Firstsun Capital Bancorp(US:FSUN)2025-10-27 20:03Financial Performance - Net income for Q3 2025 was $23.2 million, or $0.82 per diluted share, compared to $22.4 million, or $0.79 per diluted share in Q3 2024, reflecting a year-over-year increase [2][4]. - Net income for Q3 2025 reached $23,174,000, compared to $22,422,000 in Q3 2024, marking an increase of 3.4% [29]. - Diluted earnings per share for Q3 2025 was $0.82, up from $0.79 in Q3 2024, showing a growth of 3.8% [29]. - Net income (GAAP) for the three months ended September 30, 2025, was $23,174 thousand, compared to $26,386 thousand in the previous quarter, a decrease of 12.5% [43]. Income and Expenses - Net interest income totaled $81.0 million for Q3 2025, an increase of $2.5 million from the prior quarter, with a net interest margin of 4.07% remaining unchanged [5][6]. - Noninterest income decreased to $26.3 million, a decline of $0.7 million from the prior quarter, with mortgage banking income down by $0.6 million [11]. - Total noninterest expense (GAAP) for the nine months ended September 30, 2025, was $199,733,000, compared to $190,367,000 for the same period in 2024, reflecting an increase of 0.72% [46]. - Adjusted total noninterest expense (non-GAAP) was $199,733,000 for the nine months ended September 30, 2025, compared to $185,199,000 for the same period in 2024, reflecting an increase of 7.89% [46]. Loan and Deposit Growth - Loan growth was 10.6% annualized, with total loans reaching $6.7 billion, driven by a $165.9 million increase in commercial and industrial loans [16]. - Average deposits increased by $134.8 million in Q3 2025, or 7.7% annualized, with total deposits at $7.1 billion [17]. - Total loans held-for-investment increased to $6,681,629,000 in Q3 2025 from $6,443,756,000 in Q3 2024, indicating a growth of 3.7% [28]. - Total deposits reached $7,105,415,000 in Q3 2025, compared to $6,649,880,000 in Q3 2024, reflecting an increase of 6.8% [28]. Credit Quality - The provision for credit losses was $10.1 million, primarily due to deterioration in a specific commercial and industrial customer relationship [8]. - Provision for credit losses increased to $10,100,000 in Q3 2025 from $5,000,000 in Q3 2024, indicating a rise of 102% [29]. - Net charge-offs for the quarter were $9,053,000, down from $13,547,000 in the previous quarter, indicating improved asset quality [41]. - Nonperforming loans increased to $69,641,000 as of September 30, 2025, compared to $54,841,000 in the previous quarter, reflecting a rise of 26.9% [41]. Efficiency and Ratios - The efficiency ratio improved to 64.22% from 64.52% in the prior quarter, indicating better operational efficiency [13]. - The efficiency ratio improved to 64.22% in Q3 2025 from 65.83% in Q3 2024, indicating better cost management [26]. - Return on average total assets was 1.09%, down from 1.28% in the prior quarter, while the return on average stockholders' equity was 8.22%, compared to 9.74% previously [4][6]. - Stockholders' equity to total assets ratio improved to 13.27% in Q3 2025 from 12.99% in Q2 2025 [32]. Capital and Assets - Capital ratios remained strong, with a common equity tier 1 risk-based capital ratio of 13.79% as of September 30, 2025 [19]. - Total assets as of September 30, 2025, were $8,495,437,000, an increase from $8,138,487,000 as of September 30, 2024, representing a growth of 4.4% [28]. - Total stockholders' equity (GAAP) increased to $1,127,513 thousand as of September 30, 2025, compared to $1,095,402 thousand as of June 30, 2025, reflecting a growth of 2.5% [42]. - Tangible stockholders' equity (non-GAAP) reached $1,028,380 thousand as of September 30, 2025, up from $995,691 thousand as of June 30, 2025, representing a 3.9% increase [42].