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
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.”
Second Quarter 2024 Results
Net 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 per diluted share. Net income in the
first quarter of 2024 was negatively impacted by a $13.1 million
loan charge-off, net of tax, or $0.47 per diluted share, and $2.3
million in merger costs, net of tax, or $0.08 per diluted share.
The return on average total assets was 1.26% for the second quarter
of 2024, compared to 0.64% for the prior quarter, and the return on
average stockholders’ equity was 10.03% for the second quarter of
2024, compared to 5.15% for the prior quarter. Second quarter of
2024 merger costs, net of tax negatively affected return on average
total assets by 0.03% and return on average stockholders’ equity by
0.25%. First quarter of 2024 merger costs, net of tax negatively
affected return on average total assets by 0.12% and return on
average stockholders’ equity by 0.96%.
Net Interest Income and Net Interest Margin
Net interest income totaled $72.9 million for the second quarter
of 2024, an increase of $2.1 million compared to the prior quarter.
Our net interest margin increased three basis points to 4.02%
compared to the prior quarter. Results for the second quarter of
2024, compared to the prior quarter, were primarily driven by an
increase of 11 basis points in the yield on earning assets,
partially offset by an increase of 12 basis points in the cost of
interest-bearing liabilities.
Average loans, including loans held-for-sale, increased by $70.9
million in the second quarter of 2024, compared to the prior
quarter. Loan yield increased by 11 basis points to 6.59% in the
second quarter of 2024, compared to the prior quarter, primarily
due to higher yields on new originations as compared to amortizing
and maturing balances. Average interest-bearing deposits increased
$101.7 million in the second quarter of 2024, compared to the prior
quarter. Total cost of interest-bearing deposits increased by 11
basis points to 3.11% in the second quarter of 2024, compared to
the prior quarter, primarily due to overall rising deposit costs as
a result of the elevated interest rate environment. Average FHLB
borrowings increased $20.1 million in the second quarter of 2024,
compared to the prior quarter. The cost of FHLB borrowings
increased by 11 basis points to 5.67% in the second quarter of
2024, compared to the prior quarter.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $1.2 million for the
second quarter of 2024, a decrease of $15.3 million from $16.5
million for the prior quarter, primarily due to a $17.4 million
charge-off on a specific customer in our C&I loan portfolio for
the prior quarter.
Net charge-offs for the second quarter of 2024 were $2.0 million
resulting in an annualized ratio of net charge-offs to average
loans of 0.13%, compared to net charge-offs of $17.4 million, or an
annualized ratio of net-charge offs to average loans of 1.11% for
the prior quarter. The allowance for credit losses as a percentage
of total loans was 1.25% at June 30, 2024, a decrease of two basis
points from the prior quarter.
The ratio of nonperforming assets to total assets was 0.84% at
June 30, 2024, compared to 0.80% at March 31, 2024.
Noninterest Income
Noninterest income totaled $23.3 million for the second quarter
of 2024, an increase of $0.5 million from the prior quarter.
Mortgage banking income increased $1.5 million for the second
quarter of 2024, primarily due to an increase in mortgage loan
originations, including the corresponding impact to our capitalized
MSR asset from the prior quarter.
Other noninterest income decreased $1.5 million for the second
quarter of 2024, primarily due to a decrease in income from BOLI
and a decrease in the fair value of investments related to our
deferred compensation plan. Noninterest income as a percentage of
total revenue2 was 24.2%, an increase of 0.2% from the prior
quarter.
Noninterest Expense
Noninterest expense totaled $63.9 million for the second quarter
of 2024, an increase of $2.0 million from the prior quarter,
primarily due to an increase in salary and employee benefits of
$2.5 million as a result of increased head count of C&I bankers
and higher levels of variable compensation associated with an
increase in mortgage loan originations. Noninterest expense for the
second quarter of 2024 included $1.0 million in merger related
expenses, a decrease of $1.4 million from the prior quarter.
The efficiency ratio for the second quarter of 2024 was 66.42%
compared to 66.05% for the prior quarter. Merger costs negatively
affected the efficiency ratio for the second quarter of 2024 by
1.09%, down from a negative impact of 2.66% for the prior
quarter.
Tax Rate
The effective tax rate was 21.0% for the second quarter of 2024,
compared to 19.6% for the prior quarter.
Loans
Loans were $6.3 billion at June 30, 2024 and March 31, 2024,
increasing $52.3 million in the second quarter of 2024, or 3.3% on
an annualized basis.
Deposits
Deposits were $6.6 billion at June 30, 2024 compared to $6.4
billion at March 31, 2024, an increase of $0.2 billion in the
second quarter of 2024, or 10.8% on an annualized basis. Average
deposits were $6.5 billion for the second quarter of 2024, compared
to $6.4 billion for the prior quarter, an increase of $0.1 billion
in the second quarter of 2024, or 7.3% on an annualized basis.
Noninterest-bearing deposit accounts represented 23.6% of total
deposits at June 30, 2024 and the loan-to-deposit ratio was 95.7%
at June 30, 2024.
The ratio of total uninsured deposits to total deposits was
estimated to be 32.1% at June 30, 2024, compared to 32.0% at
March 31, 2024. The ratio of total uninsured and
uncollateralized deposits to total deposits was estimated to be
25.5% at June 30, 2024, compared to 25.2% at March 31,
2024.3
Capital
Capital ratios remain strong and above “well-capitalized”
thresholds. As of June 30, 2024, our common equity tier 1
risk-based capital ratio was 12.80%, total risk-based capital ratio
was 14.95% and tier 1 leverage ratio was 11.83%. Book value per
share was $36.31 at June 30, 2024, an increase of $1.16 from March
31, 2024. Tangible book value per share, a non-GAAP financial
measure, was $32.56 at June 30, 2024, an increase of $1.19 from
March 31, 2024.
Non-GAAP Financial Measures
This press release (including the tables within the “Non-GAAP
Financial Measures and Reconciliations” section) contains financial
measures determined by methods other than in accordance with
principles generally accepted in the United States (“GAAP”).
FirstSun management uses these non-GAAP financial measures in their
analysis of FirstSun’s performance and the efficiency of its
operations. Management believes these non-GAAP measures provide a
greater understanding of ongoing operations, enhance comparability
of results with prior periods and demonstrate the effects of
significant items in the current period. FirstSun believes a
meaningful analysis of its financial performance requires an
understanding of the factors underlying that performance. FirstSun
management believes investors may find these non-GAAP financial
measures useful. These non-GAAP financial measures, however, should
not be viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. Below is a listing of the non-GAAP measures used in this
press release:
- Tangible stockholders’ equity;
- Tangible assets;
- Tangible stockholders’ equity to tangible assets;
- Tangible stockholders’ equity to tangible assets, reflecting
net unrealized losses on HTM securities, net of tax;
- Tangible book value per share;
- Net income excluding merger costs;
- Return on average total assets excluding merger costs;
- Return on average stockholders’ equity excluding merger
costs;
- Efficiency ratio excluding merger related expenses;
- Diluted earnings per share excluding merger related costs;
and
- Fully tax equivalent (“FTE”) net interest income and net
interest margin on FTE basis.
The tables within the “Non-GAAP Financial Measures and
Reconciliations” section provide a reconciliation of each non-GAAP
financial measure contained in this press release to the most
comparable GAAP equivalent.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is
the financial holding company for Sunflower Bank, N.A., which
operates as Sunflower Bank, First National 1870 and Guardian
Mortgage. Sunflower Bank provides a full range of
relationship-focused services to meet personal, business and wealth
management financial objectives, with a branch network in five
states and mortgage capabilities in 43 states. FirstSun had total
consolidated assets of $8.0 billion as of June 30, 2024.
First National 1870 and Guardian Mortgage are divisions of
Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com,
SunflowerBank.com, FirstNational1870.com or
GuardianMortgageOnline.com.
____________________
1 Total revenue is net interest income
plus noninterest income.
2 Total revenue is net interest income
plus noninterest income.
3 Uninsured deposits and uninsured and
uncollateralized deposits are reported for our wholly-owned
subsidiary Sunflower Bank, N.A.
Summary Data:
As of and for the quarter
ended
($ in thousands, except per share
amounts)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Net interest income
$
72,899
$
70,806
$
72,069
$
73,410
$
73,835
Provision for credit losses
1,200
16,500
6,575
3,890
4,422
Noninterest income
23,274
22,808
17,221
18,650
24,290
Noninterest expense
63,875
61,828
52,308
56,176
58,043
Income before income taxes
31,098
15,286
30,407
31,994
35,660
Provision for income taxes
6,538
2,990
6,393
6,762
7,654
Net income
24,560
12,296
24,014
25,232
28,006
Net income, excluding merger costs (1)
25,181
14,592
24,014
25,232
28,006
Weighted average common shares
outstanding, basic
27,430,761
27,019,625
24,953,764
24,942,389
24,933,664
Weighted average common shares
outstanding, diluted
28,031,956
27,628,941
25,472,017
25,357,807
25,206,359
Diluted earnings per share
$
0.88
$
0.45
$
0.94
$
1.00
$
1.11
Diluted earnings per share, excluding
merger costs (1)
$
0.90
$
0.53
$
0.94
$
1.00
$
1.11
Return on average total assets
1.26
%
0.64
%
1.26
%
1.34
%
1.49
%
Return on average total assets, excluding
merger costs (1)
1.29
%
0.76
%
1.26
%
1.34
%
1.49
%
Return on average stockholders' equity
10.03
%
5.15
%
11.19
%
12.03
%
13.54
%
Return on average stockholders’ equity,
excluding merger costs (1)
10.28
%
6.11
%
11.19
%
12.03
%
13.54
%
Net interest margin
4.02
%
3.99
%
4.08
%
4.23
%
4.24
%
Net interest margin (FTE basis) (1)
4.08
%
4.06
%
4.15
%
4.30
%
4.32
%
Efficiency ratio
66.42
%
66.05
%
58.58
%
61.02
%
59.15
%
Efficiency ratio, excluding merger related
expenses (1)
65.33
%
63.39
%
58.58
%
61.02
%
59.15
%
Noninterest income to total revenue
(2)
24.2
%
24.4
%
19.3
%
20.3
%
24.8
%
Total assets
$
7,999,295
$
7,781,601
$
7,879,724
$
7,756,875
$
7,797,344
Total loans held-for-sale
66,571
56,813
54,212
51,465
56,350
Total loans held-for-investment
6,337,162
6,284,868
6,267,096
6,179,522
6,155,090
Total deposits
6,619,525
6,445,388
6,374,103
6,339,847
6,150,418
Total stockholders' equity
996,599
964,662
877,197
843,719
823,635
Loan to deposit ratio
95.7
%
97.5
%
98.3
%
97.5
%
100.1
%
Period end common shares outstanding
27,443,246
27,442,943
24,960,639
24,942,645
24,941,468
Book value per share
$
36.31
$
35.15
$
35.14
$
33.83
$
33.02
Tangible book value per share (1)
$
32.56
$
31.37
$
30.96
$
29.60
$
28.76
(1)
Represents a non-GAAP financial
measure. See the tables within the “Non-GAAP Financial Measures and
Reconciliations” section for a reconciliation of each non-GAAP
measure to the most comparable GAAP equivalent.
(2)
Total revenue is net interest
income plus noninterest income.
As of and for the six months
ended
($ in thousands, except per share
amounts)
June 30, 2024
June 30, 2023
Net interest income
$
143,705
$
147,952
Provision for credit losses
17,700
7,782
Noninterest income
46,082
43,221
Noninterest expense
125,703
114,309
Income before income taxes
46,384
69,082
Provision for income taxes
9,528
14,795
Net income
36,856
54,287
Net income, excluding merger costs (1)
39,773
54,287
Weighted average common shares
outstanding, basic
27,224,968
24,928,485
Weighted average common shares
outstanding, diluted
27,825,189
25,368,702
Diluted earnings per share
$
1.32
$
2.14
Diluted earnings per share, excluding
merger costs (1)
$
1.43
$
2.14
Return on average total assets
0.95
%
1.46
%
Return on average total assets, excluding
merger costs (1)
1.03
%
1.46
%
Return on average stockholders' equity
7.62
%
13.46
%
Return on average stockholders’ equity,
excluding merger costs (1)
8.22
%
13.46
%
Net interest margin
4.00
%
4.31
%
Net interest margin (FTE basis) (1)
4.07
%
4.39
%
Efficiency ratio
66.23
%
59.79
%
Efficiency ratio, excluding merger related
expenses (1)
64.37
%
59.79
%
Noninterest income to total revenue
(2)
24.3
%
22.6
%
Total assets
$
7,999,295
$
7,797,344
Total loans held-for-sale
66,571
56,350
Total loans held-for-investment
6,337,162
6,155,090
Total deposits
6,619,525
6,150,418
Total stockholders' equity
996,599
823,635
Loan to deposit ratio
95.7
%
100.1
%
Period end common shares outstanding
27,443,246
24,941,468
Book value per share
$
36.31
$
33.02
Tangible book value per share (1)
$
32.56
$
28.76
(1)
Represents a non-GAAP financial
measure. See the tables within the “Non-GAAP Financial Measures and
Reconciliations” section for a reconciliation of each non-GAAP
measure to the most comparable GAAP equivalent.
(2)
Total revenue is net interest
income plus noninterest income.
Condensed Consolidated Statements of Income
(Unaudited):
For the quarter ended
For the six months
ended
($ in thousands, except per share
amounts)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Total interest income
$
114,529
$
102,032
$
224,569
$
196,935
Total interest expense
41,630
28,197
80,864
48,983
Net interest income
72,899
73,835
143,705
147,952
Provision for credit losses
1,200
4,422
17,700
7,782
Net interest income after provision for
credit losses
71,699
69,413
126,005
140,170
Noninterest income:
Service charges on deposits
5,946
5,358
11,714
10,373
Credit and debit card fees
3,007
3,057
5,810
6,038
Trust and investment advisory fees
1,493
1,478
2,956
2,939
Mortgage banking income, net
11,043
11,659
20,545
19,088
Other noninterest income
1,785
2,738
5,057
4,783
Total noninterest income
23,274
24,290
46,082
43,221
Noninterest expense:
Salaries and benefits
39,828
34,056
77,181
69,105
Occupancy and equipment
8,701
8,135
17,296
16,490
Amortization of intangible assets
652
2,050
1,467
3,094
Merger related expenses
1,046
—
3,535
—
Other noninterest expenses
13,648
13,802
26,224
25,620
Total noninterest expense
63,875
58,043
125,703
114,309
Income before income taxes
31,098
35,660
46,384
69,082
Provision for income taxes
6,538
7,654
9,528
14,795
Net income
$
24,560
$
28,006
$
36,856
$
54,287
Earnings per share - basic
$
0.90
$
1.12
$
1.35
$
2.18
Earnings per share - diluted
$
0.88
$
1.11
$
1.32
$
2.14
For the quarter ended
($ in thousands, except per share
amounts)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Total interest income
$
114,529
$
110,040
$
109,974
$
106,775
$
102,032
Total interest expense
41,630
39,234
37,905
33,365
28,197
Net interest income
72,899
70,806
72,069
73,410
73,835
Provision for credit losses
1,200
16,500
6,575
3,890
4,422
Net interest income after provision for
credit losses
71,699
54,306
65,494
69,520
69,413
Noninterest income:
Service charges on deposits
5,946
5,768
5,497
5,475
5,358
Credit and debit card fees
3,007
2,803
2,966
2,996
3,057
Trust and investment advisory fees
1,493
1,463
1,356
1,398
1,478
Mortgage banking income, net
11,043
9,502
4,883
7,413
11,659
Other noninterest income
1,785
3,272
2,519
1,368
2,738
Total noninterest income
23,274
22,808
17,221
18,650
24,290
Noninterest expense:
Salaries and benefits
39,828
37,353
30,158
33,968
34,056
Occupancy and equipment
8,701
8,595
8,449
8,487
8,135
Amortization of intangible assets
652
815
829
899
2,050
Merger related expenses
1,046
2,489
—
—
—
Other noninterest expenses
13,648
12,576
12,872
12,822
13,802
Total noninterest expense
63,875
61,828
52,308
56,176
58,043
Income before income taxes
31,098
15,286
30,407
31,994
35,660
Provision for income taxes
6,538
2,990
6,393
6,762
7,654
Net income
$
24,560
$
12,296
$
24,014
$
25,232
$
28,006
Earnings per share - basic
$
0.90
$
0.46
$
0.96
$
1.01
$
1.12
Earnings per share - diluted
$
0.88
$
0.45
$
0.94
$
1.00
$
1.11
Condensed Consolidated Balance Sheets as of
(Unaudited):
($ in thousands)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Assets
Cash and cash equivalents
$
535,766
$
383,605
$
479,362
$
443,887
$
492,735
Securities available-for-sale, at fair
value
491,649
499,078
516,757
495,992
515,956
Securities held-to-maturity
36,310
36,640
36,983
37,410
37,883
Loans held-for-sale, at fair value
66,571
56,813
54,212
51,465
56,350
Loans
6,337,162
6,284,868
6,267,096
6,179,522
6,155,090
Allowance for credit losses
(78,960
)
(79,829
)
(80,398
)
(78,666
)
(77,362
)
Loans, net
6,258,202
6,205,039
6,186,698
6,100,856
6,077,728
Mortgage servicing rights, at fair
value
80,744
78,416
76,701
81,036
78,390
Premises and equipment, net
83,320
84,063
84,842
83,733
84,483
Other real estate owned and foreclosed
assets, net
4,497
4,414
4,100
8,395
10,139
Goodwill
93,483
93,483
93,483
93,483
93,483
Intangible assets, net
9,517
10,168
10,984
11,813
12,712
All other assets
339,236
329,882
335,602
348,805
337,485
Total assets
$
7,999,295
$
7,781,601
$
7,879,724
$
7,756,875
$
7,797,344
Liabilities and Stockholders'
Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit
accounts
$
1,562,308
$
1,517,315
$
1,530,506
$
1,610,650
$
1,667,247
Interest-bearing deposit accounts:
Interest-bearing demand accounts
538,232
542,184
534,540
440,845
379,779
Savings and money market accounts
2,505,439
2,473,255
2,446,632
2,476,097
2,441,349
NOW accounts
42,687
39,181
56,819
35,686
48,270
Certificate of deposit accounts
1,970,859
1,873,453
1,805,606
1,776,569
1,613,773
Total deposits
6,619,525
6,445,388
6,374,103
6,339,847
6,150,418
Securities sold under agreements to
repurchase
20,408
20,423
24,693
25,868
32,861
Federal Home Loan Bank advances
145,000
144,810
389,468
330,000
570,585
Other borrowings
75,577
75,445
75,313
75,180
80,511
Other liabilities
142,186
130,873
138,950
142,261
139,334
Total liabilities
7,002,696
6,816,939
7,002,527
6,913,156
6,973,709
Stockholders' equity:
Preferred stock
—
—
—
—
—
Common stock
3
3
2
2
2
Additional paid-in capital
543,339
542,582
462,680
462,507
461,856
Retained earnings
494,378
469,818
457,522
433,508
408,276
Accumulated other comprehensive loss,
net
(41,121
)
(47,741
)
(43,007
)
(52,298
)
(46,499
)
Total stockholders' equity
996,599
964,662
877,197
843,719
823,635
Total liabilities and stockholders'
equity
$
7,999,295
$
7,781,601
$
7,879,724
$
7,756,875
$
7,797,344
Consolidated Capital Ratios as of:
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Stockholders' equity to total assets
12.46
%
12.40
%
11.13
%
10.88
%
10.56
%
Tangible stockholders' equity to tangible
assets (1)
11.32
%
11.21
%
9.94
%
9.65
%
9.33
%
Tangible stockholders' equity to tangible
assets reflecting net unrealized losses on HTM securities, net of
tax (1) (2)
11.27
%
11.17
%
9.90
%
9.59
%
9.28
%
Tier 1 leverage ratio
11.83
%
11.73
%
10.52
%
10.37
%
10.00
%
Common equity tier 1 risk-based capital
ratio
12.80
%
12.54
%
11.10
%
10.79
%
10.40
%
Tier 1 risk-based capital ratio
12.80
%
12.54
%
11.10
%
10.79
%
10.40
%
Total risk-based capital ratio
14.95
%
14.73
%
13.25
%
12.93
%
12.52
%
(1)
Represents a non-GAAP financial
measure. See the tables within the “Non-GAAP Financial Measures and
Reconciliations” section for a reconciliation of each non-GAAP
measure to the most comparable GAAP equivalent.
(2)
Tangible stockholders’ equity and
tangible assets have been adjusted to reflect net unrealized losses
on held-to-maturity securities, net of tax.
Summary of Net Interest Margin:
For the quarter ended
For the six months
ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
(In thousands)
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Interest Earning Assets
Loans (1)
6,384,709
6.59
%
6,220,833
6.13
%
6,349,282
6.53
%
6,125,441
6.01
%
Investment securities
523,545
3.65
%
563,902
3.00
%
535,252
3.46
%
567,273
2.96
%
Interest-bearing cash and other assets
348,509
5.25
%
176,672
5.63
%
294,009
5.35
%
166,523
5.55
%
Total earning assets
7,256,763
6.31
%
6,961,407
5.86
%
7,178,543
6.26
%
6,859,237
5.74
%
Other assets
548,465
556,105
548,553
555,040
Total assets
$
7,805,228
$
7,517,512
$
7,727,096
$
7,414,277
Interest-bearing liabilities
Demand and NOW deposits
$
621,343
3.80
%
$
332,695
2.55
%
$
585,417
3.67
%
$
280,224
2.40
%
Savings deposits
413,699
0.69
%
448,059
0.44
%
417,791
0.69
%
458,969
0.41
%
Money market deposits
2,092,449
2.01
%
2,107,379
1.11
%
2,077,885
1.97
%
2,201,401
0.99
%
Certificates of deposits
1,823,522
4.69
%
1,392,847
3.52
%
1,819,075
4.64
%
1,233,810
3.19
%
Total deposits
4,951,013
3.11
%
4,280,980
1.94
%
4,900,168
3.06
%
4,174,404
1.67
%
Repurchase agreements
16,553
1.15
%
33,673
0.80
%
18,904
1.10
%
31,683
0.62
%
Total deposits and repurchase
agreements
4,967,566
3.10
%
4,314,653
1.93
%
4,919,072
3.05
%
4,206,087
1.66
%
FHLB borrowings
130,871
5.67
%
472,105
5.19
%
120,824
5.62
%
463,142
4.94
%
Other long-term borrowings
75,522
6.59
%
80,440
6.36
%
75,456
6.60
%
80,370
6.32
%
Total interest-bearing liabilities
5,173,959
3.22
%
4,867,198
2.32
%
5,115,352
3.16
%
4,749,599
2.06
%
Noninterest-bearing deposits
1,517,560
1,694,961
1,510,134
1,731,468
Other liabilities
133,845
128,118
134,106
126,343
Stockholders' equity
979,864
827,235
967,504
806,867
Total liabilities and stockholders'
equity
$
7,805,228
$
7,517,512
$
7,727,096
$
7,414,277
Net interest spread
3.09
%
3.54
%
3.10
%
3.68
%
Net interest margin
4.02
%
4.24
%
4.00
%
4.31
%
Net interest margin (on FTE basis) (2)
4.08
%
4.32
%
4.07
%
4.39
%
(1)
Includes loans
held-for-investment, including nonaccrual loans, and loans
held-for-sale.
(2)
Represents a non-GAAP financial
measure. See the tables within the “Non-GAAP Financial Measures and
Reconciliations” section for a reconciliation of each non-GAAP
measure to the most comparable GAAP equivalent.
For the quarter ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
(In thousands)
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Average Balance
Average Yield/Rate
Interest Earning Assets
Loans (1)
6,384,709
6.59
%
6,313,855
6.48
%
6,280,362
6.51
%
6,180,684
6.44
%
6,220,833
6.13
%
Investment securities
523,545
3.65
%
546,960
3.28
%
538,348
3.28
%
545,257
3.10
%
563,902
3.00
%
Interest-bearing cash and other assets
348,509
5.25
%
239,508
5.49
%
247,978
5.50
%
221,559
5.39
%
176,672
5.63
%
Total earning assets
7,256,763
6.31
%
7,100,323
6.20
%
7,066,688
6.22
%
6,947,500
6.15
%
6,961,407
5.86
%
Other assets
548,465
548,642
563,368
557,988
556,105
Total assets
$
7,805,228
$
7,648,965
$
7,630,056
$
7,505,488
$
7,517,512
Interest-bearing liabilities
Demand and NOW deposits
$
621,343
3.80
%
$
549,491
3.54
%
$
510,982
3.45
%
$
466,837
3.27
%
$
332,695
2.55
%
Savings deposits
413,699
0.69
%
421,882
0.69
%
457,679
0.93
%
439,172
0.62
%
448,059
0.44
%
Money market deposits
2,092,449
2.01
%
2,063,321
1.93
%
2,063,383
1.82
%
2,026,028
1.58
%
2,107,379
1.11
%
Certificates of deposits
1,823,522
4.69
%
1,814,629
4.60
%
1,825,325
4.54
%
1,748,515
4.21
%
1,392,847
3.52
%
Total deposits
4,951,013
3.11
%
4,849,323
3.00
%
4,857,369
2.93
%
4,680,552
2.64
%
4,280,980
1.94
%
Repurchase agreements
16,553
1.15
%
21,254
1.06
%
23,457
1.06
%
26,549
0.98
%
33,673
0.80
%
Total deposits and repurchase
agreements
4,967,566
3.10
%
4,870,577
2.99
%
4,880,826
2.92
%
4,707,101
2.63
%
4,314,653
1.93
%
FHLB borrowings
130,871
5.67
%
110,777
5.56
%
74,146
5.64
%
84,332
5.40
%
472,105
5.19
%
Other long-term borrowings
75,522
6.59
%
75,389
6.62
%
75,249
6.62
%
78,680
6.44
%
80,440
6.36
%
Total interest-bearing liabilities
5,173,959
3.22
%
5,056,743
3.10
%
5,030,221
3.01
%
4,870,113
2.74
%
4,867,198
2.32
%
Noninterest-bearing deposits
1,517,560
1,502,707
1,597,672
1,654,090
1,694,961
Other liabilities
133,845
134,370
143,416
142,027
128,118
Stockholders' equity
979,864
955,145
858,747
839,258
827,235
Total liabilities and stockholders'
equity
$
7,805,228
$
7,648,965
$
7,630,056
$
7,505,488
$
7,517,512
Net interest spread
3.09
%
3.10
%
3.21
%
3.41
%
3.54
%
Net interest margin
4.02
%
3.99
%
4.08
%
4.23
%
4.24
%
Net interest margin (on FTE basis) (2)
4.08
%
4.06
%
4.15
%
4.30
%
4.32
%
(1)
Includes loans
held-for-investment, including nonaccrual loans, and loans
held-for-sale.
(2)
Represents a non-GAAP financial
measure. See the tables within the “Non-GAAP Financial Measures and
Reconciliations” section for a reconciliation of each non-GAAP
measure to the most comparable GAAP equivalent.
Deposits as of:
($ in thousands)
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
Consumer
Noninterest bearing deposit accounts
$
414,795
$
356,732
$
360,168
$
366,366
$
375,583
Interest-bearing deposit accounts:
Demand and NOW deposits
42,903
38,625
36,162
33,340
34,731
Savings deposits
334,741
340,086
343,291
356,890
378,193
Money market deposits
1,243,355
1,229,239
1,196,645
1,149,365
1,174,883
Certificates of deposits
1,438,792
1,437,590
1,437,537
1,366,255
1,095,754
Total interest-bearing deposit
accounts
3,059,791
3,045,540
3,013,635
2,905,850
2,683,561
Total consumer deposits
$
3,474,586
$
3,402,272
$
3,373,803
$
3,272,216
$
3,059,144
Business
Noninterest bearing deposit accounts
$
1,147,513
$
1,160,583
$
1,170,338
$
1,244,284
$
1,291,664
Interest-bearing deposit accounts:
Demand and NOW deposits
538,016
502,726
555,197
443,191
393,318
Savings deposits
77,931
80,226
80,802
85,234
30,904
Money market deposits
849,412
823,704
825,811
859,516
832,279
Certificates of deposits
90,189
97,854
87,407
77,228
77,604
Total interest-bearing deposit
accounts
1,555,548
1,504,510
1,549,217
1,465,169
1,334,105
Total business deposits
$
2,703,061
$
2,665,093
$
2,719,555
$
2,709,453
$
2,625,769
Wholesale
deposits (1)
$
441,878
$
378,023
$
280,745
$
358,178
$
465,505
Total deposits
$
6,619,525
$
6,445,388
$
6,374,103
$
6,339,847
$
6,150,418
(1)
Wholesale deposits primarily
consist of brokered deposits included in our condensed consolidated
balance sheets within certificates of deposits.
Balance Sheet Ratios as of:
June 30,
2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30,
2023
Cash to total assets (1)
6.60
%
4.80
%
6.00
%
5.60
%
6.20
%
Loan to deposit ratio
95.7
%
97.5
%
98.3
%
97.5
%
100.1
%
Uninsured deposits to total deposits
(2)
32.1
%
32.0
%
31.2
%
32.0
%
32.5
%
Uninsured and uncollateralized deposits to
total deposits (2)
25.5
%
25.2
%
25.1
%
25.4
%
24.1
%
Wholesale deposits and borrowings to total
liabilities (3)
8.4
%
7.7
%
9.6
%
10.0
%
14.9
%
(1)
Cash consists of cash and amounts
due from banks and interest-bearing deposits with other financial
institutions.
(2)
Uninsured deposits and uninsured
and uncollateralized deposits are reported for our wholly-owned
subsidiary Sunflower Bank, N.A. and are estimated.
(3)
Wholesale deposits primarily
consist of brokered deposits included in our condensed consolidated
balance sheets within certificates of deposits. Wholesale
borrowings consist of FHLB overnight and term advances.
Loan Portfolio as of:
($ in thousands)
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
Commercial and industrial
$
2,431,110
$
2,480,078
$
2,467,688
$
2,459,358
$
2,474,531
Commercial real estate:
Non-owner occupied
866,999
836,515
812,235
767,135
723,365
Owner occupied
660,511
642,930
635,365
631,352
643,191
Construction and land
350,878
326,447
345,430
329,433
316,399
Multifamily
94,220
94,898
103,066
114,535
100,464
Total commercial real estate
1,972,608
1,900,790
1,896,096
1,842,455
1,783,419
Residential real estate
1,146,989
1,109,676
1,110,610
1,059,074
1,082,991
Public Finance
537,872
579,991
602,913
602,844
611,748
Consumer
42,129
40,317
36,371
37,681
39,909
Other
206,454
174,016
153,418
178,110
162,492
Total loans, net of deferred costs, fees,
premiums, and discounts
$
6,337,162
$
6,284,868
$
6,267,096
$
6,179,522
$
6,155,090
Asset Quality:
As of and for the quarter
ended
($ in thousands)
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
Net charge-offs
$
2,009
$
17,429
$
4,743
$
2,296
$
717
Allowance for credit losses
$
78,960
$
79,829
$
80,398
$
78,666
$
77,362
Nonperforming loans, including nonaccrual
loans, and accrual loans greater than 90 days past due
$
62,558
$
57,599
$
63,143
$
40,743
$
67,840
Nonperforming assets
$
67,055
$
62,013
$
67,243
$
49,138
$
77,979
Ratio of net charge-offs to average loans
outstanding
0.13
%
1.11
%
0.30
%
0.15
%
0.05
%
Allowance for credit losses to total loans
outstanding
1.25
%
1.27
%
1.28
%
1.27
%
1.26
%
Allowance for credit losses to total
nonperforming loans
126.22
%
138.59
%
127.33
%
193.08
%
114.04
%
Nonperforming loans to total loans
0.99
%
0.92
%
1.01
%
0.66
%
1.10
%
Nonperforming assets to total assets
0.84
%
0.80
%
0.85
%
0.63
%
1.00
%
Non-GAAP Financial Measures and Reconciliations:
As of and for the quarter
ended
As of and for the six months
ended
($ in thousands, except share and per
share amounts)
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
June 30, 2024
June 30, 2023
Tangible stockholders’ equity:
Total stockholders' equity (GAAP)
$
996,599
$
964,662
$
877,197
$
843,719
$
823,635
$
996,599
$
823,635
Less: Goodwill and other intangible
assets:
Goodwill
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
Other intangible assets
(9,517
)
(10,168
)
(10,984
)
(11,813
)
(12,712
)
(9,517
)
(12,712
)
Tangible stockholders' equity
(non-GAAP)
$
893,599
$
861,011
$
772,730
$
738,423
$
717,440
$
893,599
$
717,440
Tangible assets:
Total assets (GAAP)
$
7,999,295
$
7,781,601
$
7,879,724
$
7,756,875
$
7,797,344
$
7,999,295
$
7,797,344
Less: Goodwill and other intangible
assets:
Goodwill
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
Other intangible assets
(9,517
)
(10,168
)
(10,984
)
(11,813
)
(12,712
)
(9,517
)
(12,712
)
Tangible assets (non-GAAP)
$
7,896,295
$
7,677,950
$
7,775,257
$
7,651,579
$
7,691,149
$
7,896,295
$
7,691,149
Tangible stockholders’ equity to tangible
assets:
Total stockholders' equity to total assets
(GAAP)
12.46
%
12.40
%
11.13
%
10.88
%
10.56
%
12.46
%
10.56
%
Less: Impact of goodwill and other
intangible assets
(1.14
)%
(1.19
)%
(1.19
)%
(1.23
)%
(1.23
)%
(1.14
)%
(1.23
)%
Tangible stockholders' equity to tangible
assets (non-GAAP)
11.32
%
11.21
%
9.94
%
9.65
%
9.33
%
11.32
%
9.33
%
Tangible stockholders’ equity to tangible
assets, reflecting net unrealized losses on HTM securities, net of
tax:
Tangible stockholders' equity
(non-GAAP)
$
893,599
$
861,011
$
772,730
$
738,423
$
717,440
$
893,599
$
717,440
Less: Net unrealized losses on HTM
securities, net of tax
(3,949
)
(4,236
)
(3,629
)
(5,001
)
(3,821
)
(3,949
)
(3,821
)
Tangible stockholders’ equity less net
unrealized losses on HTM securities, net of tax (non-GAAP)
$
889,650
$
856,775
$
769,101
$
733,422
$
713,619
$
889,650
$
713,619
Tangible assets (non-GAAP)
$
7,896,295
$
7,677,950
$
7,775,257
$
7,651,579
$
7,691,149
$
7,896,295
$
7,691,149
Less: Net unrealized losses on HTM
securities, net of tax
(3,949
)
(4,236
)
(3,629
)
(5,001
)
(3,821
)
(3,949
)
(3,821
)
Tangible assets less net unrealized losses
on HTM securities, net of tax (non-GAAP)
$
7,892,346
$
7,673,714
$
7,771,628
$
7,646,578
$
7,687,328
$
7,892,346
$
7,687,328
Tangible stockholders’ equity to tangible
assets (non-GAAP)
11.32
%
11.21
%
9.94
%
9.65
%
9.33
%
11.32
%
9.33
%
Less: Net unrealized losses on HTM
securities, net of tax
(0.05
)%
(0.04
)%
(0.04
)%
(0.06
)%
(0.05
)%
(0.05
)%
(0.05
)%
Tangible stockholders’ equity to tangible
assets reflecting net unrealized losses on HTM securities, net of
tax (non-GAAP)
11.27
%
11.17
%
9.90
%
9.59
%
9.28
%
11.27
%
9.28
%
Tangible book value per share:
Total stockholders' equity (GAAP)
$
996,599
$
964,662
$
877,197
$
843,719
$
823,635
$
996,599
$
823,635
Tangible stockholders' equity
(non-GAAP)
$
893,599
$
861,011
$
772,730
$
738,423
$
717,440
$
893,599
$
717,440
Total shares outstanding
27,443,246
27,442,943
24,960,639
24,942,645
24,941,468
27,443,246
24,941,468
Book value per share (GAAP)
$
36.31
$
35.15
$
35.14
$
33.83
$
33.02
$
36.31
$
33.02
Tangible book value per share
(non-GAAP)
$
32.56
$
31.37
$
30.96
$
29.60
$
28.76
$
32.56
$
28.76
Net income excluding merger costs:
Net income (GAAP)
$
24,560
$
12,296
$
24,014
$
25,232
$
28,006
$
36,856
$
54,287
Add: Merger costs
Merger related expenses
1,046
2,489
—
—
—
3,535
—
Income tax effect on merger related
expenses
(425
)
(193
)
—
—
—
(618
)
—
Total merger costs, net of tax
621
2,296
—
—
—
2,917
—
Net income excluding merger costs
(non-GAAP)
$
25,181
$
14,592
$
24,014
$
25,232
$
28,006
$
39,773
$
54,287
Return on average total assets excluding
merger costs:
Return on average total assets (ROAA)
(GAAP)
1.26
%
0.64
%
1.26
%
1.34
%
1.49
%
0.95
%
1.46
%
Add: Impact of merger costs, net of
tax
0.03
%
0.12
%
—
%
—
%
—
%
0.08
%
—
%
ROAA excluding merger costs (non-GAAP)
1.29
%
0.76
%
1.26
%
1.34
%
1.49
%
1.03
%
1.46
%
Return on average stockholders’ equity
excluding merger costs:
Return on average stockholders' equity
(ROAE) (GAAP)
10.03
%
5.15
%
11.19
%
12.03
%
13.54
%
7.62
%
13.46
%
Add: Impact of merger costs, net of
tax
0.25
%
0.96
%
—
%
—
%
—
%
0.60
%
—
%
ROAE excluding merger costs (non-GAAP)
10.28
%
6.11
%
11.19
%
12.03
%
13.54
%
8.22
%
13.46
%
Efficiency ratio excluding merger related
expenses:
Efficiency ratio (GAAP)
66.42
%
66.05
%
58.58
%
61.02
%
59.15
%
66.23
%
59.79
%
Less: Impact of merger related
expenses
(1.09
)%
(2.66
)%
—
%
—
%
—
%
(1.86
)%
—
%
Efficiency ratio excluding merger related
expenses (non-GAAP)
65.33
%
63.39
%
58.58
%
61.02
%
59.15
%
64.37
%
59.79
%
Diluted earnings per share excluding
merger costs:
Diluted earnings per share (GAAP)
$
0.88
$
0.45
$
0.94
$
1.00
$
1.11
$
1.32
$
2.14
Add: Impact of merger costs, net of
tax
0.02
0.08
—
—
—
0.11
—
Diluted earnings per share excluding
merger costs (non-GAAP)
$
0.90
$
0.53
$
0.94
$
1.00
$
1.11
$
1.43
$
2.14
Fully tax equivalent (“FTE”) net interest
income and net interest margin on FTE basis:
Net interest income (GAAP)
$
72,899
$
70,806
$
72,069
$
73,410
$
73,835
$
143,705
$
147,952
Gross income effect of tax exempt
income
1,156
1,318
1,270
1,286
1,288
2,475
2,530
FTE net interest income (non-GAAP)
$
74,055
$
72,124
$
73,339
$
74,696
$
75,123
$
146,180
$
150,482
Average earning assets
$
7,256,763
$
7,100,323
$
7,066,688
$
6,947,500
$
6,961,407
$
7,178,543
$
6,859,237
Net interest margin
4.02
%
3.99
%
4.08
%
4.23
%
4.24
%
4.00
%
4.31
%
Net interest margin on FTE basis
(non-GAAP)
4.08
%
4.06
%
4.15
%
4.30
%
4.32
%
4.07
%
4.39
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240727631798/en/
Investor Contact: Kelly C. Rackley VP, Corporate Secretary &
Investor Relations Manager, FirstSun 303.962.0150 |
Investor.Relations@firstsuncb.com
Media Contact: Jeanne Lipson Vice President of Marketing,
Sunflower Bank 915.881.6785 | Jeanne.Lipson@SunflowerBank.com
Grafico Azioni FirstSun Capital Bancorp (NASDAQ:FSUN)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni FirstSun Capital Bancorp (NASDAQ:FSUN)
Storico
Da Gen 2024 a Gen 2025
