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Segment Information
 3 Months Ended
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,:
BankingMortgage OperationsCorporateTotal Segments
2025
Summary of Operations
Interest income$99,476 $10,963 $8 $110,447 
Interest expense29,138 5,631 1,200 35,969 
Net interest income (expense)70,338 5,332 (1,192)74,478 
Provision for (benefit from) credit losses4,062 (262)— 3,800 
Noninterest income:
Service charges on deposit accounts2,027 — — 2,027 
Treasury management service fees4,194 — — 4,194 
Credit and debit card fees2,585 1 — 2,586 
Trust and investment advisory fees1,421 — — 1,421 
(Loss) income from mortgage banking services, net(622)9,677 — 9,055 
Other noninterest income2,491 (45)— 2,446 
Total noninterest income12,096 9,633 — 21,729 
Noninterest expense:
Salary and employee benefits31,056 7,867 638 39,561 
Occupancy and equipment8,680 795 61 9,536 
Amortization of intangible assets628 — — 628 
Other noninterest expenses8,347 4,218 432 12,997 
Total noninterest expense48,711 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 
BankingMortgage OperationsCorporateTotal Segments
2024
Summary of Operations
Interest income$106,502 $3,530 $8 $110,040 
Interest expense37,980 11 1,243 39,234 
Net interest income (expense)68,522 3,519 (1,235)70,806 
Provision for (benefit from) credit losses17,864 (1,364)— 16,500 
Noninterest income:
Service charges on deposit accounts2,344 — — 2,344 
Treasury management service fees3,468 — — 3,468 
Credit and debit card fees2,758 1 — 2,759 
Trust and investment advisory fees1,463 — — 1,463 
(Loss) income from mortgage banking services, net(583)10,085 — 9,502 
Other noninterest income3,272 — — 3,272 
Total noninterest income12,722 10,086 — 22,808 
Noninterest expense:
Salary and employee benefits29,763 7,149 441 37,353 
Occupancy and equipment7,759 792 44 8,595 
Amortization of intangible assets815 — — 815 
Terminated merger related expenses503 — 1,986 2,489 
Other noninterest expenses8,451 3,924 201 12,576 
Total noninterest expense47,291 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