EX-99.1 2 exhibit991-earningspressre.htm EX-99.1 Document
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FirstSun资本银行报告2024年第三季度业绩
2024年第三季度亮点：
•净利润为2240万美元，每股稀释盈利0.79美元（不包括合并成本，净利润为2370万美元，每股稀释盈利0.84美元，详见下文的“非美国通用会计准则财务指标和调和”）
•净利息收益率为4.10%
•平均总资产回报率为1.13%（不包括并购成本，1.19%，请参阅以下“非普通会计准则财务指标和调节”）
•8.79％的平均股东权益回报率（不包括合并成本，9.27％，请参阅下文的“非通用会计原则财务指标和对账表”）
•年化贷款增长率为6.7%
•年化1.8%的存款增长
•22.5%的非利息收入占总营业收入比例1
科罗拉多州丹佛市 - 2024年10月28日 - FirstSun资本银行（“FirstSun”）（纳斯达克：FSUN）报告2024年第三季度净利润为2240万美元，而2013年第三季度净利润为2520万美元。每股摊薄收益为2024年第三季度为0.79美元，而2013年第三季度为1.00美元。2024年第三季度收益受到并购成本的负面影响，扣除税后为120万美元，摊薄每股0.05美元。
FirstSun的首席执行官兼总裁Neal Arnold评论道：“本季度的业绩继续展示了我们核心业务的潜在实力。我们的营业收入增长根基于非常强劲的净利息收益率为4.10%，我们在贷款和存款两方面均实现增长。我们将继续专注于负责任地发展业务，并通过我们庞大的银行服务组合在所有市场扩大我们的客户关系。我们感谢今年整个组织内各团队的辛勤工作。”
2024年第三季度业绩

2024年第三季度净利润为2240万美元，每股摊薄盈利为0.79美元，低于上一季度的2460万美元，每股摊薄盈利为0.88美元。净利润受到了120万美元的并购成本影响（税后净），或每股摊薄盈利0.05美元，而上一季度的并购成本为60万美元（税后净），每股摊薄盈利0.02美元。2024年第三季度平均总资产回报率为1.13%，低于上一季度的1.26%，平均股东权益回报率为8.79%，低于上一季度的10.03%。2024年第三季度的并购成本（税后净）使平均总资产回报率下降0.06%，股东权益回报率下降0.48%。2024年第二季度的并购成本（税后净）使平均总资产回报率下降0.03%，股东权益回报率下降0.25%。





1 总营业收入等于净利息收入加上非利息收入。





净利息收益和净利息收益率
2024年第三季度净利息收益为7620万美元，比上一季度增加330万美元。我们的净利息收益率比上一季度提高了8个基点，达到4.10%。2024年第三季度的结果，与上一季度相比，主要是由于收益资产的收益率增加了9个基点，部分抵消了利息负债成本增加了5个基点。
2024年第三季度，包括待售贷款在内的平均贷款额增加了7580万美元，较上一季度增长。 相对上一季度，第三季度贷款收益率增加了12个基点，达到6.71％，主要是由于新放款的收益率较摊销和到期余额高。 2024年第三季度，平均利息支出存款较上一季度增加了5910万美元。 相对上一季度，2024年第三季度计息存款总成本增加了五个基点，达到3.16％，主要是由于在高利率环境中继续激烈竞争存款带来的。 2024年第三季度，平均FHLb借款额较上一季度增加了480万美元。 相对上一季度，2024年第三季度FHLb借款成本降低了六个基点，达到5.61％。
资产质量和信用损失准备
2024年第三季度信贷损失准备总额为500万美元，较前一季度的120万美元增加了380万美元，主要是由于贷款增长以及我们贷款组合中特定客户关系的恶化。
2024年第三季度净核销额为140万美元，导致净核销额与平均贷款的年化比率为0.09%，相较于前季度净核销额为200万美元，净核销额与平均贷款的年率比率为0.13%。2024年9月30日信贷损失准备金占总贷款的比例为1.29%，比前一季度增加了四个基点。
2024年9月30日，不良资产占总资产比例为0.86％，而2024年6月30日为0.84％。
非利息收入
第三季度营业收入总额为2210万美元，比上一季度减少120万美元。2024年第三季度按揭银行收入减少220万美元，主要是由于与按揭贷款起源相关的净销售利润和费用减少，包括可售持有的公允价值变动和套期保值，以及我们的MSR资产公允价值变动减少，套期活动净额减少。
第三季度2024年，其他非利息收入增加了100万美元，主要是由于贷款联合融资费收入增加以及与我们的递延薪酬计划相关的投资公允价值增加。非利息收入占总营业收入的比例2 为22.5%，比上一季度下降了1.7%。
非利息费用
2024年第三季度的非利息支出总额为6470万美元，比上一季度增加了80万美元，主要是由于与上一季度相比并购相关支出增加了60万美元。
2024年第三季度的效率比率为65.83%，低于之前季度的66.42%。合并成本对2024年第三季度的效率比率产生了负面影响，负影响达到1.67%，高于之前季度的1.09%。
2 总营业收入等于净利息收入加上非利息收入。
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税率
2024年第三季度有效税率为21.5%， 相比之前的季度的21.0%。
贷款
2024年9月30日，贷款金额为64亿美元，相比于2024年6月30日的63亿美元，第三季度贷款增加了1亿美元，按年计算增长6.7%。商业和工业（C&I）、自住商业房地产和住宅房地产贷款在第三季度增长的部分被非自住商业房地产、施工和土地贷款的下降部分抵消。
Deposits
Deposits were $6.6 billion at September 30, 2024 and June 30, 2024, increasing by $30.4 million in the third quarter of 2024, or 1.8% on an annualized basis. Deposit growth of $107.4 million in interest-bearing demand accounts and $103.4 million in savings accounts and money market accounts in the third quarter were partially offset by a decline of $171.4 million in certificate of deposit accounts. Average deposits were $6.6 billion for the third quarter of 2024, compared to $6.5 billion for the prior quarter, an increase of $0.1 billion in the third quarter of 2024, or 6.8% on an annualized basis. Noninterest-bearing deposit accounts represented 23.4% of total deposits at September 30, 2024 and the loan-to-deposit ratio was 96.9% at September 30, 2024.
The ratio of total uninsured deposits to total deposits was estimated to be 32.7% at September 30, 2024, compared to 32.1% at June 30, 2024. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 26.8% at September 30, 2024, compared to 25.5% at June 30, 2024.3
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2024, our common equity tier 1 risk-based capital ratio was 13.06%, total risk-based capital ratio was 15.25% and tier 1 leverage ratio was 11.96%. Book value per share was $37.38 at September 30, 2024, an increase of $1.07 from June 30, 2024. Tangible book value per share, a non-GAAP financial measure, was $33.68 at September 30, 2024, an increase of $1.12 from June 30, 2024.

3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.
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Non-GAAP Financial Measures
This press release (including the tables beginning on page 15) 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;
•Tangible assets;
•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;
•Net income excluding merger costs;
•Return on average total assets excluding merger costs;
•Return on average stockholders’ equity excluding merger costs;
•Efficiency ratio excluding merger related expenses;
•Diluted earnings per share excluding merger related costs; and
•Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis.
The tables beginning on page 15 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. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.1 billion as of September 30, 2024.
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.

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Summary Data:
As of and for the quarter ended
($ in thousands, except per share amounts)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Net interest income$76,158 $72,899 $70,806 $72,069 $73,410 
Provision for credit losses5,000 1,200 16,500 6,575 3,890 
Noninterest income22,075 23,274 22,808 17,221 18,650 
Noninterest expense64,664 63,875 61,828 52,308 56,176 
Income before income taxes28,569 31,098 15,286 30,407 31,994 
Provision for income taxes6,147 6,538 2,990 6,393 6,762 
Net income22,422 24,560 12,296 24,014 25,232 
Net income, excluding merger costs (1)23,655 25,181 14,592 24,014 25,232 
Weighted average common shares outstanding, basic27,612,538 27,430,761 27,019,625 24,953,764 24,942,389 
Weighted average common shares outstanding, diluted28,212,809 28,031,956 27,628,941 25,472,017 25,357,807 
Diluted earnings per share$0.79 $0.88 $0.45 $0.94 $1.00 
Diluted earnings per share, excluding merger costs (1)$0.84 $0.90 $0.53 $0.94 $1.00 
Return on average total assets1.13 %1.26 %0.64 %1.26 %1.34 %
Return on average total assets, excluding merger costs (1)1.19 %1.29 %0.76 %1.26 %1.34 %
Return on average stockholders' equity8.79 %10.03 %5.15 %11.19 %12.03 %
Return on average stockholders’ equity, excluding merger costs (1)9.27 %10.28 %6.11 %11.19 %12.03 %
Net interest margin4.10 %4.02 %3.99 %4.08 %4.23 %
Net interest margin (FTE basis) (1)4.16 %4.08 %4.06 %4.15 %4.30 %
Efficiency ratio65.83 %66.42 %66.05 %58.58 %61.02 %
Efficiency ratio, excluding merger related expenses (1)64.16 %65.33 %63.39 %58.58 %61.02 %
Noninterest income to total revenue (2)22.5 %24.2 %24.4 %19.3 %20.3 %
Total assets$8,138,487 $7,999,295 $7,781,601 $7,879,724 $7,756,875 
Total loans held-for-sale72,247 66,571 56,813 54,212 51,465 
Total loans held-for-investment6,443,756 6,337,162 6,284,868 6,267,096 6,179,522 
Total deposits6,649,880 6,619,525 6,445,388 6,374,103 6,339,847 
Total stockholders' equity1,034,085 996,599 964,662 877,197 843,719 
Loan to deposit ratio96.9 %95.7 %97.5 %98.3 %97.5 %
Period end common shares outstanding27,665,918 27,443,246 27,442,943 24,960,639 24,942,645 
Book value per share$37.38 $36.31 $35.15 $35.14 $33.83 
Tangible book value per share (1)$33.68 $32.56 $31.37 $30.96 $29.60 
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.
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As of and for the nine months ended
($ in thousands, except per share amounts)September 30,
2024		September 30,
2023
Net interest income$219,863 $221,362 
Provision for credit losses22,700 11,672 
Noninterest income68,157 61,871 
Noninterest expense190,367 170,485 
Income before income taxes74,953 101,076 
Provision for income taxes15,675 21,557 
Net income59,278 79,519 
Net income, excluding merger costs (1)63,428 79,519 
Weighted average common shares outstanding, basic27,355,098 24,933,168 
Weighted average common shares outstanding, diluted27,976,215 25,365,297 
Diluted earnings per share$2.12 $3.13 
Diluted earnings per share, excluding merger costs (1)$2.27 $3.13 
Return on average total assets1.01 %1.42 %
Return on average total assets, excluding merger costs (1)1.08 %1.42 %
Return on average stockholders' equity8.02 %12.97 %
Return on average stockholders’ equity, excluding merger costs (1)8.58 %12.97 %
Net interest margin4.04 %4.28 %
Net interest margin (FTE basis) (1)4.10 %4.36 %
Efficiency ratio66.10 %60.19 %
Efficiency ratio, excluding merger related expenses (1)64.30 %60.19 %
Noninterest income to total revenue (2)23.7 %21.8 %
Total assets$8,138,487 $7,756,875 
Total loans held-for-sale72,247 51,465 
Total loans held-for-investment6,443,756 6,179,522 
Total deposits6,649,880 6,339,847 
Total stockholders' equity1,034,085 843,719 
Loan to deposit ratio96.9 %97.5 %
Period end common shares outstanding27,665,918 24,942,645 
Book value per share$37.38 $33.83 
Tangible book value per share (1)$33.68 $29.60 
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.
    
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Condensed Consolidated Statements of Income (Unaudited):
For the quarter ended
For the nine months ended
($ in thousands, except per share amounts)September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Total interest income$118,932 $106,775 $343,501 $303,710 
Total interest expense42,774 33,365 123,638 82,348 
Net interest income76,158 73,410 219,863 221,362 
Provision for credit losses5,000 3,890 22,700 11,672 
Net interest income after provision for credit losses71,158 69,520 197,163 209,690 
Noninterest income:
Service charges on deposits6,240 5,475 17,954 15,848 
Credit and debit card fees2,806 2,996 8,616 9,034 
Trust and investment advisory fees1,395 1,398 4,351 4,337 
Mortgage banking income, net8,838 7,413 29,383 26,501 
Other noninterest income2,796 1,368 7,853 6,151 
Total noninterest income22,075 18,650 68,157 61,871 
Noninterest expense:
Salaries and benefits39,306 33,968 116,487 103,073 
Occupancy and equipment9,121 8,487 26,417 24,977 
Amortization of intangible assets651 899 2,118 3,993 
Merger related expenses1,633 — 5,168 — 
Other noninterest expenses13,953 12,822 40,177 38,442 
Total noninterest expense64,664 56,176 190,367 170,485 
Income before income taxes28,569 31,994 74,953 101,076 
Provision for income taxes6,147 6,762 15,675 21,557 
Net income$22,422 $25,232 $59,278 $79,519 
Earnings per share - basic$0.81 $1.01 $2.17 $3.19 
Earnings per share - diluted$0.79 $1.00 $2.12 $3.13 
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For the quarter ended
($ in thousands, except per share amounts)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Total interest income$118,932 $114,529 $110,040 $109,974 $106,775 
Total interest expense42,774 41,630 39,234 37,905 33,365 
Net interest income76,158 72,899 70,806 72,069 73,410 
Provision for credit losses5,000 1,200 16,500 6,575 3,890 
Net interest income after provision for credit losses71,158 71,699 54,306 65,494 69,520 
Noninterest income:
Service charges on deposits6,240 5,946 5,768 5,497 5,475 
Credit and debit card fees2,806 3,007 2,803 2,966 2,996 
Trust and investment advisory fees1,395 1,493 1,463 1,356 1,398 
Mortgage banking income, net8,838 11,043 9,502 4,883 7,413 
Other noninterest income2,796 1,785 3,272 2,519 1,368 
Total noninterest income22,075 23,274 22,808 17,221 18,650 
Noninterest expense:
Salaries and benefits39,306 39,828 37,353 30,158 33,968 
Occupancy and equipment9,121 8,701 8,595 8,449 8,487 
Amortization of intangible assets651 652 815 829 899 
Merger related expenses1,633 1,046 2,489 — — 
Other noninterest expenses13,953 13,648 12,576 12,872 12,822 
Total noninterest expense64,664 63,875 61,828 52,308 56,176 
Income before income taxes28,569 31,098 15,286 30,407 31,994 
Provision for income taxes6,147 6,538 2,990 6,393 6,762 
Net income$22,422 $24,560 $12,296 $24,014 $25,232 
Earnings per share - basic$0.81 $0.90 $0.46 $0.96 $1.01 
Earnings per share - diluted$0.79 $0.88 $0.45 $0.94 $1.00 

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Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Assets
Cash and cash equivalents$573,674 $535,766 $383,605 $479,362 $443,887 
Securities available-for-sale, at fair value496,811 491,649 499,078 516,757 495,992 
Securities held-to-maturity35,885 36,310 36,640 36,983 37,410 
Loans held-for-sale, at fair value72,247 66,571 56,813 54,212 51,465 
Loans6,443,756 6,337,162 6,284,868 6,267,096 6,179,522 
Allowance for credit losses(83,159)(78,960)(79,829)(80,398)(78,666)
Loans, net6,360,597 6,258,202 6,205,039 6,186,698 6,100,856 
Mortgage servicing rights, at fair value78,799 80,744 78,416 76,701 81,036 
Premises and equipment, net82,532 83,320 84,063 84,842 83,733 
Other real estate owned and foreclosed assets, net4,478 4,497 4,414 4,100 8,395 
Goodwill93,483 93,483 93,483 93,483 93,483 
Intangible assets, net8,866 9,517 10,168 10,984 11,813 
All other assets331,115 339,236 329,882 335,602 348,805 
Total assets$8,138,487 $7,999,295 $7,781,601 $7,879,724 $7,756,875 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts$1,554,762 $1,562,308 $1,517,315 $1,530,506 $1,610,650 
Interest-bearing deposit accounts:
Interest-bearing demand accounts645,647 538,232 542,184 534,540 440,845 
Savings and money market accounts2,608,808 2,505,439 2,473,255 2,446,632 2,476,097 
NOW accounts41,234 42,687 39,181 56,819 35,686 
Certificate of deposit accounts1,799,429 1,970,859 1,873,453 1,805,606 1,776,569 
Total deposits6,649,880 6,619,525 6,445,388 6,374,103 6,339,847 
Securities sold under agreements to repurchase10,913 20,408 20,423 24,693 25,868 
Federal Home Loan Bank advances215,000 145,000 144,810 389,468 330,000 
Other borrowings75,709 75,577 75,445 75,313 75,180 
Other liabilities152,900 142,186 130,873 138,950 142,261 
Total liabilities7,104,402 7,002,696 6,816,939 7,002,527 6,913,156 
Stockholders' equity:
Preferred stock— — — — — 
Common stock3 3 3 2 2 
Additional paid-in capital547,271 543,339 542,582 462,680 462,507 
Retained earnings516,800 494,378 469,818 457,522 433,508 
Accumulated other comprehensive loss, net(29,989)(41,121)(47,741)(43,007)(52,298)
Total stockholders' equity1,034,085 996,599 964,662 877,197 843,719 
Total liabilities and stockholders' equity$8,138,487 $7,999,295 $7,781,601 $7,879,724 $7,756,875 




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Consolidated Capital Ratios as of:
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Stockholders' equity to total assets12.71 %12.46 %12.40 %11.13 %10.88 %
Tangible stockholders' equity to tangible assets (1)11.59 %11.32 %11.21 %9.94 %9.65 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2)11.56 %11.27 %11.17 %9.90 %9.59 %
Tier 1 leverage ratio11.96 %11.83 %11.73 %10.52 %10.37 %
Common equity tier 1 risk-based capital ratio13.06 %12.80 %12.54 %11.10 %10.79 %
Tier 1 risk-based capital ratio13.06 %12.80 %12.54 %11.10 %10.79 %
Total risk-based capital ratio15.25 %14.95 %14.73 %13.25 %12.93 %
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 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.
10




Summary of Net Interest Margin:
For the quarter ended
For the nine months ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans (1)6,460,484 6.71 %6,180,684 6.44 %6,386,620 6.59 %6,144,057 6.15 %
Investment securities527,241 3.62 %545,257 3.10 %532,562 3.51 %559,855 3.00 %
Interest-bearing cash and other assets442,632 5.17 %221,559 5.39 %343,911 5.26 %187,468 5.41 %
Total earning assets7,430,357 6.40 %6,947,500 6.15 %7,263,093 6.31 %6,891,380 5.88 %
Other assets534,740 557,988 543,916 553,628 
Total assets$7,965,097 $7,505,488 $7,807,009 $7,445,008 
Interest-bearing liabilities
Demand and NOW deposits$657,537 3.75 %$466,837 3.27 %$609,632 3.70 %$343,112 2.79 %
Savings deposits411,526 0.72 %439,172 0.62 %415,687 0.70 %452,298 0.48 %
Money market deposits2,140,552 2.25 %2,026,028 1.58 %2,098,927 2.06 %2,142,301 1.18 %
Certificates of deposits1,800,502 4.58 %1,748,515 4.21 %1,812,839 4.62 %1,407,264 3.61 %
Total deposits5,010,117 3.16 %4,680,552 2.64 %4,937,085 3.09 %4,344,975 2.02 %
Repurchase agreements13,528 1.29 %26,549 0.98 %17,099 1.15 %29,953 0.73 %
Total deposits and repurchase agreements5,023,645 3.16 %4,707,101 2.63 %4,954,184 3.08 %4,374,928 2.01 %
FHLB borrowings135,641 5.61 %84,332 5.40 %125,799 5.61 %335,485 5.00 %
Other long-term borrowings75,654 6.58 %78,680 6.44 %75,522 6.59 %79,801 6.36 %
Total interest-bearing liabilities5,234,940 3.27 %4,870,113 2.74 %5,155,505 3.20 %4,790,214 2.29 %
Noninterest-bearing deposits1,568,685 1,654,090 1,529,793 1,705,392 
Other liabilities141,206 142,027 136,491 131,628 
Stockholders' equity1,020,266 839,258 985,220 817,774 
Total liabilities and stockholders' equity$7,965,097 $7,505,488 $7,807,009 $7,445,008 
Net interest spread3.13 %3.41 %3.11 %3.59 %
Net interest margin4.10 %4.23 %4.04 %4.28 %
Net interest margin (on FTE basis) (2)4.16 %4.30 %4.10 %4.36 %
(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 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
11




For the quarter ended
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans (1)6,460,484 6.71 %6,384,709 6.59 %6,313,855 6.48 %6,280,362 6.51 %6,180,684 6.44 %
Investment securities527,241 3.62 %523,545 3.65 %546,960 3.28 %538,348 3.28 %545,257 3.10 %
Interest-bearing cash and other assets442,632 5.17 %348,509 5.25 %239,508 5.49 %247,978 5.50 %221,559 5.39 %
Total earning assets7,430,357 6.40 %7,256,763 6.31 %7,100,323 6.20 %7,066,688 6.22 %6,947,500 6.15 %
Other assets534,740 548,465 548,642 563,368 557,988 
Total assets$7,965,097 $7,805,228 $7,648,965 $7,630,056 $7,505,488 
Interest-bearing liabilities
Demand and NOW deposits$657,537 3.75 %$621,343 3.80 %$549,491 3.54 %$510,982 3.45 %$466,837 3.27 %
Savings deposits411,526 0.72 %413,699 0.69 %421,882 0.69 %457,679 0.93 %439,172 0.62 %
Money market deposits2,140,552 2.25 %2,092,449 2.01 %2,063,321 1.93 %2,063,383 1.82 %2,026,028 1.58 %
Certificates of deposits1,800,502 4.58 %1,823,522 4.69 %1,814,629 4.60 %1,825,325 4.54 %1,748,515 4.21 %
Total deposits5,010,117 3.16 %4,951,013 3.11 %4,849,323 3.00 %4,857,369 2.93 %4,680,552 2.64 %
Repurchase agreements13,528 1.29 %16,553 1.15 %21,254 1.06 %23,457 1.06 %26,549 0.98 %
Total deposits and repurchase agreements5,023,645 3.16 %4,967,566 3.10 %4,870,577 2.99 %4,880,826 2.92 %4,707,101 2.63 %
FHLB borrowings135,641 5.61 %130,871 5.67 %110,777 5.56 %74,146 5.64 %84,332 5.40 %
Other long-term borrowings75,654 6.58 %75,522 6.59 %75,389 6.62 %75,249 6.62 %78,680 6.44 %
Total interest-bearing liabilities5,234,940 3.27 %5,173,959 3.22 %5,056,743 3.10 %5,030,221 3.01 %4,870,113 2.74 %
Noninterest-bearing deposits1,568,685 1,517,560 1,502,707 1,597,672 1,654,090 
Other liabilities141,206 133,845 134,370 143,416 142,027 
Stockholders' equity1,020,266 979,864 955,145 858,747 839,258 
Total liabilities and stockholders' equity$7,965,097 $7,805,228 $7,648,965 $7,630,056 $7,505,488 
Net interest spread3.13 %3.09 %3.10 %3.21 %3.41 %
Net interest margin4.10 %4.02 %3.99 %4.08 %4.23 %
Net interest margin (on FTE basis) (2)4.16 %4.08 %4.06 %4.15 %4.30 %
(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 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
12




Deposits as of:
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Consumer
Noninterest bearing deposit accounts$397,880 $414,795 $356,732 $360,168 $366,366 
Interest-bearing deposit accounts:
Demand and NOW deposits61,929 42,903 38,625 36,162 33,340 
Savings deposits331,811 334,741 340,086 343,291 356,890 
Money market deposits1,333,486 1,243,355 1,229,239 1,196,645 1,149,365 
Certificates of deposits1,247,348 1,438,792 1,437,590 1,437,537 1,366,255 
Total interest-bearing deposit accounts2,974,574 3,059,791 3,045,540 3,013,635 2,905,850 
Total consumer deposits$3,372,454 $3,474,586 $3,402,272 $3,373,803 $3,272,216 
Business
Noninterest bearing deposit accounts$1,156,882 $1,147,513 $1,160,583 $1,170,338 $1,244,284 
Interest-bearing deposit accounts:
Demand and NOW deposits624,952 538,016 502,726 555,197 443,191 
Savings deposits77,744 77,931 80,226 80,802 85,234 
Money market deposits865,767 849,412 823,704 825,811 859,516 
Certificates of deposits62,187 90,189 97,854 87,407 77,228 
Total interest-bearing deposit accounts1,630,650 1,555,548 1,504,510 1,549,217 1,465,169 
Total business deposits$2,787,532 $2,703,061 $2,665,093 $2,719,555 $2,709,453 
Wholesale deposits (1)$489,894 $441,878 $378,023 $280,745 $358,178 
Total deposits$6,649,880 $6,619,525 $6,445,388 $6,374,103 $6,339,847 
(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,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Cash to total assets (1)6.90 %6.60 %4.80 %6.00 %5.60 %
Loan to deposit ratio96.9 %95.7 %97.5 %98.3 %97.5 %
Uninsured deposits to total deposits (2)32.7 %32.1 %32.0 %31.2 %32.0 %
Uninsured and uncollateralized deposits to total deposits (2)26.8 %25.5 %25.2 %25.1 %25.4 %
Wholesale deposits and borrowings to total liabilities (3)9.9 %8.4 %7.7 %9.6 %10.0 %
(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.
13




Loan Portfolio as of:
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Commercial and industrial$2,527,636 $2,431,110 $2,480,078 $2,467,688 $2,459,358 
Commercial real estate:
Non-owner occupied821,670 866,999 836,515 812,235 767,135 
Owner occupied700,325 660,511 642,930 635,365 631,352 
Construction and land333,457 350,878 326,447 345,430 329,433 
Multifamily95,125 94,220 94,898 103,066 114,535 
Total commercial real estate1,950,577 1,972,608 1,900,790 1,896,096 1,842,455 
Residential real estate1,172,459 1,146,989 1,109,676 1,110,610 1,059,074 
Public Finance536,776 537,872 579,991 602,913 602,844 
Consumer45,267 42,129 40,317 36,371 37,681 
Other211,041 206,454 174,016 153,418 178,110 
Total loans, net of deferred costs, fees, premiums, and discounts$6,443,756 $6,337,162 $6,284,868 $6,267,096 $6,179,522 
Asset Quality:
As of and for the quarter ended
($ in thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Net charge-offs$1,401 $2,009 $17,429 $4,743 $2,296 
Allowance for credit losses$83,159 $78,960 $79,829 $80,398 $78,666 
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due$65,824 $62,558 $57,599 $63,143 $40,743 
Nonperforming assets$70,302 $67,055 $62,013 $67,243 $49,138 
Ratio of net charge-offs to average loans outstanding0.09 %0.13 %1.11 %0.30 %0.15 %
Allowance for credit losses to total loans outstanding1.29 %1.25 %1.27 %1.28 %1.27 %
Allowance for credit losses to total nonperforming loans126.34 %126.22 %138.59 %127.33 %193.08 %
Nonperforming loans to total loans1.02 %0.99 %0.92 %1.01 %0.66 %
Nonperforming assets to total assets0.86 %0.84 %0.80 %0.85 %0.63 %


14




Non-GAAP Financial Measures and Reconciliations:

As of and for the quarter ended
As of and for the nine months ended
($ in thousands, except share and per share amounts)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		September 30,
2024		September 30,
2023
Tangible stockholders’ equity:
Total stockholders' equity (GAAP)$1,034,085 $996,599 $964,662 $877,197 $843,719 $1,034,085 $843,719 
Less: Goodwill and other intangible assets:
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(8,866)(9,517)(10,168)(10,984)(11,813)(8,866)(11,813)
Tangible stockholders' equity (non-GAAP)$931,736 $893,599 $861,011 $772,730 $738,423 $931,736 $738,423 
Tangible assets:
Total assets (GAAP)$8,138,487 $7,999,295 $7,781,601 $7,879,724 $7,756,875 $8,138,487 $7,756,875 
Less: Goodwill and other intangible assets:
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(8,866)(9,517)(10,168)(10,984)(11,813)(8,866)(11,813)
Tangible assets (non-GAAP)$8,036,138 $7,896,295 $7,677,950 $7,775,257 $7,651,579 $8,036,138 $7,651,579 
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity to total assets (GAAP)12.71 %12.46 %12.40 %11.13 %10.88 %12.71 %10.88 %
Less: Impact of goodwill and other intangible assets(1.12)%(1.14)%(1.19)%(1.19)%(1.23)%(1.12)%(1.23)%
Tangible stockholders' equity to tangible assets (non-GAAP)11.59 %11.32 %11.21 %9.94 %9.65 %11.59 %9.65 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$931,736 $893,599 $861,011 $772,730 $738,423 $931,736 $738,423 
Less: Net unrealized losses on HTM securities, net of tax(2,852)(3,949)(4,236)(3,629)(5,001)(2,852)(5,001)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$928,884 $889,650 $856,775 $769,101 $733,422 $928,884 $733,422 
Tangible assets (non-GAAP)$8,036,138 $7,896,295 $7,677,950 $7,775,257 $7,651,579 $8,036,138 $7,651,579 
Less: Net unrealized losses on HTM securities, net of tax(2,852)(3,949)(4,236)(3,629)(5,001)(2,852)(5,001)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$8,033,286 $7,892,346 $7,673,714 $7,771,628 $7,646,578 $8,033,286 $7,646,578 
15




As of and for the quarter ended
As of and for the nine months ended
($ in thousands, except share and per share amounts)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		September 30,
2024		September 30,
2023
Tangible stockholders’ equity to tangible assets (non-GAAP)11.59 %11.32 %11.21 %9.94 %9.65 %11.59 %9.65 %
Less: Net unrealized losses on HTM securities, net of tax(0.03)%(0.05)%(0.04)%(0.04)%(0.06)%(0.03)%(0.06)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)11.56 %11.27 %11.17 %9.90 %9.59 %11.56 %9.59 %
Tangible book value per share:
Total stockholders' equity (GAAP)$1,034,085 $996,599 $964,662 $877,197 $843,719 $1,034,085 $843,719 
Tangible stockholders' equity (non-GAAP)$931,736 $893,599 $861,011 $772,730 $738,423 $931,736 $738,423 
Total shares outstanding27,665,918 27,443,246 27,442,943 24,960,639 24,942,645 27,665,918 24,942,645 
Book value per share (GAAP)$37.38 $36.31 $35.15 $35.14 $33.83 $37.38 $33.83 
Tangible book value per share (non-GAAP)$33.68 $32.56 $31.37 $30.96 $29.60 $33.68 $29.60 
Net income excluding merger costs:
Net income (GAAP)$22,422 $24,560 $12,296 $24,014 $25,232 $59,278 $79,519 
Add: Merger costs
Merger related expenses1,633 1,046 2,489 — — 5,168 — 
Income tax effect on merger related expenses(400)(425)(193)— — (1,018)— 
Total merger costs, net of tax1,233 621 2,296 — — 4,150 — 
Net income excluding merger costs (non-GAAP)$23,655 $25,181 $14,592 $24,014 $25,232 $63,428 $79,519 
Return on average total assets excluding merger costs:
Return on average total assets (ROAA) (GAAP)1.13 %1.26 %0.64 %1.26 %1.34 %1.01 %1.42 %
Add: Impact of merger costs, net of tax0.06 %0.03 %0.12 %— %— %0.07 %— %
ROAA excluding merger costs (non-GAAP)1.19 %1.29 %0.76 %1.26 %1.34 %1.08 %1.42 %
Return on average stockholders’ equity excluding merger costs:
Return on average stockholders' equity (ROAE) (GAAP)8.79 %10.03 %5.15 %11.19 %12.03 %8.02 %12.97 %
Add: Impact of merger costs, net of tax0.48 %0.25 %0.96 %— %— %0.56 %— %
ROAE excluding merger costs (non-GAAP)9.27 %10.28 %6.11 %11.19 %12.03 %8.58 %12.97 %
Efficiency ratio excluding merger related expenses:
Efficiency ratio (GAAP)65.83 %66.42 %66.05 %58.58 %61.02 %66.10 %60.19 %
Less: Impact of merger related expenses(1.67)%(1.09)%(2.66)%— %— %(1.80)%— %
Efficiency ratio excluding merger related expenses (non-GAAP)64.16 %65.33 %63.39 %58.58 %61.02 %64.30 %60.19 %
16




As of and for the quarter ended
As of and for the nine months ended
($ in thousands, except share and per share amounts)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		September 30,
2024		September 30,
2023
Diluted earnings per share excluding merger costs:
Diluted earnings per share (GAAP)$0.79 $0.88 $0.45 $0.94 $1.00 $2.12 $3.13 
Add: Impact of merger costs, net of tax0.05 0.02 0.08 — — 0.15 — 
Diluted earnings per share excluding merger costs (non-GAAP)$0.84 $0.90 $0.53 $0.94 $1.00 $2.27 $3.13 
Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis:
Net interest income (GAAP)$76,158 $72,899 $70,806 $72,069 $73,410 $219,863 $221,362 
Gross income effect of tax exempt income1,132 1,156 1,318 1,270 1,286 3,606 3,816 
FTE net interest income (non-GAAP)$77,290 $74,055 $72,124 $73,339 $74,696 $223,469 $225,178 
Average earning assets$7,430,357 $7,256,763 $7,100,323 $7,066,688 $6,947,500 $7,263,093 $6,891,380 
Net interest margin4.10 %4.02 %3.99 %4.08 %4.23 %4.04 %4.28 %
Net interest margin on FTE basis (non-GAAP)4.16 %4.08 %4.06 %4.15 %4.30 %4.10 %4.36 %
17