v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”), who oversees the operations conducted through our 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.
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 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-to-sell 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 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.
Significant segment totals, including significant expense categories provided to the CODM are reconciled to the financial statements as follows for the year ended December 31,:
BankingMortgage OperationsCorporateTotal Segments
2025
Summary of Operations
Interest income$420,276 $47,462 $31 $467,769 
Interest expense123,245 22,608 4,525 150,378 
Net interest income (expense)297,031 24,854 (4,494)317,391 
Provision for (benefit from) credit losses26,727 (2,127)— 24,600 
Noninterest income:
Deposit account service fees8,321 — — 8,321 
Treasury management service fees17,473 — — 17,473 
Credit and debit card fees10,725 4 — 10,729 
Trust and investment advisory fees5,945 — — 5,945 
Mortgage banking services, net(2,549)49,621 — 47,072 
Other noninterest income12,384 (45)— 12,339 
Total noninterest income52,299 49,580 — 101,879 
Noninterest expense:
Salary and employee benefits131,548 37,839 2,437 171,824 
Occupancy, equipment and software34,735 3,217 292 38,244 
Amortization and impairment of intangible assets2,412 — — 2,412 
Merger related expenses509 — 2,234 2,743 
Other noninterest expenses36,777 17,871 1,903 56,551 
Total noninterest expense205,981 58,927 6,866 271,774 
Income (loss) before income taxes$116,622 $17,634 $(11,360)$122,896 
Other Information
Depreciation expense and amortization on premises and equipment$8,099 $149 $— $8,248 
Identifiable assets$7,181,077 $1,205,301 $98,784 $8,485,162 
BankingMortgage OperationsCorporateTotal Segments
2024
Summary of Operations
Interest income$420,386 $39,119 $35 $459,540 
Interest expense137,147 20,532 4,951 162,630 
Net interest income (expense)283,239 18,587 (4,916)296,910 
Provision for (benefit from) credit losses28,415 (865)— 27,550 
Noninterest income:
Deposit account service fees9,499 (4)— 9,495 
Treasury management service fees14,829 — — 14,829 
Credit and debit card fees11,148 5 — 11,153 
Trust and investment advisory fees5,787 — — 5,787 
Mortgage banking services, net(2,405)41,419 — 39,014 
Other noninterest income9,514 — — 9,514 
Total noninterest income48,372 41,420 — 89,792 
Noninterest expense:
Salary and employee benefits121,492 31,639 1,854 154,985 
Occupancy, equipment and software32,864 3,179 239 36,282 
Amortization of intangible assets3,549 — — 3,549 
Merger related expenses8,641 — 4,537 13,178 
Other noninterest expenses38,363 16,393 1,290 56,046 
Total noninterest expense204,909 51,211 7,920 264,040 
Income (loss) before income taxes$98,287 $9,661 $(12,836)$95,112 
Other Information
Depreciation expense and amortization on premises and equipment$7,189 $186 $— $7,375 
Identifiable assets$6,812,204 $1,147,686 $137,497 $8,097,387 
BankingMortgage OperationsCorporateTotal Segments
2023
Summary of Operations
Interest income$386,535 $27,113 $36 $413,684 
Interest expense93,962 21,242 5,049 120,253 
Net interest income (expense)292,573 5,871 (5,013)293,431 
Provision for credit losses15,790 2,457 — 18,247 
Noninterest income:
Deposit account service fees9,940 — — 9,940 
Treasury management service fees11,724 — — 11,724 
Credit and debit card fees11,681 — — 11,681 
Trust and investment advisory fees5,693 — — 5,693 
Mortgage banking services, net(1,676)33,060 — 31,384 
Other noninterest income8,670 — — 8,670 
Total noninterest income46,032 33,060 — 79,092 
Noninterest expense:
Salary and employee benefits106,030 25,313 1,888 133,231 
Occupancy, equipment and software30,461 2,775 190 33,426 
Amortization of intangible assets4,822 — — 4,822 
Merger related expenses— — — — 
Other noninterest expenses34,343 14,933 2,038 51,314 
Total noninterest expense175,656 43,021 4,116 222,793 
Income (loss) before income taxes$147,159 $(6,547)$(9,129)$131,483 
Other Information
Depreciation expense and amortization on premises and equipment$7,187 $233 $— $7,420 
Identifiable assets$6,907,741 $910,728 $61,255 $7,879,724