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Segment Information
 6 Months Ended
Jun. 30, 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 June 30,:
BankingMortgage OperationsCorporateTotal Segments
2025
Summary of Operations
Interest income$105,073 $11,840 $8 $116,921 
Interest expense31,589 5,660 1,173 38,422 
Net interest income (expense)73,484 6,180 (1,165)78,499 
Provision for (benefit from) credit losses4,462 38 — 4,500 
Noninterest income:
Service charges on deposit accounts2,016 — — 2,016 
Treasury management service fees4,333 — — 4,333 
Credit and debit card fees2,727 1 — 2,728 
Trust and investment advisory fees1,473 — — 1,473 
(Loss) income from mortgage banking services, net(631)13,905 — 13,274 
Other noninterest income3,249 — — 3,249 
Total noninterest income13,167 13,906 — 27,073 
Noninterest expense:
Salary and employee benefits32,990 10,280 651 43,921 
Occupancy and equipment8,616 866 59 9,541 
Amortization of intangible assets578 — — 578 
Other noninterest expenses9,309 4,351 410 14,070 
Total noninterest expense51,493 15,497 1,120 68,110 
Income (loss) before income taxes$30,696 $4,551 $(2,285)$32,962 
Other Information
Depreciation expense and amortization on premises and equipment$2,026 $42 $— $2,068 
Identifiable assets$7,101,131 $1,199,850 $134,880 $8,435,861 
BankingMortgage OperationsCorporateTotal Segments
2024
Summary of Operations
Interest income$105,241 $9,279 $9 $114,529 
Interest expense35,590 4,796 1,244 41,630 
Net interest income (expense)69,651 4,483 (1,235)72,899 
Provision for (benefit from) credit losses169 1,031 — 1,200 
Noninterest income:
Service charges on deposit accounts2,373 (1)— 2,372 
Treasury management service fees3,631 — — 3,631 
Credit and debit card fees2,949 1 — 2,950 
Trust and investment advisory fees1,493 — — 1,493 
(Loss) income from mortgage banking services, net(584)11,627 — 11,043 
Other noninterest income1,785 — — 1,785 
Total noninterest income11,647 11,627 — 23,274 
Noninterest expense:
Salary and employee benefits31,009 8,430 389 39,828 
Occupancy and equipment7,845 812 44 8,701 
Amortization of intangible assets652 — — 652 
Terminated merger related expenses276 — 770 1,046 
Other noninterest expenses9,310 4,148 190 13,648 
Total noninterest expense49,092 13,390 1,393 63,875 
Income (loss) before income taxes$32,037 $1,689 $(2,628)$31,098 
Other Information
Depreciation expense and amortization on premises and equipment$1,766 $48 $— $1,814 
Identifiable assets$6,865,029 $996,995 $137,271 $7,999,295 
Significant segment totals are reconciled to the financial statements as follows for the six months ended June 30,:
BankingMortgage OperationsCorporateTotal Segments
2025
Summary of Operations
Interest income$204,549 $22,803 $16 $227,368 
Interest expense60,727 11,291 2,373 74,391 
Net interest income (expense)143,822 11,512 (2,357)152,977 
Provision for (benefit from) credit losses8,524 (224)— 8,300 
Noninterest income:
Service charges on deposit accounts4,043 — — 4,043 
Treasury management service fees8,527 — — 8,527 
Credit and debit card fees5,312 2 — 5,314 
Trust and investment advisory fees2,894 — — 2,894 
(Loss) income from mortgage banking services, net(1,253)23,582 — 22,329 
Other noninterest income5,740 (45)— 5,695 
Total noninterest income25,263 23,539 — 48,802 
Noninterest expense:
Salary and employee benefits64,046 18,147 1,289 83,482 
Occupancy and equipment17,296 1,661 120 19,077 
Amortization and impairment of intangible assets1,206 — — 1,206 
Terminated merger related expenses— — — — 
Other noninterest expenses17,656 8,569 842 27,067 
Total noninterest expense100,204 28,377 2,251 130,832 
Income (loss) before income taxes$60,357 $6,898 $(4,608)$62,647 
Other Information
Depreciation expense and amortization on premises and equipment$4,022 $81 $— $4,103 
Identifiable assets$7,101,131 $1,199,850 $134,880 $8,435,861 
BankingMortgage OperationsCorporateTotal Segments
2024
Summary of Operations
Interest income$206,543 $18,009 $17 $224,569 
Interest expense68,370 10,007 2,487 80,864 
Net interest income (expense)138,173 8,002 (2,470)143,705 
Provision for credit losses18,033 (333)— 17,700 
Noninterest income:
Service charges on deposit accounts4,717 (1)— 4,716 
Treasury management service fees7,099 — — 7,099 
Credit and debit card fees5,707 2 — 5,709 
Trust and investment advisory fees2,956 — — 2,956 
(Loss) income from mortgage banking services, net(1,167)21,712 — 20,545 
Other noninterest income5,057 — — 5,057 
Total noninterest income24,369 21,713 — 46,082 
Noninterest expense:
Salary and employee benefits60,772 15,579 830 77,181 
Occupancy and equipment15,604 1,604 88 17,296 
Amortization of intangible assets1,467 — — 1,467 
Terminated merger related expenses779 — 2,756 3,535 
Other noninterest expenses17,761 8,072 391 26,224 
Total noninterest expense96,383 25,255 4,065 125,703 
Income (loss) before income taxes$48,126 $4,793 $(6,535)$46,384 
Other Information
Depreciation expense and amortization on premises and equipment$3,503 $98 $— $3,601 
Identifiable assets$6,865,029 $996,995 $137,271 $7,999,295