fcb-20250428

FirstSun Capital Bancorp Reports First Quarter 2025 Results

First Quarter 2025 Highlights:

•Net income of $23.6 million, $0.83 per diluted share

•Net interest margin of 4.07%

•Return on average total assets of 1.20%

•Return on average stockholders’ equity of 9.03%

•Loan growth of 6.8%, annualized

•Deposit growth of 12.3%, annualized

•22.6% noninterest income to total revenue1

Denver, Colorado – April 28, 2025 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.6 million for the first quarter of 2025 compared to net income of $12.3 million for the first quarter of 2024. Earnings per diluted share were $0.83 for the first quarter of 2025 compared to $0.45 for the first quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $14.6 million or $0.53 per diluted share for the first quarter of 2024. Net income, for the first quarter of 2024, was negatively impacted by a provision for credit loss on a specific customer in our commercial and industrial (C&I) loan portfolio of $10.6 million, net of tax, or $0.39 per diluted share.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are pleased to deliver another strong quarter as our focus on growing our C&I and consumer relationships across all of our southwestern and western markets continues to yield favorable results. Among the highlights this quarter were a net interest margin of 4.07%, and strong growth in both deposits and loans. We believe our performance amidst this challenging banking environment continues to position us uniquely amongst our peers. While the economic outlook and interest rate environment may remain uncertain, our focus is on what we directly control and executing across all of our diverse businesses to grow our franchise and deliver strong financial results.

“We are also pleased to announce that we have officially opened our new branch locations in San Diego and in Los Angeles. We are excited with our growth in Southern California and we look forward to continuing to grow our clients and business relationships in these large and diverse markets.”

First Quarter 2025 Results

Net income totaled $23.6 million, or $0.83 per diluted share, for the first quarter of 2025, compared to $16.4 million, or $0.58 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, was $24.3 million or $0.86 per diluted share for the fourth quarter of 2024.

The return on average total assets was 1.20% for the first quarter of 2025, compared to 0.81% for the prior quarter, and the return on average stockholders’ equity was 9.03% for the first quarter of 2025, compared to 6.22% for the prior quarter. Fourth quarter of 2024 non-recurring expenses, net of tax, negatively impacted return on average total assets by 0.39% and return on average stockholders’ equity by 3.02%.

Net Interest Income and Net Interest Margin

Net interest income totaled $74.5 million for the first quarter of 2025, a decrease of $2.6 million compared to the prior quarter. Our net interest margin decreased two basis points to 4.07% compared to the prior quarter. Results for the first quarter of 2025, compared to the prior quarter, were primarily driven by a decrease of 13 basis points in the yield on earning assets, largely offset by a decrease of 16 basis points in the cost of interest-bearing liabilities.

1 Total revenue is net interest income plus noninterest income.

Average loans, including loans held-for-sale, decreased by $61.0 million in the first quarter of 2025, compared to the prior quarter. Loan yield decreased by 15 basis points to 6.36% in the first quarter of 2025, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the portfolio. Average interest-bearing deposits increased $65.0 million in the first quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 12 basis points to 2.73% in the first quarter of 2025, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits. Average FHLB borrowings decreased $92.5 million in the first quarter of 2025, compared to the prior quarter. The cost of FHLB borrowings decreased by 42 basis points to 4.60% in the first quarter of 2025, compared to the prior quarter.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $3.8 million for the first quarter of 2025 impacted by deterioration on a specific customer relationship and factors related to increasing economic uncertainty, partially offset by impacts from net portfolio upgrades and increasing prepayment experience.

Net charge-offs for the first quarter of 2025 were $0.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.04%, compared to net charge-offs (recoveries) of $(0.5) million, or an annualized ratio of net-charge offs (recoveries) to average loans of (0.03)% for the prior quarter.

The allowance for credit losses as a percentage of total loans was 1.42% at March 31, 2025, an increase of four basis points from the prior quarter. The ratio of nonperforming assets to total assets was 1.02% at March 31, 2025, compared to 0.92% at December 31, 2024.

Noninterest Income

Noninterest income totaled $21.7 million for the first quarter of 2025, an increase of $0.1 million from the prior quarter. Mortgage banking income decreased $0.6 million for the first quarter of 2025, primarily due to a decrease in MSR capitalization and in the change in fair value of our MSR asset, net of hedging activity, partially offset by an improvement in gain on sale margin.

Other noninterest income increased $0.8 million for the first quarter of 2025, primarily due to an increase in loan syndication and swap service fees. Noninterest income as a percentage of total revenue2 was 22.6%, an increase of 0.7% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $62.7 million for the first quarter of 2025, a decrease of $11.0 million from the prior quarter. Adjusted noninterest expense, a non-GAAP financial measure, totaled $62.8 million for the fourth quarter of 2024. Adjusted noninterest expense, a non-GAAP financial measure, decreased $0.1 million from the prior quarter as the seasonal increase in salary and employee benefits due to payroll taxes was offset by decreases in legal, travel and entertainment, marketing, and collection and appraisal expenses.

The efficiency ratio for the first quarter of 2025 was 65.19% compared to 74.66% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2025 was 65.19% compared to 63.63% for the prior quarter.

Tax Rate

The effective tax rate was 20.6% for the first quarter of 2025, compared to 18.9% for the prior quarter.

2 Total revenue is net interest income plus noninterest income.

Loans

Loans were $6.5 billion at March 31, 2025 compared to $6.4 billion at December 31, 2024, an increase of $107.7 million in the first quarter of 2025, or 6.8% on an annualized basis primarily due to an increase of $137.3 million of commercial and industrial loans partially offset by a decrease of $28.3 million in commercial real estate.

Deposits

Deposits were $6.9 billion at March 31, 2025 compared to $6.7 billion at December 31, 2024, an increase of $202.0 million in the first quarter of 2025, or 12.3% on an annualized basis primarily due to growth of $140.7 million in savings and money market accounts, $33.6 million in noninterest-bearing demand deposit accounts, and $22.9 million in interest-bearing demand accounts. Noninterest-bearing deposit accounts represented 22.9% of total deposits at March 31, 2025 and the loan-to-deposit ratio was 94.3% at March 31, 2025.

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of March 31, 2025, our common equity tier 1 risk-based capital ratio was 13.26%, total risk-based capital ratio was 15.52% and tier 1 leverage ratio was 12.47%. Book value per share was $38.49 at March 31, 2025, an increase of $0.91 from December 31, 2024. Tangible book value per share, a non-GAAP financial measure, was $34.88 at March 31, 2025, an increase of $0.94 from December 31, 2024.

Non-GAAP Financial Measures

This press release (including the tables beginning on page 14) 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 beginning on page 14 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, First National 1870 and Guardian Mortgage, which we are in the process of rebranding as Sunflower Bank Mortgage Lending. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with customers in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.2 billion as of March 31, 2025.

First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.

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.

Summary Data:


	As of and for the three months ended
($ in thousands, except per share amounts)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net interest income	$	74,478		$	77,047		$	76,158		$	72,899		$	70,806
Provision for credit losses	3,800			4,850			5,000			1,200			16,500
Noninterest income	21,729			21,635			22,075			23,274			22,808
Noninterest expense	62,722			73,673			64,664			63,875			61,828
Income before income taxes	29,685			20,159			28,569			31,098			15,286
Provision for income taxes	6,116			3,809			6,147			6,538			2,990
Net income	23,569			16,350			22,422			24,560			12,296
Adjusted net income1	23,569			24,316			23,655			25,181			14,592
Weighted average common shares outstanding, basic	27,721,760			27,668,470			27,612,538			27,430,761			27,019,625
Weighted average common shares outstanding, diluted	28,293,912			28,290,474			28,212,809			28,031,956			27,628,941
Diluted earnings per share	$	0.83		$	0.58		$	0.79		$	0.88		$	0.45
Adjusted diluted earnings per share1	$	0.83		$	0.86		$	0.84		$	0.90		$	0.53
Return on average total assets	1.20		%	0.81		%	1.12		%	1.27		%	0.65		%
Adjusted return on average total assets1	1.20		%	1.20		%	1.18		%	1.30		%	0.77		%
Return on average stockholders' equity	9.03		%	6.22		%	8.74		%	10.08		%	5.18		%
Adjusted return on average stockholders' equity1	9.03		%	9.24		%	9.22		%	10.34		%	6.14		%
Return on average tangible stockholders' equity1	10.18		%	7.36		%	9.94		%	11.51		%	6.11		%
Adjusted return on average tangible stockholders' equity1	10.18		%	10.72		%	10.48		%	11.79		%	7.20		%
Net interest margin	4.07		%	4.09		%	4.08		%	4.04		%	4.01		%
Net interest margin (FTE basis)1	4.13		%	4.15		%	4.13		%	4.10		%	4.08		%
Efficiency ratio	65.19		%	74.66		%	65.83		%	66.42		%	66.05		%
Adjusted efficiency ratio1	65.19		%	63.63		%	64.16		%	65.33		%	63.39		%
Noninterest income to total revenue2	22.6		%	21.9		%	22.5		%	24.2		%	24.4		%
Total assets	$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295		$	7,781,601
Total loans held-for-sale	65,603			61,825			72,247			66,571			56,813
Total loans held-for-investment	6,484,008			6,376,357			6,443,756			6,337,162			6,284,868
Total deposits	6,874,239			6,672,260			6,649,880			6,619,525			6,445,388
Total stockholders' equity	1,068,295			1,041,366			1,034,085			996,599			964,662
Loan to deposit ratio	94.3		%	95.6		%	96.9		%	95.7		%	97.5		%
Period end common shares outstanding	27,753,918			27,709,679			27,665,918			27,443,246			27,442,943
Book value per share	$	38.49		$	37.58		$	37.38		$	36.31		$	35.15
Tangible book value per share1	$	34.88		$	33.94		$	33.68		$	32.56		$	31.37
1 Represents a non-GAAP financial measure. See the tables beginning on page 14 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
($ in thousands, except per share amounts)		March 31, 2025		March 31, 2024
Total interest income		$	110,447	$	110,040
Total interest expense		35,969		39,234
Net interest income		74,478		70,806
Provision for credit losses		3,800		16,500
Net interest income after provision for credit losses		70,678		54,306
Noninterest income:
Service charges on deposits		2,027		2,344
Treasury management service fees		4,194		3,468
Credit and debit card fees		2,586		2,759
Trust and investment advisory fees		1,421		1,463
Mortgage banking income, net		9,055		9,502
Other noninterest income		2,446		3,272
Total noninterest income		21,729		22,808
Noninterest expense:
Salaries and benefits		39,561		37,353
Occupancy and equipment		9,536		8,595
Amortization of intangible assets		628		815
Terminated merger related expenses		—		2,489
Other noninterest expenses		12,997		12,576
Total noninterest expense		62,722		61,828
Income before income taxes		29,685		15,286
Provision for income taxes		6,116		2,990
Net income		$	23,569	$	12,296
Earnings per share - basic		$	0.85	$	0.46
Earnings per share - diluted		$	0.83	$	0.45


	For the three months ended
($ in thousands, except per share amounts)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Total interest income	$	110,447	$	116,039	$	118,932	$	114,529	$	110,040
Total interest expense	35,969		38,992		42,774		41,630		39,234
Net interest income	74,478		77,047		76,158		72,899		70,806
Provision for credit losses	3,800		4,850		5,000		1,200		16,500
Net interest income after provision for credit losses	70,678		72,197		71,158		71,699		54,306
Noninterest income:
Service charges on deposits	2,027		2,219		2,560		2,372		2,344
Treasury management service fees	4,194		3,982		3,748		3,631		3,468
Credit and debit card fees	2,586		2,706		2,738		2,950		2,759
Trust and investment advisory fees	1,421		1,436		1,395		1,493		1,463
Mortgage banking income, net	9,055		9,631		8,838		11,043		9,502
Other noninterest income	2,446		1,661		2,796		1,785		3,272
Total noninterest income	21,729		21,635		22,075		23,274		22,808
Noninterest expense:
Salaries and benefits	39,561		38,498		39,306		39,828		37,353
Occupancy and equipment	9,536		9,865		9,121		8,701		8,595
Amortization of intangible assets	628		1,431		651		652		815
Terminated merger related expenses	—		8,010		1,633		1,046		2,489
Other noninterest expenses	12,997		15,869		13,953		13,648		12,576
Total noninterest expense	62,722		73,673		64,664		63,875		61,828
Income before income taxes	29,685		20,159		28,569		31,098		15,286
Provision for income taxes	6,116		3,809		6,147		6,538		2,990
Net income	$	23,569	$	16,350	$	22,422	$	24,560	$	12,296
Earnings per share - basic	$	0.85	$	0.59	$	0.81	$	0.90	$	0.46
Earnings per share - diluted	$	0.83	$	0.58	$	0.79	$	0.88	$	0.45

Condensed Consolidated Balance Sheets as of (Unaudited):


($ in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Assets
Cash and cash equivalents	$	621,377	$	615,917	$	573,674	$	535,766	$	383,605
Securities available-for-sale, at fair value	480,615		469,076		496,811		491,649		499,078
Securities held-to-maturity	34,914		35,242		35,885		36,310		36,640
Loans held-for-sale, at fair value	65,603		61,825		72,247		66,571		56,813
Loans	6,484,008		6,376,357		6,443,756		6,337,162		6,284,868
Allowance for credit losses	(91,790)		(88,221)		(83,159)		(78,960)		(79,829)
Loans, net	6,392,218		6,288,136		6,360,597		6,258,202		6,205,039
Mortgage servicing rights, at fair value	82,927		84,258		78,799		80,744		78,416
Premises and equipment, net	82,333		82,483		82,532		83,320		84,063
Other real estate owned and foreclosed assets, net	4,914		5,138		4,478		4,497		4,414
Goodwill	93,483		93,483		93,483		93,483		93,483
Intangible assets, net	6,806		7,434		8,866		9,517		10,168
All other assets	351,268		354,395		331,115		339,236		329,882
Total assets	$	8,216,458	$	8,097,387	$	8,138,487	$	7,999,295	$	7,781,601
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts	$	1,574,736	$	1,541,158	$	1,554,762	$	1,562,308	$	1,517,315
Interest-bearing deposit accounts:
Interest-bearing demand accounts	708,783		685,865		645,647		538,232		542,184
Savings and money market accounts	2,974,774		2,834,123		2,608,808		2,505,439		2,473,255
NOW accounts	39,806		45,539		41,234		42,687		39,181
Certificate of deposit accounts	1,576,140		1,565,575		1,799,429		1,970,859		1,873,453
Total deposits	6,874,239		6,672,260		6,649,880		6,619,525		6,445,388
Securities sold under agreements to repurchase	8,515		14,699		10,913		20,408		20,423
Federal Home Loan Bank advances	35,000		135,000		215,000		145,000		144,810
Other borrowings	75,969		75,841		75,709		75,577		75,445
Other liabilities	154,440		158,221		152,900		142,186		130,873
Total liabilities	7,148,163		7,056,021		7,104,402		7,002,696		6,816,939
Stockholders' equity:
Preferred stock	—		—		—		—		—
Common stock	3		3		3		3		3
Additional paid-in capital	547,484		547,325		547,271		543,339		542,582

Retained earnings	556,719		533,150		516,800		494,378		469,818
Accumulated other comprehensive loss, net	(35,911)		(39,112)		(29,989)		(41,121)		(47,741)
Total stockholders' equity	1,068,295		1,041,366		1,034,085		996,599		964,662
Total liabilities and stockholders' equity	$	8,216,458	$	8,097,387	$	8,138,487	$	7,999,295	$	7,781,601

Consolidated Capital Ratios as of:



	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Stockholders' equity to total assets	13.00	%	12.86	%	12.71	%	12.46	%	12.40	%
Tangible stockholders' equity to tangible assets1	11.93	%	11.76	%	11.59	%	11.32	%	11.21	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2	11.89	%	11.71	%	11.56	%	11.27	%	11.17	%
Tier 1 leverage ratio	12.47	%	12.11	%	11.96	%	11.83	%	11.73	%
Common equity tier 1 risk-based capital ratio	13.26	%	13.18	%	13.06	%	12.80	%	12.54	%
Tier 1 risk-based capital ratio	13.26	%	13.18	%	13.06	%	12.80	%	12.54	%
Total risk-based capital ratio	15.52	%	15.42	%	15.25	%	14.95	%	14.73	%
1 Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. 2 Tangible 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
		March 31, 2025	March 31, 2024
(In thousands)				Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets

Loans1				6,420,710		6.36	%	6,313,855		6.51	%
Investment securities				501,809		3.53	%	546,960		3.30	%
Interest-bearing cash and other assets				500,857		4.37	%	239,508		5.52	%
Total earning assets				7,423,376		6.03	%	7,100,323		6.23	%
Other assets				548,976				548,642
Total assets				$	7,972,352			$	7,648,965

Interest-bearing liabilities
Demand and NOW deposits				$	720,700	3.21	%	$	549,491	3.56	%
Savings deposits				400,801		0.58	%	421,882		0.69	%
Money market deposits				2,441,737		2.19	%	2,063,321		1.94	%
Certificates of deposits				1,547,634		3.91	%	1,814,629		4.62	%
Total deposits				5,110,872		2.73	%	4,849,323		3.02	%
Repurchase agreements				9,615		1.57	%	21,254		1.07	%
Total deposits and repurchase agreements				5,120,487		2.73	%	4,870,577		3.01	%
FHLB borrowings				29,489		4.60	%	110,777		5.59	%
Other long-term borrowings				75,907		6.43	%	75,389		6.65	%
Total interest-bearing liabilities				5,225,883		2.79	%	5,056,743		3.12	%
Noninterest-bearing deposits				1,532,150				1,502,707
Other liabilities				155,337				134,370
Stockholders' equity				1,058,982				955,145
Total liabilities and stockholders' equity				$	7,972,352			$	7,648,965


Net interest spread						3.24	%			3.11	%
Net interest margin						4.07	%			4.01	%
Net interest margin (on FTE basis)2						4.13	%			4.08	%
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.


	For the three months ended
	March 31, 2025		December 31, 2024				September 30, 2024			June 30, 2024		March 31, 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	6,420,710		6.36	%	6,481,701			6.51	%	6,460,484		6.68	%	6,384,709		6.63	%	6,313,855		6.51	%
Investment securities	501,809		3.53	%	519,221			3.40	%	527,241		3.60	%	523,545		3.67	%	546,960		3.30	%
Interest-bearing cash and other assets	500,857		4.37	%	491,326			4.48	%	442,632		5.14	%	348,509		5.28	%	239,508		5.52	%
Total earning assets	7,423,376		6.03	%	7,492,248			6.16	%	7,430,357		6.37	%	7,256,763		6.35	%	7,100,323		6.23	%
Other assets	548,976				542,862					534,740				548,465				548,642
Total assets	$	7,972,352			$	8,035,110				$	7,965,097			$	7,805,228			$	7,648,965

Interest-bearing liabilities
Demand and NOW deposits	$	720,700	3.21	%	$	703,087		3.45	%	$	657,537	3.73	%	$	621,343	3.82	%	$	549,491	3.56	%
Savings deposits	400,801		0.58	%	404,762			0.64	%	411,526		0.71	%	413,699		0.70	%	421,882		0.69	%
Money market deposits	2,441,737		2.19	%	2,348,328			2.23	%	2,140,552		2.24	%	2,092,449		2.02	%	2,063,321		1.94	%
Certificates of deposits	1,547,634		3.91	%	1,589,721			4.08	%	1,800,502		4.56	%	1,823,522		4.71	%	1,814,629		4.62	%
Total deposits	5,110,872		2.73	%	5,045,898			2.85	%	5,010,117		3.14	%	4,951,013		3.13	%	4,849,323		3.02	%
Repurchase agreements	9,615		1.57	%	10,964			1.45	%	13,528		1.29	%	16,553		1.16	%	21,254		1.07	%
Total deposits and repurchase agreements	5,120,487		2.73	%	5,056,862			2.85	%	5,023,645		3.14	%	4,967,566		3.12	%	4,870,577		3.01	%
FHLB borrowings	29,489		4.60	%	121,957			5.02	%	135,641		5.58	%	130,871		5.70	%	110,777		5.59	%
Other long-term borrowings	75,907		6.43	%	75,778			6.41	%	75,654		6.54	%	75,522		6.62	%	75,389		6.65	%
Total interest-bearing liabilities	5,225,883		2.79	%	5,254,597			2.95	%	5,234,940		3.25	%	5,173,959		3.24	%	5,056,743		3.12	%
Noninterest-bearing deposits	1,532,150				1,581,571					1,568,685				1,517,560				1,502,707
Other liabilities	155,337				152,552					141,206				133,845				134,370
Stockholders' equity	1,058,982				1,046,390					1,020,266				979,864				955,145
Total liabilities and stockholders' equity	$	7,972,352			$	8,035,110				$	7,965,097			$	7,805,228			$	7,648,965


Net interest spread			3.24	%				3.21	%			3.12	%			3.11	%			3.11	%
Net interest margin			4.07	%				4.09	%			4.08	%			4.04	%			4.01	%
Net interest margin (on FTE basis)2			4.13	%				4.15	%			4.13	%			4.10	%			4.08	%
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Deposits as of:



($ in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Consumer
Noninterest bearing deposit accounts	$	412,734	$	410,303	$	397,880	$	414,795	$	356,732
Interest-bearing deposit accounts:
Demand and NOW deposits	93,675		61,987		61,929		42,903		38,625
Savings deposits	330,489		326,916		331,811		334,741		340,086
Money market deposits	1,600,413		1,516,577		1,333,486		1,243,355		1,229,239
Certificates of deposits	1,065,839		1,069,704		1,247,348		1,438,792		1,437,590
Total interest-bearing deposit accounts	3,090,416		2,975,184		2,974,574		3,059,791		3,045,540
Total consumer deposits	$	3,503,150	$	3,385,487	$	3,372,454	$	3,474,586	$	3,402,272
Business
Noninterest bearing deposit accounts	$	1,162,002	$	1,130,855	$	1,156,882	$	1,147,513	$	1,160,583
Interest-bearing deposit accounts:
Demand and NOW deposits	654,914		669,417		624,952		538,016		502,726
Savings deposits	75,132		75,422		77,744		77,931		80,226
Money market deposits	968,740		915,208		865,767		849,412		823,704
Certificates of deposits	65,420		51,131		62,187		90,189		97,854
Total interest-bearing deposit accounts	1,764,206		1,711,178		1,630,650		1,555,548		1,504,510
Total business deposits	$	2,926,208	$	2,842,033	$	2,787,532	$	2,703,061	$	2,665,093
Wholesale deposits1	$	444,881	$	444,740	$	489,894	$	441,878	$	378,023
Total deposits	$	6,874,239	$	6,672,260	$	6,649,880	$	6,619,525	$	6,445,388
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.

Balance Sheet Ratios as of:



	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Cash to total assets1	7.50	%	7.50	%	6.90	%	6.60	%	4.80	%
Loan to deposit ratio	94.3	%	95.6	%	96.9	%	95.7	%	97.5	%
Uninsured deposits to total deposits2	35.2	%	34.8	%	32.7	%	32.1	%	32.0	%
Uninsured and uncollateralized deposits to total deposits2	26.4	%	25.2	%	26.8	%	25.5	%	25.2	%

Wholesale deposits and borrowings to total liabilities3	6.7	%	8.2	%	9.9	%	8.4	%	7.7	%


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)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Commercial and industrial	$	2,635,028	$	2,497,772	$	2,527,636	$	2,431,110	$	2,480,078
Commercial real estate:
Non-owner occupied	733,949		752,861		821,670		866,999		836,515
Owner occupied	679,137		702,773		700,325		660,511		642,930
Construction and land	386,056		362,677		333,457		350,878		326,447
Multifamily	85,239		94,355		95,125		94,220		94,898
Total commercial real estate	1,884,381		1,912,666		1,950,577		1,972,608		1,900,790
Residential real estate	1,195,714		1,180,610		1,172,459		1,146,989		1,109,676
Public Finance	551,252		554,784		536,776		537,872		579,991
Consumer	39,096		41,345		45,267		42,129		40,317
Other	178,537		189,180		211,041		206,454		174,016
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,484,008	$	6,376,357	$	6,443,756	$	6,337,162	$	6,284,868

Asset Quality:


	As of and for the three months ended
($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net charge-offs (recoveries)	$	631		$	(462)		$	1,401		$	2,009		$	17,429
Allowance for credit losses	$	91,790		$	88,221		$	83,159		$	78,960		$	79,829
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due	$	78,590		$	69,050		$	65,824		$	62,558		$	57,599
Nonperforming assets	$	83,504		$	74,188		$	70,302		$	67,055		$	62,013
Ratio of net charge-offs (recoveries) to average loans outstanding	0.04		%	(0.03)		%	0.09		%	0.13		%	1.12		%
Allowance for credit losses to total loans outstanding	1.42		%	1.38		%	1.29		%	1.25		%	1.27		%

Allowance for credit losses to total nonperforming loans	116.80		%	127.76		%	126.34		%	126.22		%	138.59		%
Nonperforming loans to total loans	1.21		%	1.08		%	1.02		%	0.99		%	0.92		%
Nonperforming assets to total assets	1.02		%	0.92		%	0.86		%	0.84		%	0.80		%

Non-GAAP Financial Measures and Reconciliations:


	As of and for the three months ended
($ in thousands, except share and per share amounts)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)	$	1,068,295		$	1,041,366		$	1,034,085		$	996,599		$	964,662
Less: Goodwill and other intangible assets
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(6,806)			(7,434)			(8,866)			(9,517)			(10,168)
Tangible stockholders' equity (non-GAAP)	$	968,006		$	940,449		$	931,736		$	893,599		$	861,011
Total assets (GAAP)	$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295		$	7,781,601
Less: Goodwill and other intangible assets
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(6,806)			(7,434)			(8,866)			(9,517)			(10,168)
Tangible assets (non-GAAP)	$	8,116,169		$	7,996,470		$	8,036,138		$	7,896,295		$	7,677,950
Total stockholders' equity to total assets (GAAP)	13.00		%	12.86		%	12.71		%	12.46		%	12.40		%
Less: Impact of goodwill and other intangible assets	(1.07)		%	(1.10)		%	(1.12)		%	(1.14)		%	(1.19)		%
Tangible stockholders' equity to tangible assets (non-GAAP)	11.93		%	11.76		%	11.59		%	11.32		%	11.21		%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	968,006		$	940,449		$	931,736		$	893,599		$	861,011
Less: Net unrealized losses on HTM securities, net of tax	(3,803)			(4,292)			(2,852)			(3,949)			(4,236)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	964,203		$	936,157		$	928,884		$	889,650		$	856,775
Tangible assets (non-GAAP)	$	8,116,169		$	7,996,470		$	8,036,138		$	7,896,295		$	7,677,950
Less: Net unrealized losses on HTM securities, net of tax	(3,803)			(4,292)			(2,852)			(3,949)			(4,236)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	8,112,366		$	7,992,178		$	8,033,286		$	7,892,346		$	7,673,714

Tangible stockholders’ equity to tangible assets (non-GAAP)	11.93		%	11.76		%	11.59		%	11.32		%	11.21		%
Less: Net unrealized losses on HTM securities, net of tax	(0.04)		%	(0.05)		%	(0.03)		%	(0.05)		%	(0.04)		%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)	11.89		%	11.71		%	11.56		%	11.27		%	11.17		%

Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,068,295		$	1,041,366		$	1,034,085		$	996,599		$	964,662
Tangible stockholders' equity (non-GAAP)	$	968,006		$	940,449		$	931,736		$	893,599		$	861,011
Total shares outstanding	27,753,918			27,709,679			27,665,918			27,443,246			27,442,943
Book value per share (GAAP)	$	38.49		$	37.58		$	37.38		$	36.31		$	35.15
Tangible book value per share (non-GAAP)	$	34.88		$	33.94		$	33.68		$	32.56		$	31.37
Adjusted net income:
Net income (GAAP)	$	23,569		$	16,350		$	22,422		$	24,560		$	12,296
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax	—			5,799			1,233			621			2,296

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			621			2,296
Adjusted net income (non-GAAP)	$	23,569		$	24,316		$	23,655		$	25,181		$	14,592


	As of and for the three months ended
($ in thousands, except share and per share amounts)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)	$	0.83		$	0.58		$	0.79		$	0.88		$	0.45
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax	—			0.21			0.05			0.02			0.08

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)	$	0.83		$	0.86		$	0.84		$	0.90		$	0.53
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)	1.20		%	0.81		%	1.12		%	1.27		%	0.65		%
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax	—		%	0.28		%	0.06		%	0.03		%	0.12		%

Write-off of Guardian Mortgage tradename, net of tax	—		%	0.03		%	—		%	—		%	—		%
Disposal of ATMs, net of tax	—		%	0.08		%	—		%	—		%	—		%
Adjusted ROAA (non-GAAP)	1.20		%	1.20		%	1.18		%	1.30		%	0.77		%




Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)	9.03		%	6.22		%	8.74		%	10.08		%	5.18		%
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax	—		%	2.19		%	0.48		%	0.26		%	0.96		%

Write-off of Guardian Mortgage tradename, net of tax	—		%	0.24		%	—		%	—		%	—		%
Disposal of ATMs, net of tax	—		%	0.59		%	—		%	—		%	—		%
Adjusted ROACE (non-GAAP)	9.03		%	9.24		%	9.22		%	10.34		%	6.14		%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)	9.03		%	6.22		%	8.74		%	10.08		%	5.18		%
Add: Impact from goodwill and other intangible assets:
Goodwill	0.94		%	0.67		%	0.98		%	1.19		%	0.63		%
Other intangible assets	0.21		%	0.47		%	0.22		%	0.24		%	0.30		%
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)	10.18		%	7.36		%	9.94		%	11.51		%	6.11		%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)	10.18		%	7.36		%	9.94		%	11.51		%	6.11		%
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax	—		%	2.45		%	0.54		%	0.28		%	1.09		%

Write-off of Guardian Mortgage tradename, net of tax	—		%	0.26		%	—		%	—		%	—		%
Disposal of ATMs, net of tax	—		%	0.65		%	—		%	—		%	—		%
Adjusted ROATCE (non-GAAP)	10.18		%	10.72		%	10.48		%	11.79		%	7.20		%


	As of and for the three months ended
($ in thousands, except share and per share amounts)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted total noninterest expense:
Total noninterest expense (GAAP)	$	62,722		$	73,673		$	64,664		$	63,875		$	61,828
Less: Non-recurring adjustments:
Terminated merger related expenses	—			(8,010)			(1,633)			(1,046)			(2,489)
Write-off of Guardian Mortgage trade name	—			(828)			—			—			—
Disposal of ATMs	—			(2,042)			—			—			—
Total adjustments	—			(10,880)			(1,633)			(1,046)			(2,489)
Adjusted total noninterest expense (non-GAAP)	$	62,722		$	62,793		$	63,031		$	62,829		$	59,339
Adjusted efficiency ratio:
Efficiency ratio (GAAP)	65.19		%	74.66		%	65.83		%	66.42		%	66.05		%
Less: Impact of non-recurring adjustments:
Terminated merger related expenses	—		%	(8.12)		%	(1.67)		%	(1.09)		%	(2.66)		%
Write-off of Guardian Mortgage tradename	—		%	(0.84)		%	—		%	—		%	—		%
Disposal of ATMs	—		%	(2.07)		%	—		%	—		%	—		%
Adjusted efficiency ratio (non-GAAP)	65.19		%	63.63		%	64.16		%	65.33		%	63.39		%








Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)	$	74,478		$	77,047		$	76,158		$	72,899		$	70,806
Gross income effect of tax exempt income	1,192			1,161			1,132			1,156			1,318
FTE net interest income (non-GAAP)	$	75,670		$	78,208		$	77,290		$	74,055		$	72,124
Average earning assets	$	7,423,376		$	7,492,248		$	7,430,357		$	7,256,763		$	7,100,323
Net interest margin	4.07		%	4.09		%	4.08		%	4.04		%	4.01		%
Net interest margin on FTE basis (non-GAAP)	4.13		%	4.15		%	4.13		%	4.10		%	4.08		%

Contacts:

Investor Contact:

Ed Jacques

Director of Investor Relations & Business Development, FirstSun

[email protected]

Media Contact:

Jeanne Lipson

Director of Marketing, Sunflower Bank

[email protected]

1Q2025 Earnings Presentation April 28, 2025 FirstSun Capital Bancorp NASDAQ: FSUN

FirstSun Capital Bancorp | 2 Disclaimers Forward Looking Statements This presentation contains forward-looking information and statements by FirstSun Capital Bancorp (the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should”, “assumes”, “assumptions”, “view”, “continue,” “opportunity,” and “outlook” or other similar expressions, and in this presentation include our outlook regarding our loan portfolio, deposit mix, net interest and noninterest income and net interest margin, asset quality, capital and liquidity as well as our 2025 Full Year Outlook and related assumptions. All statements in this presentation speak only as of the date they are made. Except as required by law, we do not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time by or on behalf of the Company, whether because new information, future events or otherwise. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, without limitation: changes in interest rates (including anticipated Federal Reserve rate cuts that might not occur) and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; the inability to identify, close and successfully integrate attractive acquisition targets; the impact of inflation; increased deposit volatility; potential regulatory developments; U.S. global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability; and other general competitive, economic, business, market and political conditions. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this presentation can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by the Company with the Securities and Exchange Commission. Use of Non-GAAP Measures This presentation includes certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include certain operating performance measures that exclude merger-related and other charges that are not considered part of the Company’s recurring operations, such as “Adjusted Net Income”, “Adjusted Return on Average Total Assets”, “Return on Average Tangible Stockholders Equity”, “Adjusted Return on Average Tangible Stockholders’ Equity”, “Adjusted Diluted Earnings Per Share”, “Adjusted and “Pre-tax Pre-provision Return on Average Assets”, “Adjusted Efficiency Ratio“, and “Tangible Book Value Per Share”. The Company believes these non-GAAP financial measures provide useful supplemental information for evaluating the Company’s performance trends. Further, the Company’s management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about the Company’s operations and performance. These measures should be viewed in addition to, and not as an alternative to substitute for measures that are determined in accordance with GAAP. Additionally, the non-GAAP financial measures used by the Company may differ from the similar measures presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measure are included in the Appendix to this presentation. 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.

FirstSun Capital Bancorp | 3 Corporate Profile Operating in 5 of the Top 10 Fastest Growing MSAs1 # 1 Austin, TX 2 Dallas, TX 3 Orlando, FL 4 Charlotte, NC 5 Houston, TX 6 Tampa, FL 7 Nashville, TN 8 San Antonio, TX 9 Phoenix, AZ 10 Atlanta, GA With a Presence in 7 of the 10 Largest MSAs in the Southwest & Western US2 # 1 Southern CA (ex. San Diego & Ontario, CA) 3 2 Dallas, TX 3 Houston, TX 4 Phoenix, AZ 5 Ontario, CA 6 San Francisco, CA 7 Seattle, WA 8 Minneapolis, MN 9 San Diego, CA 10 Denver, CO 1,151 Employees 71 Licensed Branches5 43 States with Mortgage Capabilities Headquarters: FirstSun: Denver, CO Sunflower Bank: Dallas, TX Key Facts and Statistics4 $1.0B $36.15 1.04x $34.88 11.74x Market Cap Price per Share Price / TBV TBV per Share Price / LTM Adjusted EPS KBRA Ratings6 FirstSun Capital Bancorp Sunflower Bank, N.A. Senior Unsecured Debt = BBB Deposit = BBB+ Subordinated Debt = BBB- Senior Unsecured Debt = BBB+ Short-Term Debt = K3 Short-Term Deposit = K2 Short-Term Debt = K2 Source: S&P Global Market Intelligence, Company documents. 1Defined as MSAs with population over 2 million. 2Defined as states west of the Mississippi River. 3The MSA of Southern California includes Los Angeles, Long Beach, and Anaheim; excludes San Diego and Ontario. 4As of Mar 31, 2025. 5As of Apr 25, 2025. 6As of Jan 15, 2025. $8.2B Total Assets $6.9B Total Deposits $6.5B Total Loans Franchise Footprint4

FirstSun Capital Bancorp | 4 Unique High Growth Franchise Universe Size Attractive Footprint3 Strong Fee Income Lending Focus Growth ~ 40 Banks 1 Bank Banks West of the Mississippi River Banks with Total Assets $5B - $20B MRQ Fee Income / Rev. > 20% Specialized C&I Lending1 Loan Growth2 > 10% With scale in markets with leading projected population growth and household income Critical Mass in Key US Markets Durable & Growing Earnings Differentiated Platform Strong Growth Momentum Critical Mass in Key US Markets Attractive core deposit funded franchise with proven ability to deliver strong organic growth SCARCITY VALUE Source: S&P Global Market Intelligence; Financial data as of most recent quarter available 1Specialized C&I lending defined as C&I concentration of 30% or greater of total loan portfolio 2Loan Growth represents CAGR calculated from 12/31/2018 3MSA’s ranked by population size west of the Mississippi

FirstSun Capital Bancorp | 5 Investment Thesis — Focused Strategy Southwest & Western geography with a mix of metro and community markets C&I business focus with a disciplined and careful CRE exposure to core customers in our geography Vertical lending expertise provides true alternative to larger banks Core deposit funded franchise Financial service income at high end of peers Tenured management team

FirstSun Capital Bancorp | 6 First Quarter 2025 Highlights Q1 PerformanceNet Income $23.6 million Diluted EPS $0.83 PTPP ROAA1 1.70% Service Fee Income to Revenue2 22.6% ROAA 1.20% Net Interest Margin (NIM) 4.07% ROATCE1 10.18% Net Charge-Offs to Average Loans 0.04% Annualized Loan Growth3 6.8% Annualized Deposit Growth 12.3% • Net Income of $23.6 million; Diluted EPS of $0.83 • ROAA of 1.20%; PTPP ROAA1 of 1.70%; ROATCE1 of 10.18% • Total revenue2 of $96.2 million • Average loan decline of (2.6)%, annualized3 • Average deposit growth of 1.0%, annualized • Continued strong quarterly NIM of 4.07% • Efficiency ratio: 65.19% • Loan to deposit ratio: 94.3% 1Represents a non-GAAP financial measure. See Non-GAAP Reconciliation 2Total revenue is net interest income plus noninterest income 3Excludes loans HFS

FirstSun Capital Bancorp | 7 Loan Portfolio Trends Portfolio Composition 40.6% 10.5%11.3% 7.3% 18.4% 8.5% 3.4% Commercial and Industrial Commercial Real Estate: Owner Occupied Commercial Real Estate: Non-Owner Occupied Multifamily, Construction, and Land Residential Real Estate Public Finance Consumer and Other $ in m ill io ns Originations, Paydowns & Payoffs Loan Originations Loan Paydowns and Payoffs Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $200 $300 $400 $500 Average Total Loans and Yield $6,313,855 $6,384,709 $6,460,484 $6,481,701 $6,420,710 6.51% 6.63% 6.68% 6.51% 6.36% Average Loans HFI + HFS Loan Yield Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1Regulatory CRE consists of commercial and residential construction, multifamily and non-owner occupied CRE ($ in thousands) • Balances up 3% from Q1 2024 • Balances up 7%, annualized from Q4, driven by: ◦ 22% annualized increase in C&I • Slight increase of 1% in line utilization in Q1 • Low overall Regulatory CRE1 to capital level of 115% • Office CRE composition 4% of total loans: NOO of $180.1 million; OO of $89.0 million ◦ Not central business district properties • C&I lending emphasis • Maintain variable vs fixed portfolio mix ◦ ~ 65% variable (~ 55% repricing w/in 1 year): ▪ ~ 40% reprices monthly (< 30 days) ▪ ~ 15% reprices w/in months 2-12 • Ratable mid single digit growth expectation in 2025 Quarter Highlights Outlook

FirstSun Capital Bancorp | 8 Deposit Trends Average Deposit Composition $6,643,021 $6,627,469 $6,578,801 $6,468,574 $6,352,029 Noninterest-Bearing Demand Deposit Accounts Interest-Bearing Demand Accounts Savings Accounts and Money Market Accounts NOW Accounts Certificate of Deposit Accounts Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Cost of Deposits & Cost of Funds Int-bearing deposits Total Deposits Funds Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2.00% 2.50% 3.00% Loan to Deposit Ratio Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 94.00% 96.00% 98.00% ($ in thousands) • Balances up 7% from Q1 2024 • Balances up 12%, annualized from Q4 (average balance up 1%, annualized from Q4) • Continued mix shift ◦ Sav/MMDA increased to 43.3% from 42.5% ◦ CD’s decreased to 22.9% from 23.5% • Commercial business deposits represent 43% of total deposits and represent 74% of non-interest bearing • Ratable mid single digit growth expectation for 2025 • Continued mix shift ◦ Mid teen’s CD balance decline ◦ Mid single digit MMDA growth ◦ Mid to high single digit NIB growth Quarter Highlights Outlook 23.1% 10.3% 42.5% 23.5% 23.4% 9.7% 39.2% 27.1% 23.6% 8.1% 37.8% 29.8% 23.5% 8.4% 38.4% 29.1% 22.9% 10.3% 43.3% 22.9%

FirstSun Capital Bancorp | 9 NIM Bridge 4.09% (0.13)% —% 0.11 4.07% Q4 2024 Loans All Other Assets Cost of Funds Q1 2025 NIM, Yield & Cost Loans Yield Net Interest Margin Cost of Funds Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 —% 2.50% 5.00% 7.50% Net Interest Income $70,806 $72,899 $76,158 $77,047 $74,478 Net Interest Income Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Loan Repricing Mix 36% 49% 12% 3% Fixed SOFR Prime Other Net Interest Income & Net Interest Margin Trends ($ in thousands) • NII growth of 5.2% over Q1 2024 • Stability of NIM - trailing 10 qtrs above 4.00% ◦ Balance sheet composition Quarter Highlights Outlook • Two Fed rate cuts before end of 2025 • Stable NIM • Near term ~ 50% falling rate interest bearing deposit beta ( )% YoY Growth 5.2% 1Components of the NIM bridge are calculated based upon their proportion to total earning assets. 1

FirstSun Capital Bancorp | 10 Noninterest Income Trends Service Fee Revenue Composition $21,729 $21,635 $22,075 $23,274 $22,808 $9,055 $9,631 $8,838 $11,043 $9,502 $4,194 $3,982 $3,748 $3,631 $3,468 $2,586 $2,706 $2,738 $2,950 $2,759 $2,027 $2,219 $2,560 $2,372 $2,344 $1,421 $1,436 $1,395 $1,493 $1,463 $2,446 $1,661 $2,796 $1,785 $3,272 Mortgage Banking Service Fee Revenue Treasury Management Service Fees Credit and Debit Card Service Fees Deposit Service Fees Wealth Management Service Fees Other Noninterest Income Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Mortgage Volume Sold and Margin $200.2 $282.5 $314.7 $278.3 $251.2 3.15% 3.07% 2.84% 2.76% 2.93% Mortgage Volume Sold Margin Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ in thousands) ($ in millions) Quarter Highlights Outlook • Mid 20’s service fee revenue to total revenue • Mortgage banking, treasury management and loan syndication arrangement service revenues driving growth • High single to low double digit growth rate for 2025 1Total revenue is net interest income plus noninterest income • Diversified revenue base ~ 23% service fees to total revenue1 • Mortgage banking revenue to total revenue ~ 9% • Treasury management revenue to total revenue ~ 4% • Loan syndication and swap service fees revenue increase of ~ $600 from Q4

FirstSun Capital Bancorp | 11 Noninterest Expense Trends Noninterest Expense Composition $62,722 $73,673 $64,664 $63,875 $61,828 $39,561 $38,498 $39,306 $39,828 $37,353 $9,536 $9,865 $9,121 $8,701 $8,595 $12,997 $15,869 $13,953 $13,648 $12,576 $8,010 Salaries and Benefits Occupancy and Equipment Amortization of Intangible Assets Other Noninterest Expenses Terminated Merger Related Expenses Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Efficiency Ratio 66.05% 66.42% 65.83% 74.66% 65.19% 63.39% 65.33% 64.16% 63.63% Adjusted Efficiency Ratio Efficiency Ratio Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ in thousands) 1Represents a non-GAAP financial measure. See Non-GAAP Reconciliation • Noninterest expenses were flat compared to adjusted Q4 • Q4 included non-recurring expenses of: ◦ $674 within occupancy and equipment ◦ $780 within amortization of intangible assets ◦ $1,416 within other noninterest expenses • Seasonally higher payroll taxes offset by lower legal, travel and entertainment, marketing, and collection and appraisal expenses. • Continued investment in building out franchise organically (sales force & infrastructure) ◦ Investing in growth markets • Mid 60’s efficiency ratio Quarter Highlights Outlook 1

FirstSun Capital Bancorp | 12 Asset Quality Trends Net Charge-Offs (Recoveries) $17,429 $2,009 $1,401 $631 $(462) Commercial and Industrial Commercial Real Estate, Residential Real Estate, and Consumer Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Allowance for Credit Losses $79,829 $78,960 $83,159 $88,221 $91,790 1.27% 1.25% 1.29% 1.38% 1.42% ACL ACL to Total Loans Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Nonperforming Loans $57,599 $62,558 $65,824 $69,050 $78,590 0.92% 0.99% 1.02% 1.08% 1.21% Nonperforming Loans Nonperforming Loans to Total Loans Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ($ in thousands) ($ in thousands)($ in thousands) • Net charge-offs to average loans of 4 bps in Q1 • Classified loans trended up 4% • NPL’s trended up 14% • Loan loss provisioning impacts in Q1: ◦ Benefited from net upgrades and higher prepayments ◦ Specific reserve on NPL inflow ◦ Qualitative factor for economic uncertainty Quarter Highlights Outlook • Net charge-off ratio in high teens to low 20’s in bps • ACL in mid 130’s in bps

FirstSun Capital Bancorp | 13 Capital and Liquidity Total Capital Ratio 14.73% 14.95% 15.25% 15.42% 15.52% Total Capital Ratio Capital Operating Threshold Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Common Equity Tier 1 Capital Ratio 12.54% 12.80% 13.06% 13.18% 13.26% CET1 Capital Operating Threshold Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Liquidity Ratios Wholesale Deposits and Borrowings to Total Liabilities TCE / TA TCE / TA, + Net Unrealized Losses on HTM Securities Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 6.00% 9.00% 12.00% ($ in thousands) • Wholesale funding reliance of 7% • Cash to total assets 8% • AOCI & HTM unrealized loss to total equity of (4)% • CET 1 of 13.26% Quarter Highlights Outlook • Liquidity & IRR ◦ Maintain historical solid liquidity positioning across multiple sources ◦ Maintain balance sheet strength and relative neutrality to downward/ upward rates (-/+ 100bps) • Capital ◦ Support organic growth thru earnings ◦ Opportunistic M&A $3.7B Immediate Borrowing Availability (1)Represents a non-GAAP financial measure. See Non-GAAP Reconciliation 1 1

FirstSun Capital Bancorp | 14 Consistent Long Term Strategy Key Southwest and Western Growth Markets C&I Focused Commercial Bank High Service Fee to Revenue Mix Core Deposit Franchise Operating Strategy Focused on Organic Loan and Deposit Growth in Targeted Markets Operating in 5 of 10 Fastest Growing MSA’s in US Robust Mix of Customer Relationships across Urban and Rural Communities Relationship Driven C&I Banking with Attractive Specialty Verticals Expansive Treasury Management Services Low CRE Concentration Revenue Diversification Emphasis Multiple Profitable Service Fee Income Lines of Business Best in Class Revenue Mix High Quality, Attractive Beta, Low Cost Deposits Balanced Distribution Across Deposit Rich Markets Advantageous Funding Solid Core Earnings Progression Sound Risk and Compliance Programs Opportunistic Acquisition Readiness 1 2 3 4 5

FirstSun Capital Bancorp | 15 2025 Full Year Outlook Business Driver FY 2025* Notes Loans (EOP) Mid Single Digit Growth Rate Primarily driven by net C&I production Deposits (EOP) Mid Single Digit Growth Rate Loan to Deposit ratio in mid 90’s Investment Securities No Change Maintain strategic focus on liquidity and collateral eligibility Net Interest Income (vs. 2024 of $296.9 million) Mid Single Digit Growth Rate Two 25bp rate cuts by end of year Noninterest Income (vs. 2024 of $89.8 million) High Single to Low Double Digit Growth Rate Higher growth in mortgage and treasury management Noninterest Expense (vs. 2024 adjusted of $248.0 million) Mid to High Single Digit Growth Rate Efficiency Ratio Mid 60’s Average for the year Net Charge Offs / Avg Loans High Teens to Low 20’s in bps Tax Rate 20 - 22% CET1 Ratio Consistent * Refer to "Disclaimers" regarding forward looking statements. 2025 expectations assume no material changes to current regional and national macro-economic environment.

FirstSun Capital Bancorp | 16 Appendix

FirstSun Capital Bancorp | 17 C&I Portfolio Consumer Deposits - $3.5B as of March 31, 2025 Business Deposits - $2.9B as of March 31, 2025 Customer Base 134,851 Consumer Accounts Granular Deposit Base $26,000 Avg. Account Balance 69 Retail Branches Customer Base 13,366 Consumer Accounts Granular Deposit Base $219,000 Avg. Account Balance Example Total Return Performance Uninsured Consumer, 18.4% Uninsured Business, 81.6% Uninsured Consumer Uninsured Business C&I Loans by Industry1 ($ in millions) Finance and Insurance $ 387.5 Information (Technology, Media and Telecommunications) 369.0 Manufacturing 329.6 Healthcare 324.2 Construction 197.8 Real Estate and Rental and Leasing 196.0 Other Services2 184.8 Professional, Scientific, and Technical Services 169.6 Transportation and Warehousing 117.9 Wholesale Trade 115.4 Retail Trade 51.3 Arts, Entertainment, and Recreation 43.1 Utilities 32.4 Other 116.3 15% 14% 13% 12% 8% 7% 7% 6% 4% 4% 2% 2% 1% 4% % of Total C&I Loans * Amounts may not total due to rounding; 1 These segments are based on two-digit NAICS industry divisions. 2 Also includes Administrative and Support, Waste Management and Remediation Services, and Public Administration.

FirstSun Capital Bancorp | 18 ~ 65%1 of Total Deposits are FDIC-Insured Granular Deposit Base Consumer Deposits - $3.5B as of March 31, 2025 Business Deposits - $2.9B as of March 31, 2025 Customer Base 134,851 Consumer Accounts Granular Deposit Base $26,000 Avg. Account Balance 69 Retail Branches Customer Base 13,366 Consumer Accounts Granular Deposit Base $219,000 Avg. Account Balance Example Total Return Performance Uninsured Consumer, 18.4% Uninsured Business, 81.6% Uninsured Consumer Uninsured Business Customer Base 134,800 Consumer Accounts Granular Deposit Base $26,000 Avg. Account Balance Customer Base 13,300 Commercial Business Accounts Granular Deposit Base $219,000 Avg. Account Balance $6.9 Billion Total Deposits as of March 31, 2025 Deposits by State2 $2.3B Texas $1.6B Kansas $1.2B New Mexico $0.8B Colorado $0.4B Arizona ~ 74%1 of Total Deposits are FDIC-Insured + Collateralized 1Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. 2Excludes wholesale and internal deposit accounts. $0.2B California

FirstSun Capital Bancorp | 19 Financial Summary As of and for the three months ended ($ in thousands, except per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net interest income $ 74,478 $ 77,047 $ 76,158 $ 72,899 $ 70,806 Provision for credit losses 3,800 4,850 5,000 1,200 16,500 Noninterest income 21,729 21,635 22,075 23,274 22,808 Noninterest expense 62,722 73,673 64,664 63,875 61,828 Income before income taxes 29,685 20,159 28,569 31,098 15,286 Provision for income taxes 6,116 3,809 6,147 6,538 2,990 Net income 23,569 16,350 22,422 24,560 12,296 Adjusted net income1 23,569 24,316 23,655 25,181 14,592 Weighted average common shares outstanding, diluted 28,293,912 28,290,474 28,212,809 28,031,956 27,628,941 Diluted earnings per share $ 0.83 $ 0.58 $ 0.79 $ 0.88 $ 0.45 Adjusted diluted earnings per share1 $ 0.83 $ 0.86 $ 0.84 $ 0.90 $ 0.53 Return on average total assets 1.20 % 0.81 % 1.12 % 1.27 % 0.65 % Adjusted return on average total assets1 1.20 % 1.20 % 1.18 % 1.30 % 0.77 % Pre-tax pre provision return on average assets1 1.70 % 1.24 % 1.68 % 1.66 % 1.67 % Adjusted pre-tax pre provision return on average assets1 1.70 % 1.78 % 1.76 % 1.72 % 1.80 % Return on average tangible stockholders' equity1 10.18 % 7.36 % 9.94 % 11.51 % 6.11 % Adjusted return on average tangible stockholders' equity1 10.18 % 10.72 % 10.48 % 11.79 % 7.20 % Net interest margin 4.07 % 4.09 % 4.08 % 4.04 % 4.01 % Efficiency ratio 65.19 % 74.66 % 65.83 % 66.42 % 66.05 % Adjusted efficiency ratio1 65.19 % 63.63 % 64.16 % 65.33 % 63.39 % Noninterest income to total revenue2 22.6 % 21.9 % 22.5 % 24.2 % 24.4 % Total assets $ 8,216,458 $ 8,097,387 $ 8,138,487 $ 7,999,295 $ 7,781,601 Total loans held-for-sale 65,603 61,825 72,247 66,571 56,813 Total loans held-for-investment 6,484,008 6,376,357 6,443,756 6,337,162 6,284,868 Total deposits 6,874,239 6,672,260 6,649,880 6,619,525 6,445,388 Total stockholders' equity 1,068,295 1,041,366 1,034,085 996,599 964,662 Loan to deposit ratio 94.3 % 95.6 % 96.9 % 95.7 % 97.5 % Period end common shares outstanding 27,753,918 27,709,679 27,665,918 27,443,246 27,442,943 Book value per share $ 38.49 $ 37.58 $ 37.38 $ 36.31 $ 35.15 Tangible book value per share1 $ 34.88 $ 33.94 $ 33.68 $ 32.56 $ 31.37 1 Represents a non-GAAP financial measure. See non-GAAP reconciliation 2 Total revenue is net interest income plus noninterest income.

FirstSun Capital Bancorp | 20 Non-GAAP Reconciliation As of and for the three months ended ($ in thousands, except per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Tangible stockholders’ equity to tangible assets: Total stockholders' equity (GAAP) $ 1,068,295 $ 1,041,366 $ 1,034,085 $ 996,599 $ 964,662 Less: Goodwill and other intangible assets Goodwill (93,483) (93,483) (93,483) (93,483) (93,483) Other intangible assets (6,806) (7,434) (8,866) (9,517) (10,168) Tangible stockholders' equity (non-GAAP) $ 968,006 $ 940,449 $ 931,736 $ 893,599 $ 861,011 Total assets (GAAP) $ 8,216,458 $ 8,097,387 $ 8,138,487 $ 7,999,295 $ 7,781,601 Less: Goodwill and other intangible assets Goodwill (93,483) (93,483) (93,483) (93,483) (93,483) Other intangible assets (6,806) (7,434) (8,866) (9,517) (10,168) Tangible assets (non-GAAP) $ 8,116,169 $ 7,996,470 $ 8,036,138 $ 7,896,295 $ 7,677,950 Total stockholders' equity to total assets (GAAP) 13.00 % 12.86 % 12.71 % 12.46 % 12.40 % Less: Impact of goodwill and other intangible assets (1.07) % (1.10) % (1.12) % (1.14) % (1.19) % Tangible stockholders' equity to tangible assets (non-GAAP) 11.93 % 11.76 % 11.59 % 11.32 % 11.21 % Tangible stockholers’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: Tangible stockholders' equity (non-GAAP) $ 968,006 $ 940,449 $ 931,736 $ 893,599 $ 861,011 Less: Net unrealized losses on HTM securities, net of tax (3,803) (4,292) (2,852) (3,949) (4,236) Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) $ 964,203 $ 936,157 $ 928,884 $ 889,650 $ 856,775 Tangible assets (non-GAAP) $ 8,116,169 $ 7,996,470 $ 8,036,138 $ 7,896,295 $ 7,677,950 Less: Net unrealized losses on HTM securities, net of tax (3,803) (4,292) (2,852) (3,949) (4,236) Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) $ 8,112,366 $ 7,992,178 $ 8,033,286 $ 7,892,346 $ 7,673,714 Tangible stockholders’ equity to tangible assets (non-GAAP) 11.93 % 11.76 % 11.59 % 11.32 % 11.21 % Less: Impact of net unrealized losses on HTM securities, net of tax (0.04) % (0.05) % (0.03) % (0.05) % (0.04) % Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) 11.89 % 11.71 % 11.56 % 11.27 % 11.17 %

FirstSun Capital Bancorp | 21 Non-GAAP Reconciliation (cont’d) As of and for the three months ended ($ in thousands, except per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Tangible book value per share: Total stockholders' equity (GAAP) $ 1,068,295 $ 1,041,366 $ 1,034,085 $ 996,599 $ 964,662 Tangible stockholders' equity (non-GAAP) $ 968,006 $ 940,449 $ 931,736 $ 893,599 $ 861,011 Total shares outstanding 27,753,918 27,709,679 27,665,918 27,443,246 27,442,943 Book value per share (GAAP) $ 38.49 $ 37.58 $ 37.38 $ 36.31 $ 35.15 Tangible book value per share (non-GAAP) $ 34.88 $ 33.94 $ 33.68 $ 32.56 $ 31.37 Adjusted net income: Net income (GAAP) $ 23,569 $ 16,350 $ 22,422 $ 24,560 $ 12,296 Add: Non-recurring adjustments: Terminated merger related expenses, net of tax — 5,799 1,233 621 2,296 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 1,233 621 2,296 Adjusted net income (non-GAAP) $ 23,569 $ 24,316 $ 23,655 $ 25,181 $ 14,592 Adjusted diluted earnings per share: Diluted earnings per share (GAAP) $ 0.83 $ 0.58 $ 0.79 $ 0.88 $ 0.45 Add: Impact of non-recurring adjustments: Terminated merger related expenses, net of tax — 0.21 0.05 0.02 0.08 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) $ 0.83 $ 0.86 $ 0.84 $ 0.90 $ 0.53 Adjusted return on average total assets: Return on average total assets (ROAA) (GAAP) 1.20 % 0.81 % 1.12 % 1.27 % 0.65 % Add: Impact of non-recurring adjustments: Terminated merger related expenses, net of tax — % 0.28 % 0.06 % 0.03 % 0.12 % Write-off of Guardian Mortgage tradename, net of tax — % 0.03 % — % — % — % Disposal of ATMs, net of tax — % 0.08 % — % — % — % Adjusted ROAA (non-GAAP) 1.20 % 1.20 % 1.18 % 1.30 % 0.77 %

FirstSun Capital Bancorp | 22 Non-GAAP Reconciliation (cont’d) As of and for the three months ended ($ in thousands, except per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Adjusted pre-tax pre provision return on average assets: Net income (GAAP) $ 23,569 $ 16,350 $ 22,422 $ 24,560 $ 12,296 Add: Income taxes and provision for credit losses: Income taxes 6,116 3,809 6,147 6,538 2,990 Provision for credit losses 3,800 4,850 5,000 1,200 16,500 PTPP net income $ 33,485 $ 25,009 $ 33,569 $ 32,298 $ 31,786 Add: Non-recurring adjustments: Terminated merger related expenses — 8,010 1,633 1,046 2,489 Write-off of Guardian Mortgage tradename — 828 — — — Disposal of ATM's — 2,042 — — — Adjusted PTPP Net Income (non-GAAP) $ 33,485 $ 35,889 $ 35,202 $ 33,344 $ 34,275 Return on average total assets (ROAA) (GAAP) 1.20 % 0.81 % 1.12 % 1.27 % 0.65 % Add: Impact of income taxes and provision for credit losses: Income taxes 0.31 % 0.19 % 0.31 % 0.34 % 0.16 % Provision for credit losses 0.19 % 0.24 % 0.25 % 0.06 % 0.87 % PTPP ROAA (non-GAAP) 1.70 % 1.24 % 1.68 % 1.66 % 1.67 % Add: Impact of non-recurring adjustments: Terminated merger related expenses, net of tax — % 0.40 % 0.08 % 0.05 % 0.13 % Write-off of Guardian Mortgage tradename, net of tax — % 0.04 % — % — % — % Disposal of ATMs, net of tax — % 0.10 % — % — % — % Adjusted PTPP ROAA (non-GAAP) 1.70 % 1.78 % 1.76 % 1.72 % 1.80 % Adjusted return on average stockholders’ equity Return on average stockholders' equity (ROACE) (GAAP) 9.03 % 6.22 % 8.74 % 10.08 % 5.18 % Add: Impact of non-recurring adjustments: Terminated merger related expenses, net of tax — % 2.19 % 0.48 % 0.26 % 0.96 % Write-off of Guardian Mortgage tradename, net of tax — % 0.24 % — % — % — % Disposal of ATMs, net of tax — % 0.59 % — % — % — % Adjusted ROACE (non-GAAP) 9.03 % 9.24 % 9.22 % 10.34 % 6.14 %

FirstSun Capital Bancorp | 23 Non-GAAP Reconciliation (cont’d) As of and for the three months ended ($ in thousands, except per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Return on average tangible stockholders’ equity: Return on average stockholders’ equity (ROACE) (GAAP) 9.03 % 6.22 % 8.74 % 10.08 % 5.18 % Add: Impact from goodwill and other intangible assets: Goodwill 0.94 % 0.67 % 0.98 % 1.19 % 0.63 % Other intangible assets 0.21 % 0.47 % 0.22 % 0.24 % 0.30 % Return on average tangible stockholders’ equity (ROATCE) (non-GAAP) 10.18 % 7.36 % 9.94 % 11.51 % 6.11 % Adjusted return on average tangible stockholders’ equity: Return on average tangible stockholders' equity (ROATCE) (non-GAAP) 10.18 % 7.36 % 9.94 % 11.51 % 6.11 % Add: Impact of non-recurring adjustments: Terminated merger related expenses, net of tax — % 2.45 % 0.54 % 0.28 % 1.09 % Write-off of Guardian Mortgage tradename, net of tax — % 0.26 % — % — % — % Disposal of ATMs, net of tax — % 0.65 % — % — % — % Adjusted ROATCE (non-GAAP) 10.18 % 10.72 % 10.48 % 11.79 % 7.20 % Adjusted total noninterest expense: Total noninterest expense (GAAP) $ 62,722 $ 73,673 $ 64,664 $ 63,875 $ 61,828 Less: Non-recurring adjustments: Terminated merger related expenses — (8,010) (1,633) (1,046) (2,489) Write-off of Guardian Mortgage trade name — (828) — — — Disposal of ATMs — (2,042) — — — Total adjustments — (10,880) (1,633) (1,046) (2,489) Adjusted total noninterest expense (non-GAAP) $ 62,722 $ 62,793 $ 63,031 $ 62,829 $ 59,339 Adjusted efficiency ratio: Efficiency ratio (GAAP) 65.19 % 74.66 % 65.83 % 66.42 % 66.05 % Less: Impact of non-recurring adjustments: Terminated merger related expenses — % (8.12) % (1.67) % (1.09) % (2.66) % Write-off of Guardian Mortgage tradename — % (0.84) % — % — % — % Disposal of ATMs — % (2.07) % — % — % — % Adjusted efficiency ratio (non-GAAP) 65.19 % 63.63 % 64.16 % 65.33 % 63.39 %


Delaware	333-258176	81-4552413
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Description
99.1						Earnings Press Release
99.2						Investor Presentation
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	FIRSTSUN CAPITAL BANCORP

Date: April 28, 2025	By:	/s/ Robert A. Cafera, Jr.
	Name:	Robert A. Cafera, Jr.
	Title:	Senior Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)