MergerMay 8, 2026, 04:14 PM
FirstSun Completes First Foundation Merger; Q1 Net Income $21.6M
AI Summary
FirstSun Capital Bancorp completed its previously announced merger with First Foundation Inc. on April 1, 2026, issuing approximately 18.7 million shares valued at $682.8 million. For the first quarter of 2026, the company reported a net income of $21.6 million, a decrease from $23.6 million in the prior year, with basic earnings per share falling to $0.77 from $0.85. Net interest income saw an increase, but this was offset by a significant rise in the provision for credit losses and loan charge-offs.
Key Highlights
- FirstSun completed its merger with First Foundation Inc. on April 1, 2026.
- Issued 16.1 million voting and 2.6 million non-voting shares for the merger.
- Stock consideration for the merger was valued at approximately $682.8 million.
- Q1 2026 net income was $21.6 million, down from $23.6 million year-over-year.
- Basic EPS for Q1 2026 was $0.77, compared to $0.85 year-over-year.
- Net interest income increased to $82.8 million from $74.5 million year-over-year.
- Provision for credit losses rose to $8.25 million from $3.8 million year-over-year.
- Loan charge-offs significantly increased to $10.6 million from $0.8 million year-over-year.