FirstSun Capital Bancorp has recently released its 10-K report, providing a detailed overview of its financial performance for the year ended December 31, 2024. The company operates 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 report also includes a discussion and analysis of the company's consolidated results of operations, financial condition, and non-GAAP financial measures.
In 2024, FirstSun Capital Bancorp reported a net income of $75.6 million, or $2.69 per diluted share. Adjusted net income, a non-GAAP financial measure, was $87.7 million, or $3.13 per diluted share. The return on average total assets was 0.96%, and the return on average stockholders’ equity was 7.56%. 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's total assets amounted to $8.097 billion in 2024, compared to $7.880 billion in 2023. Total loans held-for-investment reached $6.376 billion in 2024, and total deposits amounted to $6.672 billion. The tangible stockholders' equity to tangible assets ratio was 11.76%, and the tangible book value per share was $33.94.
The non-GAAP financial measures presented in the report are used by the management and the board of directors to assess the company's financial performance. These measures include tangible stockholders’ equity to tangible assets, 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.
As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $39.15. Check out the company's full 10-K submission here.
