FirstSun Swings to $38.4M Q3 Profit, Guides Q4 NIM to Mid-3.80s
FSUN sits 33% above its 52-week low of $29.95.
Summary
FirstSun earned $38.4 million, or $0.82 per diluted share, in Q3 2026 versus a $22.9 million loss in Q2, with margin up 24 basis points to 3.82%. The accompanying presentation guides Q4 NIM to the mid-3.80s and flags about $100 million of remaining buyback capacity.
Key Events · Earnings and Guidance · FSUN
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Q3 Net Income of $38.4 Million
Diluted EPS of $0.82 and adjusted EPS of $1.03, versus a $22.9 million loss, or $(0.49) per share, in Q2 2026.
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Margin Expands 24 Basis Points
Net interest margin rose to 3.82% from 3.58% as loan yield climbed 17 basis points to 6.33% and total cost of funds fell 8 basis points.
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Credit Provision Falls Sharply
Provision for credit losses was $4.4 million versus $40.4 million in Q2; annualized net charge-offs were 0.11% of average loans versus 1.45%.
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Q4 Guide: Mid-3.80s NIM
Outlook calls for mid single digit loan and deposit growth, NIM in the mid-3.80s, efficiency ratio in the low-60s and net charge-offs in the low-20s basis points.
Analysis · FSUN · Finance
FirstSun flipped from a $22.9 million second-quarter loss to $38.4 million of net income ($0.82 diluted, $1.03 adjusted) as the First Foundation merger integration took hold — the provision for credit losses collapsed to $4.4 million from $40.4 million and net interest margin widened 24 basis points to 3.82%. The bigger news for the stock is the forward guide: management expects mid single digit loan and deposit growth, NIM in the mid-3.80s and an efficiency ratio in the low-60s in Q4, with roughly $100 million of buybacks still to run over the next three quarters against a CET1 target of 11.75-12%. The offset is asset quality — nonperforming loans rose to $202.9 million (1.77% of loans) on two CRE credits, and criticized loans still total $831.4 million, so the credit cleanup is not finished.
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At the time of this filing, FSUN was trading at $39.80 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $29.95 to $42.34. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.