--- title: "FirstSun Capital Bancorp (FSUN) Net Interest Margin Holds Above 4% Challenging Bearish Narratives" type: "News" locale: "en" url: "https://longbridge.com/en/news/284621197.md" description: "FirstSun Capital Bancorp (FSUN) reported Q1 2026 revenue of $101.7 million and EPS of $0.77, with net income at $21.6 million. The net interest margin remains strong at 4.19%, supported by fee income exceeding 25% of revenue. Non-performing loans decreased to $59.66 million, indicating steady asset quality. Analysts project significant revenue and earnings growth, with a current share price of $37.31 and targets of $45.33 and $65.89. The company faces scrutiny over credit risks but maintains profitability amid concerns about future charge-offs." datetime: "2026-04-29T18:02:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284621197.md) - [en](https://longbridge.com/en/news/284621197.md) - [zh-HK](https://longbridge.com/zh-HK/news/284621197.md) --- # FirstSun Capital Bancorp (FSUN) Net Interest Margin Holds Above 4% Challenging Bearish Narratives FirstSun Capital Bancorp (FSUN) opened 2026 with Q1 revenue of US$101.7 million and basic EPS of US$0.77, alongside net income of US$21.6 million as investors weigh what these numbers mean against its recent growth record. Over the past year, the company has seen trailing twelve month revenue move from US$359.2 million to US$404.0 million, while EPS over the same period went from US$2.76 to US$3.44 as net income rose from US$75.6 million to US$96.0 million. With net profit margins holding in the mid 20% range, the latest quarter keeps the spotlight on how sustainably FirstSun is converting its revenue base into earnings. See our full analysis for FirstSun Capital Bancorp. With the headline figures on the table, the next step is to see how these results line up with the widely followed narratives around FirstSun's growth, quality, and risk profile, and where the numbers push back against those stories. See what the community is saying about FirstSun Capital Bancorp NasdaqGS:FSUN Earnings & Revenue History as at Apr 2026 ## Net interest margin holds above 4% - FirstSun reported a Q1 2026 net interest margin of 4.19%, compared with 4.16% on a trailing twelve month basis. This keeps its core lending spread in a tight 4.1% to 4.2% range across the last several quarters where data is available. - Analysts' consensus view highlights relationship banking and fee-based services as key profit drivers. These margin levels sit alongside fee income that the narrative notes is above 25% of revenue, which together support: - The idea that earnings are not purely reliant on loan spreads, with the last twelve months producing US$95.95 million of net income at a 23.8% net margin. - The claim that operational efficiency can scale over time, as the cost to income ratio in the available trailing data sits close to 64%, suggesting room for operating leverage if revenue grows as forecast. ## Asset quality steady with US$59.7 million in non performing loans - Non performing loans were US$59.66 million at Q1 2026, compared with US$60.77 million at Q4 2025 and US$78.59 million at Q1 2025, while total loans where disclosed held around US$6.5 billion to US$6.7 billion across the last year. - Critics highlight the bearish narrative concern about credit costs in areas like C&I and public finance, and the current figures interact with that view in a few ways: - The presence of US$59.66 million of non performing loans shows credit risk is real, yet the bank still produced US$95.95 million of trailing net income and a 23.8% net margin, so problem loans have not erased profitability in the period shown. - At the same time, the bearish point that asset quality can be volatile is reflected in the movement from US$78.59 million of non performing loans in early 2025 to the current level, which investors may watch alongside future charge off disclosures. On the back of these credit trends, some investors look more closely at where the weak spots sit in the book before leaning into any growth story, and the bear case focuses heavily on how future charge offs might bite if conditions turn. It can help to see how that stacks up against the fuller narrative **🐻 FirstSun Capital Bancorp Bear Case** ## Growth and valuation gap stand out - Over the last five years, earnings grew 16.3% per year and 10.4% in the most recent year. Analysts in the dataset expect revenue to grow 34.4% per year and earnings 53.5% per year, against a current share price of US$37.31, an analyst target of US$45.33 and a DCF fair value of US$65.89, with the stock on a 10.9x P/E compared with 12.6x for peers and 11.5x for the US banks industry. - Consensus narrative fans the bullish side of the debate here, and the numbers both support and challenge that optimism: - On one hand, the 16.3% five year earnings growth and 23.8% trailing net margin line up with revenue growth forecasts that sit well above the 11.1% US market forecast, which heavily supports the bullish case for stronger profit compounding than the broader market. - On the other, the step down to 10.4% earnings growth in the latest year shows growth has not matched the multi year pace recently, so investors weighing the bullish view might compare that cooling trend with the implied upside between US$37.31 and both the US$45.33 analyst target and US$65.89 DCF fair value. If you want to see how those growth forecasts, margins, and valuation views all fit together into a single bullish storyline, it is worth reading the full case in **🐂 FirstSun Capital Bancorp Bull Case** ## Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for FirstSun Capital Bancorp on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Overall, the story so far paints a confident picture. The decision is yours, so review the data, move promptly, and weigh the company's 5 key rewards. ## See What Else Is Out There FirstSun's steady margins sit alongside slower recent earnings growth and ongoing non performing loans, which together leave some investors cautious about concentration risk and future credit costs. If you want ideas that prioritize resilience over these kinds of questions around growth pace and asset quality, it is worth checking the 72 resilient stocks with low risk scores today. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** AI Stock Screener & Alerts Our new AI Stock Screener scans the market every day to uncover opportunities. • Dividend Powerhouses (3%+ Yield) • Undervalued Small Caps with Insider Buying • High growth Tech and AI Companies Or build your own from over 50 metrics. 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