FirstSun Capital Bancorp Reports Third Quarter 2022 Results
October 27, 2022
Third Quarter 2022 Highlights:
Net income of $26.5 million, $1.04 per diluted share
Net interest margin of 4.26%
Return on average assets of 1.52%
Return on average equity of 14.50%
Loan growth of 12.5% annualized
26.7% fee revenue to total revenue
Denver -- (BUSINESS WIRE) -- FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $26.5 million for the third quarter of 2022 compared to net income of $8.7 million for the third quarter of 2021. Earnings per diluted share was $1.04 for the third quarter of 2022 compared to $0.46 for the third quarter of 2021.
Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are very pleased with our results this quarter. We realized a healthy expansion in our net interest margin in large part due to our specialized commercial & industrial lending business focus. Our revenue mix remained strong this quarter and overall credit quality remains stable. While the overall macro-economic outlook appears to generally be slowing, we continue to see strength in the Southwest and Mountain West markets we are operating in. Our strong returns this quarter highlight the benefits of our diversified business model and the continued growth we are seeing and we look forward to future growth across each of our markets."
The full earnings release can be viewed here.