FirstSun Capital Bancorp Announces First Quarter 2023 Results
May 01, 2023
First Quarter 2023 Highlights:
- Net income of $26.3 million, $1.03 per diluted share
- Net interest margin of 4.39%
- Return on average total assets of 1.44%
- Return on average stockholders’ equity of 13.37%
- Loan growth of 10.1% annualized
- 20.3% fee revenue to total revenue
Denver –– FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $26.3 million for the first quarter of 2023 compared to net income of $7.7 million for the first quarter of 2022. Earnings per diluted share were $1.03 for the first quarter of 2023 compared to $0.41 for the first quarter of 2022. Earnings for the first quarter of 2022 were impacted by $0.3 million of merger costs, net of tax, or $0.01 per diluted share.
Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are very pleased with our strong operating results this quarter amidst a more challenging banking environment. Highlights this quarter include net interest margin of 4.39%, steady loan growth, deposit stability and continued credit quality strength. Our industry has recently been reminded of the benefits of a well-diversified and balanced business mix as well as the importance of asset/liability management. We believe our diversified business model with its emphasis across our commercial and industrial business and consumer clients, our balanced mix of spread and service-based revenues, our geographic diversity, along with our disciplined and conservative balance sheet management provides a stable platform for responsible growth and favorable performance even in difficult times. Additionally, we believe our strong capital base, our granular and stable deposit base, our securities portfolio positioning and our overall asset sensitive profile provides us with flexibility as the competition for deposits increases in this environment.”
The full earnings release can be viewed on the FirstSun Capital Bancorp Investor Relations website.