Management actively utilizes the $7.5 billion investment securities portfolio as a liquidity lever, evidenced by $24.4 million in securities sales during 2026Q1.
| Cash from Operations | 72.76M | 111.48M | 101.12M | 125.18M | 96.92M | 113.11M | -547K | 3.9M |
| Operating CF Growth % | 145.52% | 10.25% | -19.22% | 29.16% | -14.32% | 20778.06% | -114.04% | - |
| Net Income | 95.95M | 97.94M | 75.63M | 103.53M | 59.18M | 43.16M | 47.59M | 20.5M |
| Depreciation & Amortization | 10.64M | 10.66M | 10.14M | 12.24M | 12.17M | 8.6M | 8.52M | 8.29M |
| Deferred Taxes | -1.92M | 2.76M | 3.35M | 3.01M | 9.2M | 3.15M | -3.38M | 1.61M |
| Other Non-Cash Items | -46.17M | -13.64M | 9.41M | 11.97M | 41.73M | 77.19M | -66.93M | -46.91M |
| Working Capital Changes | 10.11M | 10.23M | 214K | -7.71M | -26.82M | -21.98M | 11.32M | 18.25M |
| Cash from Investing | -491.96M | -330.2M | -80.87M | -327.28M | -538.12M | -293.92M | -662.91M | -217.15M |
| Purchase of Investments | -28.58M | -32.87M | -21.19M | -24.23M | -67.88M | -249.42M | -101.97M | -149.5M |
| Sale/Maturity of Investments | 54.02M | 43.37M | 63.45M | 44.34M | 174.78M | 146.25M | 210.14M | 212.26M |
| Net Investment Activity | 25.44M | 10.5M | 42.26M | 20.11M | 106.9M | -103.17M | 108.17M | 62.76M |
| Acquisitions | 41K | 41K | 0 | 0 | 444.54M | 0 | -7.02M | 0 |
| Other Investing | -510.19M | -333.23M | -117.72M | -343.12M | -1.09B | -187.3M | -757.9M | -273M |
| Cash from Financing | 211.55M | 255.39M | 116.31M | 337.94M | 116.27M | 647.3M | 720.9M | 257.21M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -831K | 0 | 0 | -167K | -579K | 0 | -1.59M | -36.71M |
| Stock Issued | -99K | -1.24M | 82.27M | 0 | 0 | -456K | 0 | 1.63M |
| Net Stock Activity | -930K | -1.24M | 82.27M | -167K | -579K | -456K | -1.59M | -35.08M |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 124.14M | -3.54M | 288.5M | 597.98M | -336.29M | 0 | 711.01M | 454M |
| Net Change in Cash | -207.65M | 36.67M | 136.56M | 135.84M | -324.94M | 466.48M | 57.45M | 43.96M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 652.59M | 615.92M | 479.36M | 343.53M | 668.46M | 201.98M | 144.53M | 100.57M |
| Cash at End | 413.73M | 652.59M | 615.92M | 479.36M | 343.53M | 668.46M | 201.98M | 144.53M |
| Interest Paid | 149.54M | 150.92M | 167.13M | 112.54M | 26.16M | 14.42M | 22.01M | 28.56M |
| Income Taxes Paid | 15.69M | 15.71M | 14.94M | 28.46M | 6.18M | 6.6M | 8M | 520K |
| Free Cash Flow | 65.51M | 103.97M | 95.71M | 120.91M | 94.72M | 109.65M | -6.7M | -3.01M |
| FCF Growth % | -30.29% | 8.64% | -20.84% | 27.65% | -13.62% | 1736.14% | -122.58% | - |
CRE Concentration and Provisioning
According to recent financial disclosures, FirstSun has maintained a consistent pattern of retaining earnings to fuel expansion, as evidenced by the absence of dividend payments over the last ten quarters, which suggests a strategic prioritization of capital accumulation to support its ongoing commercial lending growth initiatives.
The bank's decision to forgo dividends indicates a focus on building regulatory capital buffers to absorb potential volatility in its high-growth Mountain West and Southwest portfolios. This retention strategy appears necessary given the operational friction and efficiency ratio pressures noted in recent income statement analysis.
As reported in the quarterly cash flow statements, FirstSun frequently rotates its investment securities portfolio, with a notable $24.4 million in sales during 2026Q1, suggesting that management actively utilizes the securities book as a liquidity lever to manage balance sheet fluctuations and interest rate exposure.
The recurring purchase and sale activity implies that the investment portfolio is not merely a passive yield-enhancement tool but a dynamic component of the bank's liquidity management. Investors should monitor whether these sales are driven by tactical duration adjustments or a need to fund loan growth in tighter liquidity environments.
Based on the provided cash flow data, the OCF/NI ratio has exhibited significant instability, swinging from a negative 0.57 in 2026Q1 to a high of 2.20 in 2024Q1, which highlights the inherent difficulty in predicting cash generation for a bank heavily reliant on commercial loan originations.
This volatility likely reflects the timing of loan fundings and deposit inflows rather than underlying operational failure. The negative OCF in the most recent quarter warrants further investigation into whether this represents a temporary timing mismatch or a more structural challenge in funding the bank's aggressive commercial lending pipeline.
As evidenced by the historical data, FirstSun's provision expenses have fluctuated significantly, reaching a peak of $16.5 million in 2024Q1, which underscores the sensitivity of the bank's cash position to subjective credit loss modeling under the current CECL accounting framework.
The variability in provisioning suggests that management is actively adjusting its credit outlook in response to the shifting economic landscape in its core Sunbelt markets. This volatility creates a disconnect between reported net income and actual cash generation, complicating the assessment of the bank's true earnings quality.
Quick answers to the most common questions about buying FSUN stock.
FirstSun Capital Bancorp (FSUN) generated $111.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FirstSun Capital Bancorp (FSUN) generated $104.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
FirstSun Capital Bancorp (FSUN) spent $7.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.