Firstsun Capital Bancorp 8-K, filed Apr 30, 2024

Firstsun Capital Bancorp (FSUN)

8-K 2024-04-30 For: 2024-04-30

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Added on July 04, 2026

About this 8-K

Firstsun Capital Bancorp filed this 8-K on April 30, 2024.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	333-258176	81-4552413
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Description
99.1						Earnings Press Release dated April 30, 2024.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	FIRSTSUN CAPITAL BANCORP

Date: April 30, 2024	By:	/s/ Robert A. Cafera, Jr.
	Name:	Robert A. Cafera, Jr.
	Title:	Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)


	As of and for the quarter ended
($ in thousands, except per share amounts)	March 31, 2024			December 31, 2023			March 31, 2023
Net interest income	$	70,806		$	72,069		$	74,117
Provision for credit losses	16,500			6,575			3,360
Noninterest income	22,808			17,221			18,931
Noninterest expense	61,828			52,308			56,266
Income before income taxes	15,286			30,407			33,422
Provision for income taxes	2,990			6,393			7,141
Net income	12,296			24,014			26,281
Net income, excluding merger costs (1)	14,592			24,014			26,281
Diluted earnings per share	$	0.45		$	0.94		$	1.03
Diluted earnings per share, excluding merger costs (1)	$	0.53		$	0.94		$	1.03
Return on average total assets	0.64		%	1.26		%	1.44		%
Return on average total assets, excluding merger costs (1)	0.76		%	1.26		%	1.44		%
Return on average stockholders' equity	5.15		%	11.19		%	13.37		%
Return on average stockholders’ equity, excluding merger costs (1)	6.11		%	11.19		%	13.37		%
Net interest margin	3.99		%	4.08		%	4.39		%
Net interest margin (FTE basis) (1)	4.06		%	4.15		%	4.46		%
Efficiency ratio	66.05		%	58.58		%	60.47		%
Efficiency ratio, excluding merger related expenses (1)	63.39		%	58.58		%	60.47		%
Noninterest income to total revenue (2)	24.4		%	19.3		%	20.3		%
Total assets	$	7,781,601		$	7,879,724		$	7,610,456
Total loans held-for-sale	56,813			54,212			66,255
Total loans held-for-investment	6,284,868			6,267,096			6,060,975
Total deposits	6,445,388			6,374,103			5,994,266
Total stockholders' equity	964,662			877,197			799,050
Loan to deposit ratio	97.5		%	98.3		%	101.1		%
Book value per common share	$	35.15		$	35.14		$	32.06
Tangible book value per common share (1)	$	31.37		$	30.96		$	27.72
(1) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.


($ in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Assets
Cash and cash equivalents	$	383,605	$	479,362	$	388,349
Securities available-for-sale, at fair value	499,078		516,757		532,650
Securities held-to-maturity	36,640		36,983		38,470
Loans held-for-sale, at fair value	56,813		54,212		66,255
Loans	6,284,868		6,267,096		6,060,975
Allowance for credit losses	(79,829)		(80,398)		(74,459)
Loans, net	6,205,039		6,186,698		5,986,516
Mortgage servicing rights, at fair value	78,416		76,701		73,424
Premises and equipment, net	84,063		84,842		86,430
Other real estate owned and foreclosed assets, net	4,414		4,100		6,358
Goodwill	93,483		93,483		93,483
Intangible assets, net	10,168		10,984		14,762
All other assets	329,882		335,602		323,759
Total assets	$	7,781,601	$	7,879,724	$	7,610,456
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts	$	1,517,315	$	1,530,506	$	1,764,440
Interest-bearing deposit accounts:
Interest-bearing demand accounts	542,184		534,540		238,658
Savings and money market accounts	2,473,255		2,446,632		2,705,315
NOW accounts	39,181		56,819		45,192
Certificate of deposit accounts	1,873,453		1,805,606		1,240,661
Total deposits	6,445,388		6,374,103		5,994,266
Securities sold under agreements to repurchase	20,423		24,693		31,645
Federal Home Loan Bank advances	144,810		389,468		577,285
Other borrowings	75,445		75,313		80,373
Other liabilities	130,873		138,950		127,837
Total liabilities	6,816,939		7,002,527		6,811,406
Stockholders' equity:
Preferred stock	—		—		—
Common stock	3		2		2
Additional paid-in capital	542,582		462,680		461,174

Retained earnings	469,818		457,522		380,270
Accumulated other comprehensive loss, net	(47,741)		(43,007)		(42,396)
Total stockholders' equity	964,662		877,197		799,050
Total liabilities and stockholders' equity	$	7,781,601	$	7,879,724	$	7,610,456


	For the quarter ended March 31, 2024							For the quarter ended December 31, 2023							For the quarter ended March 31, 2023
(In thousands)	Average Balance		Interest			Average Yield/Rate		Average Balance		Interest			Average Yield/Rate		Average Balance		Interest			Average Yield/Rate
Interest Earning Assets

Loans (1)	6,313,855		102,268			6.48	%	6,280,362		102,151			6.51	%	6,028,989		88,601			5.88	%
Investment securities	546,960		4,487			3.28	%	538,348		4,415			3.28	%	570,682		4,164			2.92	%
Interest-bearing cash and other assets	239,508		3,285			5.49	%	247,978		3,408			5.50	%	156,262		2,138			5.47	%
Total earning assets	7,100,323		110,040			6.20	%	7,066,688		109,974			6.22	%	6,755,933		94,903			5.62	%
Other assets	548,642							563,368							553,961
Total assets	$	7,648,965						$	7,630,056						$	7,309,894

Interest-bearing liabilities
Demand and NOW deposits	$	549,491	$	4,861		3.54	%	$	510,982	$	4,403		3.45	%	$	227,170	$	1,234		2.17	%
Savings deposits	421,882		725			0.69	%	457,679		1,060			0.93	%	470,000		445			0.38	%
Money market deposits	2,063,321		9,946			1.93	%	2,063,383		9,362			1.82	%	2,296,469		5,068			0.88	%
Certificates of deposits	1,814,629		20,858			4.60	%	1,825,325		20,726			4.54	%	1,073,006		7,432			2.77	%
Total deposits	4,849,323		36,390			3.00	%	4,857,369		35,551			2.93	%	4,066,645		14,179			1.39	%
Repurchase agreements	21,254		57			1.06	%	23,457		62			1.06	%	29,672		30			0.41	%
Total deposits and repurchase agreements	4,870,577		36,447			2.99	%	4,880,826		35,613			2.92	%	4,096,317		14,209			1.39	%
FHLB borrowings	110,777		1,541			5.56	%	74,146		1,045			5.64	%	454,081		5,317			4.68	%
Other long-term borrowings	75,389		1,246			6.62	%	75,249		1,247			6.62	%	80,300		1,260			6.28	%
Total interest-bearing liabilities	5,056,743		39,234			3.10	%	5,030,221		37,905			3.01	%	4,630,698		20,786			1.80	%
Noninterest-bearing deposits	1,502,707							1,597,672							1,768,381
Other liabilities	134,370							143,416							124,543
Stockholders' equity	955,145							858,747							786,272
Total liabilities and stockholders' equity	$	7,648,965						$	7,630,056						$	7,309,894

Net interest income			$	70,806						$	72,069						$	74,117
Net interest spread			3.10		%					3.21		%					3.82		%
Net interest margin			3.99		%					4.08		%					4.39		%
Net interest margin (on FTE basis) (2)			4.06		%					4.15		%					4.46		%
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.


	As of and for the quarter ended
($ in thousands, except share and per share amounts)	March 31, 2024			December 31, 2023			March 31, 2023
Tangible common stockholders’ equity:
Total common stockholders' equity (GAAP)	$	964,662		$	877,197		$	799,050
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)
Other intangible assets	(10,168)			(10,984)			(14,762)
Total tangible common stockholders' equity (non-GAAP) (1)	$	861,011		$	772,730		$	690,805
Tangible assets:
Total assets (GAAP)	$	7,781,601		$	7,879,724		$	7,610,456
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)
Other intangible assets	(10,168)			(10,984)			(14,762)
Total tangible assets (non-GAAP)	$	7,677,950		$	7,775,257		$	7,502,211
Tangible common stockholders’ equity to tangible assets:
Common stockholders' equity to total assets (GAAP)	12.40		%	11.13		%	10.50		%
Less: Impact of goodwill and other intangible assets	(1.19)		%	(1.19)		%	(1.29)		%
Tangible common stockholders' equity to tangible assets (non-GAAP) (1)	11.21		%	9.94		%	9.21		%
Tangible common stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Total tangible common stockholders' equity (non-GAAP)	$	861,011		$	772,730		$	690,805
Less: Net unrealized losses on HTM securities, net of tax	(4,236)			(3,629)			(3,754)
Total tangible common stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	856,775		$	769,101		$	687,051
Total tangible assets (non-GAAP)	$	7,677,950		$	7,775,257		$	7,502,211
Less: Net unrealized losses on HTM securities, net of tax	(4,236)			(3,629)			(3,754)
Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	7,673,714		$	7,771,628		$	7,498,457
Tangible common stockholders’ equity to tangible assets (non-GAAP)	11.21		%	9.94		%	9.21		%
Less: Net unrealized losses on HTM securities, net of tax	(0.04)		%	(0.04)		%	(0.05)		%
Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)	11.17		%	9.90		%	9.16		%



Tangible book value per common share:
Stockholders' equity (GAAP)	$	964,662		$	877,197		$	799,050
Tangible stockholders' equity (non-GAAP) (1)	$	861,011		$	772,730		$	690,805
Total common shares outstanding	27,442,943			24,960,639			24,924,023
Book value per common share (GAAP)	$	35.15		$	35.14		$	32.06
Tangible book value per common share (non-GAAP)	$	31.37		$	30.96		$	27.72
Net income excluding merger costs:
Net income (GAAP)	$	12,296		$	24,014		$	26,281
Add: Merger costs
Merger related expenses	2,489			—			—
Income tax effect on merger related expenses	(193)			—			—


Total merger costs	2,296			—			—
Net income excluding merger costs (non-GAAP)	$	14,592		$	24,014		$	26,281
(1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity.


($ in thousands)	March 31, 2024		December 31, 2023		March 31, 2024 vs December 31, 2023 % change		March 31, 2023		March 31, 2024 vs March 31, 2023 % change
Consumer
Noninterest bearing deposit accounts	$	356,732	$	360,168	(0.95)	%	$	399,008	(10.60)	%
Interest-bearing deposit accounts:
Demand and NOW deposits	38,625		36,162		6.81	%	25,284		52.76	%
Savings deposits	340,086		343,291		(0.93)	%	407,173		(16.48)	%
Money market deposits	1,229,239		1,196,645		2.72	%	1,296,099		(5.16)	%
Certificates of deposits	1,437,590		1,437,537		—	%	759,726		89.22	%
Total interest-bearing deposit accounts	3,045,540		3,013,635		1.06	%	2,488,282		22.40	%
Total consumer deposits	$	3,402,272	$	3,373,803	0.84	%	$	2,887,290	17.84	%
Business
Noninterest bearing deposit accounts	$	1,160,583	$	1,170,338	(0.83)	%	$	1,365,432	(15.00)	%
Interest-bearing deposit accounts:
Demand and NOW deposits	502,726		555,197		(9.45)	%	258,566		94.43	%
Savings deposits	80,226		80,802		(0.71)	%	34,229		134.38	%
Money market deposits	823,704		825,811		(0.26)	%	942,735		(12.63)	%
Certificates of deposits	97,854		87,407		11.95	%	62,248		57.20	%
Total interest-bearing deposit accounts	1,504,510		1,549,217		(2.89)	%	1,297,778		15.93	%
Total business deposits	$	2,665,093	$	2,719,555	(2.00)	%	$	2,663,210	0.07	%
Wholesale deposits (1)	$	378,023	$	280,745	34.65	%	$	443,766	(14.81)	%
Total deposits	$	6,445,388	$	6,374,103	1.12	%	$	5,994,266	7.53	%
(1) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.


($ in thousands)	March 31, 2024		December 31, 2023		March 31, 2024 vs December 31, 2023 % change		March 31, 2023		March 31, 2024 vs March 31, 2023 % change
Commercial and industrial	$	2,480,078	$	2,467,688	0.5	%	$	2,418,771	2.5	%
Commercial real estate:
Non-owner occupied	836,515		812,235		3.0	%	709,977		17.8	%
Owner occupied	642,930		635,365		1.2	%	659,999		(2.6)	%
Construction and land	326,447		345,430		(5.5)	%	320,193		2.0	%
Multifamily	94,898		103,066		(7.9)	%	103,767		(8.5)	%
Total commercial real estate	1,900,790		1,896,096		0.2	%	1,793,936		6.0	%
Residential real estate	1,109,676		1,110,610		(0.1)	%	1,046,047		6.1	%
Public Finance	579,991		602,913		(3.8)	%	597,850		(3.0)	%
Consumer	40,317		36,371		10.8	%	40,806		(1.2)	%
Other	174,016		153,418		13.4	%	163,565		6.4	%
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,284,868	$	6,267,096	0.3	%	$	6,060,975	3.7	%