Firstsun Capital Bancorp(FSUN) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $22.4 million, or $0.79 per diluted share, down from $25.2 million, or $1.00 per diluted share in Q3 2023[1] - Net income for the quarter was $22,422,000, down from $24,560,000 in the previous quarter[23] - Net income for the quarter was $22,422 thousand, down from $25,232 thousand year-over-year, reflecting a decrease of 3.2%[27] - Diluted earnings per share decreased to $0.79 from $0.88 in the previous quarter[23] - Earnings per share (basic) decreased to $0.81 from $1.01, a decline of 19.8% year-over-year[27] - The company reported an income before income taxes of $28,569 thousand, down from $31,994 thousand, a decrease of 10.3%[27] - Net income (GAAP) for the quarter was $22,422,000, compared to $24,560,000 in the previous quarter and $12,296,000 a year ago[47] - Diluted earnings per share (GAAP) decreased to $0.79 for the quarter, down from $0.88 in the previous quarter and $1.00 a year ago[49] Interest Income and Margin - Net interest margin increased to 4.10%, with net interest income totaling $76.2 million, an increase of $3.3 million from the prior quarter[5] - Net interest income for the quarter ended September 30, 2024, was $76,158,000, an increase from $72,899,000 in the previous quarter[23] - Total interest income for the quarter ended September 30, 2024, was $118,932 thousand, an increase from $106,775 thousand in the same quarter last year, representing a growth of 11.5%[27] - Net interest margin improved to 4.10% for the quarter, up from 4.02% in the previous quarter[49] Loan and Deposit Growth - Loan growth was 6.7% annualized, with total loans reaching $6.4 billion, up from $6.3 billion in the previous quarter[14] - Deposit growth was 1.8% annualized, with total deposits at $6.6 billion, reflecting an increase of $30.4 million in Q3 2024[15] - Total loans held-for-investment increased to $6,443,756,000 from $6,337,162,000 in the previous quarter[23] - Total deposits rose to $6,649,880,000 from $6,619,525,000 in the previous quarter[23] - Total loans, net of deferred costs, fees, premiums, and discounts reached $6,443,756 thousand as of September 30, 2024, up from $6,337,162 thousand on June 30, 2024[42] - Total deposits reached $6,649,880 thousand, reflecting a 4.9% increase compared to $6,339,847 thousand a year ago[31] Credit Losses and Allowance - The provision for credit losses increased to $5.0 million, up from $1.2 million in the prior quarter, driven by loan growth and specific customer relationship deterioration[7] - Provision for credit losses increased significantly to $5,000,000 from $1,200,000 in the previous quarter[23] - The allowance for credit losses as a percentage of total loans was 1.29%, an increase of four basis points from the prior quarter[8] - The allowance for credit losses increased to $83,159 thousand as of September 30, 2024, up from $78,960 thousand on June 30, 2024[43] - Nonperforming loans increased to $65,824 thousand as of September 30, 2024, compared to $62,558 thousand on June 30, 2024[43] Efficiency and Capital Ratios - The efficiency ratio improved to 65.83%, compared to 66.42% in the prior quarter, despite merger costs impacting the ratio[12] - Common equity tier 1 risk-based capital ratio was 13.06%, indicating strong capital ratios above "well-capitalized" thresholds[16] - The common equity tier 1 risk-based capital ratio improved to 13.06% from 10.79% a year earlier, indicating stronger capital position[33] - The total risk-based capital ratio increased to 15.25%, up from 12.93% in September 2023, showing enhanced financial stability[33] Asset Growth - Total assets reached $8,138,487,000, up from $7,999,295,000 in the previous quarter[23] - Total assets increased to $8,138,487,000 as of September 30, 2024, compared to $7,999,295,000 as of June 30, 2024, reflecting a growth of 1.7%[45] - Total stockholders' equity (GAAP) as of September 30, 2024, is $1,034,085,000, an increase from $996,599,000 as of June 30, 2024, representing a growth of 3.9%[45] - Stockholders' equity increased to $1,034,085 thousand, up from $843,719 thousand, marking a growth of 22.6% year-over-year[31] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]