FirstSun Capital Bancorp Reports Fourth Quarter and Full Year 2024 Results
January 27, 2025
Fourth Quarter 2024 Highlights:
- Net income of $16.4 million, $0.58 per diluted share (adjusted, $24.3 million, $0.86 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)
- Net interest margin of 4.11%
- Return on average total assets of 0.81% (adjusted, 1.21%, see the “Non-GAAP Financial Measures and Reconciliations” below)
- Return on average stockholders’ equity of 6.25% (adjusted, 9.30%, see the “Non-GAAP Financial Measures and Reconciliations” below)
- Average deposit growth of 3.0%, annualized
- 21.9% noninterest income to total revenue1
DENVER – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $16.4 million for the fourth quarter of 2024 compared to net income of $24.0 million for the fourth quarter of 2023. Earnings per diluted share were $0.58 for the fourth quarter of 2024 compared to $0.94 for the fourth quarter of 2023. Adjusted net income, a non-GAAP financial measure, was $24.3 million or $0.86 per diluted share for the fourth quarter of 2024.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are very pleased to deliver another strong quarter with positive operating leverage driving core earnings growth. Our performance highlights this quarter include a continued strong net interest margin at 4.11% and deposit growth, complemented by our diversified business mix with noninterest income to total revenue at 21.9%. Our consistent focus on our C&I, consumer and service fee businesses has enabled us to deliver strong earnings again this year. Further, our strong performance was recognized earlier this month by Kroll Bond Rating Agency, LLC as they affirmed our debt ratings, as well as the debt and deposit ratings for our subsidiary, Sunflower Bank, N.A.
"Also, we have recently taken a few branching related actions as part of our recurring evaluation of all our markets. We are pleased to announce that late in the fourth quarter of 2024, our regulator approved our planned relocation of a branch located in Albuquerque, New Mexico. Additionally, earlier in January 2025, we submitted applications with our regulator to establish two new depository branches, one in each of our San Diego and Los Angeles, CA expansion markets. We expect to add to our investment in these large and diverse growth markets. Finally, I want to thank all of our hard working employees for their continued service to all of our customers and their commitment to excellence.”
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.
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
214.473.7958 | [email protected]
Media Contact:
Jeanne Lipson
Director of Marketing, Sunflower Bank
915.881.6785 | [email protected]