill and other intangible assets
Goodwill		0.81	%		0.98	%		0.94	%		0.67	%		0.98	%		0.90	%		0.94	%
Other intangible assets		0.17	%		0.19	%		0.21	%		0.47	%		0.22	%		0.19	%		0.25	%
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)		9.20	%		10.91	%		10.18	%		7.36	%		9.94	%		10.08	%		9.23	%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)		9.20	%		10.91	%		10.18	%		7.36	%		9.94	%		10.08	%		9.23	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		—	%		2.45	%		0.54	%		—	%		0.63	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		—	%		0.26	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		—	%		0.65	%		—	%		—	%		—	%
Adjusted ROATCE (non-GAAP)		9.20	%		10.91	%		10.18	%		10.72	%		10.48	%		10.08	%		9.86	%


Adjusted total noninterest expense:
Total noninterest expense (GAAP)	$	68,901		$	68,110		$	62,722		$	73,673		$	64,664		$	199,733		$	190,367
Less: Non-recurring adjustments:
Terminated merger related expenses		—			—			—			(8,010	)		(1,633	)		—			(5,168	)
Write-off of Guardian Mortgage trade name		—			—			—			(828	)		—			—			—
Disposal of ATMs		—			—			—			(2,042	)		—			—			—
Total adjustments		—			—			—			(10,880	)		(1,633	)		—			(5,168	)
Adjusted total noninterest expense (non-GAAP)	$	68,901		$	68,110		$	62,722		$	62,793		$	63,031		$	199,733		$	185,199
Adjusted efficiency ratio:
Efficiency ratio (GAAP)		64.22	%		64.52	%		65.19	%		74.66	%		65.83	%		64.62	%		66.10	%
Less: Impact of non-recurring adjustments
Terminated merger related expenses		—	%		—	%		—	%		(8.12	)%		(1.67	)%		—	%		(1.80	)%
Write-off of Guardian Mortgage tradename		—	%		—	%		—	%		(0.84	)%		—	%		—	%		—	%
Disposal of ATMs		—	%		—	%		—	%		(2.07	)%		—	%		—	%		—	%
Adjusted efficiency ratio (non-GAAP)		64.22	%		64.52	%		65.19	%		63.63	%		64.16	%		64.62	%		64.30	%
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)	$	80,953		$	78,499		$	74,478		$	77,047		$	76,158		$	233,930		$	219,863
Gross income effect of tax exempt income		1,225			1,204			1,192			1,161			1,132			3,621			3,606
FTE net interest income (non-GAAP)	$	82,178		$	79,703		$	75,670		$	78,208		$	77,290		$	237,551		$	223,469
Average earning assets	$	7,888,042		$	7,727,556		$	7,423,376		$	7,492,248		$	7,430,357		$	7,681,360		$	7,263,093
Net interest margin		4.07	%		4.07	%		4.07	%		4.09	%		4.08	%		4.07	%		4.04	%
Net interest margin on FTE basis (non-GAAP)		4.12	%		4.13	%		4.13	%		4.15	%		4.13	%		4.13	%		4.11	%