Back to News

FirstSun Capital Bancorp Reports First Quarter 2024 Results

April 30, 2024

First Quarter 2024 Highlights:

  • Net income of $12.3 million, $0.45 per diluted share (excluding merger costs, $14.6 million, $0.53 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Net interest margin of 3.99%
  • Return on average total assets of 0.64% (excluding merger costs, 0.76%, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Return on average stockholders’ equity of 5.15% (excluding merger costs, 6.11%, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Loan growth of 1.1% annualized
  • Deposit growth of 4.5% annualized
  • 24.4% noninterest income to total revenue1

DENVER -- FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $12.3 million for the first quarter of 2024 compared to net income of $26.3 million for the first quarter of 2023. Earnings per diluted share were $0.45 for the first quarter of 2024 compared to $1.03 for the first quarter of 2023. Earnings for the first quarter of 2024 were negatively impacted by $2.3 million of merger costs, net of tax, or $0.08 per diluted share and a $13.1 million loan charge-off, net of tax, or $0.47 per diluted share.

Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “Our core business remains strong in this difficult banking environment and while we experienced a decline in our results this quarter due to an individual and isolated loan charge-off, we are pleased to have the flexibility to continue to expand our franchise in important markets. Our net interest margin remains very strong at 3.99% this quarter and our overall earnings continue to be favorably impacted by our well diversified business mix, including the balanced level of noninterest income to total revenue at 24.4%.

“We are also pleased to announce that we have onboarded a new C&I banking team in Southern California. We are very excited about the opportunity to grow our clients and business relationships with the entry into the key markets of Southern California. The experience and the relationships of this new C&I team provide for significant expansion of all our lines of business in this large and diverse region.”

The full earnings release can be viewed on the FirstSun Capital Bancorp Investor Relations website.


1 Total revenue is net interest income plus noninterest income.


Contacts

Investor Relations

Kelly C. Rackley

Corporate Secretary & Stockholder Relations Manager

303.962.0150 | [email protected]


Media Relations

Jeanne Lipson

Director of Commercial & Specialty Marketing, Brand and Media Relations

915.881.6785 | [email protected]