Firstsun Capital Bancorp · NASDAQ:FSUN
Firstsun Capital Bancorp — Q1 2025 Earnings Presentation
24 slides from Firstsun Capital Bancorp's earnings presentation, Apr 29, 2025
Slide 1: FirstSun Capital Bancorp 1Q2025 Earnings Presentation
FirstSun Capital Bancorp NASDAQ: FSUN 1Q2025 Earnings Presentation April 28, 2025
Slide 2: Disclaimers
Disclaimers Forward Looking Statements This presentation contains forward-looking information and statements by FirstSun Capital Bancorp (the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are generally identifiable by the use of wo
Slide 3: Corporate Profile
Corporate Profile Operating in 5 of the Top 10 With a Presence in 7 of the 10 Largest Franchise Footprint4 Fastest Growing MSAs1 MSAs in the Southwest & Western US2 # # 1 Austin, TX 1 Southern CA (ex. San Diego & Ontario, CA)3 2 Dallas, TX 2 Dallas, TX $8.2B 3 Orlando, FL 3 Houston, TX Total Assets
Slide 4: Unique High Growth Franchise
Unique High Growth Franchise Universe Strong Fee Lending Attractive Size Income Focus Growth Footprint3 ~ 40 Banks 1 Bank Attractive core Banks West of the deposit funded Mississippi River With scale in markets franchise with MRQ Fee proven ability to Specialized Loan Growth2 with leading projected
Slide 5: Investment Thesis — Focused Strategy
Investment Thesis — Focused Strategy C&I business focus with a Southwest & Western Vertical lending expertise disciplined and careful CRE geography with a mix of metro provides true alternative to exposure to core customers in and community markets larger banks our geography Financial service income
Slide 6: First Quarter 2025 Highlights
First Quarter 2025 Highlights Net Income Diluted EPS Q1 Performance $23.6 million $0.83 • Net Income of $23.6 million; Diluted EPS of 1 $0.83 ROAA PTPP ROAA 1.20% 1.70% • ROAA of 1.20%; PTPP ROAA1 of 1.70%; ROATCE1 of 10.18% ROATCE1 Net Interest Margin (NIM) • Total revenue2 of $96.2 million 10.18%
Slide 7: Loan Portfolio Trends
Loan Portfolio Trends Portfolio Composition Quarter Highlights Originations, Paydowns & Payoffs 3.4% $500 • Balances up 3% from Q1 2024 8.5% • Balances up 7%, annualized from Q4, driven $ in millions $400 by: ◦ 22% annualized increase in C&I $300 • Slight increase of 1% in line utilization in Q1 40.
Slide 8: Deposit Trends
Deposit Trends Average Deposit Composition Quarter Highlights ($ in thousands) • Balances up 7% from Q1 2024 • Balances up 12%, annualized from Q4 (average Q1 2025 22.9% 10.3% 43.3% 22.9% $6,643,021 balance up 1%, annualized from Q4) Q4 2024 23.1% 10.3% 42.5% 23.5% $6,627,469 • Continued mix shift Q
Slide 9: Net Interest Income & Net Interest Margin Trends
Net Interest Income & Net Interest Margin Trends Net Interest Income Quarter Highlights 5.2% ($ in thousands) YoY Growth $77,047 • NII growth of 5.2% over Q1 2024 $76,158 $74,478 • Stability of NIM - trailing 10 qtrs above 4.00% $72,899 $70,806 ◦ Balance sheet composition Outlook Q1 2024 Q2 2024 Q3
Slide 10: Noninterest Income Trends
Noninterest Income Trends Service Fee Revenue Composition Quarter Highlights ($ in thousands) • Diversified revenue base ~ 23% service Q1 2025 $9,055 $4,194 $2,586 $2,027 $1,421 $2,446 $21,729 fees to total revenue1 Q4 2024 $9,631 $3,982 $2,706 $2,219 $1,436 $1,661 $21,635 • Mortgage banking revenue
Slide 11: Noninterest Expense Trends
Noninterest Expense Trends Noninterest Expense Composition Quarter Highlights ($ in thousands) • Noninterest expenses were flat compared to Q1 2025 $39,561 $9,536 $12,997 $62,722 adjusted Q4 • Q4 included non-recurring expenses of: Q4 2024 $38,498 $9,865 $15,869 $8,010 $73,673 ◦ $674 within occupanc
Slide 12: Asset Quality Trends
Asset Quality Trends Allowance for Credit Losses Quarter Highlights ($ in thousands) $91,790 • Net charge-offs to average loans of 4 bps in Q1 $88,221 • Classified loans trended up 4% $83,159 • NPL’s trended up 14% $79,829 • Loan loss provisioning impacts in Q1: $78,960 1.42% ◦ Benefited from net up
Slide 13: Capital and Liquidity
Capital and Liquidity Total Capital Ratio Common Equity Tier 1 Capital Ratio Quarter Highlights • Wholesale funding reliance of 7% 14.95% 15.25% 15.42% 15.52% 14.73% 12.80% 13.06% 13.18% 13.26% • Cash to total assets 8% 12.54% • AOCI & HTM unrealized loss to total equity of (4)% • CET 1 of 13.26% Ou
Slide 14: Consistent Long Term Strategy
Consistent Long Term Strategy 1 2 3 4 5 Key Southwest and Western C&I Focused Commercial High Service Fee to Revenue Core Deposit Franchise Operating Strategy Growth Markets Bank Mix Focused on Organic Loan and Deposit Growth in Targeted Relationship Driven C&I Banking Markets Revenue Diversificatio
Slide 15: 2025 Full Year Outlook
2025 Full Year Outlook Business Driver FY 2025* Notes Loans (EOP) Mid Single Digit Growth Rate Primarily driven by net C&I production Deposits (EOP) Mid Single Digit Growth Rate Loan to Deposit ratio in mid 90’s Investment Securities No Change Maintain strategic focus on liquidity and collateral eli
Slide 16: Appendix
Appendix FirstSun Capital Bancorp | 16
Slide 17: C&I Portfolio
C&I Portfolio C&I Loans by Industry1 ($ in millions) % of Total C&I Loans Finance and Insurance $ 387.5 15% Information (Technology, Media and Telecommunications) 369.0 14% Manufacturing 329.6 13% Healthcare 324.2 12% Construction 197.8 8% Real Estate and Rental and Leasing 196.0 7% Other Services2
Slide 18: Granular Deposit Base
Granular Deposit Base ~ 65%1 of Total Deposits by State2 Deposits are $6.9 Billion FDIC-Insured Total Deposits ~ 74%1 of Total as of March 31, 2025 Deposits are $0.8B FDIC-Insured + Colorado $1.6B Collateralized Kansas $0.2B Customer Base Granular Deposit Base California 134,800 $26,000 $0.4B $1.2B
Slide 19: Financial Summary
Financial Summary As of and for the three months ended March 31, December 31, September 30, June 30, March 31, ($ in thousands, except per share amounts) 2025 2024 2024 2024 2024 Net interest income $ 74,478 $ 77,047 $ 76,158 $ 72,899 $ 70,806 Provision for credit losses 3,800 4,850 5,000 1,200 16,5
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation As of and for the three months ended March 31, December 31, September 30, June 30, March 31, ($ in thousands, except per share amounts) 2025 2024 2024 2024 2024 Tangible stockholders’ equity to tangible assets: Total stockholders' equity (GAAP) $ 1,068,295 $ 1,041,366 $ 1,034
Slide 21: Non-GAAP Reconciliation (cont'd)
Non-GAAP Reconciliation (cont’d) As of and for the three months ended March 31, December 31, September 30, June 30, March 31, ($ in thousands, except per share amounts) 2025 2024 2024 2024 2024 Tangible book value per share: Total stockholders' equity (GAAP) $ 1,068,295 $ 1,041,366 $ 1,034,085 $ 996
Slide 22: Non-GAAP Reconciliation (cont'd)
Non-GAAP Reconciliation (cont’d) As of and for the three months ended March 31, December 31, September 30, June 30, March 31, ($ in thousands, except per share amounts) 2025 2024 2024 2024 2024 Adjusted pre-tax pre provision return on average assets: Net income (GAAP) $ 23,569 $ 16,350 $ 22,422 $ 24
Slide 23: Non-GAAP Reconciliation (cont'd)
Non-GAAP Reconciliation (cont’d) As of and for the three months ended March 31, December 31, September 30, June 30, March 31, ($ in thousands, except per share amounts) 2025 2024 2024 2024 2024 Return on average tangible stockholders’ equity: Return on average stockholders’ equity (ROACE) (GAAP) 9.0
Slide 24: FirstSun
FirstSun Soak Capital
FirstSun Capital Bancorp — Q1 2025 Earnings Presentation on 6ix