FirstSun Capital Bancorp recently released its 10-K report, revealing itself as a bank holding company for Sunflower Bank, offering commercial and consumer banking and financial services to small and medium-sized companies in Texas, Kansas, Colorado, New Mexico, and Arizona. The company operates through subsidiaries, including Sunflower Bank, Logia Portfolio Management, LLC, and FEIF Capital Partners, LLC. It offers a wide range of deposit products, loan products, remote deposit and cash management products, wealth management, trust products, and online banking products and services.
In the 10-K, FirstSun Capital Bancorp reported a net income of $75.6 million, or $2.69 per diluted share, in 2024, compared to $103.5 million, or $4.08 per diluted share, in 2023. Adjusted net income, a non-GAAP financial measure, was $87.7 million, or $3.13 per diluted share, in 2024. The return on average total assets was 0.96% in 2024, compared to 1.38% in 2023, and the return on average stockholders’ equity was 7.56% in 2024, compared to 12.50% in 2023. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.12% and 8.77% respectively in 2024.
The company reported total assets of $8.097 billion, total loans held-for-investment of $6.376 billion, and total deposits of $6.672 billion as of December 31, 2024. The efficiency ratio was reported at 68.28% in 2024, compared to 59.81% in 2023. Additionally, the company reported 1,127 full-time equivalent employees and 69 banking branches in 2024.
In terms of non-GAAP financial measures, FirstSun Capital Bancorp provided reconciliations for tangible stockholders’ equity to tangible assets, tangible book value per share, adjusted net income, adjusted diluted earnings per share, adjusted return on average total assets, adjusted return on average stockholders’ equity, and adjusted total noninterest expense. These measures are used by management and the board of directors to assess the company's financial performance and provide a meaningful basis for period-to-period comparisons. Following these announcements, the company's shares moved 0.9%, and are now trading at a price of $39.15. If you want to know more, read the company's complete 10-K report here.
