Business
FirstSun Capital Bancorp Reports Second Quarter 2024 Results
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
About this update from Firstsun Capital Bancorp
[{"type":"text","content":"\nSecond Quarter 2024 Highlights:\n\n\n\nNet 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)\n\n\n\nNet interest margin of 4.02%\n\n\n\nReturn on average total assets of 1.26% (excluding merger costs, 1.29%, see the “Non-GAAP Financial Measures and Reconciliations” below)\n\n\n\nReturn on average stockholders’ equity of 10.03% (excluding merger costs, 10.28%, see the “Non-GAAP Financial Measures and Reconciliations” below)\n\n\n\nLoan growth of 3.3% annualized\n\n\n\nDeposit growth of 10.8% annualized\n\n\n\n24.2% noninterest income to total revenue1\n\n\n\n DENVER--(BUSINESS WIRE)--\nFirstSun 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.\n\n\nNeal 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%.”\n\n\nArnold 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.”\n\n\nSecond Quarter 2024 Results\n\n\nNet income totaled $24.6 million, or $0.88 per diluted share, for the second quarter of 2024, compared to $12.3 million, or $0.45 per diluted share, for the prior quarter. Net income in the second quarter of 2024 was negatively impacted by $0.6 million in merger costs, net of tax, or $0.02 pe...