21 両銀行で実施された広範なデューデリジェンスの重点分野は次のとおりです。信用預金と借入、財務リスク管理、法務/コンプライアンス、商業銀行、リテールバンキング、資本会計、税務、テクノロジー、オペレーション、監査、人事、包括的な相互デューディリジェンスプロセス • 両上級管理職が主導する数か月にわたるプロセス • すべての機能と事業分野にわたる重要な関与 • FirstSunとHomeStreetの経営陣と従業員はどちらも、最近のM&A統合に関する豊富な経験を持っています。Deep Dive on Loans（ローン）（Deep Dive on Loans）レートとクレジット）• 第三者による包括的な信用調査は、両方のポートフォリオのかなりのサンプルを犠牲にしました • 金利リスクモデリングとさまざまなレートショックのシナリオにおけるプロフォーマ運用および資本への影響に関する包括的な第三者レビュー• 金利と信用の合併統合計画の両方について、広範なストレステストを実施しました（100億ドルを超えることを含む）• 両社は、独立した事業体として100億ドルを超えることを積極的に準備しています • 強固な企業リスク管理システムが導入されています • 合併分析は影響を十分に考慮していますの100億ドルを超える
22 結論
23 説得力のある投資テーマプレミア、成長志向の差別化された地方銀行国内で最も魅力的な大都市市場に焦点を当て、安定したきめ細かな市場からの資金調達によって補完されるバランスの取れたフランチャイズ。金利上昇または金利低下環境のどちらにも適した複合貸借対照表。両株主にとっての優れた経済的利益と有利な株主構成
24 1.11% 1.34% 1.10% 0.95% 2019-2023年度累計平均2023年累計2～100億ドル同業他社ファーストサン:フランチャイズの成長と進化の3つの重要な信条 1.7ドル 1.9ドル 3.9ドル 3.9ドル 4.2ドル 5.0ドル 5.7ドル 7.4ドル 7.8 2015 2016 2017 2019 2020 2021 2023Q3 M&Aによる高成長市場への拡大有機的成長 FSUNの総資産（10億ドル）FSUN戦略的成長のパイオニア 1営業レバレッジを達成しながら、高品質で持続的な収益性を構築2 有形資産と複合資産の1株当たりの価値を平均以上のレートで保護3 出典：S&Pグローバル・マーケット・インテリジェンス。（1）最後のフルフルにはEPS戦略的成長合併の前年、2015年末の税引前利益、およびレガシーサブチャプターS法人の地位を考慮して24％の税率に調整済み 2019年以降のTBV CAGR 9.5％ 6.2％ FSUN50〜100億ドルの同業他社1.12ドル 4.10ドル 2015年のFSUN2023年第3四半期LTMGAAP EPS長期EPS CAGR GAAPROAA 1.03％ 1.41％ 1.11％ 1.03％ 2020-2023年累計平均 2023年累計FSUN 同業他社20～100億ドル (1)
25 付録
1株あたり2600万ドル株（mm）ドル百万ドル FirstSun Capital Bancorp（FSUN）：（A）ホームストリートへの株式対価（HMST）286.5ドル（1）終値時の推定スタンドアロン有形簿価819.3ドル 25.0ドル32.82プロフォーマ：決算時のHMSTスタンドアロン有形普通株式の推定（24年6月30日）534.0ドル決算時のスタンドアロン有形簿価額（24年6月30日）819.3ドル 25.0（-）税引き後のHMSTリストラ費用（10.0）（+）株式対価 286.5（1）8.4（-）税引き後の純クレジットマーク（31.6）（3）（+）バーゲン購入利益 16.3（2）（-）税引き後のローンマーク(323.4) (+) 資金調達による純収入 174.6 5.4 (-) 税引き後の住宅ローン返済権マーク 4.0 (-) コア・デポジット・インタンジブル (CDI) 作成 (82.8) (82.8) (-) 税引き後のその他の固定資産マーク (3.9) (-) 税引き後のFSUNリストラ費用 (23.8) (+) 税引き後の定期預金マーク 1.8 プロフォーム a FSUNの終値時有形帳簿価額（24年6月30日）1,190.1ドル 38.8 $30.69（+）税引き後のFHLB借入金は終値で3.7TBVの希薄化-ドル（2.14ドル）（+）税引き後の劣後債務マーク 47.5 TBVの希薄化-％（6.5％）（+）税引き後の優先債務マーク 8.0（+）タックス・トラスト優先マーク8.8非GAAPベースの有形簿価への影響：（B）終値時の調整後HMSTスタンドアロン有形普通株式（24年6月30日）239.0ドルプロフォーマFSUN有形簿価額（24年6月30日）1,190.1ドル 38.8ドル30.69ドル調整後有形簿価に対する超過額（A-B）47.5ドル（-）税引き後のFSUNリストラクチャリングクロージング後の経費 (34.9) (-) コア預金無形資産 (CDI) 作成 (82.8) 例示的全額積込プロフォーマ FSUN有形資産帳簿価額1,155.2ドル 38.8ドル29.79ドル (+) CDI 19.0完全積載TBV希薄化の繰延税金負債-(3.04ドル) グッドウィル作成 0.0ドル全額積載TBV希薄化-％（9.3％）バーゲン購入利益 16.3ドル（2）有形簿価の収益回収（クロスオーバー法）
27株当たり利益増加情報源：企業文書、S&Pグローバル・マーケット・インテリジェンス。（1）ダービン改正案の複合影響による半年間の影響。（2）10年間で償却された税引前CDIは8,280万ドル（年数和法）。（3）5年間で4億2000万ドルの税引前ローン金利が上昇。（4）6,000万ドルのAOCI（以降）-tax）、6年間の収益によって増加します。（5）1年間で増加した定期預金の税引前マークは240万ドル、借入金の税引前マークは2.5年間で480万ドル増加、劣後債務の税引前マークは61.7ドルです7.5年間で100万件増加、2.0年間で1,040万ドルの優先負債の税引前額増加、12.0年間で1,140万ドルの信託優先税引前額の上昇。(6) 5年間で償却された510万ドルの住宅ローンサービス権税引前額+20年間で増加した固定資産の税引前価500万ドルを加えたもの。(7) 資金調達費の純影響、資本調達による利息収入、特定の州税制上の優遇措置の喪失、およびプロフォーマ株式付与による利息収入。(8) プロフォーマ希薄化後の発行済株式には、株式調達、プロフォーマで発行された株式が含まれます株式の付与、および0.4345倍の交換比率に基づいてホームストリートに発行される株式。2025年通期のプロフォーマ収益ウォークスルーGAAP（百万ドル）$FirstSun Capital Bancorp 2025Eスタンドアロン純利益 114.5ドル 25.4ドル4.52ドルホームストリート2025Eスタンドアロン純利益 32.7ドル合計純利益 147.2ドル25.4ドル税引き後のプロフォーマ調整：コスト削減（完全に段階的に導入された）42.3ドルダービン修正の複合影響（3.3）（1）ホームストリートCDI償却の取り消し 1.6 コア預金無形資産（CDI）償却（DTL）を差し引いたもの（11.0）（2）ローン金利マークの増加 64.7（3）AFS証券に関連するAOCIの増加 10.0（4）定期預金/負債/借入マーク・アクレション（13.2）（5）その他資産償却、純額（0.6）（6）その他すべてのプロフォーマ調整、純1.9（7）プロフォーマファーストサン・キャピタル・バンコープ純利益 239.7 39.6（8）6.05ドルファーストサン・キャピタル・バンコープ EPSアクリション-1.53ドルファーストサン・キャピタル・バンコープ EPSアクリション-% 34.0% 希薄化後株式
8 # 1 Southern California (2) P 2 Dallas, Texas P 3 Houston, Texas P 4 Phoenix, Arizona P 5 Ontario, California P 6 San Francisco, California 7 Seattle, Washington P 8 Minneapolis, Minnesota 9 San Diego, California P 10 Denver, Colorado P # 1 Orlando, Florida 2 Charlotte, North Carolina 3 Tampa, Florida 4 San Antonio, Texas P 5 Dallas, Texas P 6 Houston, Texas P 7 Atlanta, Georgia 8 Phoenix, Arizona P 9 Denver, Colorado P 10 Seattle, Washington P WELL-POSITIONED IN THE MOST ATTRACTIVE MARKETS Houston, TXSouthern California(2)Denver, CO Seattle, WA Dallas, TX Phoenix, AZ San Antonio , TX Ontario, CA Source: S&P Global Market Intelligence, Company documents. Note: FDIC data as of 6/30/2023. (1) Defined as states west of the Mississippi River. (2) The MSA of Southern California includes Los Angeles, Long Beach, and Anaheim; excludes San Diego and Ontario. Operating in 6 of the Top 10 Fastest Growth MSAs… … And With a Presence in 8 of the Top 10 Largest MSAs in the Central & Western U.S(1)
9 COMBINED COMMERCIAL CAPABILITY Source: S&P Global Market Intelligence, FDIC. Note: FDIC data as of 6/30/2023. (1) Includes impact of Pioneer acquisition. FSUN has built a comprehensive C&I growth engine that can be deployed into HomeStreet’s attractive, large metro markets… 102 Bankers Across 6 Regions $1.2 $1.8 $2.2 $2.9 $3.1 2019 2020 2021 2022 2023 Q3 $ in billions; includes owner occupied CRE balances FSUN C&I Loan Balances C&I Team • HMST’s two largest markets (greater Pacific Northwest & SoCal) are large, dense, and ripe for incremental growth • These are wealthy markets with a significant total addressable deposit market opportunity • These markets have experienced significant consolidation in the $5-$50 billion bank space FSUN C&I Capabilities: … HMST brings a stellar track record in multifamily lending and a unique platform to drive additional origination capabilities and commercial servicing revenue $1.1 $1.6 $2.4 $3.8 $3.8 2019 2020 2021 2022 2023 Q3 $ in billions HMST Multifamily Loan Balances Multifamily Team • Extensive track record in multifamily lending with significant portion of the book in California and the Pacific Northwest • High credit quality with consistently low LTVs and strong DSCR ratios • Conservative underwriting practices while maintaining a steady stream of demand • Almost no multifamily charge-offs since HMST inception HMST Real Estate Capabilities: 20+ Bankers Across 4 Regions Multifamily Single Family Residential Construction Industrial / Warehouse HELOC Retail
10 $33 $94 $127 $10 $65 ($13) $39 ($6) Standalone Net Income Securities Rate Mark Loan Rate Mark Other Marks Adjusted Net Income Cost Savings (net of Durbin) All Other impacts Fully Synergized Earnings Combination Unlocks Significant Synergized Earnings HOMESTREET, INC. SYNERGIZED EARNINGS POWER Source: S&P Global Market Intelligence, Company documents. (1) HMST Management projected 2025 net income. (2) Net after-tax impact of all other rate mark-to-market. (3) Includes impact of CDI amortization net of reversal of HomeStreet’s CDI, financing costs, interest income on net proceeds, and all other merger related items. ROAA 0.36% 1.03% 1.39% • Pre-tax cost saves of $55mm or ~11% of combined core expense based on bottoms up analysis – Focus on back-office redundancy, technology and professional services • $175 million capital raise unlocks ability to mark-to-market assets and keep them on the combined balance sheet • Interest rate mark-to-market improves HMST standalone NIM in 2025 by ~90bps • Combined balance sheet flexibility • No credit mark accretion factored into modeling • No revenue enhancements factored into modeling (but identified) 2025 Estimated, $ in millions (2) (3)(1)
11 3.9% TOGETHER, WE ARE A SUPERIOR PERFORMANCE BANKING FRANCHISE Compelling Valuation Dynamics Pro Forma Financial Performance Relative to $15-$30B Asset Banks(3) 1.4% 17% 4.2% Source: S&P Global Market Intelligence, Factset. Note: Market and estimate data as of January 12, 2024. (1) Utilizes HMST and FSUN standalone tangible book value per share as of September 30, 2023. (2) Financial Impacts are estimated at close and include the impact of purchase accounting adjustments, one-time deal charges, and the dilutive impact of the $175 million capital raise on a GAAP basis. (3) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants. 0.56x HMST Purchase Price/TBV 1.15x FSUN Issuance Price/TBV Top-Tier Revenue Generation (MRQ Operating Revenue / Avg. Assets) Powerful NIM (2025 Estimated) Top-Tier Return on TCE (2025 ROATCE) Strong Projected ROAA (2025 ROAA) P/TBV Multiples(1) P/EPS Multiples 7.5x FSUN Price/2025 EPS (Pre-Raise) 2.2x HMST Price/2025 Fully Synergized EPS Financial Impact(2) To the Issuer of Shares 30%+ ’25 EPS Accretion
12 Pro Forma Company Snapshot
13 Consumer Business Washington Texas Kansas California Colorado New Mexico Other (AZ, HI, OR) 28% 15% 13% 12% 12% 10% 10% Composition by type Composition by geography(4)(5) ✓ Core deposits well balanced across pro forma footprint and both retail and commercial franchises ✓ Combined entity uninsured deposit(1) levels at 20%, relative to the peer(2) group median at 39% ✓ HomeStreet non-time franchise is attractive, seasoned and granular – ~8.7 yrs. weighted average age – ~$32k average account size – ~71% accounts opened prior to 2020 (pre-COVID) Source: S&P Global Market Intelligence, Company documents. (1) Utilizes bank-level regulatory data as of September 30, 2023. (2) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants. (3) Excludes impact of purchase accounting adjustments. (4) Washington excludes non-reciprocal brokered deposits. (5) FDIC data as of 6/30/2023. $13.1B in Pro Forma Deposits(1,3) STRONG COMBINED DEPOSIT BASE Non-interest bearing transaction Interest-bearing transaction Time Savings and MMDA 24% 6% 36% 34% $13.1 B Deposits 64% non-time 60% 40% Composition by customer
14 ✓ Pro forma loan portfolio is highly diversified and provides upside growth potential in multiple verticals and expertise from each entity – HMST multifamily is reduced from 51% of standalone loans to ~29% pro forma(1,4) ✓ Both companies bring a portfolio with a strong history of credit quality and a de-emphasis on non-owner occupied CRE – Both companies have long-term(2) net charge-off levels well below peers(3) (FSUN: 3bps I HMST: 1bps I Peer median: 11bps) – COVID-19 peak deferrals were 1.3% and 6.8% at FSUN and HMST, respectively, relative to the peer group median at 12.6% – Non-owner occupied CRE (excluding multifamily) below 200% of total risk-based capital for each entity Source: S&P Global Market Intelligence, Company Documents. Note: BHC data used unless otherwise stated. (1) Excludes purchase accounting and other merger-related adjustments. (2) Utilizes a 10-year average of net charge-offs/average loans. (3) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants. (4) Utilizes bank-level regulatory data as of September 30, 2023. (5) Owner-occupied CRE is included within C&I loans. (6) Excludes multifamily loans by state for the pro forma entity unless otherwise stated. (7) Pro forma BHC CRE excluding multifamily loans/total risk-based capital shown, total risk-based capital includes purchase accounting and other merger- related adjustments. (8) All other is comprised of 38 states. DIVERSIFIED, LOW RISK LOAN PORTFOLIO Composition by product type(1,4) $13.7B in Pro Forma Total Loans & Leases 157% of Risk-Based Capital(7) Composition by geography(1,6) ~72% in California ~17% in Pacific Northwest ~11% in Other 8% 10% 19% 29% 28% 6% (5) Construction & Land NOO CRE Residential Multifamily Commercial & Industrial Consumer & Other (8) Kansas Arizona Colorado California Washington Texas All Other MO 2% OR 2% NM 1% IL 1% FL 1% Multifamily 3% 5% 6% 8% 15% 15% 8% 31%
15 ROBUST, COMPLEMENTARY AND WELL-BALANCED REVENUE STREAMS Source: S&P Global Market Intelligence, Company documents & FactSet. Note: Financial data as of last twelve months (“LTM”) September 30, 2023. (1) Full year 2025 data shown for combined company metric, excludes the impact of identified revenue enhancements; Performance from Q3 of 2022 to Q3 of 2023 is shown for peers. (2) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants; FactSet consensus estimates as of January 12, 2024; excludes HTH from chart given business revenue model. Neutral Earnings Sensitivity Profile ✓ Balanced, more neutral NII (net interest income) sensitivity position pro forma ✓ Combined fee income represents approximately 22% of total revenue – relative to 17% median of $15-30B asset banks(1) ✓ Residential GOS mortgage business is under 5% of pro forma revenue (last twelve months and excluding any deal synergy impact) – Complementary businesses and both focused in core footprints – Material back-office cost synergies available in merger – Provides interest rate risk hedge in a declining rate environment ✓ Combined company well-positioned to leverage each partner’s strengths across the broader pro forma footprint – FSUN: C&I including Treasury Management capabilities, Trust/Wealth Management – HMST: multifamily lending, commercial real estate, construction lending, mortgage banking, loan servicing and FNMA DUS license 2025E Pro Forma (1) Pro Forma 2025E Fee Inc. / Total Revenue Relative to $10B - $30B Asset Banks(2) 22% Liability Sensitive Asset Sensitive 46bps NIM Expansion 2019-2021 120bps NIM Expansion 2021-2023YTD 72bps ROAA Expansion96bps ROAA Expansion
16 Key Financial Impacts
17 KEY MODEL IMPACTS AND ASSUMPTIONS Source: Company documents. ▪ FSUN and HMST standalone projections based on management projections ▪ Pro Forma reflects management’s outlook for the combined company Earnings ▪ Represents approximately $55 million pre-tax or ~11% reduction of combined expense base, and 26% of HMST standalone expense base ▪ Reflects bottoms-up cost savings analysis expected to be fully phased in by 2025 Cost Synergies ▪ Gross credit mark equal to 1.08% of total loans (~$80 million), resulting in 1.21% pro forma reserves at close ▪ Assumes mark is 100% PCD Credit Mark ▪ ~$87 million pre-tax; ~$41 million realized at Transaction Close, remainder in the second half of 2024 ▪ Reflected in computation of pro forma tangible book value per share at closing One Time Costs ▪ ~$83 million (equivalent to ~2.2% of non-time deposits), amortized over 10 years utilizing sum-of-year digits methodologyCore Deposit Intangible ▪ $420 million (~5.6%) HMST loan pre-tax write down, $323mm after-tax impact accreted into earnings over 5 years ▪ Each entity’s AOCI adjusted for 2023Q4 market pricing ▪ HMST’s AOCI assumed to be an after-tax loss of $88 million with $60 million of the $88 million assumed to be accreted through pro forma earnings over 6 years ▪ Rate, spread and other fair value marks: ~$91 million net discount, accreted based on estimate remaining lives of individual assets and liabilities Fair Value Marks Additional Assumptions ▪ 23% marginal tax rate for FSUN and all pro forma merger adjustments ▪ Combined Durbin pre-tax dis-synergy of ~$7 million annually on a fully phased in basis Key Merger Impacts 2025E EPS Accretion Tangible Book Value Dilution @ Close 30%+ ~(6.5%) TBV Earnback (Crossover Method) IRR
18 Recently Closed M&A Comps 1.21% 1.11% 1.53% Peer Median 3.1% 13.9% Peer Median 6.5% 7.2% 7.5% 8.6% 7.6% 8.5% 8.6% 9.4% Q2-2024 2024 2025 Peer Median 8.7% 9.1% 9.3% 10.7% 11.8% 10.8% 10.8% 11.7% Q2-2024 2024 2025 Peer Median GAAP Basis Rate Mark EffectLegend: CET1 Capital Ratio Tangible Common Equity / Tangible Assets Source: S&P Global Market Intelligence. (1) Rate mark effect adds back any unamortized interest rate marks. (2) Bank M&A deals that closed in 2023 prior to September 30, 2023 where seller assets were over $1 billion and whereby the seller assets were over 50% of the buyers assets; two deals: Columbia Banking System, Inc./Umpqua Holdings Corporation and Shore Bancshares, Inc./The Community Financial Corporation; capital ratio data shown in the chart reflects the median first reported quarter post-closing. (3) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants. (4) Ex. multifamily excludes the implied HMST multifamily loans at close and the reserves attributed to multifamily loans as of September 30, 2023. (5) Pro forma ratios are estimates at deal closing and include the pro forma merger adjustments and purchase accounting marks. (3) ACL / Loans AOCI as a % of GAAP Equity (4,5) GAAP Basis Ex. MultifamilyLegend: (5) (3)(3) (3)Recently Closed M&A Comps (2) (2) Post-Closing Capital Ratios 2024-2025E Well-Positioned for Any Environment Closing Closing IMPRESSIVE CAPITAL ACCRETION & DURABLE PRO FORMA BALANCE SHEET (1) FSUN/HMST in excess of recently closed deals
19 POSITIONED FOR UPSIDE MARKET PERFORMANCE Source: S&P Global Market Intelligence; FactSet. Note: Market data as of January 12, 2024. (1) Pro forma ratios are estimates at deal closing estimates at closing including purchase accounting and other merger adjustments. (2) Nationwide major exchange-traded banks and thrifts with total assets between $15 and $30 billion as of September 30, 2023, excluding merger targets, mutuals, and merger-of-equals participants. (3) Profitability metrics for FSUN/HMST estimated as of first full year of pro forma operation, FY 2025; last twelve months as of September 30, 2023 for Peers. (4) Utilizing the FSUN 20-day average of $33.95 as of January 12, 2024. (5) Tangible book value at closing of $30.69, see page 26 for more detail. (6) 2025 Pro forma EPS of $6.05, see page 27 for more detail. (1) Better Pro Forma Peers (2) Than Peers? Median Top Quartile Profitability (3) Estimated Net Interest Margin ~3.9% ✓ 3.4% 3.6% Fee Income / Revenue ~22% ✓ 16% 22% Core ROAA ~1.4% ✓ 1.2% 1.5% Core ROATCE ~17% ✓ 16% 20% Implied Trading Multiples Stock Price (4) $33.95 -- -- Price / TBV @ Closing (5) 1.11x 1.56x 2.07x Trading Multiple Differential 41% 87% Price / 2025 EPS (6) 5.6x 11.3x 12.5x Trading Multiple Differential 101% 123%
20 Integration & Due Diligence
21 EXTENSIVE DUE DILIGENCE CONDUCTED ON BOTH BANKS Diligence focus areas included: Credit Deposit & Borrowings Treasury Risk Management Legal / Compliance Commercial Banking Retail Banking Capital Accounting & Tax Technology & Operations Audit Human Resources Comprehensive Mutual Due Diligence Process • Multi-month process led by both senior leadership teams • Significant engagement across all functional and business areas • Both FirstSun and HomeStreet management and employees have significant and recent M&A integration experience Deep Dive on Loans (Rate and Credit) • Comprehensive third party credit review compromised of significant sampling of both portfolios • Comprehensive third party review of interest rate risk modeling and pro forma operating and capital impacts in various rate shock scenarios • Extensive stress testing performed on both rate and credit Merger Integration Planning (including crossing $10 billion) • Both entities have been actively preparing for crossing $10 billion as standalone entities • Robust enterprise risk management systems in place • Merger analysis fully accounts for the impact of crossing $10 billion
22 Conclusion
23 COMPELLING INVESTMENT THESIS Premier, differentiated regional bank positioned for growth Balanced franchise with a focus in the nation’s most attractive metro markets and complemented by funding from stable, granular markets Combined balance sheet well-positioned for either a rising rate or declining rate environment Exceptional financial benefits and upside for both sets of shareholders Favorable shareholder construct
24 1.11% 1.34% 1.10% 0.95% 2019 - 2023 YTD Average 2023 YTD FSUN $2-$10BN Peers FIRSTSUN: THREE KEY TENETS OF OUR FRANCHISE GROWTH & EVOLUTION $1.7 $1.9 $3.7 $3.9 $4.2 $5.0 $5.7 $7.4 $7.8 2015 2016 2017 2018 2019 2020 2021 2022 2023Q3 Expansion into High Growth Markets via M&A and Organic Growth FSUN Total Assets ($B) FSUN Strategic Growth Pioneer 1 Build High Quality, Durable Profitability While Achieving Operating Leverage2 Protect Tangible Book and Compound Per Share Value at an Above Average Rate3 Source: S&P Global Market Intelligence. (1) EPS in last full year prior to Strategic Growth merger; 2015 year end pre-tax income and adjusted for a 24% tax rate given legacy sub chapter S corporation status TBV CAGR Since 2019 YE 9.5% 6.2% FSUN $5-$10BN Peers $1.12 $4.10 Pre-SGB EPS in 2015 FSUN 2023Q3 LTM GAAP EPS Long-Term EPS CAGR GAAP ROAA 1.03% 1.41% 1.11% 1.03% 2020 - 2023 YTD Average 2023 YTD FSUN $2-$10BN Peers (1)
25 Appendix
26 $ millions Shares (mm) $ per share $ millions FirstSun Capital Bancorp (FSUN): (A) Stock Consideration to HomeStreet (HMST) $286.5 (1) Estimated Standalone Tangible Book Value at Close (6/30/24) $819.3 25.0 $32.82 Pro Forma: Estimated HMST Standalone Tangible Common Equity at Close (6/30/24) $534.0 Estimated Standalone Tangible Book Value at Close (6/30/24) $819.3 25.0 (-) After-tax HMST Restructuring Expenses at Close (10.0) (+) Stock Consideration 286.5 (1) 8.4 (-) Net After-tax Credit Mark (31.6) (3) (+) Bargain Purchase Gain 16.3 (2) (-) After-tax Loan Mark (323.4) (+) Net Proceeds from Capital Raise 174.6 5.4 (-) After-tax Mortgage Servicing Rights Mark 4.0 (-) Core Deposit Intangible (CDI) Created (82.8) (-) After-tax Other Fixed Assets Mark (3.9) (-) After-tax FSUN Restructuring Expenses at Close (23.8) (+) After-tax Time Deposits Mark 1.8 Pro forma FSUN Tangible Book Value at Close (6/30/24) $1,190.1 38.8 $30.69 (+) After-tax FHLB Borrowings Mark 3.7 TBV Dilution at Close - $ ($2.14) (+) After-tax Subordinated Debt Mark 47.5 TBV Dilution at Close - % (6.5%) (+) After-tax Senior Debt Mark 8.0 (+) After-tax Trust Preferred Mark 8.8 Non-GAAP Tangible Book Value Impact: (B) Adjusted HMST Standalone Tangible Common Equity at Close (6/30/24) $239.0 Pro forma FSUN Tangible Book Value at Close (6/30/24) $1,190.1 38.8 $30.69 Excess Over Adjusted Tangible Book Value (A - B) $47.5 (-) After-tax FSUN Restructuring Expenses Post-Closing (34.9) (-) Core Deposit Intangible (CDI) Created (82.8) Illustrative Fully-loaded Pro forma FSUN Tangible Book Value $1,155.2 38.8 $29.79 (+) Deferred Tax Liability on CDI 19.0 Fully-loaded TBV Dilution - $ ($3.04) Goodwill Created $0.0 Fully-loaded TBV Dilution - % (9.3%) Bargain Purchase Gain $16.3 (2) Tangible Book Value Earnback (Crossover Method)
27 EARNINGS PER SHARE ACCRETION Sources: Company documents; S&P Global Market Intelligence. (1) Half year impact of combined Durbin amendment impact. (2) $82.8 million pre-tax CDI amortized over 10 years (sum-of-the-years digits method). (3) $420.0 million pre-tax loan interest rate mark accreted over 5 years. (4) AOCI of $60.0 million (after-tax), accreted through earnings over 6 years. (5) Time deposits pre-tax mark of $2.4 million accreted over 1 year; borrowings pre-tax mark of $4.8 million accreted over 2.5 years; subordinated debt pre-tax mark of $61.7 million accreted over 7.5 years; senior debt pre-tax mark of $10.4 million accreted over 2.0 years; trust preferred pre-tax mark of $11.4 million accreted over 12.0 years. (6) Mortgage servicing rights pre-tax mark of $5.1 million amortized over 5 years plus fixed assets pre-tax mark of $5.0 million accreted over 20 years. (7) Net impact of cost of financing, interest income from capital raise proceeds, loss of certain state tax benefits, and pro forma stock grants. (8) Pro forma diluted shares outstanding includes shares issued on the equity raise, pro forma stock grants, and shares issued to HomeStreet based on 0.4345x exchange ratio. Full Year 2025 Pro Forma Earnings Walkthrough GAAP ($mm) $ per share FirstSun Capital Bancorp 2025E Standalone Net Income $114.5 25.4 $4.52 HomeStreet 2025E Standalone Net Income 32.7 Combined Net Income $147.2 25.4 After-tax Pro Forma Adjustments: Cost Savings (Fully Phased-in) $42.3 Combined Durbin Amendment Impact (3.3) (1) Reversal of HomeStreet CDI Amortization 1.6 Core Deposit Intangible (CDI) Amortization, net of DTL (11.0) (2) Loan Interest Rate Mark Accretion 64.7 (3) Accretion of AOCI related to AFS Securities 10.0 (4) Time Deposits / Debt / Borrowings Mark Accretion (13.2) (5) Other Assets Amortization, Net (0.6) (6) All Other Pro Forma Adjustments, Net 1.9 (7) Pro Forma FirstSun Capital Bancorp Net Income $239.7 39.6 (8) $6.05 FirstSun Capital Bancorp EPS Accretion - $ $1.53 FirstSun Capital Bancorp EPS Accretion - % 34.0% Millions of Diluted Shares