FirstSun Capital Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>FirstSun Capital Bancorp has submitted its annual 10-K filing for the fiscal year 2023.</b>

AI Summary

FIRSTSUN CAPITAL BANCORP (FSUN) filed a Annual Report (10-K) with the SEC on March 7, 2024. FirstSun Capital Bancorp filed its 2023 Form 10-K on March 7, 2024. The company is incorporated in Delaware and operates under SIC code 6021 (National Commercial Banks). Its principal business address is 1400 16th Street, Denver, CO 80202. The filing covers the fiscal year ending December 31, 2023. The SEC file number associated with this filing is 333-258176.

Why It Matters

For investors and stakeholders tracking FIRSTSUN CAPITAL BANCORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FirstSun Capital Bancorp's financial performance and business operations for the fiscal year 2023, crucial for investors and stakeholders to assess the company's health and strategic direction. As a national commercial bank, the details within this filing are essential for understanding regulatory compliance, market positioning, and financial stability within the banking sector.

Risk Assessment

Risk Level: low — FIRSTSUN CAPITAL BANCORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FirstSun Capital Bancorp's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-07 — Filing Date (FILED AS OF DATE)
• 333-258176 — SEC File Number (SEC FILE NUMBER)
• 814552413 — IRS Number (IRS NUMBER)

Key Players & Entities

• FIRSTSUN CAPITAL BANCORP (company) — FILER
• FSUN (company) — Ticker Symbol
• 10-K (document) — FORM TYPE
• 2024-03-07 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 6021 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 1400 16TH STREET (address) — BUSINESS ADDRESS

FAQ

Industry Context

FirstSun Capital Bancorp operates within the National Commercial Banks industry (SIC 6021). This sector is characterized by its role in providing financial services, managing deposits, and offering loans.

Regulatory Implications

As a national commercial bank, FirstSun Capital Bancorp is subject to regulations from various federal and state authorities, including the Federal Reserve, OCC, and FDIC, ensuring financial stability and consumer protection.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and asset growth.
2. Review any disclosed risk factors to understand potential challenges and mitigation strategies.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted, no prior filing data is available for comparison.

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value, outstanding. 1 Table of
• $10 billion — erger due to having assets in excess of $10 billion; changes in FirstSun's or HomeStreet's
• $7.9 b — 23, we had consolidated total assets of $7.9 billion, total net loans of $6.2 billion,
• $6.2 b — ets of $7.9 billion, total net loans of $6.2 billion, total deposits of $6.4 billion a
• $6.4 billion — oans of $6.2 billion, total deposits of $6.4 billion and total stockholders' equity of $877.
• $877.2 million — llion and total stockholders' equity of $877.2 million. Proposed Merger with HomeStreet, Inc.
• $17 billion — d to have total assets of approximately $17 billion and 129 branch locations. The combined
• $175 million — al to support the merger. In aggregate, $175 million of common stock will be issued to those
• $80 million — will be issued to those investors: (a) $80 million of which was issued immediately followi
• $95 million — ger announcement, and (b) the remaining $95 million of which will be issued substantially c

Filing Documents

• fcb-20231231.htm (10-K) — 5381KB
• exhibit410amendmentno5tost.htm (EX-4.10) — 19KB
• exhibit10ormof2024specialr.htm (EX-10.11) — 60KB
• exhibit211subsidiariesoffi.htm (EX-21.1) — 14KB
• exhibit231consentofcrowell.htm (EX-23.1) — 3KB
• exhibit311certificationofc.htm (EX-31.1) — 7KB
• exhibit312certificationofc.htm (EX-31.2) — 7KB
• exhibit321certificationofc.htm (EX-32.1) — 9KB
• 0001709442-24-000013.txt (&nbsp;) — 24893KB
• fcb-20231231.xsd (EX-101.SCH) — 115KB
• fcb-20231231_cal.xml (EX-101.CAL) — 235KB
• fcb-20231231_def.xml (EX-101.DEF) — 589KB
• fcb-20231231_lab.xml (EX-101.LAB) — 1387KB
• fcb-20231231_pre.xml (EX-101.PRE) — 1040KB
• fcb-20231231_htm.xml (XML) — 5409KB

Risk Factors

Item 1A. Risk Factors 28

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 56

Cybersecurity

Item 1C. Cybersecurity 56

Properties

Item 2. Properties 58

Legal Proceedings

Item 3. Legal Proceedings 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58 Part II 59

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59

[Reserved]

Item 6. [Reserved] 59

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 60

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 83

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 84

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 150

Controls and Procedures

Item 9A. Controls and Procedures 150

Other Information

Item 9B. Other Information 151

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 152 Part III 152

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 152

Executive Compensation

Item 11. Executive Compensation 155

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 168

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 170

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 177 Part IV 178

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 178

Form 10-K Summary

Item 16. Form 10-K Summary 180

Signatures

Signatures 181 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, statements relating to the Company's assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives, the benefits, cost and synergies of completed acquisitions or dispositions, and the timing, benefits, costs and synergies of future acquisitions, disposition and other growth opportunities, including statements regarding our pending merger with HomeStreet, Inc. ("HomeStreet"). They are not statements of historical or current fact nor are they assurances of future performance, and they generally can be identified by the use of forward-looking terminology, such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "plan," "predict," "project," "forecast," "guidance," "goal," "objective," "prospects," "possible" or "potential," by future conditional verbs such as "assume," "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time, are difficult to predict and are generally beyond our control and should be viewed with caution. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Board of

Business

Item 1. Business In this report, unless the context suggests otherwise, references to "we," "us," and "our" mean the combined business of FirstSun and its wholly-owned subsidiaries, including Sunflower Bank, Logia Portfolio Management, LLC, and FEIF Capital Partners, LLC. Overview FirstSun Capital Bancorp ("FirstSun"), a financial holding company headquartered in Denver, Colorado, provides a full spectrum of deposit, lending, treasury management, wealth management and online banking products and services through its two primary operating wholly-owned subsidiaries—Sunflower Bank, National Association ("Sunflower Bank" or the "Bank"), a national banking association headquartered in Dallas, Texas, that operates as Sunflower Bank, N.A., First National 1870 and Guardian Mortgage and Logia Portfolio Management, LLC, a registered investment advisor organized under the laws of the State of Kansas that provides discretionary investment management to retail and institutional accounts. FirstSun has a third wholly-owned subsidiary—FEIF Capital Partners, LLC, a Delaware limited liability company, which is planned to serve as the investment manager of a prospective income fund. Sunflower Bank was founded in 1892 and offers a full range of specialized financial services to business customers as well as relationship-focused services to meet personal, business and wealth management financial objectives for its customers, with a branch network in Texas, Kansas, Colorado, New Mexico, Arizona and Washington and mortgage banking capabilities in 43 states. Our product line includes commercial and industrial loans and commercial real estate loans, residential mortgage and other consumer loans, a variety of commercial, consumer and private banking deposit products, including noninterest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit and treasury management products and services. Additionally, Sunflower Bank provid

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View this 10-K filing on SEC EDGAR