FirstSun Capital Bancorp reported first-quarter 2026 net income of $21.6 million, down from $23.6 million a year earlier and below the $24.8 million it earned in the fourth quarter of 2025. Diluted earnings per share fell to $0.76 from $0.83 in the first quarter of 2025 and $0.88 in the prior quarter.
The Denver-based bank said adjusted net income was $23.7 million, or $0.84 per diluted share, versus $26.9 million, or $0.95 per share, in the fourth quarter.
Net interest income slipped $0.7 million sequentially to $82.8 million, while net interest margin widened 7 basis points to 4.25%. Average loans rose $32.1 million from the prior quarter, and loans at March 31 reached $6.9 billion, up $266.8 million from Dec. 31, an annualized growth rate of 16.2%.
Noninterest income increased to $27.2 million from $26.8 million in the previous quarter. Mortgage banking income added $2.2 million, helped by an 11.4% increase in total originations, while other noninterest income declined $1.8 million.
Noninterest expense climbed to $75.3 million from $72.0 million in the prior quarter. Salary and employee benefits rose $3.8 million, merger-related expenses increased $0.5 million, and the efficiency ratio worsened to 68.52% from 65.37%.
Credit costs moved higher. The provision for credit losses rose to $8.3 million from $6.2 million, and net charge-offs jumped to $10.6 million from $5.0 million. The annualized net charge-off ratio increased to 0.63% from 0.30%. The allowance for credit losses fell to 1.20% of loans from 1.27%, while nonperforming assets edged down to 0.82% of total assets from 0.85%.
Deposits were essentially flat at $7.1 billion at quarter-end, but average deposits declined $45.8 million sequentially to $7.0 billion. Certificates of deposit fell $79.9 million, including a $58.6 million drop in brokered deposits, while demand and NOW accounts rose $86.1 million. Noninterest-bearing deposits made up 22.6% of total deposits, and the loan-to-deposit ratio was 97.9%.
On capital, book value per share increased $0.72 from year-end to $42.08, and tangible book value per share rose $0.74 to $38.57. The common equity tier 1 ratio stood at 13.77%, total risk-based capital at 15.29%, and tier 1 leverage at 13.06%.
FirstSun completed its merger with First Foundation on April 1, 2026, after quarter-end, and said it incurred $2.7 million in merger-related expenses during the quarter. As a result of these announcements, the company's shares have moved -0.53% on the market, and are now trading at a price of $38.23. For more information, read the company's full 8-K submission here.
