FirstSun Capital Bancorp recently released its 10-Q report, providing a detailed look at its financial performance and operations. The company operates as a bank holding company for Sunflower Bank, offering commercial and consumer banking and financial services primarily in Texas, Kansas, Colorado, New Mexico, and Arizona. FirstSun's product lines include deposit products, loan products, remote deposit, cash management products, wealth management, online banking, and trust products. The company was founded in 1892 and is headquartered in Denver, Colorado.
In the 10-Q report, FirstSun Capital Bancorp discussed its financial condition and results of operations, emphasizing that any forward-looking statements involve inherent risks and uncertainties. The report also highlighted the pending merger with HomeStreet, Inc. and the common equity raise, with FirstSun entering into investment agreements to raise capital to support the merger.
The report provided a financial summary for the third quarter of 2024, showing net income of $22.4 million, or $0.79 per diluted share, excluding merger costs. The net interest margin was 4.10%, and the return on average total assets was 1.13%. For the nine months ended September 30, 2024, net income totaled $59.3 million, or $2.12 per diluted share, with a return on average total assets of 1.01%.
The report also included a table presenting certain summary financial and other information for the three and nine months ended September 30, 2024, and the year ended December 31, 2023. Additionally, it provided non-GAAP financial measures and reconciliations, including tangible stockholders’ equity and tangible book value per share, as well as tangible net income and return on tangible stockholders’ equity.
Today the company's shares have moved 4.1% to a price of $36.84. Check out the company's full 10-Q submission here.