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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders’ Equity Equity Incentive Plans: 2017 Equity Incentive Plan The 2017 Equity Incentive Plan (the “2017 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 1,977,292 shares of FirstSun common stock in the aggregate. The following table presents stock options outstanding at September 30, 2023. There were no exercises, grants or forfeitures during the three or nine months ended September 30, 2023:
| Shares |  | Weighted-Average Exercise Price, per Share |  | Weighted-Average Remaining Contractual Term (years)
September 30, 2023 |  |  |  |  |
Outstanding, end of period | 1,307,915 |  |  | $ | 20.23 |  |  | 4.51
Options vested or expected to vest | 1,307,915 |  |  | $ | 20.23 |  |  |
Options exercisable, end of period | 1,261,539 |  |  | $ | 20.11 |  |  | 4.42
At September 30, 2023, there was $243 of total unrecognized compensation cost related to non-vested stock options. The unrecognized compensation cost at September 30, 2023 is expected to be recognized over the following two years. At September 30, 2023 and December 31, 2022, the intrinsic value of the stock options was $11,891 and $21,216, respectively. 2021 Equity Incentive Plan The FirstSun Capital Bancorp 2021 Equity Incentive Plan (the “2021 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 2,476,571 shares of FirstSun common stock in the aggregate. Additionally, we established the FirstSun Capital Bancorp Long-Term Incentive Plan (“LTIP”), which became effective April 1, 2022. The LTIP is intended to qualify as a “top-hat” plan under ERISA that is unfunded and provides benefits only to a select group of management or highly compensated employees of FirstSun or the Bank. In May 2022, we issued 11,344 shares of restricted stock that were fully vested in May 2023. In May 2023, we issued 15,007 shares of restricted stock that will fully vest in May 2024. At September 30, 2023, there was $236 of total unrecognized compensation cost related to the non-vested restricted stock. In May 2023, we issued performance-based restricted stock under the LTIP that, subject to the achievement of performance conditions, will fully vest in April 2026. At September 30, 2023, we determined it is probable that 100,373 shares will be issued based upon the probability that the performance conditions will be achieved. At September 30, 2023, there was $2,342 of total unrecognized compensation cost related to the non-vested restricted stock granted on these probable shares. In May 2022, we issued performance-based restricted stock under the LTIP that, subject to the achievement of performance conditions, will fully vest in April 2025. At September 30, 2023, we determined it is probable that 68,881 shares will be issued based upon the probability that the performance conditions will be achieved. At September 30, 2023, there was $1,225 of total unrecognized compensation cost related to the non-vested restricted stock granted on these probable shares. For the three months ended September 30, 2023 and 2022, we recorded total compensation cost from the 2017 and 2021 Plans of $660 and $473, respectively. For the nine months ended September 30, 2023 and 2022, we recorded total compensation cost from the 2017 and 2021 Plans of $1,743 and $1,093, respectively. Acquired Equity Incentive Plans In conjunction with the Pioneer acquisition, we assumed certain options that had been granted under Pioneer’s option plans. All assumed options were fully vested and exercisable. No further options will be granted under the Pioneer plans. The following table presents option activity:
| For the three months ended September 30, 2023 |  | For the nine months ended September 30, 2023
| Shares |  | Weighted-Average Exercise Price, per Share |  | Weighted-Average Remaining Contractual Term (years) |  | Shares |  | Weighted-Average Exercise Price, per Share |  | Weighted-Average Remaining Contractual Term (years)
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period | 156,095 |  |  | $ | 23.67 |  |  |  |  | 170,711 |  |  | $ | 23.19 |  |  |
Exercised | (22,972) |  |  | 26.84 |  |  |  |  | (32,107) |  |  | 24.26 |  |  |
Forfeited | (1,044) |  |  | 27.30 |  |  |  |  | (6,525) |  |  | 20.04 |  |  |
Outstanding, vested, and exercisable, end of period | 132,079 |  |  | $ | 23.09 |  |  | 4.1 |  | 132,079 |  |  | $ | 23.09 |  |  | 4.1
At September 30, 2023 and December 31, 2022, the intrinsic value of the stock options was $823 and $2,263, respectively.

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