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Segment Information | 3 Months Ended
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Mar. 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 are reconciled to the financial statements as follows for the three months ended March 31,:
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2025 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Interest income | $ | 99,476 |  |  | $ | 10,963 |  |  | $ | 8 |  |  | $ | 110,447 |
Interest expense | 29,138 |  |  | 5,631 |  |  | 1,200 |  |  | 35,969 |
Net interest income (expense) | 70,338 |  |  | 5,332 |  |  | (1,192) |  |  | 74,478 |
Provision for (benefit from) credit losses | 4,062 |  |  | (262) |  |  | — |  |  | 3,800 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 2,027 |  |  | — |  |  | — |  |  | 2,027 |
Treasury management service fees | 4,194 |  |  | — |  |  | — |  |  | 4,194 |
Credit and debit card fees | 2,585 |  |  | 1 |  |  | — |  |  | 2,586 |
Trust and investment advisory fees | 1,421 |  |  | — |  |  | — |  |  | 1,421 |
(Loss) income from mortgage banking services, net | (622) |  |  | 9,677 |  |  | — |  |  | 9,055 |
Other noninterest income | 2,491 |  |  | (45) |  |  | — |  |  | 2,446 |
Total noninterest income | 12,096 |  |  | 9,633 |  |  | — |  |  | 21,729 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 31,056 |  |  | 7,867 |  |  | 638 |  |  | 39,561 |
Occupancy and equipment | 8,680 |  |  | 795 |  |  | 61 |  |  | 9,536 |
Amortization of intangible assets | 628 |  |  | — |  |  | — |  |  | 628 |
Other noninterest expenses | 8,347 |  |  | 4,218 |  |  | 432 |  |  | 12,997 |
Total noninterest expense | 48,711 |  |  | 12,880 |  |  | 1,131 |  |  | 62,722 |
Income (loss) before income taxes | $ | 29,661 |  |  | $ | 2,347 |  |  | $ | (2,323) |  |  | $ | 29,685 |
Other Information |  |  |  |  |  |  |
Depreciation expense and amortization on premises and equipment | $ | 1,996 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 2,035 |
Identifiable assets | $ | 6,928,554 |  |  | $ | 1,152,956 |  |  | $ | 134,948 |  |  | $ | 8,216,458 |
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2024 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Interest income | $ | 106,502 |  |  | $ | 3,530 |  |  | $ | 8 |  |  | $ | 110,040 |
Interest expense | 37,980 |  |  | 11 |  |  | 1,243 |  |  | 39,234 |
Net interest income (expense) | 68,522 |  |  | 3,519 |  |  | (1,235) |  |  | 70,806 |
Provision for (benefit from) credit losses | 17,864 |  |  | (1,364) |  |  | — |  |  | 16,500 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 2,344 |  |  | — |  |  | — |  |  | 2,344 |
Treasury management service fees | 3,468 |  |  | — |  |  | — |  |  | 3,468 |
Credit and debit card fees | 2,758 |  |  | 1 |  |  | — |  |  | 2,759 |
Trust and investment advisory fees | 1,463 |  |  | — |  |  | — |  |  | 1,463 |
(Loss) income from mortgage banking services, net | (583) |  |  | 10,085 |  |  | — |  |  | 9,502 |
Other noninterest income | 3,272 |  |  | — |  |  | — |  |  | 3,272 |
Total noninterest income | 12,722 |  |  | 10,086 |  |  | — |  |  | 22,808 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 29,763 |  |  | 7,149 |  |  | 441 |  |  | 37,353 |
Occupancy and equipment | 7,759 |  |  | 792 |  |  | 44 |  |  | 8,595 |
Amortization of intangible assets | 815 |  |  | — |  |  | — |  |  | 815 |
Terminated merger related expenses | 503 |  |  | — |  |  | 1,986 |  |  | 2,489 |
Other noninterest expenses | 8,451 |  |  | 3,924 |  |  | 201 |  |  | 12,576 |
Total noninterest expense | 47,291 |  |  | 11,865 |  |  | 2,672 |  |  | 61,828 |
Income (loss) before income taxes | $ | 16,089 |  |  | $ | 3,104 |  |  | $ | (3,907) |  |  | $ | 15,286 |
Other Information |  |  |  |  |  |  |
Depreciation expense and amortization on premises and equipment | $ | 1,737 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 1,787 |
Identifiable assets | $ | 6,695,912 |  |  | $ | 947,437 |  |  | $ | 138,252 |  |  | $ | 7,781,601 |

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