株探米国株
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
__________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-42175
__________________________________
FIRSTSUN CAPITAL BANCORP
(Exact name of registrant as specified in its charter)
__________________________________
Delaware 81-4552413
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
1400 16th Street, Suite 250
Denver, Colorado 80202
(303) 831-6704
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
__________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange
 on which registered
Voting Common Stock,
$0.0001 Par Value		 FSUN
Nasdaq Global
Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☒
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As of August 7, 2026, there were approximately 43,950,366 shares of voting common stock outstanding and 2,633,607 shares of non-voting common stock outstanding.
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Table of Contents
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In this Quarterly Report on Form 10-Q, except as otherwise indicated or the context suggests otherwise, references to “FirstSun” refer to FirstSun Capital Bancorp, and the terms “the Company,” “we,” “us,” and “our” refer to FirstSun and its direct and indirect subsidiaries, including Sunflower Bank, N.A., which we refer to as the “Bank.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, statements regarding our merger with First Foundation Inc. (“First Foundation”), statements relating to our assets, business, cash flows, condition (financial or otherwise), the impact of changes to our key mortgage servicing right valuation assumptions, credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives, the benefits, costs and synergies of completed acquisitions or dispositions, and the timing, benefits, costs and synergies of future acquisitions, dispositions and other growth opportunities. They are not statements of historical or current fact nor are they assurances of future performance, and they generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could,” or “may,” or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time, are difficult to predict and are generally beyond our control and should be viewed with caution.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•changes in market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs, and our loan and securities portfolios;
•changes in the monetary and fiscal policies of the Federal Reserve, and uncertainty concerning interest rates, government shutdowns, debt ceilings or funding for the government, and tariffs and trade policies, can cause volatility in financial markets and could adversely affect our business, financial condition and results of operations;
•the potential effects of events beyond our control that may have a destabilizing effect on financial markets, economic growth, customer and client behavior and the economy in general, such as an increase in unemployment levels, inflation and recessions, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers, epidemics and pandemics, terrorist activities, wars and other foreign conflicts, essential utility outages, climate change, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains or disruption in transportation;
•ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operations;
•the possibility that the anticipated benefits of the completed First Foundation acquisition, including anticipated cost savings and strategic gains, are not realized when expected or at all;
•the integration of the businesses and operations of the Company and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business;
•the diversion of management’s attention from ongoing business operations and opportunities due to the completed First Foundation acquisition and related integration;
•the effects of changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental or legislative action and other changes pertaining to banking, securities, taxation, rent regulation and housing, financial accounting and reporting, environmental protection and insurance and our ability to comply with such changes in a timely manner;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•competition from financial institutions and other financial service providers including non-bank financial technology providers and our ability to attract customers from other financial institutions;
•any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;
•market conditions related to and the impact of our stock repurchase program;
3

•our loan concentration in industries or sectors that may experience unanticipated or greater than anticipated adverse conditions than other industries or sectors in the national or local economies in which we operate;
•increased capital requirements, other regulatory requirements or enhanced regulatory supervision;
•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business, financial performance or reputation;
•risks related to the development and use of artificial intelligence;
•risks with respect to our ability to identify and complete future mergers or acquisitions, as well as our ability to successfully expand and integrate those businesses and operations that we acquire;
•risks related to enhanced regulatory requirements and scrutiny as a result of our assets exceeding $10 billion following the First Foundation acquisition, including increased regulatory compliance costs;
•the risks of expansion into new geographic or product markets;
•the inability to manage strategic initiatives and/or organizational changes;
•our ability to attract and retain key employees;
•an insufficient allowance for credit losses or volatility in the allowance for credit losses resulting from the CECL methodology, either alone or as that may be affected by changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors;
•changes in accounting principles, policies, practices or guidelines;
•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
•the availability of and access to capital;
•failures of internal controls and other risk management systems;
•the outcome (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) of pending or threatened litigation or of matters before or involving regulatory agencies, whether currently existing or commencing in the future;
•losses due to fraudulent or negligent conduct of our customers, third-party service providers or employees;
•limitations on our ability to declare and pay dividends and other distributions from our bank to our holding company, which could affect our holding company’s liquidity, including its ability to pay dividends to stockholders or take other capital actions; and
•other factors, many of which are beyond our control.
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. You should also consider the risks, assumptions and uncertainties set forth under “Item 1A. Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026 (our “2025 Annual Report”), as well as any additional factors that might be reported in future filings that we make with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.
4

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Index to Consolidated Financial Statements
Page
5

FIRSTSUN CAPITAL BANCORP
Consolidated Balance Sheets
As of
(Unaudited)
(In thousands, except par and share amounts) June 30,
2026		 December 31,
2025
Assets
Cash and cash equivalents $ 989,511  $ 652,592 
Securities available-for-sale, at fair value 1,907,374  468,970 
Securities held-to-maturity, fair value of $28,572 and $29,446, respectively
 33,274  33,839 
Loans held-for-sale, at fair value 140,706  100,539 
Loans, net of allowance for credit losses of $173,551 and $85,016, respectively
 11,394,892  6,588,164 
Mortgage servicing rights, at fair value 99,736  86,651 
Premises and equipment, net 118,967  81,523 
Other real estate owned and foreclosed assets, net 16,808  11,514 
Bank-owned life insurance 136,533  83,286 
Restricted equity securities 50,155  24,775 
Goodwill 102,536  93,483 
Core deposits and other intangible assets, net 90,452  4,983 
Accrued interest receivable 60,163  32,255 
Deferred tax assets, net 255,567  34,873 
Prepaid expenses and other assets 321,311  187,715 
Total assets $ 15,717,985  $ 8,485,162 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing accounts $ 2,673,289  $ 1,651,373 
Interest-bearing accounts 10,744,715  5,455,983 
Total deposits 13,418,004  7,107,356 
Securities sold under agreements to repurchase 17,475  11,160 
Subordinated debt, net 205,256  36,680 
Accrued interest payable 16,897  6,680 
Accrued expenses and other liabilities 222,961  169,930 
Total liabilities 13,880,593  7,331,806 
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively
 —  — 
Common stock, $0.0001 par value; 80,000,000 and 50,000,000 voting shares authorized, respectively; 44,131,827 and 27,887,337 voting shares issued and outstanding, respectively; 20,000,000 and zero non-voting shares authorized, respectively; 2,633,607 and zero non-voting shares issued and outstanding, respectively
 5  3 
Additional paid-in capital 1,238,000  549,617 
Retained earnings 629,819  631,086 
Accumulated other comprehensive loss, net (30,432) (27,350)
Total stockholders’ equity 1,837,392  1,153,356 
Total liabilities and stockholders’ equity $ 15,717,985  $ 8,485,162 
The accompanying notes are an integral part of these consolidated financial statements.
6

FIRSTSUN CAPITAL BANCORP
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
For the three and six months ended June 30,
(Unaudited)
Three months ended June 30,
Six months ended June 30,
(In thousands, except per share amounts) 2026 2025 2026 2025
Interest income:
Interest and fee income on loans:
Taxable $ 186,808  $ 101,590  $ 289,873  $ 197,791 
Tax exempt 8,232  4,527  12,725  9,006 
Interest and dividend income on securities:
Taxable 25,024  4,430  29,078  8,796 
Tax exempt 38  3  50  7 
Other interest income 9,914  6,371  14,416  11,768 
Total interest income 230,016  116,921  346,142  227,368 
Interest expense:
Interest expense on deposits 81,894  37,185  114,673  71,579 
Interest expense on securities sold under agreements to repurchase 152  36  193  73 
Interest expense on other borrowed funds 4,775  1,201  5,302  2,739 
Total interest expense 86,821  38,422  120,168  74,391 
Net interest income 143,195  78,499  225,974  152,977 
Provision for credit losses 40,400  4,500  48,650  8,300 
Net interest income after credit loss expense 102,795  73,999  177,324  144,677 
Noninterest income:
Deposit account service fees 2,292  2,016  4,388  4,043 
Treasury management service fees 5,067  4,333  9,680  8,527 
Credit and debit card fees 2,952  2,728  5,665  5,314 
Trust and investment advisory fees 9,413  1,473  10,902  2,894 
Mortgage banking services, net 15,958  13,274  30,273  22,329 
Other noninterest income 5,266  3,249  7,215  5,695 
Total noninterest income 40,948  27,073  68,123  48,802 
Noninterest expense:
Salary and employee benefits 68,744  43,921  116,100  83,482 
Occupancy, equipment and software 15,504  9,541  25,510  19,077 
Customer service costs 2,742  —  2,742  — 
Amortization and impairment of intangible assets 4,237  578  4,744  1,206 
Merger related expenses 57,559  285  60,240  285 
Other noninterest expenses 22,926  13,785  37,717  26,782 
Total noninterest expense 171,712  68,110  247,053  130,832 
(Loss) income before income taxes (27,969) 32,962  (1,606) 62,647 
(Benefit) provision for income taxes (5,119) 6,576  (339) 12,692 
Net (loss) income $ (22,850) $ 26,386  $ (1,267) $ 49,955 
Other comprehensive (loss) income:
Net unrealized (loss) gain on securities available-for-sale (2,560) 255  (3,084) 3,456 
Reclassification adjustments for net loss on sales of available-for-sale securities 2  —  2  — 
Other comprehensive (loss) income (2,558) 255  (3,082) 3,456 
Comprehensive (loss) income $ (25,408) $ 26,641  $ (4,349) $ 53,411 
Earnings per share:
Net (loss) income available to common stockholders $ (22,850) $ 26,386  $ (1,267) $ 49,955 
Basic $ (0.49) $ 0.95  $ (0.03) $ 1.80 
Diluted $ (0.49) $ 0.93  $ (0.03) $ 1.77 
The accompanying notes are an integral part of these consolidated financial statements.
7

FIRSTSUN CAPITAL BANCORP
Consolidated Statements of Stockholders’ Equity
For the three months ended June 30,
(Unaudited)
(in thousands, except share amounts) Issued
shares of
common stock		 Common stock Additional
paid-in capital		 Retained
earnings		 Accumulated
other
comprehensive
income (loss)		 Total
stockholders’
equity
2026
Balance, beginning of period 27,935,888  $ 3  $ 550,709  $ 652,669  $ (27,874) $ 1,175,507 
Net loss —  —  —  (22,850) —  (22,850)
Other comprehensive loss —  —  —  —  (2,558) (2,558)
Acquisition of First Foundation Inc. 18,726,885  2  686,037  —  —  686,039 
Share-based compensation expense, net of forfeitures —  —  2,410  —  —  2,410 
Restricted stock activity, net of forfeitures 99,307  —  (1,092) —  —  (1,092)
Stock option exercises, net 3,354  —  (64) —  —  (64)
Balance, end of period 46,765,434  $ 5  $ 1,238,000  $ 629,819  $ (30,432) $ 1,837,392 
2025
Balance, beginning of period 27,753,918  $ 3  $ 547,484  $ 556,719  $ (35,911) $ 1,068,295 
Net income —  —  —  26,386  —  26,386 
Other comprehensive income —  —  —  —  255  255 
Share-based compensation expense, net of forfeitures —  —  1,056  —  —  1,056 
Restricted stock activity, net of forfeitures 68,032  —  (424) —  —  (424)
Stock option exercises, net 12,575  —  (166) —  —  (166)
Balance, end of period 27,834,525  $ 3  $ 547,950  $ 583,105  $ (35,656) $ 1,095,402 
The accompanying notes are an integral part of these consolidated financial statements.
8

FIRSTSUN CAPITAL BANCORP
Consolidated Statements of Stockholders’ Equity
For the six months ended June 30,
(Unaudited)
(in thousands, except share amounts) Issued
shares of
common stock		 Common stock Additional
paid-in capital		 Retained
earnings		 Accumulated
other
comprehensive
income (loss)		 Total
stockholders’
equity
2026
Balance, beginning of period 27,887,337  $ 3  $ 549,617  $ 631,086  $ (27,350) $ 1,153,356 
Net loss —  —  —  (1,267) —  (1,267)
Other comprehensive loss —  —  —  —  (3,082) (3,082)
Acquisition of First Foundation Inc. 18,726,885  2  686,037  —  —  686,039 
Share-based compensation expense, net of forfeitures —  —  3,665  —  —  3,665 
Restricted stock activity, net of forfeitures 139,077  —  (1,090) —  —  (1,090)
Stock option exercises, net 12,135  —  (229) —  —  (229)
Balance, end of period 46,765,434  $ 5  $ 1,238,000  $ 629,819  $ (30,432) $ 1,837,392 
2025
Balance, beginning of period 27,709,679  $ 3  $ 547,325  $ 533,150  $ (39,112) $ 1,041,366 
Net income —  —  —  49,955  —  49,955 
Other comprehensive income —  —  —  —  3,456  3,456 
Share-based compensation expense, net of forfeitures —  —  1,692  —  —  1,692 
Restricted stock activity, net of forfeitures 71,029  —  (479) —  —  (479)
Stock option exercises, net 53,817  —  (588) —  —  (588)
Balance, end of period 27,834,525  $ 3  $ 547,950  $ 583,105  $ (35,656) $ 1,095,402 
The accompanying notes are an integral part of these consolidated financial statements.
9

FIRSTSUN CAPITAL BANCORP
Consolidated Statements of Cash Flows
For the six months ended June 30,
(Unaudited)
(In thousands) 2026 2025
Cash flows from operating activities:
Net income $ (1,267) $ 49,955 
Adjustments to reconcile income to net cash provided by operating activities:
Provision for credit losses 48,650  8,300 
Depreciation and amortization on premises and equipment 4,931  4,103 
Deferred tax expense 584  4,677 
(Accretion) amortization of net (discount) premium on securities (3,715) 253 
Accretion of net discount on acquired loans (21,251) (851)
Net change in deferred loan origination fees and costs 4,634  2,302 
Amortization of core deposits and other intangible assets 4,744  1,206 
Amortization of premium on acquired deposits (3,227) (45)
Accretion of issuance costs and net discount on subordinated debt 1,017  224 
Increase in cash surrender value of bank-owned life insurance (1,482) (1,062)
Impairment of other real estate owned and foreclosed assets 79  642 
Federal Home Loan Bank stock dividends (196) (369)
Share-based compensation expense 3,665  1,692 
Decrease in fair value of mortgage servicing rights 4,296  6,295 
Net loss on sales of available-for-sale securities 2  — 
Net loss on disposal of premises and equipment 503  133 
Net loss on other real estate owned and foreclosed assets activity 1,333  — 
Net gain on sales of loans held-for-sale (7,076) (4,135)
Origination of loans held-for-sale (891,577) (641,544)
Proceeds from sales of loans held-for-sale 1,970,458  609,949 
Changes in operating assets and liabilities:
Lease right-of-use assets (9,406) 24 
Accrued interest receivable 9,092  (1,802)
Prepaid expenses and other assets 23,097  12,056 
Accrued interest payable (32,003) (1,458)
Accrued expenses and other liabilities (14,226) (4,084)
Deferred tax assets 245  (5,100)
Net cash provided by operating activities $ 1,091,904  $ 41,361 
The accompanying notes are an integral part of these consolidated financial statements.
10

FIRSTSUN CAPITAL BANCORP
Consolidated Statements of Cash Flows (continued)
For the six months ended June 30,
(Unaudited)
(In thousands) 2026 2025
Cash flows from operating activities: (previous page)
$ 1,091,904  $ 41,361 
Cash flows from investing activities:
Cash acquired in excess of cash paid in connection with First Foundation acquisition 1,726,008  — 
Proceeds from maturities of held-to-maturity securities 637  725 
Purchases of available-for-sale securities —  (20,772)
Proceeds from pay-downs, sales or maturities of available-for-sale securities 1,413,482  20,246 
Loan originations, net of repayments (4,403) (155,142)
Purchases of premises and equipment (1,668) (4,001)
Proceeds from sales of other real estate owned and foreclosed assets 616  249 
Purchases of restricted equity securities (55,978) (634)
Proceeds from the sale or redemption of restricted equity securities 74,411  5,143 
Purchase of other investments (40,377) (6,819)
Proceeds from the sale or redemption of other investments 42,584  486 
Net cash provided by (used in) investing activities 3,155,312  (160,519)
Cash flows from financing activities:
Net change in deposits (2,461,636) 427,949 
Net change in securities sold under agreements to repurchase (11,138) (3,526)
Proceeds from Federal Home Loan Bank advances 228,296  293,000 
Repayments of Federal Home Loan Bank advances (1,652,000) (428,000)
Repayments of other borrowings (12,500) — 
Proceeds from issuance of common stock, net of issuance costs and taxes paid on cashless exercise of equity awards (1,319) (1,067)
Net cash (used in) provided by financing activities (3,910,297) 288,356 
Net increase in cash and cash equivalents 336,919  169,198 
Cash and cash equivalents, beginning of period 652,592  615,917 
Cash and cash equivalents, end of period $ 989,511  $ 785,115 
Supplemental disclosures of cash flow information:
Interest paid on deposits $ 106,142  $ 72,973 
Interest paid on borrowed funds $ 5,291  $ 2,754 
Cash paid for income taxes, net $ 9,617  $ 9,720 
Non-cash investing and financing activities:
Assets acquired from First Foundation Inc. $ 11,184,713  $ — 
Liabilities assumed from First Foundation Inc. $ 10,490,198  $ — 
Net change in unrealized (loss) gain on available-for-sale securities $ (4,082) $ 4,575 
Loan charge-offs $ 53,221  $ 14,409 
Loans transferred to other real estate owned and foreclosed assets $ —  $ 8,805 
Mortgage servicing rights resulting from sale or securitization of mortgage loans $ 9,730  $ 6,773 
The accompanying notes are an integral part of these consolidated financial statements.
11

FIRSTSUN CAPITAL BANCORP
Notes to Consolidated Financial Statements
(Unaudited)
($ in thousands, except share and per share amounts)
NOTE 1 - Organization and Basis of Presentation
Nature of Operations - The consolidated financial statements include the accounts of FirstSun Capital Bancorp (“FirstSun” or “Parent Company”) and its wholly-owned subsidiaries, Sunflower Bank, N.A. (the “Bank”), First Foundation Advisors (which also operates as FirstSun Advisors and Sunflower Wealth Advisors), and FEIF Capital Partners, LLC, and have been prepared using U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. All significant intercompany balances and transactions have been eliminated. These entities are collectively referred to as “our”, “us”, “we”, or “the Company”.
Basis of Presentation - The consolidated financial statements in this Quarterly Report on Form 10-Q have been prepared in accordance with GAAP for interim financial information, but do not include all of the information and footnotes required by GAAP for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. These interim financial statements are unaudited, and include, in our opinion, all adjustments necessary for a fair statement of the results for the periods indicated, which are not necessarily indicative of results which may be expected for the full year. These unaudited consolidated financial statements and notes should be read in conjunction with FirstSun’s audited consolidated financial statements and footnotes thereto for the year ended December 31, 2025, included in our 2025 Annual Report. See Note 1 - Basis of Presentation, Description of Business and Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements contained in Item 8, Financial Statements and Supplementary Data, in the Company’s 2025 Form 10-K and this Note 1 for additional information on the Company’s significant accounting policies. There have not been any significant changes to the Company’s accounting policies from those disclosed in the Company’s 2025 Form 10-K that could have a material effect on the Company’s financial statements, except as discussed below. The accounting policy on Loans Receivable, specifically with respect to acquired loans, is updated below to include additional guidance following the Company’s early adoption of ASU 2025‑08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans” in connection with its acquisition of First Foundation Inc.
Business Combination - On April 1, 2026, FirstSun completed its previously announced acquisition of First Foundation Inc. (“First Foundation”), pursuant to the Agreement and Plan of Merger dated October 27, 2025, by and between FirstSun and First Foundation, as amended (the “Merger Agreement”). At the effective time of the merger (the “Effective Time”), First Foundation merged with and into FirstSun, with FirstSun surviving the merger. Immediately following the merger, First Foundation Bank, a California-chartered banking corporation and wholly owned subsidiary of First Foundation, merged with and into the Bank, with the Bank continuing as the surviving bank. Further information is presented in Note 2 - Acquisition of First Foundation Inc.
Use of Estimates - The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
These estimates are based on historical experience and on various assumptions about the future that are believed to be reasonable based on all available information. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to critical accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information.
Reclassifications - Some items in the prior year financial statements were reclassified to conform to the current presentation. Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026. Reclassifications had no effect on prior years net income or stockholders’ equity.
12

Accounting Pronouncements Recently Adopted - As an “emerging growth company” under Section 107 of the JOBS Act, we can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, we can delay the adoption of certain accounting standards until those standards would otherwise apply to non-public business entities. We intend to take advantage of the benefits of this extended transition period for an “emerging growth company” for as long as it is available to us. For standards that we have delayed adoption, we may lack comparability to other companies who have adopted such standards.
ASU No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU 2025-05 provides all entities, when developing reasonable and supportable forecasts as part of estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under ASC Topic 606 - Revenue from Contracts with Customers, a practical expedient whereby entities can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 became effective for us in 2026 and did not have a significant impact on our financial statements.
ASU 2025‑08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans.” The amendments in ASU 2025-08 amend the guidance in ASC 326 to expand and clarify the accounting for acquired loans, including “purchased seasoned loans,” with the objective of addressing concerns about complexity and potential double counting of expected credit losses in acquisition accounting. ASU 2025-08 requires entities to apply the amendments prospectively to loans acquired on or after the initial application date and does not require retrospective restatement of prior periods. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The Company early adopted the provisions of ASU 2025-08 in connection with its acquisition of First Foundation, which was completed on April 1, 2026. The Company applied the guidance prospectively to loans acquired in the transaction and will apply the updated guidance to any subsequent acquisitions occurring on or after initial adoption. Early adoption of the ASU 2025-08 affected the timing and measurement of expected credit losses for acquired performing loans. The impact from adoption is included in the accompanying footnotes.
Updates to our Significant Accounting Policies
a. Loans Receivable
Acquired Loans – Loans acquired through a purchase or a business combination are recorded at their fair value as of the acquisition date.
Purchased Credit Deteriorated (“PCD”) Loans. Management performs an assessment of acquired loans to first determine if such loans have experienced a more than insignificant deterioration in credit quality since their origination and thus should be classified and accounted for as PCD loans using a gross-up method where the sum of the loan’s purchase price and allowance for credit losses (“ACL”) becomes its initial amortized cost basis. At acquisition, the ACL for PCD loans is measured in accordance with the Company’s credit loss methodology and is added to the purchase price to establish the initial amortized cost basis under the gross-up approach. Any difference between the amortized cost basis and the unpaid principal balance of the loans is considered to be a non-credit discount or premium. This non-credit discount or premium is accreted or amortized into interest income using the interest method. Subsequent to acquisition, the ACL for PCD loans is determined pursuant to the Bank ACL methodology in the same manner as all other loans. Characteristics of PCD loans include the following: delinquency, payment history since origination, credit scores migration and/or other factors the Bank may become aware of through its initial analysis of acquired loans that may indicate there has been a more than insignificant deterioration in credit quality since a loan’s origination.
Purchased Seasoned Loans. Loans acquired that have not experienced a more than insignificant deterioration in credit quality since origination are deemed purchased seasoned loans (“PSLs”) and are accounted for using the gross-up approach at acquisition described above for PCD loans. All non-PCD loans that are acquired in a business combination are deemed PSLs. Other non-PCD loans are PSLs if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. At acquisition, the ACL for PSLs is measured in accordance with the Company’s credit-loss methodology and is added to the purchase price to establish the initial amortized cost basis under the gross-up approach. Any difference between the amortized cost basis and the unpaid principal balance of the loans is considered to be a non-credit discount or premium. This non-credit discount or premium is accreted or amortized into interest income using the interest method. Subsequent to acquisition, the ACL for PSLs is determined pursuant to the Bank’s ACL methodology in the same manner as all other loans.
13

Non-Purchased Credit Deteriorated (non-PCD) Loans. Before the Company’s adoption of ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans in connection with the First Foundation acquisition on April 1, 2026, acquired loans that are not deemed to have experienced a more-than-insignificant credit deterioration since origination are considered non-PCD. Non-PCD loans are recorded at fair value, with any resulting discount or premium accreted or amortized into interest income over the remaining life of the loan using the interest method. Additionally, upon the purchase or acquisition of non-PCD loans, management measures and records an allowance for credit losses based on the Bank’s methodology for determining the ACL. The ACL for non-PCD loans is recorded through a charge to the provision for credit losses in the period in which the loans are purchased or acquired. Subsequent to acquisition, the allowance for credit losses for non-PCD loans is determined pursuant to the Bank’s ACL methodology in the same manner as all other loans.
Recent Accounting Pronouncements Not Yet Adopted - ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 will be effective for us, on a prospective basis, for annual periods beginning in 2027, and interim periods within fiscal years beginning in 2028, though early adoption and retrospective application is permitted. ASU 2024-03 is not expected to have a significant impact on our financial statements.
ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU 2025-06 simplifies and modernizes the accounting for internal-use software by removing prescriptive project stage guidance and introducing a new capitalization threshold. Under the revised standard, software development costs are capitalized when management authorizes and commits funding for the project and it is probable the software will be completed and used as intended. ASU 2025-06 will be effective in 2028 and is not expected to have a significant impact on our financial statements.
ASU 2025‑09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” ASU 2025-09 amends ASC 815 to align hedge accounting more closely with an entity’s economic risk management practices. Key amendments include (i) to allow designating a variable price component of a nonfinancial forecasted purchase or sale as the hedged risk, (ii) to allow grouping individual forecasted transactions with similar (not identical) risk exposures, (iii) a new model for hedging forecasted interest on variable-rate debt, enabling changes in index or tenor without dedesignation, subject to simplifying assumptions, and (iv) additional clarifications related to hedge accounting of nonfinancial components, net written options, and dual-hedge strategies. ASU 2025-09 will be effective for us beginning in 2027, though early adoption is permitted. ASU 2025-09 is not expected to have a significant impact on our financial statements.
ASU 2025‑11, “Interim Reporting (Topic 270): Narrow‑Scope Improvements.” ASU 2025-11 clarifies and enhances guidance under ASC 270 on interim financial reporting by (i) clarifying the scope of ASC 270 such that it now explicitly applies only to entities that issue complete interim financial statements and related notes under U.S. GAAP, (ii) establishing clear guidance on the form of interim statements and notes, incorporating a comprehensive list of required interim disclosures drawn from across the ASC, and (iii) introducing a requirement to disclose material events and changes occurring after the end of the last annual period that could impact interim results. ASU 2025-11 will be effective for us for interim periods beginning in 2028, though early adoption is permitted. ASU 2025-11 is not expected to have a significant impact on our financial statements.
NOTE 2 - Acquisition of First Foundation Inc.
As described under the title “Business Combination” in Note 1 - Organization and Basis of Presentation, on April 1, 2026, the Company completed its acquisition of First Foundation, the holding company for First Foundation Bank, a California-chartered banking corporation.
Consideration
Under the terms of the Merger Agreement, at the Effective Time, each share of First Foundation common stock issued and outstanding immediately prior to the Effective Time (other than certain excluded shares specified in the Merger Agreement) became entitled to receive 0.16083 of a share of FirstSun common stock (the “exchange ratio”), with cash paid in lieu of any fractional shares. In addition, at the Effective Time, each then-outstanding share of First Foundation Series A Noncumulative Convertible Preferred Stock (the “Series A stock”) and Series C Non-Voting Common Equity Equivalent
14

Stock (the “Series C stock” and together with the Series A stock, the “First Foundation Preferred Stock”) was converted into the right to receive 0.16083 of a share of FirstSun common stock for each share of First Foundation common stock into which the First Foundation Preferred Stock was convertible immediately prior to the Effective Time, subject to certain exceptions. In connection with the merger, we issued approximately 16.1 million voting shares and 2.6 million non-voting shares of FirstSun common stock to stockholders of First Foundation, with the stock consideration valued at approximately $682.8 million as of March 31, 2026, the last trading day before consummation of the acquisition. In addition, we made an aggregate cash payment of $17.5 million to First Foundation warrant holders and assumed First Foundation non-vested restricted stock awards with an estimated pre-combination vesting value of $3.3 million. Total aggregate consideration paid in the First Foundation merger was $703.6 million.
Fair Value
The acquisition of First Foundation constituted a business combination in accordance with ASC Topic 805, Business Combinations. Accordingly, the Company recorded the assets acquired and liabilities assumed at fair value as of the acquisition date. The determination of estimated fair value required management to make assumptions related to discount rates, expected future cash flows, market conditions and other future events that are subjective in nature and subject to change. Accordingly, these fair value estimates related to the assets and liabilities from First Foundation are considered preliminary as of June 30, 2026, and are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to refinement include, but are not limited to, loans, certain deposits, certain other assets, and the core deposit intangible asset.
In connection with the acquisition of First Foundation, the Company recorded preliminary goodwill of $9.1 million, allocated entirely to the Company’s Banking segment, none of which is anticipated to be deductible for tax purposes. The preliminary goodwill is primarily attributable to expected synergies, operational efficiencies, and other factors to arise from the transaction.
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Estimated fair values of the assets acquired and liabilities assumed in this transaction are as follows:
April 1,
2026
Cash and cash equivalents $ 1,744,217 
Investment securities 2,851,696 
Loans held-for-sale 1,121,702 
Loans, net of allowance for credit losses 4,835,795 
Premises and equipment 41,292 
Bank-owned life insurance 51,765 
Core deposits and other intangible assets 90,214 
Accrued interest receivable 38,032 
Deferred tax assets, net 220,280 
Prepaid expenses and other assets 189,720 
Total assets acquired 11,184,713 
Deposits 8,772,082 
Borrowings 1,453,657 
Subordinated debt 167,559 
Accrued expenses and other liabilities 96,900 
Total liabilities assumed 10,490,198 
Fair value of net assets acquired 694,515 
Purchase price 703,568 
Goodwill $ 9,053 
The Company assessed the fair value based on the following methods for the significant assets acquired and liabilities assumed:
Cash and cash equivalents: The fair value was determined to approximate the carrying amount based on the short-term nature of these assets.
Investment securities: The fair value of the investment portfolio was based on pricing obtained by independent pricing services and quoted market prices.
Loans held for sale (“LHFS”): Fair values for LHFS were based on quotes or bids from third parties.
Unpaid principal balance Premium/ (discount) Loans and leases Allowance for credit losses Net loans and leases
Loans held-for sale 1,228,357  (106,655) 1,121,702  —  1,121,702 
Loans held for investment (“LHFI”): Fair values for LHFI were estimated using a discounted cash flow analysis that considered factors including loan type, interest rate type, prepayment speeds, duration, and current discount rates. The discount rate was developed considering the funding costs, a market participant’s required rate of return on equity capital, plus adjustments reflecting servicing costs and a liquidity premium. Expected cash flows were derived using inputs that considered estimated credit losses and prepayments.
The following tables reconcile the par value of the First Foundation loan portfolio as of the purchase date to the fair value indicated in the table above. For purchased seasoned loans and purchased credit-deteriorated loans, an initial allowance for credit losses is measured under the Company’s CECL methodology and added to the purchase price to establish the initial
16

amortized cost basis (the “gross-up approach”). The remaining difference between the initial amortized cost basis and the unpaid principal balance represents the non-credit discount or premium.
Unpaid principal balance Premium/ (discount) Loans and leases Allowance for credit losses Net loans and leases
Purchased Seasoned Loans 4,750,339  (261,778) 4,488,561  (55,136) 4,433,425 
Purchased Credit Deteriorated 512,035  (72,301) 439,734  (37,364) 402,370 
Total 5,262,374  (334,079) 4,928,295  (92,500) 4,835,795 
Premises and equipment: The fair value of bank premises and equipment held for use was valued by obtaining recent market data for similar property types with adjustments for characteristics of individual properties.
Bank owned life insurance (“BOLI”): The fair value of BOLI is carried at its current cash surrender value, which is a reasonable estimate of fair value.
Core deposit intangible (“CDI”) and customer relationship intangible: CDI represents the future economic benefit of acquired customer deposits. The fair value of the CDI asset was estimated based on a discounted cash flow methodology that incorporated expected customer attrition rates, cost of deposit base, net maintenance cost associated with customer deposits, and the cost for alternative funding sources. The discount rates used were based on market rates. Customer relationship intangible assets represent the value associated with customer relationships related to the wealth management business that was acquired.
Deferred taxes: Deferred tax assets and liabilities were recognized for the estimated future tax consequences of temporary differences between the acquisition-date financial statement carrying amounts of the assets acquired and liabilities assumed and their respective tax bases, using enacted federal and state income tax rates expected to apply when those temporary differences reverse. The Company evaluated the realizability of the acquired deferred tax assets in accordance with ASC Topic 740 based on all available positive and negative evidence, including the expected future taxable income of the combined company, and recorded a valuation allowance to the extent it was more likely than not that any portion of the acquired deferred tax assets would not be realized.
Restricted stock: The carrying value approximates the fair value.
Lease Right of Use (“ROU”) assets and lease liabilities: The fair value of the lease ROU assets was measured at an amount equal to the lease liability and evaluated for favorable or unfavorable lease terms when compared with market terms on a lease-by-lease basis.
Deposits: The fair value of interest-bearing and non-interest-bearing deposits is the amount payable on demand at the acquisition date. The fair value of time deposits was estimated using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period.
Borrowings: Acquired borrowings consist of $1.0 billion in Federal Home Loan Bank (“FHLB”) putable advances and $400 million in FHLB term advances. The fair value of FHLB advances was estimated based on the prepayment penalties incurred upon extinguishment of the borrowings on April 1, 2026.
Subordinated debt: The fair value of the subordinated debt was estimated using a discounted cash flow analysis, factoring in market terms and the structural terms of the borrowings.
Merger Related Expenses
Merger related expenses were $57.6 million and $0.3 million, for the three months ended June 30, 2026 and 2025 and were $60.2 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, and are recorded in “Merger related expenses” on the Company’s Consolidated Statements of Income and have been expensed as incurred. Such costs included employee severance, other employee related costs, contract termination expenses, professional fees, and facilities related costs. On a net-of-tax basis, merger related expenses were $43.9 million and $0.2 million for the three months
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ended June 30, 2026 and 2025 and were $46.0 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively.
Pro Forma Financial Information
The following table presents for illustrative purposes only certain pro forma financial information as if the Company had acquired First Foundation on January 1, 2025. These results combine the historical results of First Foundation with the Company's historical consolidated results and while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2025. No adjustments have been made to the pro forma results regarding possible revenue enhancements, provision for credit losses, or expense efficiencies. Pro forma adjustments below include the net impact of First Foundation’s accretion and the elimination of merger-related costs, as disclosed below. The Company expects to achieve further operating cost savings and other business synergies, as a result of the acquisition, which are not reflected in the pro forma amounts below (dollars in thousands):
Pro forma Pro forma
Three months ended June 30,
Six months ended June 30,
2026 2025 2026 2025
(unaudited) (unaudited) (unaudited) (unaudited)
Total revenues $ 270,964  $ 260,515  $ 512,641  $ 517,331 
Net income available to common shareholders 21,470  40,147  47,176  81,433 
The Company’s operating results for the three and six months ended June 30, 2026 include the operating results of the acquired assets and assumed liabilities of First Foundation subsequent to the acquisition on April 1, 2026. Disclosure of the revenue and earnings of First Foundation since the acquisition date, as would otherwise be required by ASC 805-10-50-2(h), is impracticable. The Company has not converted First Foundation’s general ledger, deposit, loan servicing, and other operating systems onto the Company’s platforms, and this conversion is not expected to occur until late in the third quarter of 2026. As a result, First Foundation’s post-acquisition results are not separately captured in the Company’s financial reporting systems and cannot be reliably disaggregated from the combined operating results without unreasonable effort and expense.



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NOTE 3 - Securities
The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows as of:
Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
 Fair
 Value
June 30, 2026
Available-for-sale:
U.S. treasury $ 35,637  $ —  $ (1,999) $ 33,638 
U.S. agency 6,575  22  (15) 6,582 
Obligations of states and political subdivisions 31,280  65  (1,696) 29,649 
Mortgage backed - residential 732,302  323  (15,073) 717,552 
Collateralized mortgage obligations 724,145  2,147  (15,074) 711,218 
Mortgage backed - commercial 402,137  2,016  (11,466) 392,687 
Other debt 15,584  464  —  16,048 
Total available-for-sale $ 1,947,660  $ 5,037  $ (45,323) $ 1,907,374 
Held-to-maturity:
Obligations of states and political subdivisions $ 25,981  $ —  $ (4,170) $ 21,811 
Mortgage backed - residential 5,112  —  (414) 4,698 
Collateralized mortgage obligations 2,181  —  (118) 2,063 
Total held-to-maturity $ 33,274  $ —  $ (4,702) $ 28,572 
December 31, 2025
Available-for-sale:
U.S. treasury $ 35,164  $ —  $ (1,894) $ 33,270 
U.S. agency 418  —  (6) 412 
Obligations of states and political subdivisions 29,590  67  (1,584) 28,073 
Mortgage backed - residential 107,113  326  (11,263) 96,176 
Collateralized mortgage obligations 165,229  —  (14,432) 150,797 
Mortgage backed - commercial 151,905  951  (8,863) 143,993 
Other debt 15,755  494  —  16,249 
Total available-for-sale $ 505,174  $ 1,838  $ (38,042) $ 468,970 
Held-to-maturity:
Obligations of states and political subdivisions $ 25,890  $ —  $ (3,932) $ 21,958 
Mortgage backed - residential 5,467  1  (363) 5,105 
Collateralized mortgage obligations 2,482  —  (99) 2,383 
Total held-to-maturity $ 33,839  $ 1  $ (4,394) $ 29,446 
There was no allowance for credit losses related to our investment securities as of June 30, 2026 and December 31, 2025.
As of June 30, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.
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Fair value and unrealized losses on debt securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
Less than 12 months 12 months or longer Total
Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Number
of
Securities
June 30, 2026
Available-for-sale:
U.S. treasury $ 500  $ (3) $ 33,138  $ (1,996) $ 33,638  $ (1,999) 5 
U.S. agency 2,459  (11) 392  (4) 2,851  (15) 14 
Obligations of states and political subdivisions —  —  22,547  (1,696) 22,547  (1,696) 15 
Mortgage backed - residential 566,435  (3,520) 72,181  (11,553) 638,616  (15,073) 160 
Collateralized mortgage obligations 738  (4) 120,888  (15,070) 121,626  (15,074) 58 
Mortgage backed - commercial 56,729  (2,269) 90,300  (9,197) 147,029  (11,466) 31 
Total available-for-sale $ 626,861  $ (5,807) $ 339,446  $ (39,516) $ 966,307  $ (45,323) 283 
Held-to-maturity:
Obligations of states and political subdivisions $ —  $ —  $ 21,486  $ (4,170) $ 21,486  $ (4,170) 8
Mortgage backed - residential —  —  4,658  (414) 4,658  (414) 10
Collateralized mortgage obligations —  —  2,063  (118) 2,063  (118) 4
Total held-to-maturity $ —  $ —  $ 28,207  $ (4,702) $ 28,207  $ (4,702) 22
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Less than 12 months 12 months or longer Total
Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Estimated
Fair
Value		 Unrealized
Losses		 Number
of
Securities
December 31, 2025
Available-for-sale:
U.S. treasury $ —  $ —  $ 33,270  $ (1,894) $ 33,270  $ (1,894) 4 
U.S. agency —  —  412  (6) 412  (6) 2 
Obligations of states and political subdivisions —  —  22,837  (1,584) 22,837  (1,584) 16 
Mortgage backed - residential 1,802  (4) 78,014  (11,259) 79,816  (11,263) 82 
Collateralized mortgage obligations 10,048  (8) 140,749  (14,424) 150,797  (14,432) 59 
Mortgage backed - commercial 2,885  (19) 108,983  (8,844) 111,868  (8,863) 24 
Total available-for-sale $ 14,735  $ (31) $ 384,265  $ (38,011) $ 399,000  $ (38,042) 187 
Held-to-maturity:
Obligations of states and political subdivisions $ —  $ —  $ 21,631  $ (3,932) $ 21,631  $ (3,932) 8
Mortgage backed - residential 18  —  5,050  (363) 5,068  (363) 11
Collateralized mortgage obligations —  —  2,383  (99) 2,383  (99) 5
Total held-to-maturity $ 18  $ —  $ 29,064  $ (4,394) $ 29,082  $ (4,394) 24

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We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. We do not have plans to sell any of the available-for-sale debt securities with unrealized losses as of June 30, 2026, and we believe it is more likely than not that we would not be required to sell such available-for-sale debt securities before recovery of their amortized cost.
We continue to monitor unrealized loss positions for potential credit impairments. During the three and six months ended June 30, 2026 and 2025, there were no credit impairments related to our investment securities.
The amortized cost and fair value of our debt securities by contractual maturity as of June 30, 2026 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur.
Amortized
Cost		 Estimated
Fair
Value
Available-for-sale:
Due within 1 year $ 5,109  $ 5,079 
Due after 1 year through 5 years 106,784  102,589 
Due after 5 years through 10 years 120,640  113,279 
Due after 10 years 1,715,127  1,686,427 
Total available-for-sale $ 1,947,660  $ 1,907,374 
Held-to-maturity:
Due within 1 year $ 663  $ 661 
Due after 1 year through 5 years 346  347 
Due after 5 years through 10 years 2,990  2,799 
Due after 10 years 29,275  24,765 
Total held-to-maturity $ 33,274  $ 28,572 
Securities with a carrying value of $1,790,841 and $361,877 were pledged to secure public deposits, securities sold under agreements to repurchase, and borrowed funds at June 30, 2026 and December 31, 2025, respectively.
Available-for-sale debt securities with a carrying value of $38,624 and $39,114 were designated in fair value hedges at June 30, 2026 and December 31, 2025, respectively. See Note 7 - Derivative Financial Instruments for further information.
There were proceeds of $1,279,997 from the sale of securities during the three and six months ended June 30, 2026. These securities were acquired in the First Foundation acquisition and were identified for disposition as part of the Company’s balance sheet repositioning strategy. Because the securities were recorded at fair value as of the acquisition date and were sold shortly thereafter, no gain or loss was recognized on sale. There were no proceeds from sales and calls of securities for the three months ended June 30, 2025. There were proceeds of $946 from sales and calls of securities for the six months ended June 30, 2025.
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NOTE 4 - Loans
Loans held-for-investment1 by portfolio type consist of the following as of:
June 30,
2026		 December 31,
2025
Commercial and industrial $ 3,579,772  $ 2,937,867 
Commercial real estate:
Non-owner occupied 1,195,172  742,002 
Owner occupied 951,226  700,774 
Construction and land 218,441  268,652 
Multifamily 2,613,194  210,368 
Total commercial real estate 4,978,033  1,921,796 
Residential real estate 1,913,575  1,221,086 
Public finance 957,556  501,582 
Consumer 29,569  32,651 
Other 114,047  58,198 
Total loans, excluding loan hedge fair value $ 11,572,552  $ 6,673,180 
Loan hedge fair value2
(4,109) — 
Total loans 11,568,443  6,673,180 
Allowance for credit losses (173,551) (85,016)
Loans, net of allowance for credit losses $ 11,394,892  $ 6,588,164 
2 Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual loans.
As of June 30, 2026 and December 31, 2025, we had net deferred fees, costs, premiums and discounts of $329,447 and $13,538, respectively, on our loan portfolio.
Accrued interest receivable on loans totaled $54,172 and $30,031 at June 30, 2026 and December 31, 2025, respectively, and is included in accrued interest receivable in the accompanying consolidated balance sheets.
There were proceeds of $1,117,883 from the sale of loans during the three and six months ended June 30, 2026. These loans were acquired in the First Foundation acquisition and were identified for disposition as part of the Company’s balance sheet repositioning strategy. Because the loans were recorded at fair value as of the acquisition date and were sold shortly thereafter, no gain or loss was recognized on sale.
1 Loans held-for-investment are net of deferred fees, costs, premiums and discounts.
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The following table presents the activity in the allowance for credit losses by portfolio type for the three months ended June 30,:
Commercial
and
Industrial		 Commercial
Real
Estate		 Residential
Real
Estate		 Public
Finance		 Consumer Other Total
2026
Allowance for credit losses:
Balance, beginning of period $ 40,809  $ 24,606  $ 13,503  $ 2,688  $ 674  $ 675  $ 82,955 
Allowance on purchased seasoned loans and leases at acquisition 4,514  38,538  8,963  1,676  1  1,444  55,136 
Allowance on purchased credit deteriorated loans and leases at acquisition 5,172  26,879  299  5,014  —  —  37,364 
Provision (benefit) for credit losses 43,500  (1,121) (1,308) (844) (19) 292  40,500 
Loans charged off (40,369) (2,000) (178) —  (26) —  (42,573)
Recoveries 153  3  —  —  13  —  169 
Balance, end of period $ 53,779  $ 86,905  $ 21,279  $ 8,534  $ 643  $ 2,411  $ 173,551 
2025
Allowance for credit losses:
Balance, beginning of period $ 43,399  $ 26,684  $ 15,211  $ 5,243  $ 718  $ 535  $ 91,790 
Provision (benefit) for credit losses 5,490  (1,203) 38  (360) 123  662  4,750 
Loans charged off (11,089) —  —  (1,680) (85) (743) (13,597)
Recoveries 2  —  —  —  48  —  50 
Balance, end of period $ 37,802  $ 25,481  $ 15,249  $ 3,203  $ 804  $ 454  $ 82,993 
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The following table presents the activity in the allowance for credit losses by portfolio type for the six months ended June 30,:
Commercial
and
Industrial		 Commercial
Real
Estate		 Residential
Real
Estate		 Public
Finance		 Consumer Other Total
2026
Allowance for credit losses:
Balance, beginning of period $ 42,902  $ 24,408  $ 13,323  $ 2,942  $ 721  $ 720  $ 85,016 
Allowance on purchased seasoned loans and leases at acquisition 4,514  38,538  8,963  1,676  1  1,444  55,136 
Allowance on purchased credit deteriorated loans and leases at acquisition 5,172  26,879  299  5,014  —  —  37,364 
Provision (benefit) for credit losses 51,923  (923) (1,128) (1,098) (21) 247  49,000 
Loans charged-off (50,953) (2,000) (178) —  (90) —  (53,221)
Recoveries 221  3  —  —  32  —  256 
Balance, end of period $ 53,779  $ 86,905  $ 21,279  $ 8,534  $ 643  $ 2,411  $ 173,551 
2025
Allowance for credit losses:
Balance, beginning of period $ 38,489  $ 28,323  $ 15,450  $ 4,750  $ 750  $ 459  $ 88,221 
Provision (benefit) for credit losses 10,924  (2,842) (224) 133  221  738  8,950 
Loans charged-off (11,732) —  —  (1,680) (254) (743) (14,409)
Recoveries 121  —  23  —  87  —  231 
Balance, end of period $ 37,802  $ 25,481  $ 15,249  $ 3,203  $ 804  $ 454  $ 82,993 
We determine the allowance for credit losses estimate on at least a quarterly basis.
As of June 30, 2026 and December 31, 2025, we had an allowance for credit losses on unfunded commitments of $1,134 and $1,209, respectively, included in accrued expenses and other liabilities within the consolidated balance sheets. For the three months ended June 30, 2026 and 2025 we recorded a benefit for credit losses on unfunded commitments of $100 and $250, respectively. For the six months ended June 30, 2026 and 2025 we recorded a benefit for credit losses on unfunded commitments of $350 and $650, respectively.
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The following table presents our loan portfolio aging analysis as of:
Loans
Not
Past Due		 Loans
30-59 Days
Past Due		 Loans
60-89 Days
Past Due		 Loans Greater
than 90 Days
Past Due,
Still Accruing		 Nonaccrual Total
June 30, 2026
Commercial and industrial $ 3,454,586  $ 19,726  $ 14,022  $ —  $ 91,438  $ 3,579,772 
Commercial real estate:
Non-owner occupied 1,186,714  956  2,867  —  4,635  1,195,172 
Owner occupied 929,764  5,205  1,081  —  15,176  951,226 
Construction and land 214,080  —  1,963  —  2,398  218,441 
Multifamily 2,556,562  10,164  —  —  46,468  2,613,194 
Total commercial real estate 4,887,120  16,325  5,911  —  68,677  4,978,033 
Residential real estate 1,864,913  14,182  4,664  —  29,816  1,913,575 
Public Finance 957,556  —  —  —  —  957,556 
Consumer 29,338  179  —  —  52  29,569 
Other 113,558  110  247  132  —  114,047 
Total loans $ 11,307,071  $ 50,522  $ 24,844  $ 132  $ 189,983  $ 11,572,552 
December 31, 2025
Commercial and industrial $ 2,890,507  $ 8,149  $ 5,501  $ —  $ 33,710  $ 2,937,867 
Commercial real estate:
Non-owner occupied 723,930  13,891  —  —  4,181  742,002 
Owner occupied 699,342  414  —  —  1,018  700,774 
Construction and land 264,238  —  4,414  —  —  268,652 
Multifamily 210,368  —  —  —  —  210,368 
Total commercial real estate 1,897,878  14,305  4,414  —  5,199  1,921,796 
Residential real estate 1,177,999  16,657  4,614  690  21,126  1,221,086 
Public Finance 501,582  —  —  —  —  501,582 
Consumer 32,528  70  7  —  46  32,651 
Other 50,244  7,954  —  —  —  58,198 
Total loans $ 6,550,738  $ 47,135  $ 14,536  $ 690  $ 60,081  $ 6,673,180 
Interest income recorded on nonperforming loans was not material for the three and six months ended June 30, 2026 and 2025.
Credit risk monitoring and management is a continuous process to manage the quality of the loan portfolio. We segment loans into risk categories based on relevant borrower risk profile information, including the ability of borrowers to service their debt based on current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The risk rating system is used as a tool to analyze and monitor movements in loan portfolio quality.
26

Risk ratings meeting an internally specified exposure threshold are updated annually, or more frequently upon the occurrence of a circumstance that affects the credit risk of the loan. We use the following definitions for risk ratings:
Pass – Loans classified as Pass have a well-defined primary source of repayment, an acceptable financial position profile (including capitalization), profitability and minimal operating risk.
Pass/Watch – Pass/Watch loans require close attention by bank management and enhanced monitoring due to quantitative or qualitative concerns linked to adverse trends or near-term uncertainty. A covenant default or other type of requirement shortfall may have arisen subsequent to a loan's booking or borrower now shows signs of weakness in the overall base of confirmable financial resources available to repay the loan. However, overall financial capacity and performance are considered sufficient to support an expectation of continued payment performance and / or mitigating factors exist that are expected to limit the risk of near-term default and loss.
Special Mention – Special Mention loans have identified potential weaknesses that are of sufficient materiality to require management’s (persistent) close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the bank's credit position under normal business operations. Special Mention loans contain greater-than-acceptable risk and therefore do not warrant additional credit exposure absent appropriate mitigating factors; they are thus considered “criticized,” non-pass rated credits. They may contain weaknesses (that have arisen due to deteriorating conditions since origination) and / or underwriting exceptions that are not currently offset by mitigating factors. However, these weaknesses, while sufficient to constitute significantly elevated credit risk, are not sufficient to support a conclusion that the liquidation of the debt is in significant jeopardy.
Substandard - Accruing – Substandard - Accruing loans are inadequately protected by the current sound net worth and paying capacity of the obligor(s). Loans classified as Substandard - Accruing possess one or more well-defined weaknesses that are expected to jeopardize their liquidation but the weaknesses have not progressed to a point where recent late payments on the loan have become more than 90 days past due. These loans are characterized by the distinct possibility that the bank may sustain up to a moderate but not significant level of loss if such weaknesses are not corrected. Losses for Substandard - Accruing loans are moderated by the lower likelihood of ultimate default and the existence of relatively favorable secondary repayment protection. These loans are considered “classified”.
Substandard - Nonaccrual – Substandard - Nonaccrual loans are inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as Substandard - Nonaccrual possess material, well-defined weaknesses that are expected to jeopardize their liquidation and have progressed to a point where consistently late payments on the loan have become more than 90 or more days past due. These loans are characterized by the distinct possibility that the bank may sustain a material level of loss if such weaknesses are not corrected. Losses for Substandard - Nonaccrual loans are prone to being elevated based on the strong likelihood of the loan remaining in payment default and an undesirable level of secondary repayment protection. These loans are considered “nonperforming”.
Doubtful – Loans classified as Doubtful possess all of the weaknesses inherent in loans classified as Substandard - Nonaccrual with the added characteristic that the weaknesses make collection or liquidation in full highly questionable or improbable based on currently existing facts, conditions and values. A high probability of substantial loss or possible total loss exists. Loans rated as doubtful are not rated as loss because certain events may occur that could salvage at least a portion of the debt. These events include injections of capital, additions of pledged collateral or possible mezzanine debt refinancing options. However, without the occurrence of such events, total loss may be possible. No definite repayment schedule exists for these loans. The Doubtful grade is a temporary grade. If a near-term recovery of a portion of the loan balance is indeterminable or unlikely to occur, the remaining balance of the loan should be written off and possible future recoveries may partially offset the full write-off of the loan. These loans are considered “nonperforming”.
Loss – Loans classified as Loss are defaulted loans with limited or immaterial recovery prospects. No loan that has not yet defaulted should be classified at this grade level. This rating level tends to be very short lived as the full balance of the loan tends to be fully written off nearly immediately after a change to this rating level. These loans are considered “nonperforming”.
27

The following table presents the amortized cost by segment of loans by risk category and origination date as of June 30, 2026 and gross charge-offs by origination date for the six months ended June 30, 2026:
2026 2025 2024 2023 2022 Prior Revolving Loans
Converted to Term		 Revolving Total
Commercial and industrial:
Pass $ 337,788  $ 592,806  $ 259,878  $ 144,170  $ 159,968  $ 195,163  $ 89,770  $ 1,464,278  $ 3,243,821 
Pass/Watch —  15,896  19,304  10,566  1,176  10,194  2,555  7,897  67,588 
Special Mention 194  37,783  20,538  8,947  19,871  4,857  2,904  18,548  113,642 
Substandard - Accruing 586  2,421  520  18,337  13,547  4,158  15,001  8,713  63,283 
Substandard - Nonaccrual 12  244  1,240  6,179  23,182  8,041  146  28,037  67,081 
Doubtful —  —  2,624  11,626  1,318  4,707  —  4,082  24,357 
Total commercial and industrial $ 338,580  $ 649,150  $ 304,104  $ 199,825  $ 219,062  $ 227,120  $ 110,376  $ 1,531,555  $ 3,579,772 
Gross charge-offs $ —  $ —  $ —  $ 9,342  $ —  $ 3,140  $ 3,574  $ 34,897  $ 50,953 
Commercial real estate:
Non-owner occupied:
Pass $ 55,135  $ 161,030  $ 28,889  $ 70,739  $ 254,371  $ 400,554  $ 15,834  $ 42,839  $ 1,029,391 
Pass/Watch —  —  —  —  27,219  23,191  1,755  10,061  62,226 
Special Mention —  —  —  396  12,411  19,612  —  45,050  77,469 
Substandard - Accruing —  —  —  —  1,482  19,969  —  —  21,451 
Substandard - Nonaccrual —  —  —  —  —  4,635  —  —  4,635 
Total non-owner occupied $ 55,135  $ 161,030  $ 28,889  $ 71,135  $ 295,483  $ 467,961  $ 17,589  $ 97,950  $ 1,195,172 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Owner occupied:
Pass $ 63,216  $ 98,510  $ 91,834  $ 69,360  $ 60,553  $ 429,560  $ 34,055  $ 5,684  $ 852,772 
Pass/Watch —  —  92  —  2,735  17,004  —  —  19,831 
Special Mention —  —  12,362  3,808  6,609  19,705  —  —  42,484 
Substandard - Accruing —  1,991  —  1,247  —  17,725  —  —  20,963 
Substandard - Nonaccrual —  —  —  9,435  —  5,741  —  —  15,176 
Total owner occupied $ 63,216  $ 100,501  $ 104,288  $ 83,850  $ 69,897  $ 489,735  $ 34,055  $ 5,684  $ 951,226 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Construction & land:
Pass $ 22,801  $ 60,859  $ 48,609  $ 2,011  $ 10,937  $ 17,163  $ 20,975  $ 11,198  $ 194,553 
Pass/Watch —  942  904  —  —  —  —  4,421  6,267 
Special Mention —  —  1,695  2,504  —  —  —  —  4,199 
Substandard - Accruing —  6,481  —  4,543  —  —  —  —  11,024 
Substandard - Nonaccrual —  398  211  —  —  1,789  —  —  2,398 
Total construction & land $ 22,801  $ 68,680  $ 51,419  $ 9,058  $ 10,937  $ 18,952  $ 20,975  $ 15,619  $ 218,441 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Multifamily:
Pass $ 18,157  $ 137,151  $ 59,888  $ 22,710  $ 1,024,641  $ 759,941  $ 5,412  $ —  $ 2,027,900 
Pass/Watch —  —  2,104  25,563  108,624  80,004  5,001  —  221,296 
Special Mention —  —  —  —  48,908  81,561  —  —  130,469 
Substandard - Accruing —  —  4,242  —  55,600  127,219  —  —  187,061 
Substandard - Nonaccrual —  —  —  —  23,566  22,902  —  —  46,468 
Total multifamily $ 18,157  $ 137,151  $ 66,234  $ 48,273  $ 1,261,339  $ 1,071,627  $ 10,413  $ —  $ 2,613,194 
Gross charge-offs $ —  $ —  $ —  $ —  $ 2,000  $ —  $ —  $ —  $ 2,000 
28

2026 2025 2024 2023 2022 Prior Revolving Loans
Converted to Term		 Revolving Total
Total commercial real estate:
Pass $ 159,309  $ 457,550  $ 229,220  $ 164,820  $ 1,350,502  $ 1,607,218  $ 76,276  $ 59,721  $ 4,104,616 
Pass/Watch —  942  3,100  25,563  138,578  120,199  6,756  14,482  309,620 
Special Mention —  —  14,057  6,708  67,928  120,878  —  45,050  254,621 
Substandard - Accruing —  8,472  4,242  5,790  57,082  164,913  —  —  240,499 
Substandard - Nonaccrual —  398  211  9,435  23,566  35,067  —  —  68,677 
Total commercial real estate: $ 159,309  $ 467,362  $ 250,830  $ 212,316  $ 1,637,656  $ 2,048,275  $ 83,032  $ 119,253  $ 4,978,033 
Gross charge-offs $ —  $ —  $ —  $ —  $ 2,000  $ —  $ —  $ —  $ 2,000 
Residential real estate:
Pass $ 88,057  $ 162,636  $ 120,433  $ 95,161  $ 698,451  $ 645,108  $ 2,300  $ 43,309  $ 1,855,455 
Pass/Watch —  1,296  223  2,638  6,394  9,049  34  267  19,901 
Special Mention —  851  389  389  1,681  1,998  —  502  5,810 
Substandard - Accruing —  —  —  —  1,298  1,276  —  19  2,593 
Substandard - Nonaccrual —  —  1,945  1,817  13,435  12,259  101  259  29,816 
Total residential real estate $ 88,057  $ 164,783  $ 122,990  $ 100,005  $ 721,259  $ 669,690  $ 2,435  $ 44,356  $ 1,913,575 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 178  $ —  $ —  $ 178 
Public Finance:
Pass $ 275  $ 6,722  $ 37,357  $ 1,045  $ 380,065  $ 500,303  $ —  $ 3,210  $ 928,977 
Pass/Watch —  —  —  —  4,809  —  —  —  4,809 
Special Mention —  —  —  —  —  9,332  —  —  9,332 
Substandard - Accruing —  —  —  —  —  14,438  —  —  14,438 
Total public finance $ 275  $ 6,722  $ 37,357  $ 1,045  $ 384,874  $ 524,073  $ —  $ 3,210  $ 957,556 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Consumer:
Pass $ 1,448  $ 1,813  $ 1,458  $ 448  $ 590  $ 10,771  $ 113  $ 10,959  $ 27,600 
Pass/Watch 141  25  —  2  3  598  2  147  918 
Special Mention —  —  —  —  —  —  —  999  999 
Substandard - Nonaccrual —  1  12  —  —  39  —  —  52 
Total consumer $ 1,589  $ 1,839  $ 1,470  $ 450  $ 593  $ 11,408  $ 115  $ 12,105  $ 29,569 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 84  $ —  $ 6  $ 90 
Other:
Pass $ 2,420  $ 12,056  $ 5,132  $ —  $ 8,758  $ 16,273  $ —  $ 13,409  $ 58,048 
Pass/Watch —  85  5,359  24,844  20,093  2,616  —  3,002  55,999 
Total other $ 2,420  $ 12,141  $ 10,491  $ 24,844  $ 28,851  $ 18,889  $ —  $ 16,411  $ 114,047 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total loans:
Pass $ 589,297  $ 1,233,583  $ 653,478  $ 405,644  $ 2,598,334  $ 2,974,836  $ 168,459  $ 1,594,886  $ 10,218,517 
Pass/Watch 141  18,244  27,986  63,613  171,053  142,656  9,347  25,795  458,835 
Special Mention 194  38,634  34,984  16,044  89,480  137,065  2,904  65,099  384,404 
Substandard - Accruing 586  10,893  4,762  24,127  71,927  184,785  15,001  8,732  320,813 
Substandard - Nonaccrual 12  643  3,408  17,431  60,183  55,406  247  28,296  165,626 
Doubtful —  —  2,624  11,626  1,318  4,707  —  4,082  24,357 
Total loans $ 590,230  $ 1,301,997  $ 727,242  $ 538,485  $ 2,992,295  $ 3,499,455  $ 195,958  $ 1,726,890  $ 11,572,552 
Gross charge-offs $ —  $ —  $ —  $ 9,342  $ 2,000  $ 3,402  $ 3,574  $ 34,903  $ 53,221 
29

The following table presents the amortized cost by segment of loans by risk category and origination date as of December 31, 2025 and gross charge-offs by origination date for the year ended December 31, 2025:
2025 2024 2023 2022 2021 Prior Revolving Loans Converted to Term Revolving Total
Commercial and industrial:
Pass $ 740,012  $ 298,940  $ 169,246  $ 149,909  $ 121,886  $ 80,362  $ 57,063  $ 1,039,368  $ 2,656,786 
Pass/Watch 2,217  26,707  11,607  26,316  1,005  2,868  2,195  9,782  82,697 
Special Mention —  13,948  20,570  23,243  3,338  295  17,330  14,443  93,167 
Substandard - Accruing 1,522  —  24,860  9,031  13,523  4,387  5,571  12,613  71,507 
Substandard - Nonaccrual —  —  —  10,950  1,487  3,011  16,657  237  32,342 
Doubtful —  —  —  959  —  —  —  409  1,368 
Total commercial and industrial $ 743,751  $ 339,595  $ 226,283  $ 220,408  $ 141,239  $ 90,923  $ 98,816  $ 1,076,852  $ 2,937,867 
Gross charge-offs $ —  $ 983  $ 1,765  $ 16,676  $ 83  $ 1,846  $ 2,973  $ 1,474  $ 25,800 
Commercial real estate:
Non-owner occupied:
Pass $ 161,082  $ 38,766  $ 58,184  $ 100,232  $ 103,191  $ 190,446  $ 7,616  $ 19,647  $ 679,164 
Pass/Watch —  —  —  8,964  28,923  7,023  1,759  10,162  56,831 
Special Mention —  —  —  —  —  246  —  —  246 
Substandard - Accruing —  —  —  1,366  —  214  —  —  1,580 
Substandard - Nonaccrual —  —  —  —  —  4,181  —  —  4,181 
Total non-owner occupied $ 161,082  $ 38,766  $ 58,184  $ 110,562  $ 132,114  $ 202,110  $ 9,375  $ 29,809  $ 742,002 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Owner occupied:
Pass $ 101,496  $ 88,319  $ 70,010  $ 37,308  $ 77,652  $ 207,336  $ 34,639  $ 5,351  $ 622,111 
Pass/Watch —  93  558  8,403  5,275  17,174  —  —  31,503 
Special Mention —  12,465  2,010  6,676  —  5,417  —  —  26,568 
Substandard - Accruing —  —  9,556  —  441  9,577  —  —  19,574 
Substandard - Nonaccrual —  —  —  —  —  1,018  —  —  1,018 
Total owner occupied $ 101,496  $ 100,877  $ 82,134  $ 52,387  $ 83,368  $ 240,522  $ 34,639  $ 5,351  $ 700,774 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Construction & land:
Pass $ 32,191  $ 46,025  $ 59,674  $ 48,126  $ 6,319  $ 7,779  $ 19,081  $ 10,372  $ 229,567 
Pass/Watch 1,050  905  —  3,246  —  —  —  —  5,201 
Special Mention —  1,736  7,375  24,773  —  —  —  —  33,884 
Total construction & land $ 33,241  $ 48,666  $ 67,049  $ 76,145  $ 6,319  $ 7,779  $ 19,081  $ 10,372  $ 268,652 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Multifamily:
Pass $ 35,233  $ 4,457  $ 1,309  $ 109,040  $ 29,471  $ 17,717  $ 10,460  $ —  $ 207,687 
Pass/Watch —  —  —  —  —  878  —  —  878 
Special Mention —  —  —  —  1,803  —  —  —  1,803 
Total multifamily $ 35,233  $ 4,457  $ 1,309  $ 109,040  $ 31,274  $ 18,595  $ 10,460  $ —  $ 210,368 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
30

2025 2024 2023 2022 2021 Prior Revolving Loans Converted to Term Revolving Total
Total commercial real estate:
Pass $ 330,002  $ 177,567  $ 189,177  $ 294,706  $ 216,633  $ 423,278  $ 71,796  $ 35,370  $ 1,738,529 
Pass/Watch 1,050  998  558  20,613  34,198  25,075  1,759  10,162  94,413 
Special Mention —  14,201  9,385  31,449  1,803  5,663  —  —  62,501 
Substandard - Accruing —  —  9,556  1,366  441  9,791  —  —  21,154 
Substandard - Nonaccrual —  —  —  —  —  5,199  —  —  5,199 
Total commercial real estate: $ 331,052  $ 192,766  $ 208,676  $ 348,134  $ 253,075  $ 469,006  $ 73,555  $ 45,532  $ 1,921,796 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Residential real estate:
Pass $ 151,678  $ 135,326  $ 100,216  $ 502,785  $ 101,673  $ 157,612  $ 2,160  $ 16,254  $ 1,167,704 
Pass/Watch 4,248  2,263  2,565  6,467  5,888  7,450  54  —  28,935 
Special Mention 1,644  431  388  626  —  183  —  —  3,272 
Substandard - Accruing —  —  —  —  —  49  —  —  49 
Substandard - Nonaccrual —  568  505  12,512  378  7,005  133  25  21,126 
Total residential real estate $ 157,570  $ 138,588  $ 103,674  $ 522,390  $ 107,939  $ 172,299  $ 2,347  $ 16,279  $ 1,221,086 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 74  $ —  $ —  $ 74 
Public Finance:
Pass $ 6,725  $ 30,469  $ 1,066  $ —  $ 41,450  $ 418,758  $ —  $ 3,114  $ 501,582 
Total public finance $ 6,725  $ 30,469  $ 1,066  $ —  $ 41,450  $ 418,758  $ —  $ 3,114  $ 501,582 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 1,922  $ —  $ —  $ 1,922 
Consumer:
Pass $ 2,469  $ 2,121  $ 767  $ 759  $ 2,930  $ 9,535  $ 150  $ 13,026  $ 31,757 
Pass/Watch 27  —  3  5  100  508  61  144  848 
Substandard - Nonaccrual —  —  —  —  2  44  —  —  46 
Total consumer $ 2,496  $ 2,121  $ 770  $ 764  $ 3,032  $ 10,087  $ 211  $ 13,170  $ 32,651 
Gross charge-offs $ —  $ 8  $ 17  $ 58  $ 42  $ 197  $ 1  $ 124  $ 447 
Other:
Pass $ 11,659  $ 4,945  $ —  $ 7,321  $ 9,128  $ 6,545  $ —  $ 14,924  $ 54,522 
Pass/Watch —  —  —  —  672  —  —  3,004  3,676 
Total other $ 11,659  $ 4,945  $ —  $ 7,321  $ 9,800  $ 6,545  $ —  $ 17,928  $ 58,198 
Gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 743  $ —  $ —  $ 743 
Total loans:
Pass $ 1,242,545  $ 649,368  $ 460,472  $ 955,480  $ 493,700  $ 1,096,090  $ 131,169  $ 1,122,056  $ 6,150,880 
Pass/Watch 7,542  29,968  14,733  53,401  41,863  35,901  4,069  23,092  210,569 
Special Mention 1,644  28,580  30,343  55,318  5,141  6,141  17,330  14,443  158,940 
Substandard - Accruing 1,522  —  34,416  10,397  13,964  14,227  5,571  12,613  92,710 
Substandard - Nonaccrual —  568  505  23,462  1,867  15,259  16,790  262  58,713 
Doubtful —  —  —  959  —  —  —  409  1,368 
Total loans $ 1,253,253  $ 708,484  $ 540,469  $ 1,099,017  $ 556,535  $ 1,167,618  $ 174,929  $ 1,172,875  $ 6,673,180 
Gross charge-offs $ —  $ 991  $ 1,782  $ 16,734  $ 125  $ 4,782  $ 2,974  $ 1,598  $ 28,986 

31

The following table presents information about collateral dependent loans that were individually evaluated for purposes of determining the ACL as of:
Collateral Dependent Loans
With Allowance		 Collateral Dependent Loans
With No Related Allowance		 Total Collateral
Dependent Loans
Amortized Cost Related Allowance Amortized Cost Amortized Cost Related Allowance
June 30, 2026
Commercial & industrial $ 69,127  $ 14,636  $ 22,311  $ 91,438  $ 14,636 
Commercial real estate:
Non-owner occupied 3,617  399  1,018  4,635  399 
Owner occupied 5  5  15,171  15,176  5 
Construction and land —  —  2,398  2,398  — 
Multifamily 33,047  2,789  13,421  46,468  2,789 
Total commercial real estate 36,669  3,193  32,008  68,677  3,193 
Residential real estate 2,633  148  27,183  29,816  148 
Consumer 51  51  1  52  51 
Total loans $ 108,480  $ 18,028  $ 81,503  $ 189,983  $ 18,028 
December 31, 2025
Commercial & industrial $ 11,977  $ 5,194  $ 21,733  $ 33,710  $ 5,194 
Commercial real estate:
Non-owner occupied 3,617  102  564  4,181  102 
Owner occupied —  —  1,018  1,018  — 
Total commercial real estate 3,617  102  1,582  5,199  102 
Residential real estate 1,976  101  19,150  21,126  101 
Consumer 43  43  3  46  43 
Total loans $ 17,613  $ 5,440  $ 42,468  $ 60,081  $ 5,440 
The allowance related to collateral dependent loans reported in the tables above includes qualitative adjustments applied to the loan portfolio that consider possible changes in circumstances that could ultimately impact credit losses and might not be reflected in historical data or forecasted data incorporated in the quantitative models.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty:
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made at the time of a modification. The loan modifications in the table below did not significantly impact our determination of the allowance for credit losses on loans during the three and six months ended June 30, 2026.

32

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, we modify loans by providing principal forgiveness that is deemed to be uncollectible; therefore, that portion of the loan is written-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. Additionally, we may allow a loan to go interest only for a specified period of time.
The following tables present loan modifications for borrowers experiencing financial difficulty, segregated by modification type, regardless of whether such modifications resulted in a new loan.
For the three months ended June 30,:
Principal
Forgiveness		 Payment
Delay		 Term
Extension		 % of
Total Class
of Loans
2026
Commercial and industrial $ 5,020  $ 280  $ 12,253  0.5  %
Total loans $ 5,020  $ 280  $ 12,253  0.2  %
2025
Commercial and industrial $ —  $ —  $ 1,814  0.1  %
Commercial real estate:
Owner occupied $ —  1,120  —  0.2  %
Residential real estate —  —  429  —  %
Total loans $ —  $ 1,120  $ 2,243  0.1  %
For the six months ended June 30,:
Principal
Forgiveness		 Payment
Delay		 Term
Extension		 Interest Rate
Reduction		 Combination Term Extension and Interest Rate Reduction % of
Total Class
of Loans
2026
Commercial and industrial $ 5,020  $ 39,239  $ 12,253  $ —  $ 2,683  1.7  %
Commercial real estate:
Non-owner occupied —  246  —  —  —  —  %
Residential real estate —  —  1,182  —  —  0.1  %
Total loans $ 5,020  $ 39,485  $ 13,435  $ —  $ 2,683  0.5  %
2025
Commercial and industrial $ —  $ 1,319  $ 1,814  $ —  $ —  0.1  %
Commercial real estate:
Owner occupied —  1,120  —  1,181  —  0.3  %
Residential real estate —  —  1,198  —  —  0.1  %
Total loans $ —  $ 2,439  $ 3,012  $ 1,181  $ —  0.1  %
Modifications made to borrowers experiencing financial difficulty during the periods presented included principal forgiveness, payment deferrals, term extensions, interest-rate reductions and combination of these modifications.
There were no commitments to lend additional funds to these borrowers at June 30, 2026.
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We closely monitor the performance of loan modifications made to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table depicts the performance of loan modifications made to borrowers experiencing financial difficulty that have been modified in the preceding 12 months:
Loans
Not
Past Due		 Loans
30-59 Days
Past Due		 Loans
60-89 Days
Past Due		 Loans Greater
than 90 Days
Past Due,
Still Accruing		 Nonaccrual Total
June 30, 2026
Commercial and industrial $ 14,629  $ 7,797  $ —  $ —  $ 49,739  $ 72,165 
Commercial real estate:
Non-owner occupied —  —  —  —  246  246 
Residential real estate 769  —  953  —  430  2,152 
Total loans $ 15,398  $ 7,797  $ 953  $ —  $ 50,415  $ 74,563 
June 30, 2025
Commercial and industrial $ 1,606  $ —  $ —  $ —  $ 7,468  $ 9,074 
Commercial real estate:
Non-owner occupied 1,911  —  —  —  —  1,911 
Owner occupied 6,933  —  —  —  1,120  8,053 
Total commercial real estate 8,844  —  —  —  1,120  9,964 
Residential real estate 1,197  —  —  —  640  1,837 
Total loans $ 11,647  $ —  $ —  $ —  $ 9,228  $ 20,875 
NOTE 5 - Mortgage Servicing Rights
We have investments in mortgage servicing rights (“MSRs”) that result from the sale of residential and multifamily loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value.
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
June 30,
2026		 December 31,
2025
Federal National Mortgage Association $ 2,729,043  $ 2,674,584 
Federal Home Loan Mortgage Corporation 3,784,974  2,058,343 
Government National Mortgage Association 1,482,594  1,420,376 
Federal Home Loan Bank 215,346  121,476 
Other 18,470  1,012 
Total $ 8,230,426  $ 6,275,791 
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The activity of MSRs carried at fair value is as follows:
For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Balance, beginning of period $ 88,993  $ 82,927  $ 86,651  $ 84,258 
Additions:
Addition due to acquisition of First Foundation Inc. 7,651  —  7,651  — 
Servicing resulting from transfers of financial assets 5,459  4,120  9,730  6,773 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model 843  73  2,193  (1,316)
Changes in fair value due to pay-offs, pay-downs, and runoff (3,210) (2,384) (6,489) (4,979)
Balance, end of period $ 99,736  $ 84,736  $ 99,736  $ 84,736 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
June 30,
2026		 December 31,
2025		 June 30,
2025
Discount rate 9.77  % 9.81  % 10.00  %
Total prepayment speeds 8.08  % 9.04  % 8.57  %
Cost of servicing each loan
$91 per loan
$91 per loan
$91 per loan
Servicing and ancillary fees for residential real estate loans are included within Mortgage banking services and multifamily real estate loans are included within other noninterest income within our consolidated statements of (loss) income and comprehensive (loss) income. Total servicing and ancillary fees earned from the mortgage servicing portfolio are presented in the following table:
For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Servicing fees $ 6,043  $ 4,409  $ 10,741  $ 8,669 
Late and ancillary fees 273  231  544  476 
Total $ 6,316  $ 4,640  $ 11,285  $ 9,145 
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NOTE 6 - Goodwill, Core Deposits and Other Intangible Assets
Activity in our goodwill, core deposits and other intangible assets was as follows as of and for the three months ended June 30,:
Indefinite-Lived Assets Finite Lived Assets
Goodwill Tradenames Core Deposits Intangibles Customer Relationships
2026
Balance, beginning of period $ 93,483  $ 1,020  $ 3,356  $ 100 
Additions from First Foundation acquisition 9,053  —  64,349  25,865 
Amortization —  —  (3,557) (681)
Balance, end of period $ 102,536  $ 1,020  $ 64,148  $ 25,284 
2025
Balance, beginning of period $ 93,483  $ 1,020  $ 5,439  $ 346 
Amortization —  —  (536) (41)
Balance, end of period $ 93,483  $ 1,020  $ 4,903  $ 305 
Activity in our goodwill, core deposits and other intangible assets was as follows as of and for the six months ended June 30,:
Indefinite-Lived Assets Finite Lived Assets
Goodwill Tradenames Core Deposits Intangibles Customer Relationships
2026
Balance, beginning of period $ 93,483  $ 1,020  $ 3,830  $ 133 
Additions from First Foundation acquisition 9,053  —  64,349  25,865 
Amortization —  —  (4,031) (714)
Balance, end of period $ 102,536  $ 1,020  $ 64,148  $ 25,284 
2025
Balance, beginning of period $ 93,483  $ 1,020  $ 6,026  $ 388 
Amortization —  —  (1,123) (83)
Balance, end of period $ 93,483  $ 1,020  $ 4,903  $ 305 
During the three and six months ended June 30, 2026 and 2025, there was no indication of impairment of our goodwill, core deposits and other intangible assets.
Future amortization expense of our core deposits and other intangible assets is as follows:
Remainder of 2026 $ 8,475 
2027 13,761 
2028 11,590 
2029 9,639 
2030 8,719 
Thereafter 37,248 
Total future amortization $ 89,432 
NOTE 7 - Derivative Financial Instruments
Banking Derivative Financial Instruments:
We use fair value hedges to seek to manage our exposure to changes in the fair value of certain recognized assets attributable to changes in a benchmark interest rate, such as SOFR. Some of the fair value hedges on loans utilize the
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portfolio layer method. This approach allows us to designate as the hedged item a stated amount of assets that are not expected to be affected by prepayments, defaults, or other factors affecting the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged Multifamily and Public Finance loans has not been attributed to the individual loans in our Unaudited Consolidated Balance Sheets. The fair value hedges were determined to be effective during all periods presented and we expect the hedges to remain effective during their remaining terms.
Derivatives not designated as hedges are not speculative and result from a service we provide to certain customers. We execute interest rate swaps with banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset by derivatives that we execute with a third-party, such that we minimize our net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings.
Derivative instruments are measured at fair value and recorded as a component of prepaid expenses and other assets and accrued expenses and other liabilities.
The components of our banking derivative financial instruments consisted of the following as of:
Number of
Transactions		 Expiration
Dates		 Outstanding
Notional		 Estimated
Fair
Value
June 30, 2026
Derivative financial instruments designated as hedging instruments:
Assets:
Interest Rate Products 28 2028-2036 $ 898,109  $ 12,249 
Derivative financial instruments not designated as hedging instruments:
Assets:
Interest Rate Products 56 2026-2037 $ 579,879  $ 11,530 
Other 4 2028 $ 8,388  $ 2 
Liabilities:
Interest Rate Products 56 2026-2037 $ 579,879  $ 11,510 
Other 9 2027-2031 $ 92,216  $ 28 
December 31, 2025
Derivative financial instruments designated as hedging instruments:
Assets:
Interest Rate Products 32 2028-2036 $ 149,092  $ 7,274 
Derivative financial instruments not designated as hedging instruments:
Assets:
Interest Rate Products 64 2026-2037 $ 698,702  $ 14,659 
Other 4 2028 $ 8,388  $ 7 
Liabilities:
Interest Rate Products 64 2026-2037 $ 698,702  $ 14,696 
Other 6 2027-2029 $ 52,568  $ 41 
We recorded gains and losses on banking derivative assets and liabilities as follows:
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For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Recorded gain (loss) on banking derivative assets $ 3,622  $ 727  $ 4,478  $ (1,647)
Recorded (loss) gain on banking derivative liabilities $ (3,541) $ (859) $ (4,410) $ 1,432 
For the three months ended June 30, 2026 and 2025, our banking derivative financial instruments not designated as hedging instruments generated fee income of $96 and $329, respectively. For the six months ended June 30, 2026 and 2025, our banking derivative financial instruments not designated as hedging instruments generated fee income of $673 and $794, respectively.
The carrying amount of hedged loans receivable as of June 30, 2026 and December 31, 2025 was $141,581 and $143,896, respectively. The cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged loans receivable as of June 30, 2026 and December 31, 2025 was $(5,155) and $(4,835), respectively. The cumulative amount of fair value hedging adjustment on portfolio layer method hedges as of June 30, 2026 was $(4,109). There were no portfolio layer hedge adjustments as of December 31, 2025. The fair value hedging adjustment included in other noninterest income for the three months ended June 30, 2026 and 2025 was $(260) and $1,145, respectively. The fair value hedging adjustment included in other noninterest income for the six months ended June 30, 2026 and 2025 was $(320) and $3,361, respectively.
The carrying amount of hedged available-for-sale debt securities as of June 30, 2026 and December 31, 2025 was $38,624 and $39,114, respectively. The cumulative amount of fair value hedging adjustment included in the amortized cost amount of the hedged available-for-sale debt securities as of June 30, 2026 and December 31, 2025 was $(2,986), and $(2,443), respectively. The fair value hedging adjustment included in interest income for the three months ended June 30, 2026 and 2025 was $(385) and $537, respectively. The fair value hedging adjustment included in interest income for the six months ended June 30, 2026 and 2025 was $(543) and $(230), respectively.
Credit-risk-related Contingent Features:
We have agreements with each of our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations.
We also have agreements with our derivative counterparties that contain a provision where if we fail to maintain our status as a well-capitalized institution, then our derivative counterparties have the right but not the obligation to terminate existing swaps. As of June 30, 2026 and December 31, 2025, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $11,814 and $15,092, respectively. As of June 30, 2026 and December 31, 2025, we have minimum collateral posting thresholds with our derivative counterparties and have posted collateral of $7,960 and $5,890, respectively. If we had breached any of these provisions at June 30, 2026, we could have been required to settle our obligations under the agreements at their termination value of $11,814.
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Mortgage Banking Derivative Financial Instruments:
The components of our mortgage banking derivative financial instruments consisted of the following as of:
Expiration
Dates		 Outstanding
Notional		 Estimated
Fair
Value
June 30, 2026
Derivative financial instruments
Assets:
Futures 2026 $ 98,000  $ 713 
Interest rate lock commitments (IRLC) 2026 $ 100,231  $ 983 
Liabilities:
Forward MBS trades 2026 $ 138,000  $ 339 
December 31, 2025
Derivative financial instruments
Assets:
Interest rate lock commitments (IRLC) 2026 $ 57,215  $ 444 
Liabilities:
Forward MBS trades 2026 $ 116,500  $ 376 
Futures 2026 $ 94,400  $ 418 
We recorded gains and losses on mortgage banking derivative assets and liabilities as follows:
For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Recorded (loss) gain on mortgage banking derivative assets $ (3,338) $ 1,360  $ (1,660) $ 3,808 
Recorded gain (loss) on mortgage banking derivative liabilities $ 1,384  $ (2,318) $ 37  $ (2,729)
NOTE 8 - Deposits
The composition of our deposits is as follows as of:
June 30,
2026		 December 31,
2025
Noninterest-bearing deposit accounts $ 2,673,289  $ 1,651,373 
Interest-bearing deposit accounts:
Demand and NOW 2,869,439  1,483,841 
Savings 2,409,906  378,631 
Money market 3,453,761  2,301,837 
Certificates of deposit:
Less than $100 1,166,867  681,588 
$100 through $250 386,563  282,386 
Greater than $250 458,179  327,700 
Total interest-bearing deposit accounts 10,744,715  5,455,983 
Total deposits $ 13,418,004  $ 7,107,356 
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The following table summarizes the interest expense incurred on our deposits:
For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Interest-bearing deposit accounts:
Demand and NOW $ 15,487  $ 6,707  $ 21,844  $ 12,689 
Savings 16,323  576  16,797  1,145 
Money market 26,726  15,802  42,797  28,725 
Certificates of deposit 23,358  14,100  33,235  29,020 
Total interest-bearing deposit accounts $ 81,894  $ 37,185  $ 114,673  $ 71,579 
The remaining maturity on certificate of deposit accounts is as follows as of:
June 30,
2026
Remainder of 2026 $ 1,324,865 
2027 449,936 
2028 143,857 
2029 89,488 
2030 1,780 
Thereafter 1,683 
Total certificates of deposit $ 2,011,609 
NOTE 9 - Debt
FHLB advances
As of June 30, 2026 and December 31, 2025, our total borrowing capacity with the FHLB, based on qualified collateral lending values, was $4,483,049 and $1,491,095, respectively. Our additional borrowing availability with the FHLB at June 30, 2026 was $4,286,511. These borrowings can be in the form of additional term advances or a line-of-credit. No amounts were drawn on the line-of-credit as of June 30, 2026.
Our FHLB advances are typically considered short-term borrowings with maturities less than one year and are used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. The advances were collateralized by $7,773,549 and $2,761,116 of loans pledged to the FHLB as of June 30, 2026 and December 31, 2025, respectively.
FRB advances
We also had a $2,124,449 line-of-credit with the FRB. The agreement bears interest at the Fed Funds target rate plus 0.50% and is secured by $2,556,273 of investment securities and loans pledged to the FRB as collateral. No amounts were drawn on the line-of-credit as of June 30, 2026.
Other borrowings
We have lines-of-credit with certain other financial institutions totaling $250,000 as of June 30, 2026. No amounts were drawn on these lines-of-credit at June 30, 2026.
Subordinated Debt
Subordinated Notes - 2020
On April 1, 2026, we acquired subordinated notes totaling $24,165. The notes pay interest at a floating rate of three-month term SOFR plus 5.90% (9.60% as of June 30, 2026), reset quarterly. Interest is payable on March 31, June 30, September 30 and December 31 of each year. Such notes are due on June 30, 2030. We may redeem the
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notes at our discretion. These subordinated notes were recorded at a premium of $2,630. The amortization associated with the fair value premium for the three and six months ended June 30, 2026 was $143.
Subordinated Note - 2022
On January 13, 2022, we issued a subordinated note totaling $25,000. The note pays interest at a fixed rate of 3.375% through January 15, 2027 and, subsequently, until maturity, at a floating rate of three-month term SOFR plus 2.03%, reset quarterly. Interest is payable on July 15 and January 15 of each year. The note is due on January 15, 2032. The note is not redeemable within the first five years of issuance, except under certain limited conditions. After five years, we may redeem the note at our discretion. We incurred and capitalized $534 of costs related to the issuance of the subordinated note. The amortization associated with the capitalized issuance costs was not significant for the periods presented.
Subordinated Notes - 2022
On April 1, 2026, we acquired subordinated notes totaling $150,000. The notes pay interest at a fixed rate of 3.50% through February 1, 2027 and subsequently, until maturity at February 1, 2032, at a floating rate of three-month term SOFR plus 2.04%, reset quarterly. Interest is payable semiannually on February 1 and August 1 of each year during the fixed period and then becomes payable quarterly on February 1, May 1, August 1 and November 1 beginning February 1, 2027. Such notes are due on February 1, 2032. The notes are not redeemable within the first five years of issuance, except under certain limited conditions. After five years, we may redeem the notes at our discretion. These subordinated notes were recorded at a discount of $9,236. The accretion associated with the fair value discount for the three and six months ended June 30, 2026 was $1,013.
Trust preferred securities
We have issued $9,279 in trust preferred securities through a special-purpose trust, New Mexico Banquest Capital Trust I (“NMBCT I”). In addition, we have issued $4,640 in trust preferred securities through a special purpose trust, New Mexico Banquest Capital Trust II (“NMBCT II”, and together with NMBCT I, collectively referred to as “NMBCT Trusts”). Interest is payable quarterly at a rate of three-month term SOFR plus 3.35% (7.34% and 7.91% as of June 30, 2026 and 2025, respectively) for the trust preferred securities issued through NMBCT I and at a rate of three-month term SOFR plus 2.00% (5.90% and 6.59% as of June 30, 2026 and 2025, respectively) for the trust preferred securities issued through NMBCT II.
This subordinated debt of $13,919 was originally recorded at a discount of $4,293. The accretion associated with the fair value discount is not significant for the periods presented.

The Parent Company fully and unconditionally guarantees the obligations of the NMBCT Trusts on a subordinated basis. The trust preferred securities issued through the NMBCT Trusts are mandatorily redeemable upon the maturity of the debentures on December 19, 2032 and November 23, 2034, respectively, and are optionally redeemable, in part or in whole, by the Parent Company at each quarterly interest payment date. The Parent Company owns all of the outstanding common securities of the NMBCT Trusts, which has an aggregate liquidation value of $419 and is recorded in prepaid expenses and other assets on the consolidated balance sheet. The NMBCT Trusts are considered variable interest entities. Since the Parent Company is not the primary beneficiary of the NMBCT Trusts, the financial statements of the NMBCT Trusts are not included in our consolidated financial statements.
NOTE 10 - Earnings Per Share
Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.
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The following table sets forth the computation of basic and diluted earnings per share of common stock:
For the three months ended
June 30,
For the six months ended
June 30,
2026 2025 2026 2025
Net (loss) income applicable to common stockholders $ (22,850) $ 26,386  $ (1,267) $ 49,955 
Weighted Average Shares
Weighted average common shares outstanding 46,722,106  27,783,710  37,314,285  27,753,098 
Effect of dilutive securities
Stock-based awards —  448,609  —  510,845 
Weighted average diluted common shares 46,722,106  28,232,319  37,314,285  28,263,943 
(Loss) earnings per common share
Basic (loss) earnings per common share $ (0.49) $ 0.95  $ (0.03) $ 1.80 
Effect of dilutive securities
Stock-based awards —  (0.02) —  (0.03)
Diluted (loss) earnings per common share $ (0.49) $ 0.93  $ (0.03) $ 1.77 
Stock option, restricted stock and long-term incentive plan grants for 624,883 and 70,496 shares of common stock were not considered in computing diluted earnings per share for the three months ended June 30, 2026 and June 30, 2025, respectively, because they were antidilutive. Stock option, restricted stock and long-term incentive plan grants for 609,071 and 33,194 shares of common stock were not considered in computing diluted earnings per share for the six months ended June 30, 2026 and June 30, 2025, respectively, because they were antidilutive.
NOTE 11 - Stockholders’ Equity
Preferred stock
As of June 30, 2026 and December 31, 2025, the Company had 10,000,000 shares of preferred stock authorized, $0.0001 par value, of which none were issued or outstanding, respectively.
Common stock
Voting
As of June 30, 2026 and December 31, 2025, the Company had 80,000,000 and 50,000,000 shares of voting common stock authorized, respectively, $0.0001 par value, of which 44,131,827 and 27,887,337 shares were issued and outstanding, respectively.
Non-Voting
As of June 30, 2026 the Company had 20,000,000 shares of non-voting common stock authorized, $0.0001 par value, of which 2,633,607 were issued and outstanding. As of December 31, 2025 the Company was not authorized to issue shares of non-voting common stock.

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Dividends:
Dividends paid by the Company, if any, are substantially provided from Bank dividends. The Bank may declare dividends without prior regulatory approval that do not exceed the total of retained net income for the current year combined with its retained net income for the preceding two years, subject to maintenance of minimum capital requirements. Dividends received from subsidiaries were as follows:
For the three months ended
June 30,
For the six months ended
June 30,
2026 2025 2026 2025
Dividends from the Bank $ 25,000  $ —  $ 25,000  $ — 
Dividends from Sunflower Wealth Advisors LLC —  75  —  165 
The Parent Company did not declare or pay any dividend to stockholders for the three and six months ended June 30, 2026 and 2025.
Equity Incentive Plans:

2017 Equity Incentive Plan
The 2017 Equity Incentive Plan (the “2017 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 1,977,292 shares of FirstSun common stock in the aggregate.

Option awards are generally granted with an exercise price of not less than the fair value of a share of the Company’s common stock at the date of grant. They vest 25% on the first, second, third and fourth anniversaries following the date of grant and have 10-year terms. The fair value of each stock option award is estimated on the date of grant utilizing the Black-Scholes option pricing model. Expected volatility was determined based on the median historical volatility of 25 to 30 comparable companies that were publicly traded for a period commensurate with the expected term of the options. The expected term of the options was estimated to be the average of the vesting term and time to expiration. The risk-free rate for the expected term of the stock options was based on the U.S. Treasury yield curve in effect at the date of grant.
The following table presents stock options outstanding as of and for the six months ended June 30, 2026:
 Shares Weighted-Average
Exercise Price,
per Share		 Weighted-Average
Remaining Term (years)
Outstanding, beginning of period 698,829  $ 20.25 
Exercised (35,557) 20.20 
Outstanding, vested and exercisable, end of period 663,272  $ 20.25  1.97
At June 30, 2026, there was no unrecognized compensation cost related to non-vested stock options. At June 30, 2026 and 2025, the intrinsic value of the stock options was $10,894 and $10,319, respectively.
2021 Equity Incentive Plan
The FirstSun Capital Bancorp 2021 Equity Incentive Plan (the “2021 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 2,476,571 shares of FirstSun common stock in the aggregate. Additionally, we established the FirstSun Capital Bancorp Long-Term Incentive Plan (“LTIP”), which became effective April 1, 2022. The LTIP is intended to qualify as a “top-hat” plan under ERISA that is unfunded and provides benefits only to a select group of management or highly compensated employees of FirstSun or the Bank.
Restricted stock and restricted stock units:
The following table presents non-vested restricted stock units outstanding with only a service condition as of and for the six months ended June 30, 2026:
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Shares Weighted-Average
Issuance Price,
per Share		 Weighted-Average
Remaining Term (years)
Outstanding, beginning of period 114,459  $ 35.94 
Additions from First Foundation acquisition 176,186  37.22 
Issued 155,121  36.27 
Vested, restriction released (62,120) 35.98 
Forfeited (10,161) 36.01 
Outstanding, end of period 373,485  $ 36.67  1.71
At June 30, 2026, there was $10,720 of total unrecognized compensation cost related to the non-vested restricted stock.
Performance share units:
We determine the shares to be issued based on actual and forecast results during the requisite performance period to determine the probability the market or performance conditions will be achieved. Performance share units outstanding at June 30, 2026 are as follows:
Grant
Date		 End of
Performance
Period		 Conditions Target
Units		 Probable
Units		 Unrecognized Compensation
Cost
April 2026 April 2029 Market 79,116  —  $ 2,502 
April 2025 April 2028 Market 63,595  —  1,346 
April 2024 April 2027 Performance 83,094  58,166  516 
225,805  58,166  $ 4,364 
The following table presents performance share unit activity at target for the six months ended June 30, 2026:
Performance
Share Units
at Target		 Weighted-Average
Grant Date Price,
per Unit		 Weighted-Average
Remaining Term (years)
Outstanding, beginning of period 236,377  $ 32.93 
Issued 79,116  34.50 
Vested (87,590) 28.00 
Forfeited (2,098) 35.89 
Outstanding, end of period 225,805  $ 35.37  1.74

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Acquired Equity Incentive Plans

Pioneer Bank, SSB:
In conjunction with the Pioneer merger, we assumed certain options that had been granted under Pioneer’s option plans. All assumed options were fully vested and exercisable. No further options will be granted under the Pioneer plans. The following table presents option activity for the six months ended June 30,:
For the six months ended
June 30, 2026
 Shares Weighted-Average
Exercise Price,
per Share		 Weighted-Average
Remaining Term (years)
2026
Outstanding, beginning of year 10,440  $ 24.66 
Exercised (4,176) 25.62 
Outstanding, vested, and exercisable, end of period 6,264  $ 24.02  2.37
2025
Outstanding, vested, and exercisable, end of period 74,919  $ 22.76  2.52
At June 30, 2026 and 2025, the intrinsic value of the stock options was $78 and $868, respectively.
For the six months ended June 30, 2026 and 2025, we recorded total compensation cost from the Equity Incentive Plans of $3,665 and $1,692, respectively.
NOTE 12 - Income Taxes
The provision for income taxes in interim periods requires us to make an estimate of the effective tax rate expected to be applicable for the full year, adjusted for any discrete items for the applicable period. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes.
The provision for income tax is summarized as follows:
For the three months ended
June 30,
For the six months ended
June 30,
2026 2025 2026 2025
(Benefit) provision for income taxes $ (5,119) $ 6,576  $ (339) $ 12,692 
Effective tax rate 18.3  % 20.0  % 21.1  % 20.3  %
We do not believe that we have any material uncertain tax positions, and do not expect any material changes during the next twelve months.
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NOTE 13 - Regulatory Capital Matters
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.
Under the Basel III rules, the Parent Company and the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The fully phased in capital conservation buffer is 2.50% for all periods presented.
The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. As of June 30, 2026, both the Parent Company and the Bank met all capital adequacy requirements to which they were subject.
Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of June 30, 2026 and December 31, 2025, the most recent regulatory notifications categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.
Actual and required capital amounts for the Parent Company are as follows as of:
Actual For Capital
Adequacy Purposes		 To be Well-
Capitalized under
Prompt Corrective
Action Provisions
Amount Ratio Amount Ratio Amount Ratio
June 30, 2026
Total risk-based capital to risk-weighted assets: $ 1,874,943  14.13  % $ 1,061,823  8.00  % N/A N/A
Tier 1 risk-based capital to risk-weighted assets: $ 1,585,664  11.95  % $ 796,367  6.00  % N/A N/A
Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 1,585,664  11.95  % $ 597,275  4.50  % N/A N/A
Tier 1 leverage capital to average assets: $ 1,585,664  9.47  % $ 669,976  4.00  % N/A N/A
December 31, 2025
Total risk-based capital to risk-weighted assets: $ 1,187,736  15.73  % $ 604,008  8.00  % N/A N/A
Tier 1 risk-based capital to risk-weighted assets: $ 1,065,783  14.12  % $ 453,006  6.00  % N/A N/A
Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 1,065,783  14.12  % $ 339,755  4.50  % N/A N/A
Tier 1 leverage capital to average assets: $ 1,065,783  12.75  % $ 334,328  4.00  % N/A N/A

46

Actual and required capital amounts for the Bank are as follows as of:
Actual For Capital
Adequacy Purposes		 To be Well-
Capitalized under
Prompt Corrective
Action Provisions
Amount Ratio Amount Ratio Amount Ratio
June 30, 2026
Total risk-based capital to risk-weighted assets: $ 1,813,097  13.69  % $ 1,059,496  8.00  % $ 1,324,370  10.00  %
Tier 1 risk-based capital to risk-weighted assets: $ 1,718,413  12.98  % $ 794,622  6.00  % $ 1,059,496  8.00  %
Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 1,718,413  12.98  % $ 595,966  4.50  % $ 860,840  6.50  %
Tier 1 leverage capital to average assets: $ 1,718,413  10.27  % $ 669,040  4.00  % $ 836,300  5.00  %
December 31, 2025
Total risk-based capital to risk-weighted assets: $ 1,119,717  14.85  % $ 603,066  8.00  % $ 753,832  10.00  %
Tier 1 risk-based capital to risk-weighted assets: $ 1,034,444  13.72  % $ 452,299  6.00  % $ 603,066  8.00  %
Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 1,034,444  13.72  % $ 339,225  4.50  % $ 489,991  6.50  %
Tier 1 leverage capital to average assets: $ 1,034,444  12.38  % $ 334,290  4.00  % $ 417,862  5.00  %
NOTE 14 - Fair Value Measurements
We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on management’s judgment assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and the methods used.
ASC Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The hierarchy is based on the transparency of the inputs used in the valuation process with the highest priority given to quoted prices available in active markets and the lowest priority to unobservable inputs where no active market exists. The three levels of inputs that may be used to measure fair value are as follows:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own beliefs about the assumptions that market participants would use in pricing the assets or liabilities.
47

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the overall fair value measurement. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period.
The following table sets forth our assets and liabilities measured at fair value on a recurring basis as of:
Level 1 Level 2 Level 3
Quoted prices
in active
markets for
identical
assets		 Significant
other
observable
inputs		 Significant
unobservable
inputs		 Total
Estimated
Fair
Value
June 30, 2026
Available-for-sale securities $ 33,638  $ 1,873,736  $ —  $ 1,907,374 
Loans held-for-sale —  140,706  —  140,706 
Mortgage servicing rights —  —  99,736  99,736 
Derivative financial instruments - assets —  25,477  —  25,477 
Derivative financial instruments - liabilities —  (11,877) —  (11,877)
Total $ 33,638  $ 2,028,042  $ 99,736  $ 2,161,416 
December 31, 2025
Available-for-sale securities $ 33,270  $ 435,700  $ —  $ 468,970 
Loans held-for-sale —  100,539  —  100,539 
Mortgage servicing rights —  —  86,651  86,651 
Derivative financial instruments - assets —  22,384  —  22,384 
Derivative financial instruments - liabilities —  (15,531) —  (15,531)
Total $ 33,270  $ 543,092  $ 86,651  $ 663,013 
For further details on our Level 3 inputs related to MSRs, see Note 5 - Mortgage Servicing Rights.
The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis:
For the three months ended
June 30,
For the six months ended
June 30,
2026 2025 2026 2025
Balance, beginning of period $ 88,993  $ 82,927  $ 86,651  $ 84,258 
Total fair value adjustments included in earnings (2,367) (2,311) (4,296) (6,295)
Purchases, issuances, sales and settlements:
Acquisition of First Foundation Inc. 7,651  —  7,651  — 
Additions 5,459  4,120  9,730  6,773 
Balance, end of period $ 99,736  $ 84,736  $ 99,736  $ 84,736 

48

Certain financial assets and financial liabilities are regularly measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis during the reported periods include certain collateral dependent loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral and other real estate owned and foreclosed assets, which, upon initial recognition, were remeasured and reported at fair value through a charge-off to the allowance for credit losses, and subsequent to their initial recognition, were remeasured at fair value through a write-down included in other noninterest expense. The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of:
Level 3
June 30,
2026		 December 31,
2025
Collateral dependent loans:
Commercial and industrial $ 54,491  $ 6,783 
Commercial real estate 33,476  3,515 
Residential real estate 2,485  1,875 
Total collateral dependent loans $ 90,452  $ 12,173 
Other real estate owned and foreclosed assets, net:
Commercial real estate $ 7,751  $ 8,960 
Residential real estate 7,383  880 
Other 1,674  1,674 
Total other real estate owned and foreclosed assets, net: $ 16,808  $ 11,514 
The fair value of the financial assets in the table above utilizes the market approach valuation technique, with discount adjustments for differences between comparable sales.

49

Fair value of financial instruments not carried at fair value:
The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows as of:
Estimated Fair Value
Carrying
Value		 Total Level 1 Level 2 Level 3
June 30, 2026
Assets:
Cash and cash equivalents $ 989,511  $ 989,511  $ 989,511  $ —  $ — 
Securities held-to-maturity 33,274  28,572  —  28,572  — 
Loans (excluding collateral dependent loans) 11,378,460  11,415,499  —  —  11,415,499 
Restricted equity securities 50,155  50,155  —  50,155  — 
Accrued interest receivable 60,163  60,163  —  5,991  54,172 
Liabilities:
Deposits (excluding demand deposits) $ 9,713,422  $ 9,809,631  $ 7,701,813  $ 2,107,818  $ — 
Securities sold under agreements to repurchase 17,475  17,475  —  17,475  — 
Subordinated debt, net 205,256  207,793  —  —  207,793 
Accrued interest payable 16,897  16,897  —  16,897  — 
December 31, 2025
Assets:
Cash and cash equivalents $ 652,592  $ 652,592  $ 652,592  $ —  $ — 
Securities held-to-maturity 33,839  29,446  —  29,446  — 
Loans (excluding collateral dependent loans) 6,655,567  6,544,724  —  —  6,544,724 
Restricted equity securities 24,775  24,775  —  24,775  — 
Accrued interest receivable 32,255  32,255  —  2,224  30,031 
Liabilities:
Deposits (excluding demand deposits) $ 4,645,526  $ 4,602,421  $ 3,315,648  $ 1,286,773  $ — 
Securities sold under agreements to repurchase 11,160  11,160  —  11,160  — 
FHLB advances —  —  —  —  — 
Subordinated debt, net 36,680  35,981  —  —  35,981 
Accrued interest payable 6,680  6,680  —  6,680  — 
50

NOTE 15 - Segment Information
Operating segments are components of a business where separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer has been identified as the CODM, who oversees the operations conducted through our primary operating segments. Effective April 1, 2026, we revised our segment reporting structure to better reflect how the CODM evaluates the performance and allocates resources across the business following our acquisition of First Foundation. Historically, the Company had two primary operating segments: Banking and Mortgage Operations. Corporate represents costs not allocated to the operating segments, including those of FirstSun and our non-bank subsidiaries.
Beginning April 1, 2026, we added a third primary operating segment, Private Wealth Banking. This new segment reflects First Foundation Advisors, an SEC-registered investment adviser acquired as part of the First Foundation acquisition. As a result, we now have three primary operating segments: Banking, Private Wealth Banking and Mortgage Operations, and we will continue to report Corporate, which represents costs not allocated to the operating segments, including those of FirstSun and our non-bank subsidiaries. The results discussed below reflect the updated segment structure for all current-period activity. Prior-period segment information has been recast, where applicable, to conform to the current presentation. The change in reportable segments did not impact our consolidated financial statements for prior periods other than reclassifications to conform prior period segment information to the current presentation.
The Banking segment originates loans and provides deposits and fee-based services to consumer, business, and mortgage lending customers. Products offered include a full range of commercial and consumer banking and financial services. The interest income on loans held-for-investment is recognized in the Banking segment, excluding newly originated residential first mortgages within the Mortgage Operations segment.
The Private Wealth Banking segment primarily consists of First Foundation Advisors, a fee-based investment adviser which provides investment advisory and wealth management services primarily to high-net-worth individuals, their families and their family businesses, and other affiliated organizations. In addition, the Bank provides trust services, which consist primarily of the management of trust assets, including financial planning services. We earn trust and investment advisory fees from contracts with our customers to manage and invest their assets and/or transact on their accounts. These fees are generally assessed based on a tiered scale of the market value of assets under management. Related services are based on a fixed fee schedule.
The Mortgage Operations segment originates, sells, services, and manages market risk from changes in interest rates on one- to four-family residential mortgage loans to sell or hold on our balance sheet. Loans originated for sale comprise the majority of the lending activity. The Mortgage Operations segment recognizes interest income on loans that are held-for-sale and newly originated residential mortgages held-for-investment, the gains from one- to four-family residential mortgage sales, and revenue for servicing loans and other ancillary fees following a sales transaction. Revenue from servicing activities is earned on a contractual fee basis. The Mortgage Operations segment services loans for the held-for-investment portfolio, for which it earns revenue via an intercompany service fee allocation which appears as a cost to Banking in mortgage fees. Forward traded loan purchases and sales settlements as well as mortgage servicing rights and related fair value adjustments are reported in this segment.
Corporate represents miscellaneous other expenses of a corporate nature as well as revenue and expenses not directly assigned or allocated to the Banking, Private Wealth Banking, or Mortgage Operations segments. The majority of executive management’s time is spent managing operating segments; related costs have been allocated between the operating segments and Corporate.
Allocations of expenses to the operating segments are based on estimated uses of those services. We use a funds transfer pricing process to allocate costs, capital and resources to each operating segment. This allows us to identify the cost of funds within each segment, measure the profitability of each segment by relating costs to revenue, and to evaluate each operating segment’s impact on consolidated earnings. Our CODM reviews net income to budgeted net income to assess segment performance on a monthly basis and to make decisions about allocating capital and personnel to the segments.

51

Significant segment totals are reconciled to the financial statements as follows for the three months ended June 30,:
Banking Private Wealth Banking Mortgage Operations Corporate Total Segments
2026
Summary of Operations
Interest income $ 216,631  $ 134  $ 13,185  $ 66  $ 230,016 
Interest expense 79,428  (1,726) 6,035  3,084  86,821 
Net interest income (expense) 137,203  1,860  7,150  (3,018) 143,195 
Provision for (benefit from) credit losses 41,708  —  (1,308) —  40,400 
Noninterest income:
Deposit account service fees 2,281  11  —  —  2,292 
Treasury management service fees 5,007  60  —  —  5,067 
Credit and debit card fees 2,925  27  —  —  2,952 
Trust and investment advisory fees (67) 9,480  —  —  9,413 
Mortgage banking services, net (652) —  16,610  —  15,958 
Other noninterest income 5,133  133  —  —  5,266 
Total noninterest income 14,627  9,711  16,610  —  40,948 
Noninterest expense:
Salary and employee benefits 45,985  8,160  12,882  1,717  68,744 
Occupancy, equipment and software 13,619  534  1,281  70  15,504 
Customer service costs 2,742  —  —  —  2,742 
Amortization of intangible assets 3,506  731  —  —  4,237 
Merger related expenses 40,905  805  —  15,849  57,559 
Other noninterest expenses 13,849  3,110  5,378  589  22,926 
Total noninterest expense 120,606  13,340  19,541  18,225  171,712 
Income (loss) before income taxes $ (10,484) $ (1,769) $ 5,527  $ (21,243) $ (27,969)
Other Information
Depreciation expense on premises and equipment and amortization on software $ 2,734  $ 4  $ 56  $ —  $ 2,794 
Identifiable assets $ 14,228,523  $ 111,120  $ 1,268,746  $ 109,596  $ 15,717,985 
52

Banking Private Wealth Banking Mortgage Operations Corporate Total Segments
2025
Summary of Operations
Interest income $ 103,766  $ 1,307  $ 11,840  $ 8  $ 116,921 
Interest expense 32,517  (928) 5,660  1,173  38,422 
Net interest income (expense) 71,249  2,235  6,180  (1,165) 78,499 
Provision for (benefit from) credit losses 4,462  —  38  —  4,500 
Noninterest income:
Deposit account service fees 2,010  6  —  —  2,016 
Treasury management service fees 4,266  67  —  —  4,333 
Credit and debit card fees 2,710  17  1  —  2,728 
Trust and investment advisory fees —  1,473  —  —  1,473 
Mortgage banking services, net (631) —  13,905  —  13,274 
Other noninterest income 3,247  2  —  —  3,249 
Total noninterest income 11,602  1,565  13,906  —  27,073 
Noninterest expense:
Salary and employee benefits 30,906  2,084  10,280  651  43,921 
Occupancy, equipment and software 8,340  276  866  59  9,541 
Amortization of intangible assets 546  32  —  —  578 
Merger related expenses 285  —  —  —  285 
Other noninterest expenses 7,454  1,570  4,351  410  13,785 
Total noninterest expense 47,531  3,962  15,497  1,120  68,110 
Income (loss) before income taxes $ 30,858  $ (162) $ 4,551  $ (2,285) $ 32,962 
Other Information
Depreciation expense on premises and equipment and amortization on software $ 2,023  $ 3  $ 42  $ —  $ 2,068 
Identifiable assets $ 7,007,535  $ 93,596  $ 1,199,850  $ 134,880  $ 8,435,861 
53

Significant segment totals are reconciled to the financial statements as follows for the six months ended June 30,:
Banking Private Wealth Banking Mortgage Operations Corporate Total Segments
2026
Summary of Operations
Interest income $ 318,844  $ 1,240  $ 25,985  $ 73  $ 346,142 
Interest expense 107,421  (2,656) 11,795  3,608  120,168 
Net interest income (expense) 211,423  3,896  14,190  (3,535) 225,974 
Provision for (benefit from) credit losses 49,778  —  (1,128) —  48,650 
Noninterest income:
Deposit account service fees 4,369  19  —  —  4,388 
Treasury management service fees 9,552  128  —  —  9,680 
Credit and debit card fees 5,620  45  —  —  5,665 
Trust and investment advisory fees (67) 10,969  —  —  10,902 
Mortgage banking services, net (1,308) —  31,581  —  30,273 
Other noninterest income 7,074  141  —  —  7,215 
Total noninterest income 25,240  11,302  31,581  —  68,123 
Noninterest expense:
Salary and employee benefits 78,599  10,204  24,602  2,695  116,100 
Occupancy, equipment and software 22,064  799  2,510  137  25,510 
Customer service costs 2,742  —  —  —  2,742 
Amortization and impairment of intangible assets 4,013  731  —  —  4,744 
Merger related expenses 43,227  805  —  16,208  60,240 
Other noninterest expenses 21,283  4,967  10,473  994  37,717 
Total noninterest expense 171,928  17,506  37,585  20,034  247,053 
Income (loss) before income taxes $ 14,957  $ (2,308) $ 9,314  $ (23,569) $ (1,606)
Other Information
Depreciation expense on premises and equipment and amortization on software $ 4,833  $ 8  $ 90  $ —  $ 4,931 
Identifiable assets $ 14,228,523  $ 111,120  $ 1,268,746  $ 109,596  $ 15,717,985 
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Banking Private Wealth Banking Mortgage Operations Corporate Total Segments
2025
Summary of Operations
Interest income $ 202,145  $ 2,404  $ 22,803  $ 16  $ 227,368 
Interest expense 62,743  (2,016) 11,291  2,373  74,391 
Net interest income (expense) 139,402  4,420  11,512  (2,357) 152,977 
Provision for (benefit from) credit losses 8,524  —  (224) —  8,300 
Noninterest income:
Deposit account service fees 4,030  13  —  —  4,043 
Treasury management service fees 8,394  133  —  —  8,527 
Credit and debit card fees 5,278  34  2  —  5,314 
Trust and investment advisory fees —  2,894  —  —  2,894 
Mortgage banking services, net (1,253) —  23,582  —  22,329 
Other noninterest income 5,742  (2) (45) —  5,695 
Total noninterest income 22,191  3,072  23,539  —  48,802 
Noninterest expense:
Salary and employee benefits 60,077  3,969  18,147  1,289  83,482 
Occupancy, equipment and software 16,765  531  1,661  120  19,077 
Amortization of intangible assets 1,143  63  —  —  1,206 
Merger related expenses 285  —  —  —  285 
Other noninterest expenses 14,102  3,269  8,569  842  26,782 
Total noninterest expense 92,372  7,832  28,377  2,251  130,832 
Income (loss) before income taxes $ 60,697  $ (340) $ 6,898  $ (4,608) $ 62,647 
Other Information
Depreciation expense on premises and equipment and amortization on software $ 4,015  $ 7  $ 81  $ —  $ 4,103 
Identifiable assets $ 7,007,535  $ 93,596  $ 1,199,850  $ 134,880  $ 8,435,861 
55

NOTE 16 - Commitments and Contingencies
Commitments
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include loan commitments, standby letters of credit, and documentary letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss in the event of nonperformance by the other party of these loan commitments and standby letters of credit is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet financial instruments.
Undistributed portion of committed loans and unused lines of credit
Loan commitments are agreements to lend to a customer as long as there is no customer violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a payment of a fee. As of June 30, 2026 and December 31, 2025, commitments included the funding of fixed-rate loans totaling $211,968 and $130,867 and variable-rate loans totaling $2,054,035 and $1,372,506, respectively. The fixed-rate loan commitments have interest rates ranging from 1.00% to 21.00% at June 30, 2026 and December 31, 2025, and maturities ranging from 1 month to 34 years at June 30, 2026 and 1 month to 17 years at December 31, 2025.
Standby letters of credit
Standby letters of credit are conditional commitments to guarantee the performance of a customer to a third-party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Since many loan commitments and letters of credit expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on our credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, owner occupied real estate, and/or income-producing commercial properties. As of June 30, 2026 and December 31, 2025, our standby letters of credit commitment totaled $48,765 and $39,356, respectively.
MPF Master Commitments
The Bank has executed MPF Master Commitments (Commitments) with the FHLB to deliver mortgage loans and to guarantee the payment of any realized losses that exceed the FHLB’s first loss account for mortgages delivered under the Commitments. The Bank receives credit enhancement fees from the FHLB for providing this guarantee and continuing to manage the credit risk of the MPF Program mortgage loans. As of June 30, 2026 and December 31, 2025, the Bank considered the amount of any of its liability for the present value of the credit enhancement fees less any expected losses in the mortgages delivered under the Commitments to be immaterial, and has not recorded a liability and offsetting receivable. As of June 30, 2026 and December 31, 2025, the maximum potential amount of future payments that the Bank would have been required to make under the Commitments was $7,270 and $4,600, respectively. Under the Commitments, the Bank agrees to service the loans and therefore, is responsible for any necessary foreclosure proceedings. Any future recoveries on any losses would not be paid by the FHLB under the Commitments. The Bank has not experienced any material losses under these guarantees.
Contingencies
We generally sell loans to investors without recourse; therefore, the investors have assumed the risk of loss or default by the borrower. However, we are usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, and collateral. To the extent that we do not comply with such representations, we may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. We establish reserves for potential losses related to these representations and warranties if deemed appropriate and such reserves would be recorded within accrued expenses and other liabilities. In assessing the adequacy of the reserve, we evaluate various factors including actual write-offs during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry.
Litigation
From time to time, we are a defendant in various claims, legal actions, and complaints arising in the ordinary course of business. We periodically review all outstanding pending or threatened legal proceedings and determine if such matters will have an adverse effect on our business, financial condition, results of operations or cash flows.
We establish reserves for contingencies, including legal proceedings, when potential losses become probable and can be reasonably estimated.
56

NOTE 17 - Lease Commitments
Our leases relate primarily to office space and bank branches with remaining lease terms of generally 1 to 15 years. Certain lease arrangements contain extension options which typically range from 5 to 10 years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term.
June 30,
2026		 December 31,
2025
ROU asset on leased property, gross $ 65,612  $ 44,376 
Accumulated amortization (21,025) (17,120)
ROU asset, net (included in prepaid expenses and other assets in our consolidated balance sheets) $ 44,587  $ 27,256 
Lease liability (included in accrued expenses and other liabilities in our consolidated balance sheets) $ 53,166  $ 29,049 
Weighted Average Remaining Life - Operating Leases (years) 4.74 5.09
Weighted Average Rate - Operating Leases 3.91  % 3.52  %
The following table reconciles future undiscounted lease payments due under non-cancelable operating leases to the aggregate operating lessee lease liability as of June 30, 2026:
Remainder of 2026 $ 8,067 
2027 13,300 
2028 13,044 
2029 11,141 
2030 6,526 
Thereafter 7,140 
Total undiscounted operating lease liability 59,218 
Imputed interest 6,052 
Total operating lease liability included in the accompanying balance sheet $ 53,166 
Total lease expense for three months ended June 30, 2026 and 2025 was $3,594 and $2,068, respectively. Total lease expense for the six months ended June 30, 2026 and 2025 was $5,862 and $4,104, respectively. The components of total lease expense were as follows:
For the three months ended
June 30,
For the six months ended
 June 30,
2026 2025 2026 2025
Operating leases $ 2,894  $ 2,020  $ 5,107  $ 3,990 
Short-term leases 725  99  834  201 
Sublease income (25) (51) (79) (87)
Net lease expense $ 3,594  $ 2,068  $ 5,862  $ 4,104 
We do not currently have any significant finance leases in which we are the lessee, material related-party leases, leases containing residual value guarantees or restrictive covenants.
57

NOTE 18 - Subsequent Events
The Company has evaluated subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q.
Share Repurchase Program
Our board of directors has authorized a share repurchase program to purchase and retire up to $150.0 million of FirstSun’s common stock in open market transactions or privately negotiated transactions, including pursuant to a Rule 10b5-1 trading plan and/or in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, pricing, and amount of any repurchases under the repurchase program will be determined by our management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of our common stock, corporate considerations, our financial performance, alternative uses for capital, general market and economic conditions, legal and regulatory requirements, and other factors. The repurchase program is authorized through June 30, 2027, although it may be modified, discontinued, or suspended at any time without prior notice. The repurchase program does not obligate FirstSun to purchase any shares. We have repurchased 174,230 shares of common stock through August 7, 2026.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
General Overview
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, National Association, which is headquartered in Dallas, Texas and operates as Sunflower Bank and First National 1870. We conduct a full-service community banking and trust business through our wholly-owned subsidiaries, which as of June 30, 2026, consisted of Sunflower Bank, FEIF Capital Partners, LLC, and First Foundation Advisors, an SEC-registered investment adviser, which also operates as FirstSun Advisors and Sunflower Wealth Advisors. The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and accompanying footnotes included in Item 1 of this Form 10-Q as well as our audited consolidated financial statements and footnotes for the year ended December 31, 2025 included in our 2025 Annual Report that we filed with the SEC on March 6, 2026. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods.
Recent Developments
Acquisition of First Foundation Inc.
On April 1, 2026, we completed our merger with First Foundation, the holding company for First Foundation Bank, a California-chartered banking corporation. The consummation of the acquisition with First Foundation expanded our markets in Southern California and Texas and added new markets in Florida, Nevada and Hawaii. The acquisition also expanded our wealth management capabilities through the acquisition of First Foundation Advisors, an SEC-registered investment adviser under the Investment Advisers Act and a former wholly owned subsidiary of First Foundation.
First Foundation and its results of operations are included in our consolidated financial results since the date of acquisition. Therefore, our second quarter and first half of 2026 results reflect increased levels of average balances, net interest income, non-interest income and expenses compared to the second quarter and first half of 2025. After purchase accounting adjustments, the acquisition added $11.2 billion of total assets, including $6.0 billion of net loans, as well as $10.5 billion of total liabilities, primarily consisting of $8.8 billion in deposits. We recorded preliminary goodwill of $9.1 million and core deposit intangibles and other intangibles of $90.2 million related to the acquisition.
Merger related expenses were $57.6 million and $0.3 million, for the three months ended June 30, 2026 and 2025 and were $60.2 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, and are recorded in “Merger related expenses” on the Company’s Consolidated Statements of Income and have been expensed as incurred. Merger related expenses were related to the First Foundation acquisition and such costs included employee severance, other employee related costs, professional fees, and facilities related costs.
Completed Balance Sheet Repositioning Strategy
During the second quarter of 2026, we completed our previously announced balance sheet repositioning strategy, involving the sale or run-off of select First Foundation loans and securities and using proceeds from such sales and paydowns as well as other available cash and equivalents to reduce higher-cost acquired funding sources. Our balance sheet repositioning strategy was designed to strengthen our capital position, enhance our credit profile, improve our liquidity, and support a more diversified, relationship-focused business model. Our balance sheet repositioning strategy resulted in the liquidation of assets, namely $1.2 billion in cash, $1.4 billion in securities, $1.3 billion in loans, the proceeds of which were used to reduce liabilities, namely $2.5 billion in deposits, and $1.4 billion in borrowings.
Share Repurchase Program
On July 24, 2026, our board of directors authorized a share repurchase program to purchase up to $150.0 million of our common stock in open market transactions or privately negotiated transactions, including pursuant to a Rule 10b5-1 trading plan and/or in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, pricing, and amount of any repurchases under the repurchase program will be determined by our management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of our common stock, corporate considerations, our financial performance, alternative uses for capital, general market and economic conditions, legal and regulatory requirements, and other factors. The repurchase program is authorized through June 30, 2027, although it may
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be modified, discontinued, or suspended at any time without prior notice. The repurchase program does not obligate us to purchase any shares.
Deposits Classification
Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026. Reclassifications had no effect on prior years net income or stockholders’ equity.
Financial Summary
Net (loss) income totaled $(22.9) million for the second quarter of 2026 compared to net income of $26.4 million for the second quarter of 2025. Earnings per diluted share were $(0.49) for the second quarter of 2026 compared to $0.93 for the second quarter of 2025. Adjusted net income, a non-GAAP financial measure, was $21.0 million or $0.45 per diluted share for the second quarter of 2026 compared to $26.6 million or $0.94 per diluted share for the second quarter of 2025. See “Non-GAAP Financial Measures and Reconciliations” below.
Net (loss) income totaled $(1.3) million for the six months ended June 30, 2026 compared to net income of $50.0 million for the same period in 2025. Earnings per diluted share were $(0.03) for the six months ended June 30, 2026 compared to $1.77 for the same period in 2025. Adjusted net income, a non-GAAP financial measure, was $44.7 million or $1.20 per diluted share for the six months ended June 30, 2026 compared to $50.2 million or $1.78 per diluted share for the same period in 2025. See “Non-GAAP Financial Measures and Reconciliations” below.
The following table sets forth certain summary financial and other information of FirstSun:
As of and for the three months ended
As of and for the six months ended
($ in thousands, except per share amounts) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Income Statement:
Net interest income $ 143,195  $ 78,499  $ 225,974  $ 152,977 
Provision for credit losses 40,400  4,500  48,650  8,300 
Noninterest income 40,948  27,073  68,123  48,802 
Noninterest expense 171,712  68,110  247,053  130,832 
(Loss) income before income taxes (27,969) 32,962  (1,606) 62,647 
(Benefit) provision for income taxes (5,119) 6,576  (339) 12,692 
Net (loss) income (22,850) 26,386  (1,267) 49,955 
Adjusted net income1
21,021  26,601  44,694  50,170 
Balance Sheet:
Total assets $ 15,717,985  $ 8,435,861  $ 15,717,985  $ 8,435,861 
Loans held-for-sale 140,706  90,781  140,706  90,781 
Loans held-for-investment 11,568,443  6,507,066  11,568,443  6,507,066 
Total deposits 13,418,004  7,100,164  13,418,004  7,100,164 
Total borrowed funds 205,256  76,066  205,256  76,066 
Total stockholders' equity 1,837,392  1,095,402  1,837,392  1,095,402 
Per Common Share Data:
Period end common shares outstanding 46,765,434  27,834,525  46,765,434  27,834,525 
Weighted average common shares outstanding, basic 46,722,106  27,783,710  37,314,285  27,753,098 
Basic earnings per share $ (0.49) $ 0.95  $ (0.03) $ 1.80 
Weighted average common shares outstanding, diluted 46,722,106  28,232,319  37,314,285  28,263,943 
Diluted (loss) earnings per share $ (0.49) $ 0.93  $ (0.03) $ 1.77 
Adjusted diluted earnings per share1
0.45  0.94  1.20  1.78 
Cash dividends $ —  $ —  $ —  $ — 
Dividend payout ratio —  % —  % —  % —  %
Book value per share $ 39.29  $ 39.35  $ 39.29  $ 39.35 
Tangible book value per share1
35.16  35.77  35.16  35.77 
Performance Ratios:
Return on average total assets (0.54) % 1.28  % (0.02) % 1.24  %
Adjusted return on average total assets1
0.50  % 1.29  % 0.71  % 1.25  %
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As of and for the three months ended
As of and for the six months ended
($ in thousands, except per share amounts) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Return on average stockholders' equity (4.92) % 9.74  % (0.17) % 9.39  %
Adjusted return on average stockholders’ equity1
4.52  % 9.82  % 5.93  % 9.43  %
Return on average tangible stockholders' equity1
(4.69) % 10.91  % 0.36  % 10.55  %
Adjusted return on average tangible stockholders' equity1
5.86  % 11.00  % 7.12  % 10.60  %
Net interest margin 3.58  % 4.07  % 3.80  % 4.07  %
Net interest margin (FTE basis)1
3.63  % 4.13  % 3.85  % 4.13  %
Efficiency ratio 93.25  % 64.52  % 84.00  % 64.84  %
Adjusted efficiency ratio1
61.99  % 64.25  % 63.52  % 64.70  %
Noninterest income to total revenue2
22.2  % 25.6  % 23.2  % 24.2  %
Balance Sheet Ratios:
Loan to deposit ratio 86.2  % 91.6  % 86.2  % 91.6  %
Net charge-offs (recoveries) to average loans outstanding 1.45  % 0.83  % 1.15  % 0.44  %
Allowance for credit losses to loans 1.50  % 1.28  % 1.50  % 1.28  %
Nonperforming loans to total loans3
1.64  % 0.84  % 1.64  % 0.84  %
Capital Ratios:
Total risk-based capital to risk-weighted assets 14.13  % 15.94  % 14.13  % 15.94  %
Tier 1 risk-based capital to risk-weighted assets 11.95  % 13.78  % 11.95  % 13.78  %
Common Equity Tier 1 (CET 1) to risk-weighted assets 11.95  % 13.78  % 11.95  % 13.78  %
Tier 1 leverage capital to average assets 9.47  % 12.39  % 9.47  % 12.39  %
Average stockholders' equity to average total assets 10.97  % 13.15  % 11.93  % 13.22  %
Tangible stockholders' equity to tangible assets1
10.59  % 11.94  % 10.59  % 11.94  %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1
10.57  % 11.90  % 10.57  % 11.90  %
Nonfinancial Data:
Full-time equivalent employees 1,630  1,168  1,630  1,168 
Banking branches 99  71  99  71 
1 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding these non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
3 Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due.
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Non-GAAP Financial Measures and Reconciliations
The non-GAAP financial measures presented below are used by our management and our Board of Directors on a regular basis in addition to our GAAP results to facilitate the assessment of our financial performance and the efficiency of our operations. Management believes these non-GAAP financial measures provide greater understanding of our ongoing operations, enhance an investor’s understanding of our financial results by providing a meaningful basis for period-to-period comparisons, and assist in analyzing our operating results and comparing them across periods and to those of other companies. This information supplements our GAAP reported results, and should not be viewed in isolation from, or as a substitute for, our GAAP results. Accordingly, this financial information should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this report. Non-GAAP financial measures exclude certain items that are included in the financial results presented in accordance with GAAP. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These non-GAAP measures are not necessarily comparable to similar measures presented by other companies.
The following table presents GAAP to non-GAAP reconciliations:
As of and for the three months ended
As of and for the six months ended
($ in thousands, except share and per share amounts) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP) $ 1,837,392  $ 1,095,402  $ 1,837,392  $ 1,095,402 
Less: Goodwill and other intangible assets
Goodwill (102,536) (93,483) (102,536) (93,483)
Other intangible assets (90,452) (6,228) (90,452) (6,228)
Tangible stockholders' equity (non-GAAP) $ 1,644,404  $ 995,691  $ 1,644,404  $ 995,691 
Total assets (GAAP) $ 15,717,985  $ 8,435,861  $ 15,717,985  $ 8,435,861 
Less: Goodwill and other intangible assets
Goodwill (102,536) (93,483) (102,536) (93,483)
Other intangible assets (90,452) (6,228) (90,452) (6,228)
Tangible assets (non-GAAP) $ 15,524,997  $ 8,336,150  $ 15,524,997  $ 8,336,150 
Total stockholders' equity to total assets (GAAP) 11.69  % 12.99  % 11.69  % 12.99  %
Less: Impact of goodwill and other intangible assets (1.10) % (1.05) % (1.10) % (1.05) %
Tangible stockholders' equity to tangible assets (non-GAAP) 10.59  % 11.94  % 10.59  % 11.94  %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP) $ 1,644,404  $ 995,691  $ 1,644,404  $ 995,691 
Less: Net unrealized losses on HTM securities, net of tax (3,553) (4,238) (3,553) (4,238)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) $ 1,640,851  $ 991,453  $ 1,640,851  $ 991,453 
Tangible assets (non-GAAP) $ 15,524,997  $ 8,336,150  $ 15,524,997  $ 8,336,150 
Less: Net unrealized losses on HTM securities, net of tax (3,553) (4,238) (3,553) (4,238)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) $ 15,521,444  $ 8,331,912  $ 15,521,444  $ 8,331,912 
Tangible stockholders’ equity to tangible assets (non-GAAP) 10.59  % 11.94  % 10.59  % 11.94  %
Less: Net unrealized losses on HTM securities, net of tax (0.02) % (0.04) % (0.02) % (0.04) %
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) 10.57  % 11.90  % 10.57  % 11.90  %
Tangible book value per share:
Total stockholders' equity (GAAP) $ 1,837,392  $ 1,095,402  $ 1,837,392  $ 1,095,402 
Tangible stockholders' equity (non-GAAP) $ 1,644,404  $ 995,691  $ 1,644,404  $ 995,691 
Total shares outstanding 46,765,434  27,834,525  46,765,434  27,834,525 
Book value per share (GAAP) $ 39.29  $ 39.35  $ 39.29  $ 39.35 
Tangible book value per share (non-GAAP) $ 35.16  $ 35.77  $ 35.16  $ 35.77 
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As of and for the three months ended
As of and for the six months ended
($ in thousands, except share and per share amounts) June 30,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Adjusted net income:
Net (loss) income (GAAP) $ (22,850) $ 26,386  $ (1,267) $ 49,955 
Add: Adjustments
Merger related expenses, net of tax 43,871  215  45,961  215 
Total adjustments, net of tax 43,871  215  45,961  215 
Adjusted net income (non-GAAP) $ 21,021  $ 26,601  $ 44,694  $ 50,170 
Adjusted diluted earnings per share:
Diluted (loss) earnings per share (GAAP) $ (0.49) $ 0.93  $ (0.03) $ 1.77 
Add: Impact of adjustments
Merger related expenses, net of tax 0.94  0.01  1.23  0.01 
Adjusted diluted earnings per share (non-GAAP) $ 0.45  $ 0.94  $ 1.20  $ 1.78 
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP) (0.54) % 1.28  % (0.02) % 1.24  %
Add: Impact of adjustments
Merger related expenses, net of tax 1.04  % 0.01  % 0.73  % 0.01  %
Adjusted ROAA (non-GAAP) 0.50  % 1.29  % 0.71  % 1.25  %
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROAE) (GAAP) (4.92) % 9.74  % (0.17) % 9.39  %
Add: Impact of adjustments
Merger related expenses, net of tax 9.44  % 0.08  % 6.10  % 0.04  %
Adjusted ROAE (non-GAAP) 4.52  % 9.82  % 5.93  % 9.43  %
Return on average tangible stockholders’ equity:
Return on average stockholders’ equity (ROAE) (GAAP) (4.92) % 9.74  % (0.17) % 9.39  %
Add: Impact from goodwill and other intangible assets
Goodwill (0.57) % 0.98  % (0.02) % 0.97  %
Other intangible assets 0.80  % 0.19  % 0.55  % 0.19  %
Return on average tangible stockholders’ equity (ROATE) (non-GAAP) (4.69) % 10.91  % 0.36  % 10.55  %
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATE) (non-GAAP) (4.69) % 10.91  % 0.36  % 10.55  %
Add: Impact of adjustments
Merger related expenses, net of tax 10.55  % 0.09  % 6.76  % 0.05  %
Adjusted ROATE (non-GAAP) 5.86  % 11.00  % 7.12  % 10.60  %
Adjusted total noninterest expense:
Total noninterest expense (GAAP) $ 171,712  $ 68,110  $ 247,053  $ 130,832 
Less: Adjustments
Merger related expenses (57,559) (285) (60,240) (285)
Total adjustments (57,559) (285) (60,240) (285)
Adjusted total noninterest expense (non-GAAP) $ 114,153  $ 67,825  $ 186,813  $ 130,547 
Adjusted efficiency ratio:
Efficiency ratio (GAAP) 93.25  % 64.52  % 84.00  % 64.84  %
Less: Impact of adjustments
Merger related expenses (31.26) % (0.27) % (20.48) % (0.14) %
Adjusted efficiency ratio (non-GAAP) 61.99  % 64.25  % 63.52  % 64.70  %
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP) $ 143,195  $ 78,499  $ 225,974  $ 152,977 
Gross income effect of tax exempt income 2,198  1,204  3,396  2,396 
FTE net interest income (non-GAAP) $ 145,393  $ 79,703  $ 229,370  $ 155,373 
Average earning assets $ 16,031,868  $ 7,727,556  $ 11,988,729  $ 7,576,307 
Net interest margin 3.58  % 4.07  % 3.80  % 4.07  %
Net interest margin on FTE basis (non-GAAP) 3.63  % 4.13  % 3.85  % 4.13  %
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Segments
Effective April 1, 2026, we revised our segment reporting structure to better reflect how the CODM evaluates the performance and allocates resources across the business following our acquisition of First Foundation. Historically, the Company had two primary operating segments: Banking and Mortgage Operations. Corporate represents costs not allocated to the operating segments, including those of FirstSun and our non-bank subsidiaries.
Beginning April 1, 2026, we added a third primary operating segment, Private Wealth Banking. This new segment reflects First Foundation Advisors, an SEC-registered investment adviser acquired as part of the First Foundation acquisition. As a result, we now have three primary operating segments: Banking, Private Wealth Banking and Mortgage Operations, and we will continue to report Corporate, which represents costs not allocated to the operating segments, including those of FirstSun and our non-bank subsidiaries. The results discussed below reflect the updated segment structure for all current-period activity. Prior-period segment information has been recast, where applicable, to conform to the current presentation. The change in reportable segments did not impact our consolidated financial statements for prior periods other than reclassifications to conform prior period segment information to the current presentation.
Banking
Three months ended June 30, 2026 and 2025
(Loss) income before income taxes decreased $41.3 million to $(10.5) million for the second quarter of 2026, from $30.9 million for the same period in 2025. The period over period decrease was primarily due to an increase in provision for credit losses, an increase in salary and employee benefits, and an increase in merger related expenses, partially offset by an increase in net interest income. Provision for credit losses increased $37.2 million to $41.7 million for the second quarter of 2026, compared to $4.5 million for the same period in 2025, primarily related to increased net charge-offs on two C&I loans with no previous specific reserves. Salary and employee benefits increased $15.1 million to $46.0 million for the second quarter of 2026, from $30.9 million for the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation. Merger related expenses increased $40.6 million to $40.9 million for the second quarter of 2026, compared to $0.3 million for the same period in 2025, related to the First Foundation acquisition. Net interest income increased $66.0 million to $137.2 million for the second quarter of 2026, compared to $71.2 million for the same period in 2025, primarily due to the addition of interest-earning assets and interest-bearing liabilities acquired in the First Foundation acquisition and related purchase accounting accretion. Identifiable assets for our Banking segment increased $7.2 billion to $14.2 billion at June 30, 2026 from $7.0 billion at June 30, 2025. The growth in identifiable assets was primarily driven by our acquisition of First Foundation.
Six months ended June 30, 2026 and 2025
Income before income taxes decreased $45.7 million to $15.0 million for the six months ended June 30, 2026, from $60.7 million for the same period in 2025. The period over period decrease was primarily due to an increase in provision for credit losses, an increase in salary and employee benefits, and an increase in merger related expenses, partially offset by an increase in net interest income. Provision for credit losses increased $41.3 million to $49.8 million for the six months ended June 30, 2026, compared to $8.5 million for the same period in 2025, primarily related to increased net charge-offs on two C&I loans with no previous specific reserves. Salary and employee benefits increased $18.5 million to $78.6 million for the six months ended June 30, 2026, compared to $60.1 million for the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation and due to an increase in headcount of commercial and industrial bankers and support personnel and higher medical insurance costs. Merger related expenses increased $42.9 million to $43.2 million for the six months ended June 30, 2026, compared to $0.3 million for the same period in 2025, related to the First Foundation acquisition. Net interest income increased $72.0 million to $211.4 million for the six months ended June 30, 2026 compared to $139.4 million for the same period in 2025, primarily due to the addition of interest-earning assets and interest-bearing liabilities acquired in the First Foundation acquisition and related purchase accounting accretion.
Private Wealth Banking
Three months ended June 30, 2026 and 2025
Loss before income taxes increased $1.6 million to a loss of $1.8 million for the second quarter of 2026, compared to a loss of $0.2 million for the same period in 2025. The period over period increase in loss was primarily due to an increase in noninterest expense, partially offset by an increase in trust and investment advisory revenues. Noninterest expense increased $9.4 million to $13.3 million for the second quarter of 2026, from $4.0 million for the same period in 2025.
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Salary and benefits, a component of noninterest expense, increased $6.1 million to $8.2 million for the second quarter of 2026, from $2.1 million for the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation. Trust and investment advisory revenues increased $8.0 million to $9.5 million for the second quarter of 2026, compared to $1.5 million for the same period in 2025, primarily due to the addition of First Foundation Advisors following the acquisition of First Foundation. Identifiable assets for our Private Wealth Banking segment increased $17.5 million to $111.1 million at June 30, 2026 from $93.6 million at June 30, 2025. The growth in identifiable assets was primarily driven by the acquisition of First Foundation.
Six months ended June 30, 2026 and 2025
Loss before income taxes increased $2.0 million to a loss of $2.3 million for the six months ended June 30, 2026, compared to a loss of $0.3 million for the same period in 2025. The period over period increase in loss was primarily due to an increase in noninterest expense, partially offset by an increase in trust and investment advisory revenues. Noninterest expense increased $9.7 million to $17.5 million for the six months ended June 30, 2026, from $7.8 million for the same period in 2025. Salary and benefits, a component of noninterest expense, increased $6.2 million to $10.2 million for the six months ended June 30, 2026, from $4.0 million for the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation. Trust and investment advisory revenues increased $8.1 million to $11.0 million for the six months ended June 30, 2026, compared to $2.9 million for the same period in 2025, primarily due to the addition of First Foundation Advisors following the acquisition of First Foundation.
Mortgage Operations
Three months ended June 30, 2026 and 2025
Income before income taxes increased $1.0 million to $5.5 million for the second quarter of 2026, compared to $4.6 million for the same period in 2025. The period over period increase was primarily due to an increase in revenue from mortgage banking services and increase in net interest income, partially offset by an increase in salary and employee benefits. Revenue from mortgage banking services increased $2.7 million to $16.6 million for the second quarter of 2026, compared to $13.9 million for the same period in 2025, primarily due to an increase in loan originations sold and higher net MSR capitalization. Net interest income increased $1.0 million to $7.2 million for the second quarter of 2026, compared to $6.2 million for the same period in 2025, primarily due to higher average balance and higher average yield on residential real estate loans. Salary and employee benefits increased $2.6 million to $12.9 million for the second quarter of 2026, compared to $10.3 million for the same period in 2025, primarily due to higher levels of variable compensation associated with an increase in mortgage loan originations. Identifiable assets for our Mortgage Operations segment increased $0.1 billion to $1.3 billion at June 30, 2026 from $1.2 billion at June 30, 2025. The growth in identifiable assets was primarily driven by organic growth in our residential mortgage portfolio.
Six months ended June 30, 2026 and 2025
Income before income taxes increased $2.4 million to $9.3 million for the six months ended June 30, 2026, compared to $6.9 million for the same period in 2025. The period over period increase was primarily due to an increase in revenue from mortgage banking services and increase in net interest income, partially offset by an increase in salary and employee benefits. Revenue from mortgage banking services increased $8.0 million to $31.6 million for the six months ended June 30, 2026, compared to $23.6 million for the same period in 2025, primarily due to an increase in loan originations sold and higher net MSR capitalization. Net interest income increased $2.7 million to $14.2 million for the six months ended June 30, 2026, compared to $11.5 million for the same period in 2025, primarily due to higher average balance and higher average yield on residential real estate loans. Salary and employee benefits increased $6.5 million to $24.6 million for the six months ended June 30, 2026, compared to $18.1 million for the same period in 2025, primarily due to higher levels of variable compensation associated with an increase in mortgage loan originations.
Critical Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Our accounting and reporting estimates are in accordance with U.S. generally accepted accounting principles, or “ GAAP,” and conform to general practices within the banking industry. Changes in underlying factors, estimates, assumptions or judgments could result in material changes in our consolidated financial position and/or results of operations.
Certain policies inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. As a result of our
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acquisition of First Foundation, which closed on April 1, 2026, we have updated our critical accounting estimates to include acquisition fair value measurements. Accordingly, we have identified the determination of the allowance for credit losses, fair value measurements of MSRs, and acquisition fair value measurements to be the accounting areas that require the most subjective or complex judgments and, as such, could be most subject to revision as new or additional information becomes available or circumstances change, including overall changes in the economic climate and/or market interest rates. Therefore, we consider the estimates underlying these policies to be critical accounting estimates and we discuss them directly with the Audit Committee of our Board of Directors.
We provide additional information about our critical accounting estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our 2025 Annual Report other than with respect to acquisition fair value measurements, which we discuss below. Other than as noted above and discussed below, there have been no material changes to our critical accounting policies or the estimates made pursuant to those policies during the most recent quarter from those disclosed in our 2025 Annual Report.
Our significant accounting policies are discussed in Note 1—Basis of Presentation, Description of Business and Summary of Significant Accounting Policies in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” of our 2025 Annual Report.
Acquisition Fair Value Measurements
The acquisition method of accounting requires assets and liabilities in business combinations to be recorded at their estimated fair values as of the date of acquisition. To estimate fair value, we apply various valuation methodologies to assets acquired and liabilities assumed that often involve significant judgment. Examples of such estimates include loans held-for-investment and core deposit intangible assets, both of which we developed using an income approach. To value loans held-for-investment, management incorporated assumptions such as principal and interest cash flows, principal default and loss rates, prepayment rates, and discount rates utilizing company-specific and market data. The methodology used to value CDI assets considered the cost savings generated from the deposits relative to an alternative source of funds. Management incorporated assumptions in the CDI valuation such as customer attrition, discount rates, alternative cost of funding, and net maintenance costs. These fair value estimates are preliminary and subject to adjustment during the measurement period, which will not exceed one year from the acquisition date, as management obtains additional information about facts and circumstances that existed as of the acquisition date. Changes in these assumptions could result in materially different fair value measurements that may impact our financial condition, results of operations, or disclosures. Discussion of the assumptions and estimates used by us to assess and determine fair values associated with business combinations can be found in Note 2 - Acquisition of First Foundation Inc. of the Notes to Unaudited Consolidated Financial Statements.

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Results of Operations
The following table sets forth components of our results of operations:
For the three months ended
June 30,
For the six months ended
June 30,
($ in thousands, except per share amounts) 2026 2025 2026 2025
Net interest income $ 143,195  $ 78,499  $ 225,974  $ 152,977 
Provision for credit losses 40,400  4,500  48,650  8,300 
Noninterest income 40,948  27,073  68,123  48,802 
Noninterest expense 171,712  68,110  247,053  130,832 
(Loss) income before income taxes (27,969) 32,962  (1,606) 62,647 
(Benefit) provision for income taxes (5,119) 6,576  (339) 12,692 
Net (loss) income (22,850) 26,386  (1,267) 49,955 
Diluted (loss) earnings per share $ (0.49) $ 0.93  $ (0.03) $ 1.77 
Return on average total assets (0.54) % 1.28  % (0.02) % 1.24  %
Return on average stockholders' equity (4.92) % 9.74  % (0.17) % 9.39  %
Net interest margin 3.58  % 4.07  % 3.80  % 4.07  %
Net interest margin - FTE basis (non-GAAP)1
3.63  % 4.13  % 3.85  % 4.13  %
Efficiency ratio 93.25  % 64.52  % 84.00  % 64.84  %
Noninterest income to total revenue2
22.2  % 25.6  % 23.16  % 24.19  %
1 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
General
Our results of operations depend significantly on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans and investment securities and interest expense on interest-bearing liabilities, consisting primarily of deposits and borrowings. Our results of operations are also dependent on our generation of noninterest income, consisting primarily of mortgage banking services, treasury management service fees, deposit account service fees, trust and investment advisory fees and credit and debit card fees. Other factors contributing to our results of operations include our provisions for credit losses, income taxes, and noninterest expenses, such as salaries and employee benefits, occupancy, equipment and software, amortization of intangible assets and other operating costs.
Net Interest Income
Net interest income, representing interest income less interest expense, is a significant contributor to our revenues and earnings. We generate interest income from interest and dividends on interest-earning assets, which are principally comprised of loans and investment securities. We incur interest expense from interest owed or paid on interest-bearing liabilities, including interest-bearing deposits, FHLB advances and other borrowings. Net interest income and margin are shaped by the characteristics of the underlying products, including volume, term and structure of each product. We measure and monitor yields on our loans and other interest-earning assets, the costs of our deposits and other funding sources, our net interest spread and our net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as net interest income divided by average interest-earning assets.
Interest earned on our loan portfolio is the largest component of our interest income. Our loan portfolios are presented at the principal amount outstanding net of deferred origination fees and unamortized discounts and premiums. Interest income is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are capitalized and recognized as an adjustment of the yield on the related loan. Our interest income also includes the accretion of discounts and amortization of premiums on loans we acquired in business combinations, which affects our net interest income and net interest margin. In each business combination, acquired loans are initially recorded at fair value. For loans acquired before our adoption of ASU 2025-08, non-PCD loans were recorded at fair value, with any resulting discount or premium accreted into interest income over the life of the related loan, while PCD loans were recorded at fair value plus an initial allowance for credit losses (the “gross-up approach”), with the resulting non-credit discount or premium similarly accreted into interest income. For loans acquired after our adoption of ASU 2025-08 on April 1, 2026 in connection with our acquisition of First Foundation, loans are evaluated as PCD loans, purchased
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seasoned loans (“PSLs”), or other acquired loans. PCD loans and PSLs are accounted for using the gross-up approach, under which the initial allowance for credit losses is added to the purchase price to establish the loan’s initial amortized cost basis. Other acquired loans are recorded at fair value and an initial allowance for credit losses is recognized through provision for credit losses. Any non-credit discount or premium is accreted or amortized into interest income over the remaining life of the loan.
Our net interest income can also be significantly influenced by a variety of factors, including overall loan demand, economic conditions, credit risk, the amount of non-earning assets including nonperforming loans and OREO, the amounts of and rates at which assets and liabilities reprice, variances in prepayment of loans and securities, exercise of call options on borrowings or securities, a general rise or decline in interest rates, changes in the slope of the yield-curve, and balance sheet growth or contraction.
Three months ended June 30, 2026 and 2025
Our net interest income was $143.2 million for the second quarter of 2026, an increase of $64.7 million, or 82.4%, compared to the same period in 2025. Interest income on loans increased by $88.9 million for the second quarter of 2026, compared to the same period in 2025. Interest income on investment securities increased by $20.6 million for the second quarter of 2026, compared to the same period in 2025. Interest income on interest-bearing cash and other assets increased by $3.5 million for the second quarter of 2026, compared to the same period in 2025. Interest expense from total interest-bearing liabilities increased by $48.4 million for the second quarter of 2026, compared to the same period in 2025. Included in net interest income was net accretion income of purchase accounting discounts of $27.2 million for the second quarter of 2026, compared to $0.4 million for the same period in 2025.
Our net interest margin was 3.58% for the second quarter of 2026, compared to 4.07% for the same period in 2025, a decrease of 49 basis points. We experienced a 32 basis point decrease in yield from earning assets, while our total cost of interest-bearing liabilities increased by two basis points for the second quarter of 2026 as compared to the same period in 2025. Total earning assets increased $8.3 billion while total interest-bearing liabilities increased $6.8 billion, for the second quarter of 2026 as compared to the same period in 2025. The effect on net interest margin of net accretion income of purchase accounting discounts was an increase of 68 basis points for the second quarter of 2026, compared to two basis points for the same period in 2025.
Total average loans grew to $12.7 billion for the second quarter of 2026, an increase of $6.1 billion or 91.7%, compared to the same period in 2025, due primarily to loans acquired from First Foundation, as well as organic growth in our loan portfolio. Yield on loans decreased 27 basis points for the second quarter of 2026, compared to the same period in 2025, reflecting the impact of the declining interest rate environment and its impact on variable rate loans in the portfolio and a change in portfolio mix resulting from the addition of lower-yielding primarily public finance and multifamily loans acquired from First Foundation. Average investment securities grew to $2.1 billion for the second quarter of 2026, an increase of $1.6 billion or 310.2%, compared to the same period in 2025, due primarily to investment securities acquired from First Foundation. Yield on investment securities increased 132 basis points for the second quarter of 2026, compared to the same period in 2025, due primarily to investment securities acquired from First Foundation. Average interest-bearing cash and other assets grew to $1.2 billion for the second quarter of 2026, an increase of $647.6 million or 108.5%, compared to the same period in 2025. Yield on interest-bearing cash and other assets decreased 108 basis points for the second quarter of 2026, compared to the same period in 2025, primarily due to the declining interest rate environment.
Average interest-bearing deposits grew to $11.9 billion for the second quarter of 2026, an increase of $6.5 billion or 121.2%, compared to the same period in 2025, due primarily to deposits assumed from First Foundation and organic growth. Cost of interest-bearing deposits decreased one basis point for the second quarter of 2026, compared to the same period in 2025. Average certificates of deposit increased from approximately $1.5 billion for the second quarter of 2025 to approximately $2.8 billion for the second quarter of 2026, due primarily to certificates of deposit assumed from First Foundation. Average FHLB borrowings increased from $2.3 million to $149.4 million for the second quarter of 2026, compared to the same period in 2025, due primarily to the acquisition of First Foundation. Cost of FHLB borrowings decreased 75 basis points for the second quarter of 2026, compared to the same period in 2025. Average other long-term borrowings increased $128.6 million, or 169.2%, for the second quarter of 2026, compared to the same period in 2025. Cost of other long-term borrowings increased 27 basis points for the second quarter of 2026, compared to the same period in 2025.
Six months ended June 30, 2026 and 2025
Our net interest income was $226.0 million for the six months ended June 30, 2026, an increase of $73.0 million, or 47.7%, compared to the same period in 2025. Interest income on loans increased by $95.8 million for the six months ended
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June 30, 2026, compared to the same period in 2025. Interest income on investment securities increased by $20.3 million for the six months ended June 30, 2026, compared to the same period in 2025. Interest income on interest-bearing cash and other assets increased by $2.6 million for the six months ended June 30, 2026, compared to the same period in 2025. Interest expense from total interest-bearing liabilities increased by $45.8 million for the six months ended June 30, 2026, compared to the same period in 2025. Included in net interest income was net accretion income of purchase accounting discounts of $27.1 million for the six months ended June 30, 2026, compared to $0.4 million for the same period in 2025.
Our net interest margin was 3.80% for the six months ended June 30, 2026, compared to 4.07% for the same period in 2025, a decrease of 27 basis points. We experienced a 23 basis point decrease in yield from earning assets and total cost of interest-bearing liabilities decreased by seven basis points for the six months ended June 30, 2026, compared to the same period in 2025. Total earning assets increased $4.4 billion while total interest-bearing liabilities increased $3.5 billion, for the six months ended June 30, 2026 as compared to the same period in 2025. The effect on net interest margin of net accretion income of purchase accounting discounts was an increase of 46 basis points for the six months ended June 30, 2026, compared to one basis point for the same period in 2025.
Total average loans grew to $9.8 billion for the six months ended June 30, 2026, an increase of $3.3 billion, compared to the same period in 2025, due primarily to loans acquired from First Foundation, as well as organic growth in our loan portfolio. Yield on loans decreased 16 basis points for the six months ended June 30, 2026, compared to the same period in 2025, reflecting the impact of the declining interest rate environment and its impact on variable rate loans in the portfolio and a change in portfolio mix resulting from the addition of lower-yielding primarily public finance and multifamily loans acquired from First Foundation. Average investment securities grew to $1.3 billion for the six months ended June 30, 2026, an increase of $0.8 billion or 157.1%, compared to the same period in 2025, due primarily to investment securities acquired from First Foundation. Yield on investment securities increased 100 basis points for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to investment securities acquired from First Foundation. Average interest-bearing cash and other assets grew to $0.9 billion for the six months ended June 30, 2026, an increase of $0.3 billion or 63.1%, compared to the same period in 2025. Yield on interest-bearing cash and other assets decreased 107 basis points for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to the declining interest rate environment.
Average interest-bearing deposits grew to $8.6 billion for the six months ended June 30, 2026, an increase of $3.4 billion or 65.2%, compared to the same period in 2025, due primarily to deposits assumed from First Foundation, as well as organic growth. Cost of interest-bearing deposits decreased nine basis points for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to the declining interest rate environment largely offset by the addition of higher-cost deposits acquired from First Foundation. Average FHLB borrowings increased from $15.8 million to $75.6 million for the six months ended June 30, 2026, compared to the same period in 2025, due primarily to the acquisition of First Foundation. Cost of FHLB borrowings decreased 66 basis points for the six months ended June 30, 2026, compared to the same period in 2025. Average other long-term borrowings increased $45.2 million, or 59.5%, for the six months ended June 30, 2026, compared to the same period in 2025. Cost of other long-term borrowings increased five basis points for the six months ended June 30, 2026 compared to the same period in 2025.


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The following tables set forth information related to our average balance sheet, average yields on assets, and average costs of liabilities for the periods presented. We derived these yields by dividing income or expense by the average balance of the corresponding assets or liabilities. We derived average balances from the daily balances throughout the periods indicated.
As of and for the three months ended June 30,:
2026 2025
(In thousands) Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate
Interest Earning Assets
Loans1
12,694,317  195,040  6.16  % 6,620,493  106,117  6.43  %
Investment securities 2,093,214  25,062  4.80  % 510,350  4,433  3.48  %
Interest-bearing cash and other assets 1,244,337  9,914  3.20  % 596,713  6,371  4.28  %
Total earning assets 16,031,868  230,016  5.75  % 7,727,556  116,921  6.07  %
Other assets 962,089  537,156 
Total assets $ 16,993,957  $ 8,264,712 
Interest-bearing liabilities
Demand and NOW deposits $ 3,012,754  $ 15,487  2.06  % $ 1,518,316  $ 6,707  1.77  %
Savings deposits 2,428,253  16,323  2.70  % 401,093  576  0.58  %
Money market deposits 3,611,570  26,726  2.97  % 1,934,487  15,802  3.28  %
Certificates of deposit 2,798,815  23,358  3.35  % 1,504,235  14,100  3.76  %
Total deposits 11,851,392  81,894  2.77  % 5,358,131  37,185  2.78  %
Repurchase agreements 23,468  152  2.61  % 9,024  36  1.61  %
Total deposits and repurchase agreements 11,874,860  82,046  2.77  % 5,367,155  37,221  2.78  %
FHLB borrowings 149,374  1,480  3.97  % 2,308  27  4.72  %
Other long-term borrowings 204,667  3,295  6.46  % 76,025  1,174  6.19  %
Total interest-bearing liabilities 12,228,901  86,821  2.85  % 5,445,488  38,422  2.83  %
Noninterest-bearing deposits 2,622,311  1,587,302 
Other liabilities 278,849  145,064 
Stockholders' equity 1,863,896  1,086,858 
Total liabilities and stockholders' equity $ 16,993,957  $ 8,264,712 
Net interest income $ 143,195  $ 78,499 
Net interest spread 2.90  % 3.24  %
Net interest margin 3.58  % 4.07  %
Net interest margin - FTE basis (non-GAAP)2
3.63  % 4.13  %
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.

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As of and for the six months ended June 30,:
2026 2025
(In thousands) Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate
Interest Earning Assets
Loans1
9,792,021  302,598  6.23  % 6,521,154  206,797  6.39  %
Investment securities 1,300,988  29,128  4.51  % 506,103  8,803  3.51  %
Interest-bearing cash and other assets 895,720  14,416  3.25  % 549,050  11,768  4.32  %
Total earning assets 11,988,729  346,142  5.82  % 7,576,307  227,368  6.05  %
Other assets 743,804  543,032 
Total assets $ 12,732,533  $ 8,119,339 
Interest-bearing liabilities
Demand and NOW deposits $ 2,273,546  $ 21,844  1.94  % $ 1,495,079  $ 12,689  1.71  %
Savings deposits 1,410,791  16,797  2.40  % 400,948  1,145  0.58  %
Money market deposits 2,955,179  42,797  2.92  % 1,813,344  28,725  3.19  %
Certificates of deposit 2,007,012  33,235  3.34  % 1,525,814  29,020  3.84  %
Total deposits 8,646,528  114,673  2.67  % 5,235,185  71,579  2.76  %
Repurchase agreements 16,628  193  2.34  % 9,318  73  1.59  %
Total deposits and repurchase agreements 8,663,156  114,866  2.67  % 5,244,503  71,652  2.76  %
FHLB borrowings 75,646  1,480  3.95  % 15,823  362  4.61  %
Other long-term borrowings 121,157  3,822  6.36  % 75,966  2,377  6.31  %
Total interest-bearing liabilities 8,859,959  120,168  2.74  % 5,336,292  74,391  2.81  %
Noninterest-bearing deposits 2,125,679  1,559,878 
Other liabilities 227,357  150,172 
Stockholders’ equity 1,519,538  1,072,997 
Total liabilities and stockholders’ equity $ 12,732,533  $ 8,119,339 
Net interest income $ 225,974  $ 152,977 
Net interest spread 3.08  % 3.24  %
Net interest margin 3.80  % 4.07  %
Net interest margin - FTE basis (non-GAAP)2
3.85  % 4.13  %
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
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Rate-Volume Analysis
The tables below present the effect of volume and rate changes on interest income and expense. Changes due to volume are changes in the average balance multiplied by the previous period’s average rate. Changes due to rate are changes in the average rate multiplied by the average balance from the prior period. The net changes attributable to the combined impact of both rate and volume have been allocated proportionately to the changes due to volume and the changes due to rate.
For the three months ended June 30,
 2026 Versus 2025 Increase (Decrease) Due to:
(In thousands) Rate Volume Total
Interest Earning Assets
Loans1
$ (4,572) $ 93,495  $ 88,923 
Investment securities 2,242  18,387  20,629 
Interest-bearing cash (1,949) 5,492  3,543 
Total earning assets (4,279) 117,374  113,095 
Interest-Bearing Liabilities
Demand and NOW deposits 1,252  7,528  8,780 
Savings deposits 6,634  9,113  15,747 
Money market deposits (1,613) 12,537  10,924 
Certificates of deposit (1,696) 10,954  9,258 
Total deposits 4,577  40,132  44,709 
Repurchase agreements 32  84  116 
Total deposits and repurchase agreements 4,609  40,216  44,825 
FHLB borrowings (5) 1,458  1,453 
Other long-term borrowings 51  2,070  2,121 
Total interest-bearing liabilities 4,655  43,744  48,399 
Net interest income $ (8,934) $ 73,630  $ 64,696 
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
For the six months ended June 30,
 2026 Versus 2025 Increase (Decrease) Due to:
(In thousands) Rate Volume Total
Interest Earning Assets
Loans1
$ (5,405) $ 101,206  $ 95,801 
Investment securities 3,142  17,183  20,325 
Interest-bearing cash (3,455) 6,103  2,648 
Total earning assets (5,718) 124,492  118,774 
Interest-Bearing Liabilities
Demand and NOW deposits 1,852  7,303  9,155 
Savings deposits 8,722  6,930  15,652 
Money market deposits (2,650) 16,722  14,072 
Certificates of deposit (4,098) 8,313  4,215 
Total deposits 3,826  39,268  43,094 
Repurchase agreements 45  75  120 
Total deposits and repurchase agreements 3,871  39,343  43,214 
FHLB borrowings (60) 1,178  1,118 
Other long-term borrowings 19  1,426  1,445 
Total interest-bearing liabilities 3,830  41,947  45,777 
Net interest income $ (9,548) $ 82,545  $ 72,997 
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.

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Provision for Credit Losses
We established an allowance for credit losses through a provision for credit losses charged as an expense in our consolidated statements of income. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses at an adequate level to absorb expected losses in the loan portfolio at the balance sheet date and that, in management’s judgment, is appropriate under GAAP. Our determination of the amount of the allowance for credit losses and corresponding provision for credit losses considers ongoing evaluations of the credit quality and level of credit risk inherent in our loan portfolio, levels of nonperforming loans and charge-offs, statistical trends and economic and other relevant factors. The allowance for credit losses is increased by the provision for credit losses and is decreased by charge-offs, net of recoveries on prior loan charge-offs.
We recorded a provision for credit losses of $40.4 million and $48.7 million for the second quarter of 2026 and for the six months ended June 30, 2026, respectively, compared to $4.5 million and $8.3 million for the same periods in 2025. The increase in our provision for credit losses for the second quarter of 2026 and for the six months ended June 30, 2026 was primarily related to increased net charge-offs on two C&I loans with no previous specific reserves. The first is an asset-based loan to a materials distributor with an outstanding principal balance of approximately $23.6 million at June 30, 2026, for which we recognized an approximately $22.0 million charge-off in the second quarter of 2026. The second is a loan to a technology company with an outstanding principal balance of approximately $16.0 million at June 30, 2026, for which we recognized an approximately $12.9 million charge-off in the second quarter of 2026.
Noninterest Income
The following table presents noninterest income:
For the three months ended
 June 30,
For the six months ended
June 30,
(In thousands) 2026 2025 2026 2025
Deposit account service fees $ 2,292  $ 2,016  $ 4,388  $ 4,043 
Treasury management service fees 5,067  4,333  9,680  8,527 
Credit and debit card fees 2,952  2,728  5,665  5,314 
Trust and investment advisory fees 9,413  1,473  10,902  2,894 
Mortgage banking services, net 15,958  13,274  30,273  22,329 
Other noninterest income 5,266  3,249  7,215  5,695 
Total noninterest income $ 40,948  $ 27,073  $ 68,123  $ 48,802 
Three months ended June 30, 2026 and 2025
Our noninterest income increased $13.9 million to $40.9 million for the second quarter of 2026 from $27.1 million for the same period in 2025.
Deposit account service fees include overdraft and non-sufficient funds charges, and other service fees. Deposit account service fees increased $0.3 million for the second quarter of 2026, compared to the same period in 2025, primarily due to an increase in wire transfer service charges and non-sufficient funds and overdraft fees.
Treasury management service fees include financial information management, accounts receivable management, accounts payable services, fraud mitigation services, and cash flow management. Treasury management service fees increased $0.7 million for the second quarter of 2026 compared to the same period in 2025, primarily due to an overall increase in our business customer base as a result of our acquisition of First Foundation as well as an increase in products and services provided to our existing customer base.
Credit and debit card fees represent interchange income from credit and debit card activity and referral fees earned from processing fees on card transactions by our business customers. Credit and debit card fees increased $0.2 million for the second quarter of 2026 compared to the same period in 2025, due to an increase in VISA purchase card transaction volumes.
Trust and investment advisory fees represent fees we receive in connection with our investment advisory and custodial management services of investment accounts. Trust and investment advisory fees increased $7.9 million for the second quarter of 2026 compared to the same period in 2025, primarily due to higher assets under management associated with the acquisition of First Foundation.
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The components of mortgage banking services were as follows:
For the three months ended
 June 30,
(In thousands) 2026 2025
Net sale gains and fees from mortgage loan originations, including loans held-for-sale changes in fair value and hedging $ 8,243  $ 6,601 
Mortgage servicing income 4,990  4,640 
Net MSR capitalization and changes in fair value, net of derivative activity 2,725  2,033 
Mortgage banking services, net $ 15,958  $ 13,274 
For the second quarter of 2026, mortgage banking services increased $2.7 million, compared to the same period in 2025. Total loan originations for sale were $464.7 million for the second quarter of 2026, an increase of $84.0 million from $380.6 million for the same period in 2025. The increase in loan originations sold resulted in the increase in revenue related to net sale gains and fees from loan originations, including fair value changes in the held-for-sale portfolio and hedging activity. We retain servicing rights on the majority of mortgage loans that we sell, which drove the increase in servicing income of $0.4 million to $5.0 million for the second quarter of 2026, from $4.6 million for the same period in 2025. Net MSR capitalization and changes in fair value, net of derivative activity, increased $0.7 million in the second quarter of 2026, compared to the same period in 2025. The increase in revenue related to our MSRs was due to higher net MSR capitalization.
The following table shows the hypothetical effect on the fair value of our residential real estate MSRs when applying certain unfavorable variations of key assumptions to these assets as of June 30, 2026.
(In thousands) 10% 20%
Discount rate $ 3,193  $ (426)
Total prepayment speeds 3,764  687 
Cost of servicing each loan 6,018  5,028 
These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.
Other noninterest income increased $2.0 million for the second quarter of 2026 compared to the same period in 2025, primarily due to the addition of multifamily banking services income and increases in credit line and other loan fees resulting from the acquisition of First Foundation, an increase in income from BOLI, and an increase in the fair value of investments related to our deferred compensation plan, partially offset by a write-down of an OREO property.
Six months ended June 30, 2026 and 2025
Our noninterest income increased $19.3 million to $68.1 million for the six months ended June 30, 2026 from $48.8 million for the same period in 2025.
Deposit account service fees increased $0.3 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to an increase in wire transfer service charges and non-sufficient funds and overdraft fees.
Treasury management service fees increased $1.2 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to an overall increase in our business customer base as a result of our acquisition of First Foundation as well as an increase in products and services provided to our existing customer base.
Credit and debit card fees increased $0.4 million for the six months ended June 30, 2026, compared to the same period in 2025, due to an increase in VISA purchase card transaction volumes.
Trust and investment advisory fees increased $8.0 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to higher assets under management associated with the acquisition of First Foundation.
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The components of mortgage banking services were as follows:
For the six months ended
 June 30,
(In thousands) 2026 2025
Net sale gains and fees from mortgage loan originations, including loans held-for-sale changes in fair value and hedging $ 16,594  $ 11,164 
Mortgage servicing income 9,959  9,145 
Net MSR capitalization and changes in fair value, net of derivative activity 3,720  2,020 
Mortgage banking services, net $ 30,273  $ 22,329 
For the six months ended June 30, 2026, mortgage banking services income increased $7.9 million, compared to the same period in 2025. Total loan originations for sale were $890.6 million for the six months ended June 30, 2026, an increase of $259.0 million from $631.6 million for the same period in 2025. The increase in loan originations sold and higher margins resulted in the increase in revenue related to net sale gains and fees from loan originations, including fair value changes in the held-for-sale portfolio and hedging activity. We retain servicing rights on the majority of mortgage loans that we sell, which drove the increase in servicing income of $0.8 million to $10.0 million for the six months ended June 30, 2026, from $9.1 million for the same period in 2025. Net MSR capitalization and changes in fair value, net of derivative activity, increased $1.7 million for the six months ended June 30, 2026, compared to the same period in 2025. The increase in revenue related to our MSRs was primarily the result of changes in market interest rates and our corresponding hedging positions.
Other noninterest income increased $1.5 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to the addition of multifamily banking services income and increases in credit line and other loan fees resulting from the acquisition of First Foundation, an increase in income from BOLI, and an increase in the fair value of investments related to our deferred compensation plan, partially offset by a write-down of an OREO property.
Noninterest Expense
The following table presents noninterest expense:
For the three months ended
 June 30,
For the six months ended
 June 30,
(In thousands) 2026 2025 2026 2025
Salary and employee benefits $ 68,744  $ 43,921  $ 116,100  $ 83,482 
Occupancy, equipment and software 15,504  9,541  25,510  19,077 
Customer service costs 2,742  —  2,742  — 
Amortization and impairment of intangible assets 4,237  578  4,744  1,206 
Merger related expenses 57,559  285  60,240  285 
Other noninterest expenses 22,926  13,785  37,717  26,782 
Total noninterest expenses $ 171,712  $ 68,110  $ 247,053  $ 130,832 
Three months ended June 30, 2026 and 2025
Our noninterest expenses increased $103.6 million to $171.7 million for the second quarter of 2026, from $68.1 million for the same period in 2025.
Salary and employee benefits increased $24.8 million for the second quarter of 2026 compared to the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation.
Occupancy, equipment and software increased $6.0 million for the second quarter of 2026 compared to the same period in 2025, primarily due to higher software subscriptions and license fees and rent expense resulting from the acquisition of First Foundation.
Customer service costs were $2.7 million for the second quarter of 2026 and consist of costs reimbursed to deposit customers in connection with noninterest-bearing demand deposit accounts assumed from First Foundation.
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Amortization and impairment of intangible assets increased $3.7 million for the second quarter of 2026 compared to the same period in 2025, primarily due to core deposit and customer relationship intangibles amortization resulting from the acquisition of First Foundation.
Merger related expenses increased $57.3 million for the second quarter of 2026 compared to the same period in 2025, resulting from the acquisition of First Foundation.
Other noninterest expense increased $9.1 million for the second quarter of 2026 compared to the same period in 2025, primarily due to higher data processing and FDIC insurance expenses associated with our increased scale following the acquisition of First Foundation.
Six months ended June 30, 2026 and 2025
Our noninterest expenses increased $116.2 million to $247.1 million for the six months ended June 30, 2026, from $130.8 million for the same period in 2025.
Salary and employee benefits increased $32.6 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to an increase in headcount associated with the acquisition of First Foundation and due to an increase in headcount of commercial and industrial bankers and support personnel, higher levels of variable compensation associated with an increase in residential mortgage loan originations, and higher medical insurance costs.
Occupancy, equipment and software increased $6.4 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to higher software subscriptions and license fees and rent expense resulting from the acquisition of First Foundation.
Customer service costs were $2.7 million for the six months ended June 30, 2026 and consist of costs reimbursed to deposit customers in connection with noninterest-bearing demand deposit accounts assumed from First Foundation.
Amortization of intangible assets increased $3.5 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to core deposit and customer relationship intangibles amortization resulting from the acquisition of First Foundation.
Merger related expenses increased $60.0 million for the six months ended June 30, 2026 compared to the same period in 2025, resulting from the acquisition of First Foundation.
Other noninterest expense increased $10.9 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to higher data processing and FDIC insurance expenses associated with our increased scale following the acquisition of First Foundation.
Income Taxes
Three months ended June 30, 2026 and 2025
We recorded an income tax benefit for the second quarter of 2026 of $5.1 million, compared to income tax expense of $6.6 million for the same period in 2025. The decrease in income tax expense was due to a decrease in income during the second quarter of 2026, compared to the same period in 2025. Our effective tax rate was 18.3% for the second quarter of 2026, compared to 20.0% for the same period in 2025.
Six months ended June 30, 2026 and 2025
We recorded an income tax benefit for the six months ended June 30, 2026 of $0.3 million, compared to income tax expense of $12.7 million for the same period in 2025. The decrease in income tax expense was primarily due to a decrease in income during the six months ended June 30, 2026, compared to the same period in 2025. Our effective tax rate was 21.1% for the six months ended June 30, 2026, compared to 20.3% for the same period in 2025.
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Financial Condition
Balance Sheet
Our total assets were $15.7 billion and $8.5 billion, total liabilities were $13.9 billion and $7.3 billion, and total stockholders’ equity was $1.8 billion and $1.2 billion at June 30, 2026 and December 31, 2025, respectively.
On June 30, 2026, our consolidated balance sheet included the impact of our acquisition of First Foundation, which closed on April 1, 2026, as discussed in Note 2 - Acquisition of First Foundation Inc. in Part I, Item 1 of this Quarterly Report. Under ASC 805, Business Combinations, we may adjust provisional fair values of assets acquired and liabilities assumed in a business combination for a measurement period of up to one year beyond the acquisition date as additional information about the facts and circumstances that existed as of the acquisition date becomes available. If applicable, any future measurement-period adjustments will be recorded as adjustments to the provisional amounts recognized at the acquisition date, with a corresponding adjustment to goodwill, as applicable. Below is a summary of the related impact of the First Foundation acquisition on our balance sheet as of the acquisition date:
•The fair value of assets acquired totaled $11.2 billion and included net loans of $6.0 billion and investment securities of $2.9 billion.
•The fair value of liabilities assumed totaled $10.5 billion and included total deposits of $8.8 billion and total borrowings of $1.6 billion.
•Core deposit intangibles and other intangibles recorded totaled $90.2 million.
•Preliminary goodwill recorded totaled $9.1 million.
On June 4, 2026, we closed on the sale of approximately $890 million of performing multifamily commercial real estate loans acquired from First Foundation to an unaffiliated third party. On June 25, 2026, we completed the sale of approximately $336 million of performing municipal loans acquired from First Foundation to an unaffiliated third party. These loan sales were each contemplated and announced as part of our balance sheet repositioning strategy related to the acquisition of First Foundation. Our balance sheet repositioning strategy resulted in the liquidation of assets, namely $1.2 billion in cash, $1.4 billion in securities, and $1.3 billion of loans (including the multifamily commercial real estate and municipal loans noted above), to reduce approximately $2.5 billion of deposits and $1.4 billion of borrowings.
Investment Securities
Our securities portfolio is used to make various term investments, maintain a source of liquidity and serve as collateral for certain types of deposits and borrowings. We manage our investment portfolio according to written investment policies approved by our board of directors. Investment in our securities portfolio may change over time based on our funding needs and interest rate risk management objectives. Our liquidity levels take into account anticipated future cash flows and other available sources of funds, and are maintained at levels that we believe are appropriate to provide the necessary flexibility to meet our anticipated funding requirements.
Our investment securities portfolio consists of securities classified as available-for-sale and held-to-maturity. All available-for sale securities are carried at fair value and may be used for liquidity purposes should management consider it to be in our best interest.
Our securities available-for-sale increased by $1.4 billion to $1.9 billion at June 30, 2026, compared to December 31, 2025, due primarily to the First Foundation acquisition. During the period ended June 30, 2026, the securities held-to-maturity decreased $0.6 million to $33.3 million compared to December 31, 2025.
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The following table is a summary of our investment portfolio as of:
June 30, 2026 December 31, 2025
(In thousands) Carrying Amount % of Portfolio Carrying Amount % of Portfolio
Available-for-sale:
U.S. treasury $ 33,638  1.8  % $ 33,270  7.1  %
U.S. agency 6,582  0.3  % 412  0.1  %
Obligations of states and political subdivisions 29,649  1.6  % 28,073  6.0  %
Mortgage backed - residential 717,552  37.6  % 96,176  20.5  %
Collateralized mortgage obligations 711,218  37.3  % 150,797  32.1  %
Mortgage backed - commercial 392,687  20.6  % 143,993  30.7  %
Other debt 16,048  0.8  % 16,249  3.5  %
Total available-for-sale $ 1,907,374  100.0  % $ 468,970  100.0  %
Held-to-maturity:
Obligations of states and political subdivisions $ 25,981  78.1  % $ 25,890  76.5  %
Mortgage backed - residential 5,112  15.4  % 5,467  16.2  %
Collateralized mortgage obligations 2,181  6.5  % 2,482  7.3  %
Total held-to-maturity $ 33,274  100.0  % $ 33,839  100.0  %
The following table shows the weighted average yield to average life, which considers expected prepayments, of each category of investment securities as of June 30, 2026:
(In thousands) One year or less One to five years Five to ten years After ten years
Carrying Amount Average Yield Carrying Amount Average Yield Carrying Amount Average Yield Carrying Amount Average Yield
Available-for-sale:
U.S. treasury $ —  —  % $ 33,638  1.32  % $ —  —  % $ —  —  %
U.S. agency 12  5.54  % 275  3.90  % 129  5.93  % 6,166  4.35  %
Obligations of states and political subdivisions 1,957  3.77  % 2,044  3.03  % 21,921  0.35  % 3,727  2.47  %
Mortgage backed - residential 315  2.51  % 3,286  3.58  % 16,125  3.22  % 697,826  4.65  %
Collateralized mortgage obligations —  —  % 407  2.48  % 276  4.41  % 710,535  4.17  %
Mortgage backed - commercial 2,794  2.57  % 53,003  3.11  % 68,716  2.89  % 268,174  5.77  %
Other debt —  —  % 9,686  3.13  % 6,362  2.93  % —  —  %
Total available-for-sale $ 5,078  3.04  % $ 102,339  2.54  % $ 113,529  2.46  % $ 1,686,428  4.62  %
Held-to-maturity:
Obligations of states and political subdivisions $ 648  1.55  % $ 325  3.10  % $ —  —  % $ 25,008  3.52  %
Mortgage backed - residential 15  2.10  % 21  5.22  % 2,776  2.52  % 2,300  3.26  %
Collateralized mortgage obligations —  —  % —  —  % 214  2.31  % 1,967  2.98  %
Total held-to-maturity $ 663  1.56  % $ 346  3.23  % $ 2,990  2.51  % $ 29,275  3.47  %

78

Loans
Our loan portfolio represents a broad range of borrowers primarily in our markets in Texas, Kansas, Colorado, New Mexico, Arizona, California, Washington, Florida, Nevada and Hawaii, primarily comprised of commercial and industrial, commercial real estate, residential real estate, and public finance loans. We have a diversified portfolio across a variety of industries, and the portfolio is generally centered in the states in which we have branch offices. Our lending focus continues to be on operating companies, including commercial and industrial loans and lines-of-credit, as well as owner occupied commercial real estate loans.
Total loans held-for-investment, net of deferred fees, costs, premiums and discounts were $11.6 billion at June 30, 2026 and $6.7 billion at December 31, 2025, with the increase due primarily to the acquisition of First Foundation.
The following table sets forth the composition of our loan portfolio, as of:
June 30, 2026 December 31, 2025
(In thousands) Amount % of
total loans		 Amount % of
total loans
Commercial and industrial $ 3,579,772  30.9  % $ 2,937,867  44.0  %
Commercial real estate:
Non-owner occupied 1,195,172  10.3  % 742,002  11.1  %
Owner occupied 951,226  8.2  % 700,774  10.5  %
Construction and land 218,441  1.9  % 268,652  4.0  %
Multifamily 2,613,194  22.6  % 210,368  3.2  %
Total commercial real estate 4,978,033  43.0  % 1,921,796  28.8  %
Residential real estate1
1,913,575  16.5  % 1,221,086  18.3  %
Public finance 957,556  8.3  % 501,582  7.5  %
Consumer 29,569  0.3  % 32,651  0.5  %
Other 114,047  1.0  % 58,198  0.9  %
Total loans, excluding loan hedge fair value 11,572,552  100.0  % 6,673,180  100.0  %
Loan hedge fair value2
(4,109) — 
Total loans $ 11,568,443  $ 6,673,180 
1 Includes 1-4 family residential construction.
2 Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual loans.
Commercial and industrial loans include loans to commercial customers for use in normal business operations to finance working capital needs, equipment and inventory purchases, other expansion projects and loans to non-depository financial institutions. These loans are made primarily in our market areas and are underwritten on the basis of the borrower’s ability to service the debt from revenue, and are generally extended under our normal credit standards, controls and monitoring systems.
Commercial real estate (“CRE”) loans include owner and non-owner occupied commercial real estate mortgage loans to operating commercial and agricultural businesses, and include both loans for long-term financing of land and buildings, multifamily residential mortgage loans for terms up to 30 years for 5+ unit properties, and loans made for the initial development or construction of a commercial real estate project. Non-owner occupied CRE loans were 63.7% of the Company’s risk-based capital, or 10.3% of total loans as of June 30, 2026. Non-owner occupied CRE loans associated with office space were $115.7 million, or 1.0% of total loans as of June 30, 2026. Owner occupied CRE loans associated with office space were $148.6 million, or 1.3% of total loans as of June 30, 2026.
Residential real estate loans represent loans to consumers collateralized by a mortgage on a residence and include purchase money, refinancing, secondary mortgages, and home equity loans and lines-of-credit.
Public finance loans include loans to our charter school and municipal based customers.
Consumer loans include direct consumer installment loans, credit card accounts, overdrafts and other revolving loans.
Other loans consist of lease financing receivables and loans for agricultural production.
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Maturities and Sensitivity of Loans to Changes in Interest Rates
The information in the following tables is based on the contractual maturities of individual loans, including loans that may be subject to renewal at their contractual maturity. Renewal of these loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below because borrowers have the right to prepay obligations with or without prepayment penalties. The following tables summarize the loan maturity distribution by type and related interest rate characteristics as of June 30, 2026:
(In thousands) One year
or less		 After one
 through
five years		 After five
through
15 years		 After 15
years		 Total
Commercial and industrial $ 741,273  $ 2,610,329  $ 201,516  $ 26,654  $ 3,579,772 
Commercial real estate 590,586  1,573,394  696,533  2,117,520  4,978,033 
Residential real estate 87,419  38,961  51,620  1,735,575  1,913,575 
Public finance 11,775  193,163  441,187  311,431  957,556 
Consumer 10,930  8,860  9,527  252  29,569 
Other 13,007  74,186  22,551  4,303  114,047 
Total loans $ 1,454,990  $ 4,498,893  $ 1,422,934  $ 4,195,735  $ 11,572,552 
(In thousands) One year
or less		 After one
 through
five years		 After five
through
15 years		 After 15
years		 Total Total Loans Maturing After 1 Year
Loans maturing with:
Fixed interest rates
Commercial and industrial $ 59,912  $ 328,975  $ 96,638  $ 1,148  $ 486,673  $ 426,761 
Commercial real estate 249,501  736,893  402,788  6,401  1,395,583  1,146,082 
Residential real estate 71,714  28,162  32,937  336,165  468,978  397,264 
Public finance 8,539  192,887  436,911  311,431  949,768  941,229 
Consumer 6,100  7,712  9,399  25  23,236  17,136 
Other 9,225  68,156  18,830  4,285  100,496  91,271 
Total fixed interest rate loans $ 404,991  $ 1,362,785  $ 997,503  $ 659,455  $ 3,424,734  $ 3,019,743 
Floating or adjustable interest rates
Commercial and industrial $ 681,361  $ 2,281,354  $ 104,878  $ 25,506  $ 3,093,099  $ 2,411,738 
Commercial real estate 341,085  836,501  293,745  2,111,119  3,582,450  3,241,365 
Residential real estate 15,705  10,799  18,683  1,399,410  1,444,597  1,428,892 
Public finance 3,236  276  4,276  —  7,788  4,552 
Consumer 4,830  1,148  128  227  6,333  1,503 
Other 3,782  6,030  3,721  18  13,551  9,769 
Total floating or adjustable interest rate loans $ 1,049,999  $ 3,136,108  $ 425,431  $ 3,536,280  $ 8,147,818  $ 7,097,819 
Total loans $ 1,454,990  $ 4,498,893  $ 1,422,934  $ 4,195,735  $ 11,572,552  $ 10,117,562 
Allowance for Credit Losses
At June 30, 2026, our allowance for credit losses was $173.6 million, compared to $85.0 million at December 31, 2025. The increase in the allowance for credit losses was primarily driven by $92.5 million of allowance for credit losses recorded for loans acquired in the acquisition of First Foundation.
We maintain the allowance for credit losses at a level we believe is sufficient to absorb expected losses in our loan portfolio given the conditions at the time and our estimates of future economic conditions. Events that are not within our control, such as changes in economic factors, could change subsequent to the reporting date and could cause increases or decreases to the allowance. The amount of the allowance is affected by loan charge-offs, which decrease the allowance; recoveries on loans previously charged off, which increase the allowance; and the provision for credit losses charged to earnings, which increases the allowance.
In determining the provision for credit losses, management monitors fluctuations in the allowance resulting from actual charge-offs and recoveries and reviews the size and composition of the loan portfolio in light of current and anticipated
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economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as events change.
The following table presents, by loan type, the changes in the allowance for credit losses:
For the three months ended
 June 30,
For the six months ended
 June 30,
(In thousands) 2026 2025 2026 2025
Balance, beginning of period $ 82,955  $ 91,790  $ 85,016  $ 88,221 
Acquisition of First Foundation Inc. 92,500  —  92,500  — 
Loan charge-offs:
Commercial and industrial (40,369) (11,089) (50,953) (11,732)
Commercial real estate (2,000) —  (2,000) — 
Residential real estate (178) —  (178) — 
Public finance —  (1,680) —  (1,680)
Consumer (26) (85) (90) (254)
Other —  (743) —  (743)
Total loan charge-offs (42,573) (13,597) (53,221) (14,409)
Recoveries of loans previously charged-off:
Commercial and industrial 153  2  221  121 
Commercial real estate 3  —  3  — 
Residential real estate —  —  —  23 
Consumer 13  48  32  87 
Total loan recoveries 169  50  256  231 
Net loan charge-offs (42,404) (13,547) (52,965) (14,178)
Provision for credit losses1
40,500  4,750  49,000  8,950 
Balance, end of period $ 173,551  $ 82,993  $ 173,551  $ 82,993 
Allowance for credit losses to total loans 1.50  % 1.28  % 1.50  % 1.28  %
Ratio of net charge-offs to average loans outstanding 1.45  % 0.83  % 1.15  % 0.44  %
1 For the three months ended June 30, 2026 and 2025 we recorded a benefit for credit losses on unfunded commitments of $100 and $250, respectively. For the six months ended June 30, 2026 and 2025 we recorded a benefit for credit losses on unfunded commitments of $350 and $650, respectively. For further information, see Note 4 - Loans.
The following table presents net charge-offs (recoveries) to average loans outstanding by loan category:
For the three months ended
 June 30,
For the six months ended
 June 30,
(In thousands) 2026 2025 2026 2025
Commercial and industrial 4.52  % 1.39  % 2.99  % 0.76  %
Commercial real estate 0.16  % —  % 0.11  % —  %
Residential real estate 0.04  % —  % 0.02  % —  %
Public finance —  % 1.25  % —  % 0.63  %
Consumer 0.12  % 0.39  % 0.30  % 0.87  %
Other —  % 24.09  % —  % 2.99  %
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Allocation of Allowance for Credit Losses
The following table presents the allocation of the allowance for credit losses by category and the percentage of loans by category to total loans as of:
June 30, 2026 December 31, 2025
(In thousands) Allowance
Amount		 % of loans in
each category to
total loans		 Allowance
Amount		 % of loans in
each category to
total loans
Commercial and industrial $ 53,779  30.9  % $ 42,902  44.0  %
Commercial real estate 86,905  43.0  % 24,408  28.8  %
Residential real estate 21,279  16.5  % 13,323  18.3  %
Public finance 8,534  8.3  % 2,942  7.5  %
Consumer 643  0.3  % 721  0.5  %
Other 2,411  1.0  % 720  0.9  %
Total $ 173,551  100.0  % $ 85,016  100.0  %
Criticized and Nonperforming Assets
We have established policies and procedures to guide us in originating, monitoring and maintaining the credit quality of our loan portfolio. These policies and procedures are expected to be followed by our bankers and underwriters and exceptions to these policies require elevated levels of approval and are reported to our board of directors.
Criticized loans consist of loans for which management has identified elevated credit risk through its ongoing credit administration and risk rating processes. These loans include credits classified as special mention, substandard, doubtful, or loss based on an evaluation of the borrower's financial condition, repayment capacity, collateral support, guarantor strength, and other relevant factors. Criticized loans are monitored closely by management and are subject to enhanced review procedures. Changes in criticized loan balances may result from the migration of loans between risk rating categories, changes in credit quality, portfolio acquisitions, loan payoffs, charge-offs, or other portfolio management activities.
Nonperforming assets include all loans categorized as nonaccrual, accrual loans greater than 90 days past due, and other real estate owned and other repossessed assets. The accrual of interest on loans is discontinued, or the loan is placed on nonaccrual, when the full collection of principal and interest is in doubt. We do not generally accrue interest on loans that are 90 days or more past due. When a loan is placed on nonaccrual, previously accrued but unpaid interest is reversed and charged against interest income and future accruals of interest are discontinued. Payments by borrowers for loans on nonaccrual are applied to loan principal. Loans are returned to accrual status when, in our judgment, the borrower’s ability to satisfy principal and interest obligations under the loan agreement has improved sufficiently to reasonably assure recovery of principal and the borrower has demonstrated a sustained period of repayment performance. In general, we require a minimum of six consecutive months of timely payments in accordance with the contractual terms before returning a loan to accrual status.
Criticized loans increased to $895.2 million, or 7.7% of total loans, at June 30, 2026, compared to $311.7 million, or 4.7% of total loans, at December 31, 2025. Approximately 78% of the increase was attributable to loans acquired from First Foundation, primarily in the multifamily real estate portfolio, included within commercial real estate. As part of the First Foundation acquisition, we performed a comprehensive credit review of the acquired loans, including the assignment of risk ratings under our credit grading methodologies, and loans were recorded at their amortized cost basis, which reflects their acquisition date fair value plus the initial allowance for expected credit losses recognized at acquisition.
Including the impact of the acquisition of First Foundation, the increase in criticized loans was concentrated in a limited number of industry segments, primarily multifamily real estate, included in commercial real estate, which represented approximately 62% of the total increase in criticized balances and approximately 40% of total criticized loans at June 30, 2026. Management believes the underlying collateral positions remain supportive of carrying values, as criticized multifamily loans had a weighted-average loan-to-value ratio of approximately 68% at quarter end.

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The following table sets forth our criticized loans by portfolio type as of:
Commercial
and
Industrial		 Commercial
Real
Estate		 Residential
Real
Estate		 Public
Finance		 Consumer Total
June 30, 2026
Special Mention $ 113,642  $ 254,621  $ 5,810  $ 9,332  $ 999  $ 384,404 
Substandard - Accruing 63,283  240,499  2,593  14,438  —  320,813 
Substandard - Nonaccrual 67,081  68,677  29,816  —  52  165,626 
Doubtful 24,357  —  —  —  —  24,357 
Total criticized loans $ 268,363  $ 563,797  $ 38,219  $ 23,770  $ 1,051  $ 895,200 
December 31, 2025
Special Mention $ 93,167  $ 62,501  $ 3,272  $ —  $ —  $ 158,940 
Substandard - Accruing 71,507  21,154  49  —  —  92,710 
Substandard - Nonaccrual 32,342  5,199  21,126  —  46  58,713 
Doubtful 1,368  —  —  —  —  1,368 
Total criticized loans $ 198,384  $ 88,854  $ 24,447  $ —  $ 46  $ 311,731 
Nonperforming loans increased to $190.1 million, or 1.64% of total loans at June 30, 2026, compared to $60.8 million, or 0.91% at December 31, 2025, and included $32.7 million of PCD loans acquired from First Foundation. The increase was primarily concentrated in a limited number of larger credit relationships across multifamily real estate, included in commercial real estate, certain commercial and industrial borrowers, and residential mortgage loans, and we do not believe they reflect broad-based or systemic credit deterioration across our loan portfolio.
The following table sets forth our nonperforming assets as of:
(In thousands) June 30,
2026		 December 31,
2025
Nonaccrual loans:
Commercial and industrial $ 91,438  $ 33,710 
Commercial real estate 68,677  5,199 
Residential real estate 29,816  21,126 
Consumer 52  46 
Total nonaccrual loans 189,983  60,081 
Accrual loans greater than 90 days past due 132  690 
Total nonperforming loans 190,115  60,771 
Other real estate owned and foreclosed assets, net 16,808  11,514 
Total nonperforming assets $ 206,923  $ 72,285 
Nonaccrual loans to total loans 1.64  % 0.90  %
Nonperforming loans to total loans 1.64  % 0.91  %
Nonperforming assets to total assets 1.32  % 0.85  %
Allowance for credit losses to nonaccrual loans 91.35  % 141.50  %
Deposits
Deposits represent our primary source of funds. Total deposits were $13.4 billion at June 30, 2026 and $7.1 billion at December 31, 2025, with the increase due primarily to the acquisition of First Foundation.
We are focused on growing our core deposits through relationship-based banking with our business and consumer clients.
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The following table presents our deposits by customer type as of:
($ in thousands) June 30,
2026		 December 31,
2025
Consumer
Noninterest-bearing deposit accounts $ 1,000,584  $ 404,666 
Interest-bearing deposit accounts:
Demand and NOW 937,796  590,535 
Savings 1,917,926  308,655 
Money market 2,039,795  1,400,593 
Certificates of deposit 1,044,959  809,401 
Total interest-bearing deposit accounts 5,940,476  3,109,184 
Total consumer deposits $ 6,941,060  $ 3,513,850 
Business
Noninterest-bearing deposit accounts $ 1,672,705  $ 1,246,707 
Interest-bearing deposit accounts:
Demand and NOW 1,905,387  893,306 
Savings 434,076  69,976 
Money market 1,413,966  901,244 
Certificates of deposit 103,360  57,349 
Total interest-bearing deposit accounts 3,856,789  1,921,875 
Total business deposits $ 5,529,494  $ 3,168,582 
Wholesale deposits1
$ 947,450  $ 424,924 
Total deposits $ 13,418,004  $ 7,107,356 
1 Wholesale deposits primarily consist of brokered deposits included in our consolidated balance sheets within certificates of deposit.
The following table sets forth the average balance amounts and the average rates paid on deposits held by us:
For the three months ended June 30,
For the six months ended June 30,
2026 2025 2026 2025
(Dollars in thousands) Average
Balance		 Average
Rate Paid		 Average
Balance		 Average
Rate Paid		 Average
Balance		 Average
Rate Paid		 Average
Balance		 Average
Rate Paid
Noninterest-bearing deposit accounts $ 2,622,311  —  % $ 1,587,302  —  % $ 2,125,679  —  % $ 1,559,878  —  %
Interest-bearing deposit accounts:
Demand and NOW 3,012,754  2.06  % 1,518,316  1.77  % 2,273,546  1.94  % 1,495,079  1.71  %
Savings 2,428,253  2.70  % 401,093  0.58  % 1,410,791  2.40  % 400,948  0.58  %
Money market 3,611,570  2.97  % 1,934,487  3.28  % 2,955,179  2.92  % 1,813,344  3.19  %
Certificates of deposit 2,798,815  3.35  % 1,504,235  3.76  % 2,007,012  3.34  % 1,525,814  3.84  %
Total interest-bearing deposit accounts 11,851,392  2.77  % 5,358,131  2.78  % 8,646,528  2.67  % 5,235,185  2.76  %
Total deposits $ 14,473,703  2.27  % $ 6,945,433  2.15  % $ 10,772,207  2.15  % $ 6,795,063  2.12  %
As of June 30, 2026 and December 31, 2025, approximately $4.2 billion or 31.6% and $2.6 billion or 36.6%, respectively, of our deposit portfolio was uninsured. As of June 30, 2026 and December 31, 2025, approximately $3.8 billion or 28.0% and $2.1 billion or 29.0%, respectively, of our deposit portfolio was uninsured and uncollateralized. The uninsured, and uninsured and uncollateralized amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.
We actively participate in the IntraFi Cash Service (“ICS”) / Certificate of Deposit Account Registry Service (“CDARS”) program which provides FDIC insurance coverage for clients that maintain larger deposit balances. Deposits in the ICS /
84

CDARS program totaled $1.5 billion, or 11.5% of all deposits as of June 30, 2026, and $0.9 billion, or 12.2% of all deposits as of December 31, 2025.
The following table sets forth the portion of the Bank's time deposits, by account, that are in excess of the FDIC insurance limit, by remaining time until maturity, as of June 30,:
(In thousands) 2026
Three months or less $ 91,340 
Over three months through six months 83,827 
Over six through twelve months 34,984 
Over twelve months through three years 425 
Over three years 830 
Total $ 211,406 
Liquidity
Liquidity refers to our ability to maintain cash flow that is adequate to fund operations, support asset growth, maintain reserve requirements and meet present and future obligations of deposit withdrawals, lending obligations and other contractual obligations.
FirstSun (Parent Company)
FirstSun has routine funding requirements consisting primarily of operating expenses, debt service, share repurchases, and funds used for acquisitions. FirstSun can obtain funding to meet its obligations from dividends collected from its subsidiaries, primarily the Bank, and through the issuance of varying forms of debt. At June 30, 2026, FirstSun had available cash and cash equivalents of $52.8 million and debt outstanding of $213.1 million. Management believes FirstSun has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short-term and the long-term.
Federal banking laws regulate the amount of dividends that may be paid by banking subsidiaries without prior approval. The Bank may declare dividends without prior regulatory approval that do not exceed the total of retained net income for the current year combined with its retained net income for the preceding two years, subject to maintenance of minimum capital requirements. Prior regulatory approval to pay dividends was not required in 2025 and is not currently required. At June 30, 2026, the Bank could pay dividends to FirstSun of approximately $177.6 million without prior regulatory approval. During each of the three- and six-month periods ended June 30, 2026, the Bank paid dividends totaling $25.0 million to FirstSun.
Bank

As more fully discussed in our 2025 Annual Report, we regularly monitor our liquidity position and make adjustments to the balance between sources and uses of funds as we deem appropriate. At June 30, 2026, our liquid assets, which consist of unrestricted cash and amounts due from banks and interest-bearing deposits in other financial institutions, amounted to $979.1 million, or 6.2% of total assets, compared to $642.2 million, or 7.6% of total assets, at December 31, 2025. The increase in our liquid assets was primarily due to an increase in cash held at the Federal Reserve. At June 30, 2026, securities with a carrying value of $1.8 billion, or approximately 92% of our $1.9 billion investment securities portfolio, were pledged to secure public deposits, securities sold under agreements to repurchase, and borrowed funds. Our unencumbered securities at June 30, 2026 were approximately $149.8 million, or 1.0% of total assets, compared to $140.9 million, or 1.7% of total assets, at December 31, 2025.

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The liability portion of our balance sheet serves as a primary source of liquidity. We plan to meet our future cash needs primarily through the generation of deposits. Customer deposits have historically provided a sizable source of relatively stable and low-cost funds. At June 30, 2026, loans as a percentage of customer deposits were 86.2%, compared with 93.9% at December 31, 2025. For additional information related to our deposits, see Deposits section above. We are also a member of the FHLB and FRB, from which we can borrow for leverage or liquidity purposes. The FHLB and FRB require that securities and qualifying loans be pledged to secure any advances. Liquidity sources available to us for immediate funding at June 30, 2026, are as follows:
(In thousands)
FHLB borrowings available $ 4,286,511 
Fed Funds lines 2,124,449 
Unused lines with other financial institutions 250,000 
Immediate funding availability $ 6,660,960 
Management believes the Bank has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short-term and the long-term.
Capital
Stockholders’ equity was $1.8 billion at June 30, 2026 and $1.2 billion at December 31, 2025, an increase of $684.0 million, or 59.3%. The increase in stockholders’ equity was primarily attributable to the issuance of approximately $686 million of equity consideration in connection with the acquisition of First Foundation.
We did not pay a dividend to our common stockholders for the three or six months ended June 30, 2026 and 2025.
Capital Adequacy
We are subject to various regulatory capital requirements administered by the federal banking agencies. Management routinely analyzes our capital to seek to ensure an optimized capital structure. For further information on capital adequacy see Note 13 - Regulatory Capital Matters to the consolidated financial statements.
Material Contractual Obligations, Commitments, and Contingent Liabilities
We have entered into contractual obligations in the normal course of business that involve elements of credit risk, interest rate risk and liquidity risk.
The following table summarizes our material contractual obligations as of June 30, 2026. Further discussion of each obligation or commitment is included in the referenced note to the consolidated financial statements.
(In thousands) Note
Reference		 Total Less than
1 Year		 1 - 3
Years		 3 - 5
Years		 More than
5 Years
Deposits:
Deposits without a stated maturity $ 11,406,395  $ 11,406,395  $ —  $ —  $ — 
Certificates of deposit 2,011,609  1,602,254  405,120  3,177  1,058 
Securities sold under agreements to repurchase 17,475  17,475  —  —  — 
Long-term debt:
Subordinated debt 213,085  —  —  24,165  188,920 
Operating leases 59,218  21,367  24,185  6,526  7,140 
We are party to various derivative contracts as a means to manage the balance sheet and our related exposure to changes in interest rates, to manage our residential real estate loan origination and sale activity, and to provide derivative contracts to our clients. Since the derivative liabilities recorded on the balance sheet change frequently and do not represent the amounts that may ultimately be paid under these contracts, these liabilities are not included in the table of contractual obligations presented above. Further discussion of derivative instruments is included in Note 7 - Derivative Financial Instruments to the consolidated financial statements.
In the normal course of business, various legal actions and proceedings are pending against us and our affiliates which are incidental to the business in which they are engaged. Further discussion of contingent liabilities is included in Note 16 - Commitments and Contingencies to the consolidated financial statements.
86

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual or notional amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments. Further discussion of contingent liabilities is included in Note 16 - Commitments and Contingencies to the consolidated financial statements.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of reduced earnings and/or declines in the net market value of the balance sheet due to changes in market rates. Our primary market risk is interest rate risk which impacts our net interest income, fee income related to interest sensitive activities such as mortgage origination and servicing income and loan and deposit demand.
We are subject to interest rate risk due to:
•the maturity or repricing of assets and liabilities at different times or for different amounts;
•differences in short-term and long-term market interest rate changes; and
•the remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change.
Our Asset Liability Committee, or ALCO, which is composed of our executive officers and certain other members of management, monitors interest rate risk on an ongoing basis in accordance with policies approved by our board of directors. The ALCO reviews interest rate positions and considers the impact projected interest rate scenarios have on earnings, liquidity, business strategies and other factors. However, management has the latitude to change interest rate positions within certain limits if, in management’s judgment, the change will enhance profitability or minimize risk.
To assess and manage interest rate risk, sensitivity analysis is used to determine the impact on earnings and the net market value of the balance sheet across various interest rate scenarios, balance sheet trends, and strategies.
Management uses a simulation model to analyze the sensitivity of net interest income to changes in interest rates across various interest rate scenarios, which seeks to demonstrate the level of interest rate risk inherent in the existing balance sheet. The analysis holds the current balance sheet values constant and does not take into account management intervention.
Additionally, our simulation model incorporates various key assumptions, which we believe are reasonable, but may have an impact on the results such as: (1) we assume certain correlation rates, often referred to as “deposit beta,” for interest-bearing deposits, wherein the rates paid to customers change relative to changes in benchmark interest rates, (2) cash flows and maturities of interest sensitive assets and liabilities, (3) re-pricing characteristics for market rate sensitive instruments, (4) prepayment rates and product mix of assets and liabilities, and (5) simulations do not contemplate any actions management may undertake in response to changes in interest rates. Because of limitations in any approach used to measure interest rate risk, simulation results are not intended to forecast actual results driven by the effect of a change in market rates but to better plan and execute appropriate asset-liability management strategies and manage our interest rate risk.
The primary impact of inflation on operations is reflected in increasing operating costs and noninterest expense. Our interest-bearing assets and liabilities are monetary in nature and changes in interest rates will impact our performance on net interest margin more than changes in the general rate of inflation.
The effect on net interest income over a 12-month time horizon due to hypothetical changes in market interest rates is presented in the table below. In this interest rate shock simulation, as of the periods presented, interest rates have been adjusted by instantaneous parallel changes rather than in a ramp simulation, which applies interest rate changes over time. All rates, short-term and long-term, are changed by the same amount (e.g., plus or minus 100 basis points) resulting in the shape of the yield curve remaining unchanged.
% Change in Net Interest Income
As of June 30,
% Change in Economic Value of Equity
As of June 30,
Changes in Interest
Rate (Basis Points)		 2026 2025 2026 2025
+200 3.5  % 5.5  % (5.3) % (3.5) %
+100 0.5  % 2.8  % (2.8) % (1.3) %
Base —  % —  % —  % —  %
-100 2.8  % 1.5  % 3.4  % 1.5  %
-200 1.6  % 1.9  % 3.8  % 1.1  %
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Item 4. Controls and Procedures
a.Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of June 30, 2026. Based on that evaluation, our principal executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
b.Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended June 30, 2026, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Part II - Other Information
Item 1. Legal Proceedings
FirstSun and its subsidiaries are from time to time subject to claims and litigation arising in the ordinary course of business. For further information regarding legal proceedings, see Note 16 - Commitments and Contingencies under the subheading “Litigation” in our unaudited consolidated financial statements contained in this report.
Item 1A. Risk Factors
During the quarter ended June 30, 2026, there have been no material changes from the risk factors previously disclosed under Part I, Item 1A. “Risk Factors” in our 2025 Annual Report.

An investment in our securities involves risks. In addition to the other information set forth in this Quarterly Report, including the information addressed under “Cautionary Note Regarding Forward-Looking Statements,” investors in our securities should carefully consider the risk factors discussed in our 2025 Annual Report. These factors could materially and adversely affect our business, financial condition, liquidity, results of operations, and capital position and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report, in which case the trading price of our securities could decline.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Sales of Unregistered Securities:
There were no unregistered sales of equity securities or issuer repurchases of equity securities during the second quarter of 2026.
Share Repurchase Program and Stock Repurchases:
As of June 30, 2026, we did not have an authorized share repurchase program in effect. On July 24, 2026, our board authorized a share repurchase program to purchase up to $150 million of our common stock through June 30, 2027, in open market transactions or privately negotiated transactions, including pursuant to a Rule 10b5-1 trading plan and/or in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
The following information describes our common stock repurchases for the three months ended June 30, 2026:
Total
Number
of Shares
Purchased1
Average
Price
Paid per
Share		 Total Number
of Shares
Purchased
as Part of
Publicly
Announced
Plan		 Maximum
Number of Shares
(or Approximate
Dollar Value)
That May Yet Be
Purchased Under
the Plan at the
End of the Period
April 1, 2026 to April 30, 2026 3,480  $ 36.46  —  $ — 
May 1, 2026 to May 31, 2026 175  35.93  —  — 
June 1, 2026 to June 30, 2026 749  34.76  —  — 
Total 4,404  — 
1 Represents shares of our common stock withheld upon the vesting of restricted stock in order to satisfy tax withholding obligations.
Item 3. Defaults Upon Senior Securities
None.
90

Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements: During the three months ended June 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
91

Item 6. Exhibits
Exhibit
No.		 Description
2.1
2.2
3.1
3.2
3.3
4.1
4.2
4.3
10.1
10.2
10.3
31.1
31.2
32.1
101
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, were formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements.
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
* Schedules and similar attachments have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant will furnish supplementally a copy of any omitted schedules or similar attachment to the SEC upon request.


92

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRSTSUN CAPITAL BANCORP
(Registrant)
/s/ Neal E. Arnold
Date: August 10, 2026
Neal E. Arnold
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Robert A. Cafera, Jr.
Date: August 10, 2026
Robert A. Cafera, Jr.
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
93
EX-31.1 2 exhibit311certificationofc.htm EX-31.1 Document

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer

I, Neal E. Arnold, certify that:
1. I have reviewed this quarterly report on Form 10-Q of FirstSun Capital Bancorp;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 10, 2026

/s/ Neal E. Arnold
_____________________________________
Neal E. Arnold, President and Chief Executive Officer
Principal Executive Officer
EX-31.2 3 exhibit312certificationofc.htm EX-31.2 Document

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer

I, Robert A. Cafera, Jr., certify that:
1. I have reviewed this quarterly report on Form 10-Q of FirstSun Capital Bancorp;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 10, 2026

/s/ Robert A. Cafera, Jr.
_____________________________________
Robert A. Cafera, Jr., Senior Executive Vice President and Chief Financial Officer
Principal Financial Officer and Principal Accounting Officer
EX-32.1 4 exhibit321certificationofc.htm EX-32.1 Document

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Neal E. Arnold, the President and Chief Executive Officer of FirstSun Capital Bancorp (the “Company”), hereby certify in my capacity as an executive officer of the Company that, to my knowledge:
1. The quarterly report of the Company on Form 10-Q for the quarter ended June 30, 2026 as filed with the Securities and Exchange Commission on this date (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 10, 2026

                        /s/ Neal E. Arnold
                        ________________________________
                        Neal E. Arnold
                        President and Chief Executive Officer
                        (Principal Executive Officer)






CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert A. Cafera, Jr., the Senior Executive Vice President and Chief Financial Officer of FirstSun Capital Bancorp (the “Company”), hereby certify in my capacity as an executive officer of the Company that, to my knowledge:
1. The quarterly report of the Company on Form 10-Q for the quarter ended June 30, 2026 as filed with the Securities and Exchange Commission on this date (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 10, 2026

                        /s/ Robert A. Cafera, Jr.
________________________________
                        Robert A. Cafera, Jr.
                        Senior Executive Vice President and Chief Financial Officer
                        (Principal Financial Officer and Principal Accounting Officer)