FirstSun Capital Bancorp Reports Third Quarter 2024 Results

Third Quarter 2024 Highlights:

•Net income of $22.4 million, $0.79 per diluted share (excluding merger costs, $23.7 million, $0.84 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Net interest margin of 4.10%

•Return on average total assets of 1.13% (excluding merger costs, 1.19%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Return on average stockholders’ equity of 8.79% (excluding merger costs, 9.27%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Loan growth of 6.7% annualized

•Deposit growth of 1.8% annualized

•22.5% noninterest income to total revenue1

Denver, Colorado – October 28, 2024 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $22.4 million for the third quarter of 2024 compared to net income of $25.2 million for the third quarter of 2023. Earnings per diluted share were $0.79 for the third quarter of 2024 compared to $1.00 for the third quarter of 2023. Earnings for the third quarter of 2024 were negatively impacted by $1.2 million of merger costs, net of tax, or $0.05 per diluted share.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “Our results this quarter continue to demonstrate the underlying strength of our core franchise. Our revenue growth was rooted in a very strong net interest margin of 4.10% and we realized growth in both loans and deposits. We remain focused on continuing to responsibly grow the business and expand our client relationships across all of the markets we serve through our expansive suite of banking services. We appreciate all the hard work of our teams across the organization this year.”

Third Quarter 2024 Results

Net income totaled $22.4 million, or $0.79 per diluted share, for the third quarter of 2024, compared to $24.6 million, or $0.88 per diluted share, for the prior quarter. Net income was negatively impacted by $1.2 million in merger costs, net of tax, or $0.05 per diluted share, compared to $0.6 million in merger costs, net of tax, or $0.02 per diluted share, for the prior quarter. The return on average total assets was 1.13% for the third quarter of 2024, compared to 1.26% for the prior quarter, and the return on average stockholders’ equity was 8.79% for the third quarter of 2024, compared to 10.03% for the prior quarter. Third quarter of 2024 merger costs, net of tax, negatively impacted return on average total assets by 0.06% and return on average stockholders’ equity by 0.48%. Second quarter of 2024 merger costs, net of tax, negatively impacted return on average total assets by 0.03% and return on average stockholders’ equity by 0.25%.

1Total revenue is net interest income plus noninterest income.

Net Interest Income and Net Interest Margin

Net interest income totaled $76.2 million for the third quarter of 2024, an increase of $3.3 million compared to the prior quarter. Our net interest margin increased eight basis points to 4.10% compared to the prior quarter. Results for the third quarter of 2024, compared to the prior quarter, were primarily driven by an increase of nine basis points in the yield on earning assets, partially offset by an increase of five basis points in the cost of interest-bearing liabilities.

Average loans, including loans held-for-sale, increased by $75.8 million in the third quarter of 2024, compared to the prior quarter. Loan yield increased by 12 basis points to 6.71% in the third quarter of 2024, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $59.1 million in the third quarter of 2024, compared to the prior quarter. Total cost of interest-bearing deposits increased by five basis points to 3.16% in the third quarter of 2024, compared to the prior quarter, primarily due to continued intense competition for deposits amidst the elevated interest rate environment. Average FHLB borrowings increased $4.8 million in the third quarter of 2024, compared to the prior quarter. The cost of FHLB borrowings decreased by six basis points to 5.61% in the third quarter of 2024, compared to the prior quarter.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $5.0 million for the third quarter of 2024, an increase of $3.8 million from $1.2 million for the prior quarter, primarily due to loan growth and deterioration on a specific customer relationship in our loan portfolio.

Net charge-offs for the third quarter of 2024 were $1.4 million resulting in an annualized ratio of net charge-offs to average loans of 0.09%, compared to net charge-offs of $2.0 million, or an annualized ratio of net-charge offs to average loans of 0.13% for the prior quarter. The allowance for credit losses as a percentage of total loans was 1.29% at September 30, 2024, an increase of four basis points from the prior quarter.

The ratio of nonperforming assets to total assets was 0.86% at September 30, 2024, compared to 0.84% at June 30, 2024.

Noninterest Income

Noninterest income totaled $22.1 million for the third quarter of 2024, a decrease of $1.2 million from the prior quarter. Mortgage banking income decreased $2.2 million for the third quarter of 2024, primarily due to a decrease in revenue related to net sale gains and fees from mortgage loan originations, including fair value changes in the held-for-sale portfolio and hedging and a decrease in the change in fair value of our MSR asset, net of hedging activity.

Other noninterest income increased $1.0 million for the third quarter of 2024, primarily due to an increase in income from loan syndication fees and an increase in the fair value of investments related to our deferred compensation plan. Noninterest income as a percentage of total revenue2 was 22.5%, a decrease of 1.7% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $64.7 million for the third quarter of 2024, an increase of $0.8 million from the prior quarter, primarily due to an increase in merger related expenses of $0.6 million from the prior quarter.

The efficiency ratio for the third quarter of 2024 was 65.83% compared to 66.42% for the prior quarter. Merger costs negatively affected the efficiency ratio for the third quarter of 2024 by 1.67%, up from a negative impact of 1.09% for the prior quarter.

2Total revenue is net interest income plus noninterest income.

2

Tax Rate

The effective tax rate was 21.5% for the third quarter of 2024, compared to 21.0% for the prior quarter.

Loans

Loans were $6.4 billion at September 30, 2024 compared to $6.3 billion at June 30, 2024, an increase of $0.1 billion in the third quarter of 2024, or 6.7% on an annualized basis. Growth in the third quarter in commercial and industrial (C&I), owner occupied commercial real estate and residential real estate loans were partially offset by a decline in non-owner occupied commercial real estate and construction and land loans.

Deposits

Deposits were $6.6 billion at September 30, 2024 and June 30, 2024, increasing by $30.4 million in the third quarter of 2024, or 1.8% on an annualized basis. Deposit growth of $107.4 million in interest-bearing demand accounts and $103.4 million in savings accounts and money market accounts in the third quarter were partially offset by a decline of $171.4 million in certificate of deposit accounts. Average deposits were $6.6 billion for the third quarter of 2024, compared to $6.5 billion for the prior quarter, an increase of $0.1 billion in the third quarter of 2024, or 6.8% on an annualized basis. Noninterest-bearing deposit accounts represented 23.4% of total deposits at September 30, 2024 and the loan-to-deposit ratio was 96.9% at September 30, 2024.

The ratio of total uninsured deposits to total deposits was estimated to be 32.7% at September 30, 2024, compared to 32.1% at June 30, 2024. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 26.8% at September 30, 2024, compared to 25.5% at June 30, 2024.3

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2024, our common equity tier 1 risk-based capital ratio was 13.06%, total risk-based capital ratio was 15.25% and tier 1 leverage ratio was 11.96%. Book value per share was $37.38 at September 30, 2024, an increase of $1.07 from June 30, 2024. Tangible book value per share, a non-GAAP financial measure, was $33.68 at September 30, 2024, an increase of $1.12 from June 30, 2024.

3Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.

3

Non-GAAP Financial Measures

This press release (including the tables beginning on page 15) contains financial measures determined by methods other than in accordance with principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:

•Tangible stockholders’ equity;

•Tangible assets;

•Tangible stockholders’ equity to tangible assets;

•Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;

•Tangible book value per share;

•Net income excluding merger costs;

•Return on average total assets excluding merger costs;

•Return on average stockholders’ equity excluding merger costs;

•Efficiency ratio excluding merger related expenses;

•Diluted earnings per share excluding merger related costs; and

•Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis.

The tables beginning on page 15 provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.

About FirstSun Capital Bancorp

FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.1 billion as of September 30, 2024.

First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.

4

Summary Data:

	As of and for the quarter ended
($ in thousands, except per share amounts)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net interest income	$	76,158		$	72,899		$	70,806		$	72,069		$	73,410
Provision for credit losses	5,000			1,200			16,500			6,575			3,890
Noninterest income	22,075			23,274			22,808			17,221			18,650
Noninterest expense	64,664			63,875			61,828			52,308			56,176
Income before income taxes	28,569			31,098			15,286			30,407			31,994
Provision for income taxes	6,147			6,538			2,990			6,393			6,762
Net income	22,422			24,560			12,296			24,014			25,232
Net income, excluding merger costs (1)	23,655			25,181			14,592			24,014			25,232
Weighted average common shares outstanding, basic	27,612,538			27,430,761			27,019,625			24,953,764			24,942,389
Weighted average common shares outstanding, diluted	28,212,809			28,031,956			27,628,941			25,472,017			25,357,807
Diluted earnings per share	$	0.79		$	0.88		$	0.45		$	0.94		$	1.00
Diluted earnings per share, excluding merger costs (1)	$	0.84		$	0.90		$	0.53		$	0.94		$	1.00
Return on average total assets	1.13		%	1.26		%	0.64		%	1.26		%	1.34		%
Return on average total assets, excluding merger costs (1)	1.19		%	1.29		%	0.76		%	1.26		%	1.34		%
Return on average stockholders' equity	8.79		%	10.03		%	5.15		%	11.19		%	12.03		%
Return on average stockholders’ equity, excluding merger costs (1)	9.27		%	10.28		%	6.11		%	11.19		%	12.03		%
Net interest margin	4.10		%	4.02		%	3.99		%	4.08		%	4.23		%
Net interest margin (FTE basis) (1)	4.16		%	4.08		%	4.06		%	4.15		%	4.30		%
Efficiency ratio	65.83		%	66.42		%	66.05		%	58.58		%	61.02		%
Efficiency ratio, excluding merger related expenses (1)	64.16		%	65.33		%	63.39		%	58.58		%	61.02		%
Noninterest income to total revenue (2)	22.5		%	24.2		%	24.4		%	19.3		%	20.3		%
Total assets	$	8,138,487		$	7,999,295		$	7,781,601		$	7,879,724		$	7,756,875
Total loans held-for-sale	72,247			66,571			56,813			54,212			51,465
Total loans held-for-investment	6,443,756			6,337,162			6,284,868			6,267,096			6,179,522
Total deposits	6,649,880			6,619,525			6,445,388			6,374,103			6,339,847
Total stockholders' equity	1,034,085			996,599			964,662			877,197			843,719
Loan to deposit ratio	96.9		%	95.7		%	97.5		%	98.3		%	97.5		%
Period end common shares outstanding	27,665,918			27,443,246			27,442,943			24,960,639			24,942,645
Book value per share	$	37.38		$	36.31		$	35.15		$	35.14		$	33.83
Tangible book value per share (1)	$	33.68		$	32.56		$	31.37		$	30.96		$	29.60
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.

5

	As of and for the nine months ended
($ in thousands, except per share amounts)	September 30, 2024			September 30, 2023
Net interest income	$	219,863		$	221,362
Provision for credit losses	22,700			11,672
Noninterest income	68,157			61,871
Noninterest expense	190,367			170,485
Income before income taxes	74,953			101,076
Provision for income taxes	15,675			21,557
Net income	59,278			79,519
Net income, excluding merger costs (1)	63,428			79,519
Weighted average common shares outstanding, basic	27,355,098			24,933,168
Weighted average common shares outstanding, diluted	27,976,215			25,365,297
Diluted earnings per share	$	2.12		$	3.13
Diluted earnings per share, excluding merger costs (1)	$	2.27		$	3.13
Return on average total assets	1.01		%	1.42		%
Return on average total assets, excluding merger costs (1)	1.08		%	1.42		%
Return on average stockholders' equity	8.02		%	12.97		%
Return on average stockholders’ equity, excluding merger costs (1)	8.58		%	12.97		%
Net interest margin	4.04		%	4.28		%
Net interest margin (FTE basis) (1)	4.10		%	4.36		%
Efficiency ratio	66.10		%	60.19		%
Efficiency ratio, excluding merger related expenses (1)	64.30		%	60.19		%
Noninterest income to total revenue (2)	23.7		%	21.8		%
Total assets	$	8,138,487		$	7,756,875
Total loans held-for-sale	72,247			51,465
Total loans held-for-investment	6,443,756			6,179,522
Total deposits	6,649,880			6,339,847
Total stockholders' equity	1,034,085			843,719
Loan to deposit ratio	96.9		%	97.5		%
Period end common shares outstanding	27,665,918			24,942,645
Book value per share	$	37.38		$	33.83
Tangible book value per share (1)	$	33.68		$	29.60
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.

6

Condensed Consolidated Statements of Income (Unaudited):

	For the quarter ended				For the nine months ended
($ in thousands, except per share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total interest income	$	118,932	$	106,775	$	343,501	$	303,710
Total interest expense	42,774		33,365		123,638		82,348
Net interest income	76,158		73,410		219,863		221,362
Provision for credit losses	5,000		3,890		22,700		11,672
Net interest income after provision for credit losses	71,158		69,520		197,163		209,690
Noninterest income:
Service charges on deposits	6,240		5,475		17,954		15,848
Credit and debit card fees	2,806		2,996		8,616		9,034
Trust and investment advisory fees	1,395		1,398		4,351		4,337
Mortgage banking income, net	8,838		7,413		29,383		26,501
Other noninterest income	2,796		1,368		7,853		6,151
Total noninterest income	22,075		18,650		68,157		61,871
Noninterest expense:
Salaries and benefits	39,306		33,968		116,487		103,073
Occupancy and equipment	9,121		8,487		26,417		24,977
Amortization of intangible assets	651		899		2,118		3,993
Merger related expenses	1,633		—		5,168		—
Other noninterest expenses	13,953		12,822		40,177		38,442
Total noninterest expense	64,664		56,176		190,367		170,485
Income before income taxes	28,569		31,994		74,953		101,076
Provision for income taxes	6,147		6,762		15,675		21,557
Net income	$	22,422	$	25,232	$	59,278	$	79,519
Earnings per share - basic	$	0.81	$	1.01	$	2.17	$	3.19
Earnings per share - diluted	$	0.79	$	1.00	$	2.12	$	3.13

7

	For the quarter ended
($ in thousands, except per share amounts)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total interest income	$	118,932	$	114,529	$	110,040	$	109,974	$	106,775
Total interest expense	42,774		41,630		39,234		37,905		33,365
Net interest income	76,158		72,899		70,806		72,069		73,410
Provision for credit losses	5,000		1,200		16,500		6,575		3,890
Net interest income after provision for credit losses	71,158		71,699		54,306		65,494		69,520
Noninterest income:
Service charges on deposits	6,240		5,946		5,768		5,497		5,475
Credit and debit card fees	2,806		3,007		2,803		2,966		2,996
Trust and investment advisory fees	1,395		1,493		1,463		1,356		1,398
Mortgage banking income, net	8,838		11,043		9,502		4,883		7,413
Other noninterest income	2,796		1,785		3,272		2,519		1,368
Total noninterest income	22,075		23,274		22,808		17,221		18,650
Noninterest expense:
Salaries and benefits	39,306		39,828		37,353		30,158		33,968
Occupancy and equipment	9,121		8,701		8,595		8,449		8,487
Amortization of intangible assets	651		652		815		829		899
Merger related expenses	1,633		1,046		2,489		—		—
Other noninterest expenses	13,953		13,648		12,576		12,872		12,822
Total noninterest expense	64,664		63,875		61,828		52,308		56,176
Income before income taxes	28,569		31,098		15,286		30,407		31,994
Provision for income taxes	6,147		6,538		2,990		6,393		6,762
Net income	$	22,422	$	24,560	$	12,296	$	24,014	$	25,232
Earnings per share - basic	$	0.81	$	0.90	$	0.46	$	0.96	$	1.01
Earnings per share - diluted	$	0.79	$	0.88	$	0.45	$	0.94	$	1.00

8

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Assets
Cash and cash equivalents	$	573,674	$	535,766	$	383,605	$	479,362	$	443,887
Securities available-for-sale, at fair value	496,811		491,649		499,078		516,757		495,992
Securities held-to-maturity	35,885		36,310		36,640		36,983		37,410
Loans held-for-sale, at fair value	72,247		66,571		56,813		54,212		51,465
Loans	6,443,756		6,337,162		6,284,868		6,267,096		6,179,522
Allowance for credit losses	(83,159)		(78,960)		(79,829)		(80,398)		(78,666)
Loans, net	6,360,597		6,258,202		6,205,039		6,186,698		6,100,856
Mortgage servicing rights, at fair value	78,799		80,744		78,416		76,701		81,036
Premises and equipment, net	82,532		83,320		84,063		84,842		83,733
Other real estate owned and foreclosed assets, net	4,478		4,497		4,414		4,100		8,395
Goodwill	93,483		93,483		93,483		93,483		93,483
Intangible assets, net	8,866		9,517		10,168		10,984		11,813
All other assets	331,115		339,236		329,882		335,602		348,805
Total assets	$	8,138,487	$	7,999,295	$	7,781,601	$	7,879,724	$	7,756,875
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts	$	1,554,762	$	1,562,308	$	1,517,315	$	1,530,506	$	1,610,650
Interest-bearing deposit accounts:
Interest-bearing demand accounts	645,647		538,232		542,184		534,540		440,845
Savings and money market accounts	2,608,808		2,505,439		2,473,255		2,446,632		2,476,097
NOW accounts	41,234		42,687		39,181		56,819		35,686
Certificate of deposit accounts	1,799,429		1,970,859		1,873,453		1,805,606		1,776,569
Total deposits	6,649,880		6,619,525		6,445,388		6,374,103		6,339,847
Securities sold under agreements to repurchase	10,913		20,408		20,423		24,693		25,868
Federal Home Loan Bank advances	215,000		145,000		144,810		389,468		330,000
Other borrowings	75,709		75,577		75,445		75,313		75,180
Other liabilities	152,900		142,186		130,873		138,950		142,261
Total liabilities	7,104,402		7,002,696		6,816,939		7,002,527		6,913,156
Stockholders' equity:
Preferred stock	—		—		—		—		—
Common stock	3		3		3		2		2
Additional paid-in capital	547,271		543,339		542,582		462,680		462,507
Retained earnings	516,800		494,378		469,818		457,522		433,508
Accumulated other comprehensive loss, net	(29,989)		(41,121)		(47,741)		(43,007)		(52,298)
Total stockholders' equity	1,034,085		996,599		964,662		877,197		843,719
Total liabilities and stockholders' equity	$	8,138,487	$	7,999,295	$	7,781,601	$	7,879,724	$	7,756,875

9

Consolidated Capital Ratios as of:

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Stockholders' equity to total assets	12.71	%	12.46	%	12.40	%	11.13	%	10.88	%
Tangible stockholders' equity to tangible assets (1)	11.59	%	11.32	%	11.21	%	9.94	%	9.65	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2)	11.56	%	11.27	%	11.17	%	9.90	%	9.59	%
Tier 1 leverage ratio	11.96	%	11.83	%	11.73	%	10.52	%	10.37	%
Common equity tier 1 risk-based capital ratio	13.06	%	12.80	%	12.54	%	11.10	%	10.79	%
Tier 1 risk-based capital ratio	13.06	%	12.80	%	12.54	%	11.10	%	10.79	%
Total risk-based capital ratio	15.25	%	14.95	%	14.73	%	13.25	%	12.93	%
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. (2) Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.

10

Summary of Net Interest Margin:

	For the quarter ended								For the nine months ended
	September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans (1)	6,460,484		6.71	%	6,180,684		6.44	%	6,386,620		6.59	%	6,144,057		6.15	%
Investment securities	527,241		3.62	%	545,257		3.10	%	532,562		3.51	%	559,855		3.00	%
Interest-bearing cash and other assets	442,632		5.17	%	221,559		5.39	%	343,911		5.26	%	187,468		5.41	%
Total earning assets	7,430,357		6.40	%	6,947,500		6.15	%	7,263,093		6.31	%	6,891,380		5.88	%
Other assets	534,740				557,988				543,916				553,628
Total assets	$	7,965,097			$	7,505,488			$	7,807,009			$	7,445,008
Interest-bearing liabilities
Demand and NOW deposits	$	657,537	3.75	%	$	466,837	3.27	%	$	609,632	3.70	%	$	343,112	2.79	%
Savings deposits	411,526		0.72	%	439,172		0.62	%	415,687		0.70	%	452,298		0.48	%
Money market deposits	2,140,552		2.25	%	2,026,028		1.58	%	2,098,927		2.06	%	2,142,301		1.18	%
Certificates of deposits	1,800,502		4.58	%	1,748,515		4.21	%	1,812,839		4.62	%	1,407,264		3.61	%
Total deposits	5,010,117		3.16	%	4,680,552		2.64	%	4,937,085		3.09	%	4,344,975		2.02	%
Repurchase agreements	13,528		1.29	%	26,549		0.98	%	17,099		1.15	%	29,953		0.73	%
Total deposits and repurchase agreements	5,023,645		3.16	%	4,707,101		2.63	%	4,954,184		3.08	%	4,374,928		2.01	%
FHLB borrowings	135,641		5.61	%	84,332		5.40	%	125,799		5.61	%	335,485		5.00	%
Other long-term borrowings	75,654		6.58	%	78,680		6.44	%	75,522		6.59	%	79,801		6.36	%
Total interest-bearing liabilities	5,234,940		3.27	%	4,870,113		2.74	%	5,155,505		3.20	%	4,790,214		2.29	%
Noninterest-bearing deposits	1,568,685				1,654,090				1,529,793				1,705,392
Other liabilities	141,206				142,027				136,491				131,628
Stockholders' equity	1,020,266				839,258				985,220				817,774
Total liabilities and stockholders' equity	$	7,965,097			$	7,505,488			$	7,807,009			$	7,445,008
Net interest spread			3.13	%			3.41	%			3.11	%			3.59	%
Net interest margin			4.10	%			4.23	%			4.04	%			4.28	%
Net interest margin (on FTE basis) (2)			4.16	%			4.30	%			4.10	%			4.36	%
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

11

	For the quarter ended
	September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans (1)	6,460,484		6.71	%	6,384,709		6.59	%	6,313,855		6.48	%	6,280,362		6.51	%	6,180,684		6.44	%
Investment securities	527,241		3.62	%	523,545		3.65	%	546,960		3.28	%	538,348		3.28	%	545,257		3.10	%
Interest-bearing cash and other assets	442,632		5.17	%	348,509		5.25	%	239,508		5.49	%	247,978		5.50	%	221,559		5.39	%
Total earning assets	7,430,357		6.40	%	7,256,763		6.31	%	7,100,323		6.20	%	7,066,688		6.22	%	6,947,500		6.15	%
Other assets	534,740				548,465				548,642				563,368				557,988
Total assets	$	7,965,097			$	7,805,228			$	7,648,965			$	7,630,056			$	7,505,488
Interest-bearing liabilities
Demand and NOW deposits	$	657,537	3.75	%	$	621,343	3.80	%	$	549,491	3.54	%	$	510,982	3.45	%	$	466,837	3.27	%
Savings deposits	411,526		0.72	%	413,699		0.69	%	421,882		0.69	%	457,679		0.93	%	439,172		0.62	%
Money market deposits	2,140,552		2.25	%	2,092,449		2.01	%	2,063,321		1.93	%	2,063,383		1.82	%	2,026,028		1.58	%
Certificates of deposits	1,800,502		4.58	%	1,823,522		4.69	%	1,814,629		4.60	%	1,825,325		4.54	%	1,748,515		4.21	%
Total deposits	5,010,117		3.16	%	4,951,013		3.11	%	4,849,323		3.00	%	4,857,369		2.93	%	4,680,552		2.64	%
Repurchase agreements	13,528		1.29	%	16,553		1.15	%	21,254		1.06	%	23,457		1.06	%	26,549		0.98	%
Total deposits and repurchase agreements	5,023,645		3.16	%	4,967,566		3.10	%	4,870,577		2.99	%	4,880,826		2.92	%	4,707,101		2.63	%
FHLB borrowings	135,641		5.61	%	130,871		5.67	%	110,777		5.56	%	74,146		5.64	%	84,332		5.40	%
Other long-term borrowings	75,654		6.58	%	75,522		6.59	%	75,389		6.62	%	75,249		6.62	%	78,680		6.44	%
Total interest-bearing liabilities	5,234,940		3.27	%	5,173,959		3.22	%	5,056,743		3.10	%	5,030,221		3.01	%	4,870,113		2.74	%
Noninterest-bearing deposits	1,568,685				1,517,560				1,502,707				1,597,672				1,654,090
Other liabilities	141,206				133,845				134,370				143,416				142,027
Stockholders' equity	1,020,266				979,864				955,145				858,747				839,258
Total liabilities and stockholders' equity	$	7,965,097			$	7,805,228			$	7,648,965			$	7,630,056			$	7,505,488
Net interest spread			3.13	%			3.09	%			3.10	%			3.21	%			3.41	%
Net interest margin			4.10	%			4.02	%			3.99	%			4.08	%			4.23	%
Net interest margin (on FTE basis) (2)			4.16	%			4.08	%			4.06	%			4.15	%			4.30	%
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

12

Deposits as of:

($ in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consumer
Noninterest bearing deposit accounts	$	397,880	$	414,795	$	356,732	$	360,168	$	366,366
Interest-bearing deposit accounts:
Demand and NOW deposits	61,929		42,903		38,625		36,162		33,340
Savings deposits	331,811		334,741		340,086		343,291		356,890
Money market deposits	1,333,486		1,243,355		1,229,239		1,196,645		1,149,365
Certificates of deposits	1,247,348		1,438,792		1,437,590		1,437,537		1,366,255
Total interest-bearing deposit accounts	2,974,574		3,059,791		3,045,540		3,013,635		2,905,850
Total consumer deposits	$	3,372,454	$	3,474,586	$	3,402,272	$	3,373,803	$	3,272,216
Business
Noninterest bearing deposit accounts	$	1,156,882	$	1,147,513	$	1,160,583	$	1,170,338	$	1,244,284
Interest-bearing deposit accounts:
Demand and NOW deposits	624,952		538,016		502,726		555,197		443,191
Savings deposits	77,744		77,931		80,226		80,802		85,234
Money market deposits	865,767		849,412		823,704		825,811		859,516
Certificates of deposits	62,187		90,189		97,854		87,407		77,228
Total interest-bearing deposit accounts	1,630,650		1,555,548		1,504,510		1,549,217		1,465,169
Total business deposits	$	2,787,532	$	2,703,061	$	2,665,093	$	2,719,555	$	2,709,453
Wholesale deposits (1)	$	489,894	$	441,878	$	378,023	$	280,745	$	358,178
Total deposits	$	6,649,880	$	6,619,525	$	6,445,388	$	6,374,103	$	6,339,847
(1) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.

Balance Sheet Ratios as of:

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Cash to total assets (1)	6.90	%	6.60	%	4.80	%	6.00	%	5.60	%
Loan to deposit ratio	96.9	%	95.7	%	97.5	%	98.3	%	97.5	%
Uninsured deposits to total deposits (2)	32.7	%	32.1	%	32.0	%	31.2	%	32.0	%
Uninsured and uncollateralized deposits to total deposits (2)	26.8	%	25.5	%	25.2	%	25.1	%	25.4	%
Wholesale deposits and borrowings to total liabilities (3)	9.9	%	8.4	%	7.7	%	9.6	%	10.0	%
(1) Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions. (2) Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. (3) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.

13

Loan Portfolio as of:

($ in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Commercial and industrial	$	2,527,636	$	2,431,110	$	2,480,078	$	2,467,688	$	2,459,358
Commercial real estate:
Non-owner occupied	821,670		866,999		836,515		812,235		767,135
Owner occupied	700,325		660,511		642,930		635,365		631,352
Construction and land	333,457		350,878		326,447		345,430		329,433
Multifamily	95,125		94,220		94,898		103,066		114,535
Total commercial real estate	1,950,577		1,972,608		1,900,790		1,896,096		1,842,455
Residential real estate	1,172,459		1,146,989		1,109,676		1,110,610		1,059,074
Public Finance	536,776		537,872		579,991		602,913		602,844
Consumer	45,267		42,129		40,317		36,371		37,681
Other	211,041		206,454		174,016		153,418		178,110
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,443,756	$	6,337,162	$	6,284,868	$	6,267,096	$	6,179,522

Asset Quality:

	As of and for the quarter ended
($ in thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net charge-offs	$	1,401		$	2,009		$	17,429		$	4,743		$	2,296
Allowance for credit losses	$	83,159		$	78,960		$	79,829		$	80,398		$	78,666
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due	$	65,824		$	62,558		$	57,599		$	63,143		$	40,743
Nonperforming assets	$	70,302		$	67,055		$	62,013		$	67,243		$	49,138
Ratio of net charge-offs to average loans outstanding	0.09		%	0.13		%	1.11		%	0.30		%	0.15		%
Allowance for credit losses to total loans outstanding	1.29		%	1.25		%	1.27		%	1.28		%	1.27		%
Allowance for credit losses to total nonperforming loans	126.34		%	126.22		%	138.59		%	127.33		%	193.08		%
Nonperforming loans to total loans	1.02		%	0.99		%	0.92		%	1.01		%	0.66		%
Nonperforming assets to total assets	0.86		%	0.84		%	0.80		%	0.85		%	0.63		%

14

Non-GAAP Financial Measures and Reconciliations:

	As of and for the quarter ended															As of and for the nine months ended
($ in thousands, except share and per share amounts)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Tangible stockholders’ equity:
Total stockholders' equity (GAAP)	$	1,034,085		$	996,599		$	964,662		$	877,197		$	843,719		$	1,034,085		$	843,719
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(8,866)			(9,517)			(10,168)			(10,984)			(11,813)			(8,866)			(11,813)
Tangible stockholders' equity (non-GAAP)	$	931,736		$	893,599		$	861,011		$	772,730		$	738,423		$	931,736		$	738,423
Tangible assets:
Total assets (GAAP)	$	8,138,487		$	7,999,295		$	7,781,601		$	7,879,724		$	7,756,875		$	8,138,487		$	7,756,875
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(8,866)			(9,517)			(10,168)			(10,984)			(11,813)			(8,866)			(11,813)
Tangible assets (non-GAAP)	$	8,036,138		$	7,896,295		$	7,677,950		$	7,775,257		$	7,651,579		$	8,036,138		$	7,651,579
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity to total assets (GAAP)	12.71		%	12.46		%	12.40		%	11.13		%	10.88		%	12.71		%	10.88		%
Less: Impact of goodwill and other intangible assets	(1.12)		%	(1.14)		%	(1.19)		%	(1.19)		%	(1.23)		%	(1.12)		%	(1.23)		%
Tangible stockholders' equity to tangible assets (non-GAAP)	11.59		%	11.32		%	11.21		%	9.94		%	9.65		%	11.59		%	9.65		%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	931,736		$	893,599		$	861,011		$	772,730		$	738,423		$	931,736		$	738,423
Less: Net unrealized losses on HTM securities, net of tax	(2,852)			(3,949)			(4,236)			(3,629)			(5,001)			(2,852)			(5,001)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	928,884		$	889,650		$	856,775		$	769,101		$	733,422		$	928,884		$	733,422
Tangible assets (non-GAAP)	$	8,036,138		$	7,896,295		$	7,677,950		$	7,775,257		$	7,651,579		$	8,036,138		$	7,651,579
Less: Net unrealized losses on HTM securities, net of tax	(2,852)			(3,949)			(4,236)			(3,629)			(5,001)			(2,852)			(5,001)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	8,033,286		$	7,892,346		$	7,673,714		$	7,771,628		$	7,646,578		$	8,033,286		$	7,646,578

15

	As of and for the quarter ended															As of and for the nine months ended
($ in thousands, except share and per share amounts)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Tangible stockholders’ equity to tangible assets (non-GAAP)	11.59		%	11.32		%	11.21		%	9.94		%	9.65		%	11.59		%	9.65		%
Less: Net unrealized losses on HTM securities, net of tax	(0.03)		%	(0.05)		%	(0.04)		%	(0.04)		%	(0.06)		%	(0.03)		%	(0.06)		%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)	11.56		%	11.27		%	11.17		%	9.90		%	9.59		%	11.56		%	9.59		%
Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,034,085		$	996,599		$	964,662		$	877,197		$	843,719		$	1,034,085		$	843,719
Tangible stockholders' equity (non-GAAP)	$	931,736		$	893,599		$	861,011		$	772,730		$	738,423		$	931,736		$	738,423
Total shares outstanding	27,665,918			27,443,246			27,442,943			24,960,639			24,942,645			27,665,918			24,942,645
Book value per share (GAAP)	$	37.38		$	36.31		$	35.15		$	35.14		$	33.83		$	37.38		$	33.83
Tangible book value per share (non-GAAP)	$	33.68		$	32.56		$	31.37		$	30.96		$	29.60		$	33.68		$	29.60
Net income excluding merger costs:
Net income (GAAP)	$	22,422		$	24,560		$	12,296		$	24,014		$	25,232		$	59,278		$	79,519
Add: Merger costs
Merger related expenses	1,633			1,046			2,489			—			—			5,168			—
Income tax effect on merger related expenses	(400)			(425)			(193)			—			—			(1,018)			—
Total merger costs, net of tax	1,233			621			2,296			—			—			4,150			—
Net income excluding merger costs (non-GAAP)	$	23,655		$	25,181		$	14,592		$	24,014		$	25,232		$	63,428		$	79,519
Return on average total assets excluding merger costs:
Return on average total assets (ROAA) (GAAP)	1.13		%	1.26		%	0.64		%	1.26		%	1.34		%	1.01		%	1.42		%
Add: Impact of merger costs, net of tax	0.06		%	0.03		%	0.12		%	—		%	—		%	0.07		%	—		%
ROAA excluding merger costs (non-GAAP)	1.19		%	1.29		%	0.76		%	1.26		%	1.34		%	1.08		%	1.42		%
Return on average stockholders’ equity excluding merger costs:
Return on average stockholders' equity (ROAE) (GAAP)	8.79		%	10.03		%	5.15		%	11.19		%	12.03		%	8.02		%	12.97		%
Add: Impact of merger costs, net of tax	0.48		%	0.25		%	0.96		%	—		%	—		%	0.56		%	—		%
ROAE excluding merger costs (non-GAAP)	9.27		%	10.28		%	6.11		%	11.19		%	12.03		%	8.58		%	12.97		%
Efficiency ratio excluding merger related expenses:
Efficiency ratio (GAAP)	65.83		%	66.42		%	66.05		%	58.58		%	61.02		%	66.10		%	60.19		%
Less: Impact of merger related expenses	(1.67)		%	(1.09)		%	(2.66)		%	—		%	—		%	(1.80)		%	—		%
Efficiency ratio excluding merger related expenses (non-GAAP)	64.16		%	65.33		%	63.39		%	58.58		%	61.02		%	64.30		%	60.19		%

16

	As of and for the quarter ended															As of and for the nine months ended
($ in thousands, except share and per share amounts)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Diluted earnings per share excluding merger costs:
Diluted earnings per share (GAAP)	$	0.79		$	0.88		$	0.45		$	0.94		$	1.00		$	2.12		$	3.13
Add: Impact of merger costs, net of tax	0.05			0.02			0.08			—			—			0.15			—
Diluted earnings per share excluding merger costs (non-GAAP)	$	0.84		$	0.90		$	0.53		$	0.94		$	1.00		$	2.27		$	3.13
Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis:
Net interest income (GAAP)	$	76,158		$	72,899		$	70,806		$	72,069		$	73,410		$	219,863		$	221,362
Gross income effect of tax exempt income	1,132			1,156			1,318			1,270			1,286			3,606			3,816
FTE net interest income (non-GAAP)	$	77,290		$	74,055		$	72,124		$	73,339		$	74,696		$	223,469		$	225,178
Average earning assets	$	7,430,357		$	7,256,763		$	7,100,323		$	7,066,688		$	6,947,500		$	7,263,093		$	6,891,380
Net interest margin	4.10		%	4.02		%	3.99		%	4.08		%	4.23		%	4.04		%	4.28		%
Net interest margin on FTE basis (non-GAAP)	4.16		%	4.08		%	4.06		%	4.15		%	4.30		%	4.10		%	4.36		%

17