Business
FirstSun Capital Bancorp Reports Second Quarter 2023 Results
Second Quarter 2023 Highlights: Net income of $28.0 million, $1.11 per diluted share Net interest margin of 4.24% Return on average total assets of 1.49%
About this update from Firstsun Capital Bancorp
[{"type":"text","content":"\nSecond Quarter 2023 Highlights:\n\n\n\nNet income of $28.0 million, $1.11 per diluted share\n\n\n\nNet interest margin of 4.24%\n\n\n\nReturn on average total assets of 1.49%\n\n\n\nReturn on average stockholders’ equity of 13.54%\n\n\n\nAverage deposit growth of 9.7% annualized\n\n\n\nLoan growth of 6.2% annualized\n\n\n\n24.8% noninterest income to total revenue\n\n\n\n DENVER--(BUSINESS WIRE)--\nFirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $28.0 million for the second quarter of 2023 compared to net income of $0.4 million for the second quarter of 2022. Earnings per diluted share were $1.11 for the second quarter of 2023 compared to $0.02 for the second quarter of 2022. Earnings for the second quarter of 2022 were impacted by $16.8 million of merger costs, net of tax, or $0.66 per diluted share.\n\n\nNeal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are very pleased with our record earnings this quarter and our continued strong results driven by our well diversified business mix. Highlights this quarter include a net interest margin of 4.24%, along with growth in both loans and deposits. We believe our growth amidst the difficult banking environment, including declining deposit trends and rising funding costs, will position us uniquely among our peers. Additionally, with growing concern about economic uncertainty and rising commercial real estate pressures, we are heartened by the vitality of the Southwest region that we operate in and our lower exposure to commercial real estate relative to our peers. Further, we believe our strong capital base, our granular deposit base, our securities portfolio positioning, our loan portfolio credit quality and our overall asset sensitive profile provides us with the flexibility to continue to deliver responsible growth in this slowing economic environment.”\n\n\nSecond Quarter 2023 Results\n\n\nNet income totaled $28.0 million, or $1.11 per diluted share, during the second quarter of 2023, compared to $26.3 million, or $1.03 per diluted share, during the prior quarter. The return on average total assets was 1.49% in the second quarter of 2023, compared to 1.44% in the prior quarter, and the return on average stockholders’ equity was 13.54% in the second quarter of 2023, compared to 13.37% in the prior quarter.\n\n\nNet Interest I...