Regional banking company FirstSun Capital Bancorp (NASDAQ:FSUN) reported Q4 CY2025 results beating Wall Street’s revenue expectations, with sales up 17.4% year on year to $110.2 million. Its GAAP profit of $0.88 per share was 7.3% above analysts’ consensus estimates.
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FirstSun Capital Bancorp (FSUN) Q4 CY2025 Highlights:
- Net Interest Income: $83.46 million vs analyst estimates of $82.65 million (8.3% year-on-year growth, 1% beat)
- Net Interest Margin: 4.2% vs analyst estimates of 4.1% (4.7 basis point beat)
- Revenue: $110.2 million vs analyst estimates of $107.6 million (17.4% year-on-year growth, 2.4% beat)
- Efficiency Ratio: 65.4% vs analyst estimates of 64.5% (89.5 basis point miss)
- EPS (GAAP): $0.88 vs analyst estimates of $0.82 (7.3% beat)
- Tangible Book Value per Share: $37.83 vs analyst estimates of $37.78 (11.5% year-on-year growth, in line)
- Market Capitalization: $1.05 billion
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are very pleased with our strong operating results in the fourth quarter. Among the highlights were our growth in net interest margin to a strong 4.18%, average loan growth of 8.5%, annualized and revenue growth driving our earnings growth. Our strategic focus on our C&I, consumer and service fee businesses has enabled us to continue to responsibly grow our franchise and deliver strong earnings once again this year. While we acknowledge the potential influence of macroeconomic and geopolitical risks, we look forward to the franchise opportunities ahead in 2026 and believe our business model and well diversified business mix will position us for continued success.
Company Overview
Tracing its roots back to 1892 when it first opened its doors in Kansas, FirstSun Capital Bancorp (NASDAQ:FSUN) operates Sunflower Bank, providing commercial and consumer banking services to businesses and individuals across the Southwest region.
Sales Growth
Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Regrettably, FirstSun Capital Bancorp’s revenue grew at a mediocre 8.9% compounded annual growth rate over the last five years. This fell short of our benchmark for the banking sector and is a tough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. FirstSun Capital Bancorp’s recent performance shows its demand has slowed as its annualized revenue growth of 6.4% over the last two years was below its five-year trend. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, FirstSun Capital Bancorp reported year-on-year revenue growth of 17.4%, and its $110.2 million of revenue exceeded Wall Street’s estimates by 2.4%.
Net interest income made up 75.6% of the company’s total revenue during the last five years, meaning lending operations are FirstSun Capital Bancorp’s largest source of revenue.
Markets consistently prioritize net interest income growth over fee-based revenue, recognizing its superior quality and recurring nature compared to the more unpredictable non-interest income streams.
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Tangible Book Value Per Share (TBVPS)
Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.
When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
FirstSun Capital Bancorp’s TBVPS grew at an exceptional 9.4% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 10.5% annually over the last two years from $30.96 to $37.83 per share.
Over the next 12 months, Consensus estimates call for FirstSun Capital Bancorp’s TBVPS to shrink by 3.6% to $36.48, a sour projection.
Key Takeaways from FirstSun Capital Bancorp’s Q4 Results
It was encouraging to see FirstSun Capital Bancorp beat analysts’ revenue expectations this quarter. We were also happy its net interest income narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $37.88 immediately after reporting.
FirstSun Capital Bancorp had an encouraging quarter, but one earnings result doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
