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FirstSun Capital Bancorp Reports Second Quarter 2024 Results

July 29, 2024

Second Quarter 2024 Highlights:

  • Net income of $24.6 million, $0.88 per diluted share (excluding merger costs, $25.2 million, $0.90 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Net interest margin of 4.02%
  • Return on average total assets of 1.26% (excluding merger costs, 1.29%, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Return on average stockholders’ equity of 10.03% (excluding merger costs, 10.28%, see the “Non-GAAP Financial Measures and Reconciliations” below)
  • Loan growth of 3.3% annualized
  • Deposit growth of 10.8% annualized
  • 24.2% noninterest income to total revenue1

DENVER -- FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $24.6 million for the second quarter of 2024 compared to net income of $28.0 million for the second quarter of 2023. Earnings per diluted share were $0.88 for the second quarter of 2024 compared to $1.11 for the second quarter of 2023. Earnings for the second quarter of 2024 were negatively impacted by $0.6 million of merger costs, net of tax, or $0.02 per diluted share.

Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are pleased to deliver strong earnings this quarter driven by our well diversified business mix. Our net interest margin remains very strong at 4.02%, we grew our deposits and loans and we maintained our balanced mix of business with noninterest income to total revenue at 24.2%.”

Arnold continued, “We continue to work actively on all aspects of planning for the consummation of the previously announced strategic merger with HomeStreet, Inc. and we remain focused on continuing to deliver responsible growth amidst the challenging operating environment. We also remain focused on enhancing shareholder value and are very excited to announce a significant milestone in uplisting to Nasdaq on July 12, 2024 which we expect will provide us better access to the capital markets.”

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 & Investor Relations Manager, FirstSun

303.962.0150 | [email protected]

 

Media Relations

Jeanne Lipson

Director of Commercial & Specialty Marketing, Brand and Media Relations

915.881.6785 | [email protected]