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FirstSun Capital Bancorp Reports Fourth Quarter And Full Year 2022 Results

January 26, 2023

Fourth Quarter 2022 Highlights:

  • Net income of $24.6 million, $0.96 per diluted share
  • Net interest margin of 4.45%
  • Return on average assets of 1.38%
  • Return on average equity of 12.89%
  • Loan growth of 25.6% annualized
  • 20.3% fee revenue to total revenue

DENVER--()--FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $24.6 million for the fourth quarter of 2022 compared to net income of $8.8 million for the fourth quarter of 2021. Earnings per diluted share was $0.96 for the fourth quarter of 2022 compared to $0.47 for the fourth quarter of 2021. Earnings for the fourth quarter of 2021 were impacted by $0.9 million of merger costs, net of tax, or $0.05 per diluted share.

Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are very pleased with our strong results this quarter. Our net interest margin expanded again this quarter, loan growth was strong and overall credit quality remains stable. Our strong returns this quarter highlight our favorable balance sheet positioning and overall asset sensitivity. While this macro rate environment will most likely subside in the near future amidst changing economic conditions, we believe the strength of the Southwest and Mountain West markets that we operate in and our diversified business model will position us well for success in the future. In 2022, we delivered record earnings, we expanded our Texas presence with the acquisition of the Pioneer Bancshares business and we continued to grow our customer relationships. We are very grateful to our teams for all their hard work and commitment to our customers and the business this year.”

The full earnings release can be viewed here.