21 對兩家銀行進行了廣泛的盡職調查調查重點領域包括：信用存款和借款國庫風險管理法律/合規商業銀行零售銀行資本會計與税務技術與運營審計人力資源全面的相互盡職調查流程 • 由兩個高級領導團隊領導的多月流程 • 所有職能和業務領域的大量參與 • FirstSun和HomeStreet的管理層和員工都有豐富的近期併購整合經驗：貸款（利率和）信貸）• 全面的第三方信用審查因兩個投資組合的大量抽樣而受損 • 第三方對各種利率衝擊情景下的利率風險建模以及預計運營和資本影響的全面審查 • 對利率和信貸合併整合計劃（包括突破100億美元）進行了廣泛的壓力測試 • 兩家實體都在積極為作為獨立實體突破100億美元做準備 • 強大的企業風險管理系統已建立 • 合併分析充分考慮了合併的影響突破100億美元
22 結論
23 引人入勝的投資論點 Premier，差異化的區域性銀行有望實現增長平衡的特許經營權，專注於美國最具吸引力的大都市市場，並輔之以來自穩定、細粒度的市場的融資。合併資產負債表為利率上升或下降的環境做好了準備，為兩組股東帶來了良好的財務收益和上行空間
24 1.11% 1.34% 1.10% 0.95% 2019-2023 年年初至今平均值 2023 年初至今 FSUN 20-100 億美元同行 FIRSTSUN：我們的特許經營增長與演變的三個關鍵原則 $1.7 $1.9 3.9 4.2 5.0 $5.7 7.4 2015 2017 2018 2019 2021 2021 2023Q3 通過併購和有機增長向高增長市場擴張 FSUN 總資產 (B 美元) FSUN 戰略增長先鋒 1 打造高質量，在實現運營槓桿的同時實現持續盈利2 以高於平均水平的利率保護有形賬面和複合每股價值3 來源：標普全球市場情報。(1) 最近一次完整每股收益戰略增長合併前一年；考慮到傳統的S章公司地位，2015年年末税前收入經調整後的税率為24％ TBV自2019年以來的複合年增長率 YE 9.5% 6.2% FSUN 50-100億美元同行2015年的1.12美元SGB前每股收益1.12美元 FSUN 2023Q3 LTM GAAP 長期每股收益複合年增長率 1.41% 1.41% 2020-2023 年年初至今平均每股收益為 1.11% FSUN LTM GAAP 長期每股收益複合年增長率 1.41% 1.11% 2020-2023 年年初至今平均每股收益為 1.11% 100 億美元的同行 (1)
25 附錄
2600萬美元股票（mm）每股美元百萬美元FirstSun Capital Bancorp（FSUN）：（A）HomeStreet（HMST）的股票對價 286.5 美元（1）收盤時（6/30/24）估計獨立有形賬面價值 819.3 美元 25.0 32.82 美元預計：HMST 獨立有形普通股收盤價（24 年 6 月 30 日）收盤價 534.0 美元) 819.3 美元 25.0 (-) 收盤時的税後 HMST 重組費用 (10.0) (+) 股票對價 286.5 (1) 8.4 (-) 淨税後信用標記 (31.6) (3) (+) 討價還價收益 16.3 (2) (-) 税後貸款標記(323.4) (+) 資本籌集淨收益 174.6 5.4 (-) 税後抵押貸款服務權標記 4.0 (-) 創建的核心無形存款 (CDI) (82.8) (-) 税後其他固定資產標記 (3.9) (-) 收盤時的税後 FSUN 重組費用 (23.8) (+) 税後定期存款標記 1.8 預計 FSUN 有形賬面價值 (24 年 6 月 30 日) 1,190.1 美元 8.8 30.69 美元 (+) 税後 FHLB 借款標記 3.7 TBV 收盤稀釋率-美元 (2.14 美元) (+) 税後次級債務標記 47.5 TBV 收盤稀釋率-% (6.5%) (+) 税後優先債務標記 8.0 (+) 税後信託Preferred Mark 8.8 非公認會計準則有形賬面價值影響：（B）調整後的HMST獨立有形普通股收盤價（24年6月30日）239.0美元預計 FSUN有形賬面價值（6/30/24）1,190.1 38.8 30.8美元超過調整後有形賬面價值（A-B）47.5美元（-）FSUN收盤後重組費用（34.9）（-）核心無形存款（CDI）) 已創建 (82.8) 説明性滿載預計 FSUN 有形賬面價值 1,155.2 美元 38.8 美元 29.79 美元 (+) CDI 19.0 滿載 TBV 稀釋的遞延所得税負債——美元 (3.04 美元) 商譽創造 0.0 美元滿載TBV 稀釋率-% (9.3%) 討價還價收益 16.3 美元 (2) 有形賬面價值回報（交叉法）
27股每股收益增長來源：公司文件；標普全球市場情報。（1）德賓修正案合併影響的半年影響。（2）8,280萬美元的税前CDI在10年內攤銷（年度總和數字法）。（3）在5年內增加4.2億美元的税前貸款利率大關。（4）AOCI為6,000萬美元（税後），通過超過6％的收益累積年。（5）定期存款税前利潤為240萬美元；在2.5年內累積的借款税前目標為480萬美元；次級債務税前利潤為61.7美元7.5年內累積100萬加元；2.0年內增值1,040萬美元的優先債務；12年內增值1,140萬美元的信託優先税前利潤。（6）5年內攤銷的抵押貸款還本付息權税前關口為510萬美元，加上20年累積的固定資產税前利息收入500萬美元。（7）融資成本的淨影響，來自融資收益的利息收入，某些州税收優惠的損失和預計的股票補助。(8) 預計攤薄後的已發行股票包括在股權籌集時發行的股票，按估計股票補助，以及根據0.4345倍的交易比率向HomeStreet發行的股票。2025年全年預計收益概覽GAAP（百萬美元）每股收益$ FirstSun Capital Bancorp 2025E獨立淨收益114.5 25.4 $4.52 HomeStreet 2025E獨立淨收益32.7合併淨收益147.2 25.4美元税後預計調整：成本節約（完全分階段實施）42.3美元德賓修正案合併影響（3.3）（1）HomeStreet CDI攤銷逆轉 1.6 核心無形存款（CDI）攤銷，扣除DTL（11.0）（2）貸款利率標記 64.7（3）與AFS證券相關的AOCI的增加 10.0（4）定期存款/債務/借款Mark Accretion（13.2）（5）其他資產攤銷，淨額（0.6）（6）所有其他預計調整，淨1.9（7）FirstSun Capital Bancorp淨收益239.7美元 39.6（8）6.05美元FirstSun Capital Bancorp每股收益增長——攤薄後百萬股34.0％
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