FirstSun Capital (FSUN) Q4 2025 earnings summary

Executive summary

• Achieved full year 2025 net income of $97.9 million and adjusted net income of $100.5 million, with diluted EPS up 29% year-over-year and adjusted EPS up 13.7%.

• Q4 2025 adjusted net income was $26.9 million and adjusted diluted EPS was $0.95, driven by robust revenue growth and a net interest margin of 4.18%.

• Tangible book value per share increased 11.5% year-over-year to $37.83.

• Progressing on integration planning and balance sheet optimization for the pending merger with First Foundation.

• Return on average total assets for Q4 2025 was 1.17% (adjusted 1.27%); for the year, 1.18% (adjusted 1.21%).

Financial highlights

• Total revenue for 2025 grew 8.4% to $419.3 million, with net interest income at $317.4 million, up 8.3% year-over-year.

• Q4 2025 net interest income was $83.5 million, and noninterest income for Q4 was $26.7 million; full year noninterest income was $101.9 million.

• Efficiency ratio for 2025 was 64.82% (adjusted 64.17%); Q4 adjusted efficiency ratio was 63.36%.

• Loans held-for-investment ended at $6.67 billion, deposits at $7.11 billion, and total assets at $8.49 billion as of year-end.

• Loan-to-deposit ratio was 93.9% at year-end.

Outlook and guidance

• 2026 outlook projects mid-single digit growth in average loans, deposits, and net interest income, with stable net interest margin and mid-60s efficiency ratio.

• Noninterest income expected to grow in the low double-digit to low teens percentage range in 2026.

• Allowance for credit losses to loans expected to remain in the mid to high 120s basis points, with net charge-off ratio in the mid to high 20s basis points for 2026.

• Adjusted noninterest expense expected to grow in the mid to high single digit range.

• Outlook excludes effects of the pending merger with First Foundation.