Document

EX-99.1 2 exhibit991-earningspressre.htm EX-99.1 Document

FirstSun Capital Bancorp Reports Fourth Quarter and Full Year 2024 Results

Fourth Quarter 2024 Highlights:

•Net income of $16.4 million, $0.58 per diluted share (adjusted, $24.3 million, $0.86 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Net interest margin of 4.11%

•Return on average total assets of 0.81% (adjusted, 1.21%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Return on average stockholders’ equity of 6.25% (adjusted, 9.30%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Average deposit growth of 3.0%, annualized

•21.9% noninterest income to total revenue1

Denver, Colorado – January 27, 2025 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $16.4 million for the fourth quarter of 2024 compared to net income of $24.0 million for the fourth quarter of 2023. Earnings per diluted share were $0.58 for the fourth quarter of 2024 compared to $0.94 for the fourth quarter of 2023. Adjusted net income, a non-GAAP financial measure, was $24.3 million or $0.86 per diluted share for the fourth quarter of 2024.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are very pleased to deliver another strong quarter with positive operating leverage driving core earnings growth. Our performance highlights this quarter include a continued strong net interest margin at 4.11% and deposit growth, complemented by our diversified business mix with noninterest income to total revenue at 21.9%. Our consistent focus on our C&I, consumer and service fee businesses has enabled us to deliver strong earnings again this year. Further, our strong performance was recognized earlier this month by Kroll Bond Rating Agency, LLC as they affirmed our debt ratings, as well as the debt and deposit ratings for our subsidiary, Sunflower Bank, N.A.

“Also, we have recently taken a few branching related actions as part of our recurring evaluation of all our markets. We are pleased to announce that late in the fourth quarter of 2024, our regulator approved our planned relocation of a branch located in Albuquerque, New Mexico. Additionally, earlier in January 2025, we submitted applications with our regulator to establish two new depository branches, one in each of our San Diego and Los Angeles, CA expansion markets. We expect to add to our investment in these large and diverse growth markets. Finally, I want to thank all of our hard working employees for their continued service to all of our customers and their commitment to excellence.”

Fourth Quarter 2024 Results

Net income totaled $16.4 million, or $0.58 per diluted share, for the fourth quarter of 2024, compared to $22.4 million, or $0.79 per diluted share, for the prior quarter. Net income, for the fourth quarter of 2024, was negatively impacted by $5.8 million, net of tax, of terminated merger costs or $0.21 per diluted share, $1.5 million, net of tax, of costs to dispose of a majority of our ATMs and amend our associated service contract as we move to participating in a national ATM network, or $0.05 per diluted share, and a $0.6 million, net of tax, write-off of the Guardian Mortgage trade name as we consolidate our brand names or $0.02 per diluted share, compared to $1.2 million, net of tax, in terminated merger costs or $0.05 per diluted share, for the prior quarter.

The return on average total assets was 0.81% for the fourth quarter of 2024, compared to 1.13% for the prior quarter, and the return on average stockholders’ equity was 6.25% for the fourth quarter of 2024, compared to 8.79% for the prior quarter. Fourth quarter of 2024 non-recurring expenses, net of tax, negatively impacted return on average total assets by 0.40% and return on average stockholders’ equity by 3.05%. Third quarter of 2024 non-recurring expenses, net of tax, negatively impacted return on average total assets by 0.06% and return on average stockholders’ equity by 0.48%.

1 Total revenue is net interest income plus noninterest income.

Net Interest Income and Net Interest Margin

Net interest income totaled $77.0 million for the fourth quarter of 2024, an increase of $0.9 million compared to the prior quarter. Our net interest margin increased one basis point to 4.11% compared to the prior quarter. Results for the fourth quarter of 2024, compared to the prior quarter, were primarily driven by a decrease of 30 basis points in the cost of interest-bearing liabilities, largely offset by a decrease of 20 basis points in the yield on earning assets.

Average loans, including loans held-for-sale, increased by $21.2 million in the fourth quarter of 2024, compared to the prior quarter. Loan yield decreased by 16 basis points to 6.55% in the fourth quarter of 2024, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the portfolio. Average interest-bearing deposits increased $35.8 million in the fourth quarter of 2024, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 29 basis points to 2.87% in the fourth quarter of 2024, compared to the prior quarter, primarily due to a decrease in average certificates of deposit balances. Average FHLB borrowings decreased $13.7 million in the fourth quarter of 2024, compared to the prior quarter. The cost of FHLB borrowings decreased by 56 basis points to 5.05% in the fourth quarter of 2024, compared to the prior quarter.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $4.9 million for the fourth quarter of 2024 primarily due to the combined impact of certain deteriorating factors influencing macroeconomic forecasts and deterioration on a specific customer relationship in our loan portfolio, partially offset by the release of a specific allowance for credit losses associated with the full pay-off of a previous nonperforming loan.

Net charge-offs (recoveries) for the fourth quarter of 2024 were $(0.5) million resulting in an annualized ratio of net charge-offs (recoveries) to average loans of (0.03)%, compared to net charge-offs of $1.4 million, or an annualized ratio of net-charge offs to average loans of 0.09% for the prior quarter.

The allowance for credit losses as a percentage of total loans was 1.38% at December 31, 2024, an increase of nine basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.92% at December 31, 2024, compared to 0.86% at September 30, 2024.

Noninterest Income

Noninterest income totaled $21.6 million for the fourth quarter of 2024, a decrease of $0.4 million from the prior quarter. Mortgage banking income increased $0.8 million for the fourth quarter of 2024, primarily due to an increase in net capitalized servicing values and a change in fair value of our MSR asset, net of hedging activity, partially offset by 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.

Other noninterest income decreased $1.1 million for the fourth quarter of 2024, primarily due to a decrease in the fair value of investments related to our deferred compensation plan. Noninterest income as a percentage of total revenue2 was 21.9%, a decrease of 0.5% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $73.7 million for the fourth quarter of 2024, an increase of $9.0 million from the prior quarter, primarily due to an increase in terminated merger related expenses of $6.4 million from the prior quarter. Additional non-recurring expenses in the fourth quarter of 2024 include $2.0 million of costs to dispose of a majority of our ATMs and amend our associated service contract as we move to participating in a national ATM network, and a $0.8 million write-off of the Guardian Mortgage trade name as we are in the process of rebranding our residential mortgage business as Sunflower Bank Mortgage Lending. Adjusted noninterest expense, a non-GAAP financial measure, totaled $62.8 million for the fourth quarter of 2024, a decrease of $0.2 million from the prior quarter.

2 Total revenue is net interest income plus noninterest income.

The efficiency ratio for the fourth quarter of 2024 was 74.66% compared to 65.83% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the fourth quarter of 2024 was 63.63% compared to 64.16% for the prior quarter.

Tax Rate

The effective tax rate was 18.9% for the fourth quarter of 2024, compared to 21.5% for the prior quarter.

Loans

Loans were $6.4 billion at December 31, 2024 and September 30, 2024, decreasing by $67.4 million in the fourth quarter of 2024, primarily due to a decrease of $68.8 million of non-owner occupied commercial real estate loans.

Deposits

Deposits were $6.7 billion at December 31, 2024 compared to $6.6 billion at September 30, 2024, an increase of $22.4 million in the fourth quarter of 2024, or 1.3% on an annualized basis. In the fourth quarter, $40.2 million in interest-bearing demand accounts growth and $225.3 million in savings accounts and money market accounts growth were partially offset by a decline of $233.9 million in certificate of deposit accounts. Average deposits were $6.6 billion for the fourth quarter of 2024 and the prior quarter, increasing $48.7 million in the fourth quarter of 2024, or 3.0% on an annualized basis. Noninterest-bearing deposit accounts represented 23.1% of total deposits at December 31, 2024 and the loan-to-deposit ratio was 95.6% at December 31, 2024.

The ratio of total uninsured deposits to total deposits was estimated to be 34.8% at December 31, 2024, compared to 32.7% at September 30, 2024. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.2% at December 31, 2024, compared to 26.8% at September 30, 2024.3

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2024, our common equity tier 1 risk-based capital ratio was 13.18%, total risk-based capital ratio was 15.42% and tier 1 leverage ratio was 12.11%. Book value per share was $37.58 at December 31, 2024, an increase of $0.20 from September 30, 2024. Tangible book value per share, a non-GAAP financial measure, was $33.94 at December 31, 2024, an increase of $0.26 from September 30, 2024.

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

Full Year 2024 Results

Full Year Highlights:

•Net income of $75.6 million, $2.69 per diluted share (adjusted, $87.7 million, $3.13 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Net interest margin of 4.06%

•Return on average total assets of 0.96% (adjusted, 1.12%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Return on average stockholders’ equity of 7.56% (adjusted, 8.77%, see the “Non-GAAP Financial Measures and Reconciliations” below)

•Average deposit growth of 5.8%

•Loan growth of 1.7%

•23.2% fee revenue to total revenue4

Net income totaled $75.6 million, or $2.69 per diluted share, in 2024, compared to $103.5 million, or $4.08 per diluted share, in 2023. Adjusted net income, a non-GAAP financial measure, was $87.7 million, or $3.13 per diluted share, in 2024. The return on average total assets was 0.96% in 2024, compared to 1.38% in 2023, and the return on average stockholders’ equity was 7.56% in 2024, compared to 12.50% in 2023. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.12% and 8.77% respectively in 2024.

Net Interest Income and Net Interest Margin

Net interest income totaled $296.9 million in 2024, an increase of $3.5 million compared to 2023. Our net interest margin decreased 17 basis points to 4.06% in 2024, compared to 2023. Results in 2024, compared to the prior year, were driven by an increase of 66 basis points in the cost of interest-bearing liabilities, partially offset by an increase of 32 basis points in yield on earning assets.

Average loans, including loans held-for-sale, increased by $232.1 million in 2024, compared to 2023. Loan yield increased by 34 basis points to 6.58% in 2024, compared to 2023, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average deposits increased $490.3 million in 2024, compared to 2023. Total cost of deposits increased by 76 basis points to 3.03% in 2024, compared to 2023, primarily due to continued intense competition for deposits amidst the elevated interest rate environment. Average FHLB borrowings decreased $144.8 million in 2024, compared to 2023. The cost of FHLB borrowings increased by 43 basis points to 5.48% in 2024, compared to 2023.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $27.6 million in 2024, an increase of $9.3 million compared to 2023, primarily due to a $13.6 million provision for credit loss on a specific customer in our commercial and industrial (C&I) loan portfolio in 2024.

Net charge-offs in 2024 were $20.4 million, or a ratio of net charge-offs to average loans of 0.32%, compared to net charge-offs of $7.8 million, or a ratio of net charge-offs to average loans of 0.13%, in 2023. The increase in net charge-offs in 2024 is primarily due to a $16.7 million net charge-off on a specific customer in our C&I loan portfolio.

The allowance for credit losses as a percentage of total loans was 1.38% at December 31, 2024, compared to 1.28% at December 31, 2023. The ratio of nonperforming assets to total assets was 0.92% at December 31, 2024, compared to 0.85% at December 31, 2023.

4 Total revenue is net interest income plus noninterest income.

Noninterest Income

Noninterest income totaled $89.8 million during 2024, an increase of $10.7 million from 2023. Mortgage banking income increased $7.6 million in 2024, primarily due to an increase 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, an increase in net capitalized servicing values, and a change in fair value of our MSR asset, net of hedging activity.

Treasury management service fees increased $3.1 million in 2024, primarily due to growth in services provided to our business customers, as compared to 2023. Noninterest income as a percentage of total revenue5 totaled 23.2% in 2024, compared to 21.2% in 2023.

Noninterest Expense

Noninterest expense totaled $264.0 million in 2024, an increase of $41.2 million from 2023, primarily due to an increase in salaries and benefits of $21.8 million as a result of increased head count of C&I bankers and higher levels of variable compensation associated with an increase in mortgage loan originations.

Noninterest expense in 2024 included terminated merger related expenses of $13.2 million. Additional non-recurring expenses include $2.0 million of costs to dispose of a majority of our ATMs and amend our associated service contract as we move to participating in a national ATM network, and a $0.8 million write-off of the Guardian Mortgage trade name as we are in the process of rebranding our residential mortgage business as Sunflower Bank Mortgage Lending. Adjusted noninterest expense, a non-GAAP financial measure, totaled $248.0 million in 2024, an increase of $25.2 million from 2023.

The efficiency ratio for 2024 was 68.28% compared to 59.81% in 2023. The adjusted efficiency ratio, a non-GAAP financial measure, in 2024 was 64.13% compared to 59.81% in 2023.

Tax Rate

The effective tax rate was 20.5% in 2024, compared to 21.3% in 2023.

Loans

Loans were $6.4 billion at December 31, 2024 compared to $6.3 billion at December 31, 2023, an increase of $109.3 million or 1.7%. Growth in C&I, owner occupied commercial real estate, construction and land loans, and residential real estate loans were partially offset by a decline in non-owner occupied commercial real estate, multifamily, and public finance loans.

Deposits

Average deposits were $6.5 billion for the year ending December 31, 2024, compared to $6.2 billion for the prior year, an increase of $354.9 million or 5.8%. Noninterest-bearing deposit accounts represented 23.1% of total deposits at December 31, 2024 and the loan-to-deposit ratio was 95.6% at December 31, 2024.

The ratio of total uninsured deposits to total deposits was estimated to be 34.8% at December 31, 2024. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.2% at December 31, 2024.6

Capital

5 Total revenue is net interest income plus noninterest income.

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

Tangible book value per share, a non-GAAP financial measure, was $33.94 at December 31, 2024, an increase of $2.98 from December 31, 2023.

Non-GAAP Financial Measures

This press release (including the tables beginning on page 19) 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 to tangible assets;

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

•Tangible book value per share;

•Adjusted net income;

•Adjusted diluted earnings per share;

•Adjusted return on average total assets;

•Adjusted return on average stockholders’ equity;

•Return on average tangible stockholders’ equity;

•Adjusted return on average tangible stockholders’ equity;

•Adjusted total noninterest expense;

•Adjusted efficiency ratio; and

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

The tables beginning on page 19 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, which we are in the process of rebranding as Sunflower Bank Mortgage Lending. 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 December 31, 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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements our expectations to expand in the San Diego and Los Angeles markets. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to (1) the risk regulators may delay or disapprove our branch applications, (2) the possibility that we may be unable to obtain suitable locations for the operation of branches in those markets, (3) the possibility that we may be unable to attract or retain suitable employees in the numbers required to support such expansion, and (4) general competitive, economic, political and market conditions.

Many of these factors are beyond FirstSun’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and FirstSun undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FirstSun to predict their occurrence or how they will affect FirstSun.

FirstSun qualifies all forward-looking statements by these cautionary statements.

Summary Data:


	As of and for the quarter ended
($ in thousands, except per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Net interest income	$	77,047		$	76,158		$	72,899		$	70,806		$	72,069
Provision for credit losses	4,850			5,000			1,200			16,500			6,575
Noninterest income	21,635			22,075			23,274			22,808			17,221
Noninterest expense	73,673			64,664			63,875			61,828			52,308
Income before income taxes	20,159			28,569			31,098			15,286			30,407
Provision for income taxes	3,809			6,147			6,538			2,990			6,393
Net income	16,350			22,422			24,560			12,296			24,014
Adjusted net income (1)	24,316			23,655			25,181			14,592			24,014
Weighted average common shares outstanding, basic	27,668,470			27,612,538			27,430,761			27,019,625			24,953,764
Weighted average common shares outstanding, diluted	28,290,474			28,212,809			28,031,956			27,628,941			25,472,017
Diluted earnings per share	$	0.58		$	0.79		$	0.88		$	0.45		$	0.94
Adjusted diluted earnings per share (1)	$	0.86		$	0.84		$	0.90		$	0.53		$	0.94
Return on average total assets	0.81		%	1.13		%	1.26		%	0.64		%	1.26		%
Adjusted return on average total assets (1)	1.21		%	1.19		%	1.29		%	0.76		%	1.26		%
Return on average stockholders' equity	6.25		%	8.79		%	10.03		%	5.15		%	11.19		%
Adjusted return on average stockholders' equity (1)	9.30		%	9.27		%	10.28		%	6.11		%	11.19		%
Return on average tangible stockholders' equity (1)	7.40		%	10.00		%	11.44		%	6.08		%	13.09		%
Adjusted return on average tangible stockholders' equity (1)	10.78		%	10.54		%	11.73		%	7.16		%	13.09		%
Net interest margin	4.11		%	4.10		%	4.02		%	3.99		%	4.08		%
Net interest margin (FTE basis) (1)	4.17		%	4.16		%	4.08		%	4.06		%	4.15		%
Efficiency ratio	74.66		%	65.83		%	66.42		%	66.05		%	58.58		%
Adjusted efficiency ratio (1)	63.63		%	64.16		%	65.33		%	63.39		%	58.58		%
Noninterest income to total revenue (2)	21.9		%	22.5		%	24.2		%	24.4		%	19.3		%
Total assets	$	8,097,387		$	8,138,487		$	7,999,295		$	7,781,601		$	7,879,724
Total loans held-for-sale	61,825			72,247			66,571			56,813			54,212
Total loans held-for-investment	6,376,357			6,443,756			6,337,162			6,284,868			6,267,096
Total deposits	6,672,260			6,649,880			6,619,525			6,445,388			6,374,103
Total stockholders' equity	1,041,366			1,034,085			996,599			964,662			877,197
Loan to deposit ratio	95.6		%	96.9		%	95.7		%	97.5		%	98.3		%
Period end common shares outstanding	27,709,679			27,665,918			27,443,246			27,442,943			24,960,639
Book value per share	$	37.58		$	37.38		$	36.31		$	35.15		$	35.14
Tangible book value per share (1)	$	33.94		$	33.68		$	32.56		$	31.37		$	30.96
(1) Represents a non-GAAP financial measure. See the tables beginning on page 19 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.


	As of and for the year ended
($ in thousands, except per share amounts)		December 31, 2024			December 31, 2023
Net interest income		$	296,910		$	293,431
Provision for credit losses		27,550			18,247
Noninterest income		89,792			79,092
Noninterest expense		264,040			222,793
Income before income taxes		95,112			131,483
Provision for income taxes		19,484			27,950
Net income		75,628			103,533
Adjusted net income (1)		87,744			103,533
Weighted average common shares outstanding, basic		27,433,865			24,938,359
Weighted average common shares outstanding, diluted		28,067,273			25,387,196
Diluted earnings per share		$	2.69		$	4.08
Adjusted diluted earnings per share (1)		$	3.13		$	4.08
Return on average total assets		0.96		%	1.38		%
Adjusted return on average total assets (1)		1.12		%	1.38		%
Return on average stockholders' equity		7.56		%	12.50		%
Adjusted return on average stockholders’ equity (1)		8.77		%	12.50		%
Return on average tangible stockholders' equity (1)		8.74		%	14.88		%
Adjusted return on average tangible stockholders' equity (1)		10.09		%	14.88		%
Net interest margin		4.06		%	4.23		%
Net interest margin (FTE basis) (1)		4.12		%	4.29		%
Efficiency ratio		68.28		%	59.81		%
Adjusted efficiency ratio (1)		64.13		%	59.81		%
Noninterest income to total revenue (2)		23.2		%	21.2		%
Total assets		$	8,097,387		$	7,879,724
Total loans held-for-sale		61,825			54,212
Total loans held-for-investment		6,376,357			6,267,096
Total deposits		6,672,260			6,374,103
Total stockholders' equity		1,041,366			877,197
Loan to deposit ratio		95.6		%	98.3		%
Period end common shares outstanding		27,709,679			24,960,639
Book value per share		$	37.58		$	35.14
Tangible book value per share (1)		$	33.94		$	30.96
(1) Represents a non-GAAP financial measure. See the tables beginning on page 19 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.

Condensed Consolidated Statements of Income (Unaudited):


	For the quarter ended		For the year ended
($ in thousands, except per share amounts)	December 31, 2024			December 31, 2023		December 31, 2024		December 31, 2023
Total interest income	$	116,039		$	109,974	$	459,540	$	413,684
Total interest expense	38,992			37,905		162,630		120,253
Net interest income	77,047			72,069		296,910		293,431
Provision for credit losses	4,850			6,575		27,550		18,247
Net interest income after provision for credit losses	72,197			65,494		269,360		275,184
Noninterest income:
Service charges on deposits	2,219			2,468		9,495		9,940
Treasury management service fees	3,982			3,075		14,829		11,724
Credit and debit card fees	2,706			2,920		11,153		11,681
Trust and investment advisory fees	1,436			1,356		5,787		5,693
Mortgage banking income, net	9,631			4,883		39,014		31,384
Other noninterest income	1,661			2,519		9,514		8,670
Total noninterest income	21,635			17,221		89,792		79,092
Noninterest expense:
Salaries and benefits	38,498			30,158		154,985		133,231
Occupancy and equipment	9,865			8,449		36,282		33,426
Amortization of intangible assets	1,431			829		3,549		4,822
Terminated merger related expenses	8,010			—		13,178		—
Other noninterest expenses	15,869			12,872		56,046		51,314
Total noninterest expense	73,673			52,308		264,040		222,793
Income before income taxes	20,159			30,407		95,112		131,483
Provision for income taxes	3,809			6,393		19,484		27,950
Net income	$	16,350		$	24,014	$	75,628	$	103,533
Earnings per share - basic	$	0.59		$	0.96	$	2.76	$	4.15
Earnings per share - diluted	$	0.58		$	0.94	$	2.69	$	4.08


	For the quarter ended
($ in thousands, except per share amounts)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total interest income	$	116,039	$	118,932	$	114,529	$	110,040	$	109,974
Total interest expense	38,992		42,774		41,630		39,234		37,905
Net interest income	77,047		76,158		72,899		70,806		72,069
Provision for credit losses	4,850		5,000		1,200		16,500		6,575
Net interest income after provision for credit losses	72,197		71,158		71,699		54,306		65,494
Noninterest income:
Service charges on deposits	2,219		2,560		2,372		2,344		2,468
Treasury management service fees	3,982		3,748		3,631		3,468		3,075
Credit and debit card fees	2,706		2,738		2,950		2,759		2,920
Trust and investment advisory fees	1,436		1,395		1,493		1,463		1,356
Mortgage banking income, net	9,631		8,838		11,043		9,502		4,883
Other noninterest income	1,661		2,796		1,785		3,272		2,519
Total noninterest income	21,635		22,075		23,274		22,808		17,221
Noninterest expense:
Salaries and benefits	38,498		39,306		39,828		37,353		30,158
Occupancy and equipment	9,865		9,121		8,701		8,595		8,449
Amortization of intangible assets	1,431		651		652		815		829
Terminated merger related expenses	8,010		1,633		1,046		2,489		—
Other noninterest expenses	15,869		13,953		13,648		12,576		12,872
Total noninterest expense	73,673		64,664		63,875		61,828		52,308
Income before income taxes	20,159		28,569		31,098		15,286		30,407
Provision for income taxes	3,809		6,147		6,538		2,990		6,393
Net income	$	16,350	$	22,422	$	24,560	$	12,296	$	24,014
Earnings per share - basic	$	0.59	$	0.81	$	0.90	$	0.46	$	0.96
Earnings per share - diluted	$	0.58	$	0.79	$	0.88	$	0.45	$	0.94

Condensed Consolidated Balance Sheets as of (Unaudited):


($ in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	615,917	$	573,674	$	535,766	$	383,605	$	479,362
Securities available-for-sale, at fair value	469,076		496,811		491,649		499,078		516,757
Securities held-to-maturity	35,242		35,885		36,310		36,640		36,983
Loans held-for-sale, at fair value	61,825		72,247		66,571		56,813		54,212
Loans	6,376,357		6,443,756		6,337,162		6,284,868		6,267,096
Allowance for credit losses	(88,221)		(83,159)		(78,960)		(79,829)		(80,398)
Loans, net	6,288,136		6,360,597		6,258,202		6,205,039		6,186,698
Mortgage servicing rights, at fair value	84,258		78,799		80,744		78,416		76,701
Premises and equipment, net	82,483		82,532		83,320		84,063		84,842
Other real estate owned and foreclosed assets, net	5,138		4,478		4,497		4,414		4,100
Goodwill	93,483		93,483		93,483		93,483		93,483
Intangible assets, net	7,434		8,866		9,517		10,168		10,984
All other assets	354,395		331,115		339,236		329,882		335,602
Total assets	$	8,097,387	$	8,138,487	$	7,999,295	$	7,781,601	$	7,879,724
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts	$	1,541,158	$	1,554,762	$	1,562,308	$	1,517,315	$	1,530,506
Interest-bearing deposit accounts:
Interest-bearing demand accounts	685,865		645,647		538,232		542,184		534,540
Savings and money market accounts	2,834,123		2,608,808		2,505,439		2,473,255		2,446,632
NOW accounts	45,539		41,234		42,687		39,181		56,819
Certificate of deposit accounts	1,565,575		1,799,429		1,970,859		1,873,453		1,805,606
Total deposits	6,672,260		6,649,880		6,619,525		6,445,388		6,374,103
Securities sold under agreements to repurchase	14,699		10,913		20,408		20,423		24,693
Federal Home Loan Bank advances	135,000		215,000		145,000		144,810		389,468
Other borrowings	75,841		75,709		75,577		75,445		75,313
Other liabilities	158,221		152,900		142,186		130,873		138,950
Total liabilities	7,056,021		7,104,402		7,002,696		6,816,939		7,002,527
Stockholders' equity:
Preferred stock	—		—		—		—		—
Common stock	3		3		3		3		2
Additional paid-in capital	547,325		547,271		543,339		542,582		462,680

Retained earnings	533,150		516,800		494,378		469,818		457,522
Accumulated other comprehensive loss, net	(39,112)		(29,989)		(41,121)		(47,741)		(43,007)
Total stockholders' equity	1,041,366		1,034,085		996,599		964,662		877,197
Total liabilities and stockholders' equity	$	8,097,387	$	8,138,487	$	7,999,295	$	7,781,601	$	7,879,724

Consolidated Capital Ratios as of:



	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Stockholders' equity to total assets	12.86	%	12.71	%	12.46	%	12.40	%	11.13	%
Tangible stockholders' equity to tangible assets (1)	11.76	%	11.59	%	11.32	%	11.21	%	9.94	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2)	11.71	%	11.56	%	11.27	%	11.17	%	9.90	%
Tier 1 leverage ratio	12.11	%	11.96	%	11.83	%	11.73	%	10.52	%
Common equity tier 1 risk-based capital ratio	13.18	%	13.06	%	12.80	%	12.54	%	11.10	%
Tier 1 risk-based capital ratio	13.18	%	13.06	%	12.80	%	12.54	%	11.10	%
Total risk-based capital ratio	15.42	%	15.25	%	14.95	%	14.73	%	13.25	%
(1) Represents a non-GAAP financial measure. See the tables beginning on page 19 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.

Summary of Net Interest Margin:


	For the quarter ended						For the year ended
	December 31, 2024		December 31, 2023				December 31, 2024			December 31, 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)	6,481,701		6.55	%	6,280,362			6.51	%	6,410,520		6.58	%	6,178,414		6.24	%
Investment securities	519,221		3.42	%	538,348			3.28	%	529,209		3.49	%	554,433		3.07	%
Interest-bearing cash and other assets	491,326		4.50	%	247,978			5.50	%	380,967		5.02	%	202,720		5.43	%
Total earning assets	7,492,248		6.20	%	7,066,688			6.22	%	7,320,696		6.28	%	6,935,567		5.96	%
Other assets	542,862				563,368					543,650				556,083
Total assets	$	8,035,110			$	7,630,056				$	7,864,346			$	7,491,650

Interest-bearing liabilities
Demand and NOW deposits	$	703,087	3.46	%	$	510,982		3.45	%	$	633,123	3.63	%	$	385,424	3.00	%
Savings deposits	404,762		0.65	%	457,679			0.93	%	412,941		0.69	%	453,654		0.59	%
Money market deposits	2,348,328		2.24	%	2,063,383			1.82	%	2,161,618		2.11	%	2,122,410		1.33	%
Certificates of deposits	1,589,721		4.10	%	1,825,325			4.54	%	1,756,755		4.51	%	1,512,638		3.89	%
Total deposits	5,045,898		2.87	%	4,857,369			2.93	%	4,964,437		3.03	%	4,474,126		2.27	%
Repurchase agreements	10,964		1.46	%	23,457			1.06	%	15,557		1.21	%	28,316		0.80	%
Total deposits and repurchase agreements	5,056,862		2.87	%	4,880,826			2.92	%	4,979,994		3.03	%	4,502,442		2.26	%
FHLB borrowings	121,957		5.05	%	74,146			5.64	%	124,833		5.48	%	269,613		5.05	%
Other long-term borrowings	75,778		6.44	%	75,249			6.62	%	75,586		6.55	%	78,654		6.42	%
Total interest-bearing liabilities	5,254,597		2.97	%	5,030,221			3.01	%	5,180,413		3.14	%	4,850,709		2.48	%
Noninterest-bearing deposits	1,581,571				1,597,672					1,542,808				1,678,240
Other liabilities	152,552				143,416					140,529				134,599
Stockholders' equity	1,046,390				858,747					1,000,596				828,102
Total liabilities and stockholders' equity	$	8,035,110			$	7,630,056				$	7,864,346			$	7,491,650


Net interest spread			3.23	%				3.21	%			3.14	%			3.48	%
Net interest margin			4.11	%				4.08	%			4.06	%			4.23	%
Net interest margin (on FTE basis) (2)			4.17	%				4.15	%			4.12	%			4.29	%
(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 19 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.


	For the quarter ended
	December 31, 2024		September 30, 2024				June 30, 2024			March 31, 2024		December 31, 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)	6,481,701		6.55	%	6,460,484			6.71	%	6,384,709		6.59	%	6,313,855		6.48	%	6,280,362		6.51	%
Investment securities	519,221		3.42	%	527,241			3.62	%	523,545		3.65	%	546,960		3.28	%	538,348		3.28	%
Interest-bearing cash and other assets	491,326		4.50	%	442,632			5.17	%	348,509		5.25	%	239,508		5.49	%	247,978		5.50	%
Total earning assets	7,492,248		6.20	%	7,430,357			6.40	%	7,256,763		6.31	%	7,100,323		6.20	%	7,066,688		6.22	%
Other assets	542,862				534,740					548,465				548,642				563,368
Total assets	$	8,035,110			$	7,965,097				$	7,805,228			$	7,648,965			$	7,630,056

Interest-bearing liabilities
Demand and NOW deposits	$	703,087	3.46	%	$	657,537		3.75	%	$	621,343	3.80	%	$	549,491	3.54	%	$	510,982	3.45	%
Savings deposits	404,762		0.65	%	411,526			0.72	%	413,699		0.69	%	421,882		0.69	%	457,679		0.93	%
Money market deposits	2,348,328		2.24	%	2,140,552			2.25	%	2,092,449		2.01	%	2,063,321		1.93	%	2,063,383		1.82	%
Certificates of deposits	1,589,721		4.10	%	1,800,502			4.58	%	1,823,522		4.69	%	1,814,629		4.60	%	1,825,325		4.54	%
Total deposits	5,045,898		2.87	%	5,010,117			3.16	%	4,951,013		3.11	%	4,849,323		3.00	%	4,857,369		2.93	%
Repurchase agreements	10,964		1.46	%	13,528			1.29	%	16,553		1.15	%	21,254		1.06	%	23,457		1.06	%
Total deposits and repurchase agreements	5,056,862		2.87	%	5,023,645			3.16	%	4,967,566		3.10	%	4,870,577		2.99	%	4,880,826		2.92	%
FHLB borrowings	121,957		5.05	%	135,641			5.61	%	130,871		5.67	%	110,777		5.56	%	74,146		5.64	%
Other long-term borrowings	75,778		6.44	%	75,654			6.58	%	75,522		6.59	%	75,389		6.62	%	75,249		6.62	%
Total interest-bearing liabilities	5,254,597		2.97	%	5,234,940			3.27	%	5,173,959		3.22	%	5,056,743		3.10	%	5,030,221		3.01	%
Noninterest-bearing deposits	1,581,571				1,568,685					1,517,560				1,502,707				1,597,672
Other liabilities	152,552				141,206					133,845				134,370				143,416
Stockholders' equity	1,046,390				1,020,266					979,864				955,145				858,747
Total liabilities and stockholders' equity	$	8,035,110			$	7,965,097				$	7,805,228			$	7,648,965			$	7,630,056


Net interest spread			3.23	%				3.13	%			3.09	%			3.10	%			3.21	%
Net interest margin			4.11	%				4.10	%			4.02	%			3.99	%			4.08	%
Net interest margin (on FTE basis) (2)			4.17	%				4.16	%			4.08	%			4.06	%			4.15	%
(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 19 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Deposits as of:



($ in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Consumer
Noninterest bearing deposit accounts	$	410,303	$	397,880	$	414,795	$	356,732	$	360,168
Interest-bearing deposit accounts:
Demand and NOW deposits	61,987		61,929		42,903		38,625		36,162
Savings deposits	326,916		331,811		334,741		340,086		343,291
Money market deposits	1,516,577		1,333,486		1,243,355		1,229,239		1,196,645
Certificates of deposits	1,069,704		1,247,348		1,438,792		1,437,590		1,437,537
Total interest-bearing deposit accounts	2,975,184		2,974,574		3,059,791		3,045,540		3,013,635
Total consumer deposits	$	3,385,487	$	3,372,454	$	3,474,586	$	3,402,272	$	3,373,803
Business
Noninterest bearing deposit accounts	$	1,130,855	$	1,156,882	$	1,147,513	$	1,160,583	$	1,170,338
Interest-bearing deposit accounts:
Demand and NOW deposits	669,417		624,952		538,016		502,726		555,197
Savings deposits	75,422		77,744		77,931		80,226		80,802
Money market deposits	915,208		865,767		849,412		823,704		825,811
Certificates of deposits	51,131		62,187		90,189		97,854		87,407
Total interest-bearing deposit accounts	1,711,178		1,630,650		1,555,548		1,504,510		1,549,217
Total business deposits	$	2,842,033	$	2,787,532	$	2,703,061	$	2,665,093	$	2,719,555
Wholesale deposits (1)	$	444,740	$	489,894	$	441,878	$	378,023	$	280,745
Total deposits	$	6,672,260	$	6,649,880	$	6,619,525	$	6,445,388	$	6,374,103
(1) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.

Balance Sheet Ratios as of:



	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Cash to total assets (1)	7.50	%	6.90	%	6.60	%	4.80	%	6.00	%
Loan to deposit ratio	95.6	%	96.9	%	95.7	%	97.5	%	98.3	%
Uninsured deposits to total deposits (2)	34.8	%	32.7	%	32.1	%	32.0	%	31.2	%
Uninsured and uncollateralized deposits to total deposits (2)	25.2	%	26.8	%	25.5	%	25.2	%	25.1	%

Wholesale deposits and borrowings to total liabilities (3)	8.2	%	9.9	%	8.4	%	7.7	%	9.6	%


(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.

Loan Portfolio as of:



($ in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Commercial and industrial	$	2,497,772	$	2,527,636	$	2,431,110	$	2,480,078	$	2,467,688
Commercial real estate:
Non-owner occupied	752,861		821,670		866,999		836,515		812,235
Owner occupied	702,773		700,325		660,511		642,930		635,365
Construction and land	362,677		333,457		350,878		326,447		345,430
Multifamily	94,355		95,125		94,220		94,898		103,066
Total commercial real estate	1,912,666		1,950,577		1,972,608		1,900,790		1,896,096
Residential real estate	1,180,610		1,172,459		1,146,989		1,109,676		1,110,610
Public Finance	554,784		536,776		537,872		579,991		602,913
Consumer	41,345		45,267		42,129		40,317		36,371
Other	189,180		211,041		206,454		174,016		153,418
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,376,357	$	6,443,756	$	6,337,162	$	6,284,868	$	6,267,096

Asset Quality:


	As of and for the quarter ended
($ in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Net charge-offs (recoveries)	$	(462)		$	1,401		$	2,009		$	17,429		$	4,743
Allowance for credit losses	$	88,221		$	83,159		$	78,960		$	79,829		$	80,398
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due	$	69,050		$	65,824		$	62,558		$	57,599		$	63,143
Nonperforming assets	$	74,188		$	70,302		$	67,055		$	62,013		$	67,243
Ratio of net charge-offs (recoveries) to average loans outstanding	(0.03)		%	0.09		%	0.13		%	1.11		%	0.30		%
Allowance for credit losses to total loans outstanding	1.38		%	1.29		%	1.25		%	1.27		%	1.28		%

Allowance for credit losses to total nonperforming loans	127.76		%	126.34		%	126.22		%	138.59		%	127.33		%
Nonperforming loans to total loans	1.08		%	1.02		%	0.99		%	0.92		%	1.01		%
Nonperforming assets to total assets	0.92		%	0.86		%	0.84		%	0.80		%	0.85		%

Non-GAAP Financial Measures and Reconciliations:


	As of and for the quarter ended															As of and for the year ended
($ in thousands, except share and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)	$	1,041,366		$	1,034,085		$	996,599		$	964,662		$	877,197		$	1,041,366		$	877,197
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(7,434)			(8,866)			(9,517)			(10,168)			(10,984)			(7,434)			(10,984)
Tangible stockholders' equity (non-GAAP)	$	940,449		$	931,736		$	893,599		$	861,011		$	772,730		$	940,449		$	772,730
Total assets (GAAP)	$	8,097,387		$	8,138,487		$	7,999,295		$	7,781,601		$	7,879,724		$	8,097,387		$	7,879,724
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(7,434)			(8,866)			(9,517)			(10,168)			(10,984)			(7,434)			(10,984)
Tangible assets (non-GAAP)	$	7,996,470		$	8,036,138		$	7,896,295		$	7,677,950		$	7,775,257		$	7,996,470		$	7,775,257
Total stockholders' equity to total assets (GAAP)	12.86		%	12.71		%	12.46		%	12.40		%	11.13		%	12.86		%	11.13		%
Less: Impact of goodwill and other intangible assets	(1.10)		%	(1.12)		%	(1.14)		%	(1.19)		%	(1.19)		%	(1.10)		%	(1.19)		%
Tangible stockholders' equity to tangible assets (non-GAAP)	11.76		%	11.59		%	11.32		%	11.21		%	9.94		%	11.76		%	9.94		%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	940,449		$	931,736		$	893,599		$	861,011		$	772,730		$	940,449		$	772,730
Less: Net unrealized losses on HTM securities, net of tax	(4,292)			(2,852)			(3,949)			(4,236)			(3,629)			(4,292)			(3,629)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	936,157		$	928,884		$	889,650		$	856,775		$	769,101		$	936,157		$	769,101
Tangible assets (non-GAAP)	$	7,996,470		$	8,036,138		$	7,896,295		$	7,677,950		$	7,775,257		$	7,996,470		$	7,775,257
Less: Net unrealized losses on HTM securities, net of tax	(4,292)			(2,852)			(3,949)			(4,236)			(3,629)			(4,292)			(3,629)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	7,992,178		$	8,033,286		$	7,892,346		$	7,673,714		$	7,771,628		$	7,992,178		$	7,771,628

Tangible stockholders’ equity to tangible assets (non-GAAP)	11.76		%	11.59		%	11.32		%	11.21		%	9.94		%	11.76		%	9.94		%
Less: Net unrealized losses on HTM securities, net of tax	(0.05)		%	(0.03)		%	(0.05)		%	(0.04)		%	(0.04)		%	(0.05)		%	(0.04)		%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)	11.71		%	11.56		%	11.27		%	11.17		%	9.90		%	11.71		%	9.90		%


	As of and for the quarter ended															As of and for the year ended
($ in thousands, except share and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,041,366		$	1,034,085		$	996,599		$	964,662		$	877,197		$	1,041,366		$	877,197
Tangible stockholders' equity (non-GAAP)	$	940,449		$	931,736		$	893,599		$	861,011		$	772,730		$	940,449		$	772,730
Total shares outstanding	27,709,679			27,665,918			27,443,246			27,442,943			24,960,639			27,709,679			24,960,639
Book value per share (GAAP)	$	37.58		$	37.38		$	36.31		$	35.15		$	35.14		$	37.58		$	35.14
Tangible book value per share (non-GAAP)	$	33.94		$	33.68		$	32.56		$	31.37		$	30.96		$	33.94		$	30.96
Adjusted net income:
Net income (GAAP)	$	16,350		$	22,422		$	24,560		$	12,296		$	24,014		$	75,628		$	103,533
Add non-recurring expenses:
Terminated merger related expenses, net of tax	5,799			1,233			621			2,296			—			9,949			—

Write-off of Guardian Mortgage trade name, net of tax	625			—			—			—			—			625			—
Disposal of ATMs, net of tax	1,542			—			—			—			—			1,542			—

Total adjustments, net of tax	7,966			1,233			621			2,296			—			12,116			—
Adjusted net income (non-GAAP)	$	24,316		$	23,655		$	25,181		$	14,592		$	24,014		$	87,744		$	103,533

Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)	$	0.58		$	0.79		$	0.88		$	0.45		$	0.94		$	2.69		$	4.08
Add impact of non-recurring expenses:
Terminated merger related expenses, net of tax	0.21			0.05			0.02			0.08			—			0.36			—

Write-off of Guardian Mortgage trade name, net of tax	0.02			—			—			—			—			0.02			—
Disposal of ATMs, net of tax	0.05			—			—			—			—			0.06			—
Adjusted diluted earnings per share (non-GAAP)	$	0.86		$	0.84		$	0.90		$	0.53		$	0.94		$	3.13		$	4.08
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)	0.81		%	1.13		%	1.26		%	0.64		%	1.26		%	0.96		%	1.38		%
Add impact of non-recurring expenses:
Terminated merger related expenses	0.29		%	0.06		%	0.03		%	0.12		%	—		%	0.13		%	—		%

Write-off of Guardian Mortgage trade name	0.03		%	—		%	—		%	—		%	—		%	0.01		%	—		%
Disposal of ATMs	0.08		%	—		%	—		%	—		%	—		%	0.02		%	—		%
Adjusted ROAA (non-GAAP)	1.21		%	1.19		%	1.29		%	0.76		%	1.26		%	1.12		%	1.38		%


	As of and for the quarter ended															As of and for the year ended
($ in thousands, except share and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)	6.25		%	8.79		%	10.03		%	5.15		%	11.19		%	7.56		%	12.50		%
Add impact of non-recurring expenses:
Terminated merger related expenses	2.22		%	0.48		%	0.25		%	0.96		%	—		%	1.00		%	—		%

Write-off of Guardian Mortgage trade name	0.24		%	—		%	—		%	—		%	—		%	0.06		%	—		%
Disposal of ATMs	0.59		%	—		%	—		%	—		%	—		%	0.15		%	—		%
Adjusted ROACE (non-GAAP)	9.30		%	9.27		%	10.28		%	6.11		%	11.19		%	8.77		%	12.50		%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE)	6.25		%	8.79		%	10.03		%	5.15		%	11.19		%	7.56		%	12.50		%
Add: Impact from goodwill and other intangible assets:
Goodwill	0.68		%	0.98		%	1.18		%	0.63		%	1.55		%	0.87		%	1.85		%
Other intangible assets	0.47		%	0.23		%	0.23		%	0.30		%	0.35		%	0.31		%	0.53		%
Return on average tangible stockholders’ equity (ROATCE)	7.40		%	10.00		%	11.44		%	6.08		%	13.09		%	8.74		%	14.88		%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE)	7.40		%	10.00		%	11.44		%	6.08		%	13.09		%	8.74		%	14.88		%
Add impact of non-recurring expenses:
Terminated merger related expenses	2.47		%	0.54		%	0.29		%	1.08		%	—		%	1.11		%	—		%

Write-off of Guardian Mortgage trade name	0.26		%	—		%	—		%	—		%	—		%	0.07		%	—		%
Disposal of ATMs	0.65		%	—		%	—		%	—		%	—		%	0.17		%	—		%
Adjusted ROATCE (non-GAAP)	10.78		%	10.54		%	11.73		%	7.16		%	13.09		%	10.09		%	14.88		%
Adjusted total noninterest expense:
Total noninterest expense (GAAP)	$	73,673		$	64,664		$	63,875		$	61,828		$	52,308		$	264,040		$	222,793
Less non-recurring expenses:
Terminated merger related expenses	(8,010)			(1,633)			(1,046)			(2,489)			—			(13,178)			—
Write-off of Guardian Mortgage trade name	(828)			—			—			—			—			(828)			—
Disposal of ATMs	(2,042)			—			—			—			—			(2,042)			—
Total adjustments, net of tax	(10,880)			(1,633)			(1,046)			(2,489)			—			(16,048)			—
Adjusted total noninterest expense (non-GAAP)	$	62,793		$	63,031		$	62,829		$	59,339		$	52,308		$	247,992		$	222,793


	As of and for the quarter ended															As of and for the year ended
($ in thousands, except share and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Adjusted efficiency ratio:
Efficiency ratio (GAAP)	74.66		%	65.83		%	66.42		%	66.05		%	58.58		%	68.28		%	59.81		%
Less impact of non-recurring expenses:
Terminated merger related expenses	(8.12)		%	(1.67)		%	(1.09)		%	(2.66)		%	—		%	(3.41)		%	—		%
Write-off of Guardian Mortgage trade name	(0.84)		%	—		%	—		%	—		%	—		%	(0.21)		%	—		%
Disposal of ATMs	(2.07)		%	—		%	—		%	—		%	—		%	(0.53)		%	—		%
Adjusted efficiency ratio (non-GAAP)	63.63		%	64.16		%	65.33		%	63.39		%	58.58		%	64.13		%	59.81		%








Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)	$	77,047		$	76,158		$	72,899		$	70,806		$	72,069		$	296,910		$	293,431
Gross income effect of tax exempt income	1,161			1,132			1,156			1,318			1,270			4,767			5,086
FTE net interest income (non-GAAP)	$	78,208		$	77,290		$	74,055		$	72,124		$	73,339		$	301,677		$	298,517
Average earning assets	$	7,492,248		$	7,430,357		$	7,256,763		$	7,100,323		$	7,066,688		$	7,320,696		$	6,935,567
Net interest margin	4.11		%	4.10		%	4.02		%	3.99		%	4.08		%	4.06		%	4.23		%
Net interest margin on FTE basis (non-GAAP)	4.17		%	4.16		%	4.08		%	4.06		%	4.15		%	4.12		%	4.29		%