First Quarter 2022 Highlights:
Net income of $7.7 million, $0.41 per diluted share
Return on average assets of 0.54%
Return on average equity of 5.85%
Loan growth of 27.5% annualized (excluding PPP loan balances, 30.9% annualized)
36.5% fee revenue to total revenue mix
DENVER--FirstSun Capital Bancorp (“FirstSun”) reported net income of $7.7 million for the first quarter of 2022, compared to net income of $8.8 million in the prior quarter and $14.3 million in the first quarter of 2021. Earnings per diluted share was $0.41 for the first quarter 2022, compared to $0.47 in the prior quarter and $0.76 in the first quarter of 2021.
Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We remain focused on continuing to expand our presence in our growth markets and are pleased with our progress this quarter, particularly in our loan growth and diversified revenue mix. The macroeconomic environment as a whole is impacting the banking industry and certainly mortgage banking trends, however, we believe the overall economic diversity of the geographic regions we are operating in positions us well moving forward. Our team has been actively preparing for our merger transaction with Pioneer Bancshares, Inc. and following its closing on April 1, 2022, we are now working on integrating the business, including a planned system conversion in the second quarter. We believe our merger with Pioneer will allow us to continue to expand our business, particularly in our growth markets in Texas. We welcome our new team members from Pioneer and look forward to our future growth.”
The full earnings release can be viewed here.
Kelly C. Rackley
Corporate Secretary & Sr. Paralegal
Vice President, Marketing