0001709442-26-000017
SEC filingFirstSun Capital Bancorp reported net income of $97.9 million for FY 2025, a 29.5% increase from $75.6 million in FY 2024. Total interest income grew to $467.8 million from $459.5 million, while net interest income increased to $317.4 million from $296.9 million. Noninterest income rose to $101.9 million from $89.8 million, driven by a 20.7% increase in mortgage banking services. Total assets grew to $8.49 billion from $8.10 billion, with total deposits increasing to $7.11 billion from $6.67 billion. The company maintained strong capital ratios, with total stockholders' equity of $1.15 billion. A pending merger with First Foundation Inc., expected to close in Q2 2026, represents a significant forward-looking strategic move to expand market presence in California, Texas, Florida, Nevada, and Hawaii.
FirstSun Capital Bancorp delivered strong financial results for FY 2025, with net income increasing 29.5% to $97.9 million from $75.6 million in FY 2024. Total interest income grew modestly to $467.8 million from $459.5 million, while net interest income improved to $317.4 million from $296.9 million. Noninterest income showed robust growth, increasing to $101.9 million from $89.8 million, primarily driven by mortgage banking services which rose 20.7% to $47.1 million. The provision for credit losses decreased to $24.6 million from $27.6 million. Comprehensive income totaled $109.7 million, including an $11.8 million net unrealized gain on securities available-for-sale. The company maintained solid capital ratios with total stockholders' equity of $1.15 billion.
Revenue growth was driven by both interest and noninterest income streams. Interest income increased to $467.8 million, with interest and fee income on loans totaling $425.5 million ($407.5 million taxable, $17.9 million tax exempt). Noninterest income showed particular strength in mortgage banking services, which increased to $47.1 million from $39.0 million. Other significant noninterest income components included treasury management service fees ($17.5 million), credit and debit card fees ($10.7 million), and deposit account service fees ($8.3 million). The company's segment performance showed Banking segment income before taxes of $116.6 million and Mortgage Operations segment income before taxes of $17.6 million.
Profitability metrics improved significantly in FY 2025. Net interest margin, calculated as net interest income divided by average earning assets, showed improvement as net interest income grew 6.9% while interest expense decreased 7.5% to $150.4 million. Operating margin (income before income taxes divided by total revenue) was 26.3%. Noninterest expense increased to $271.8 million from $264.0 million, with salary and employee benefits being the largest component at $171.8 million. The efficiency ratio (noninterest expense divided by total revenue) was approximately 47.7%, indicating effective cost management relative to revenue generation.
The company generated $111.5 million in net cash from operating activities, a 10.3% increase from $101.1 million in FY 2024. Investing activities used $330.2 million primarily for loan originations net of repayments ($338.0 million) and purchases of available-for-sale securities ($23.7 million). Financing activities provided $255.4 million, mainly from net deposit growth of $435.2 million. The balance sheet expanded to $8.49 billion in total assets, with loans net of allowance for credit losses at $6.59 billion and cash and cash equivalents at $652.6 million. Total liabilities were $7.33 billion, with deposits comprising $7.11 billion. The company maintained strong liquidity with a loans-to-deposits ratio of approximately 92.7%.
The company's strategic outlook is significantly influenced by the pending merger with First Foundation Inc., announced on October 27, 2025 and amended on February 6, 2026. The merger, approved by stockholders on February 27, 2026 and subject to remaining regulatory approvals, is expected to close early in the second quarter of 2026. This transaction will expand FirstSun's markets in California and Texas while adding new markets in Florida, Nevada, and Hawaii. Management continues to focus on organic growth through relationship-driven banking services, core deposit franchise growth, and expansion in greater Texas and Southern California markets. The company also maintains an opportunistic M&A strategy to evaluate acquisitions that could improve market position or enhance earnings power.