Firstsun Capital Bancorp 8-K, filed Oct 27, 2023

Firstsun Capital Bancorp (FSUN)

8-K 2023-10-27 For: 2023-10-27

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Added on April 12, 2026

About this 8-K

Firstsun Capital Bancorp filed this 8-K on October 27, 2023.

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 October 27 , 2023.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


	FIRSTSUN CAPITAL BANCORP

Date: October 27, 2023	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									As of and for the nine months ended
($ in thousands, except per share amounts)	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net interest income	$	73,410		$	73,835		$	68,486		$	221,362		$	168,356
Provision for credit losses	3,890			4,422			3,750			11,672			12,450
Noninterest income	18,650			24,290			24,953			61,871			70,948
Noninterest expense	56,176			58,043			55,548			170,485			183,683
Income before income taxes	31,994			35,660			34,141			101,076			43,171
Provision for income taxes	6,762			7,654			7,628			21,557			8,559
Net income	25,232			28,006			26,513			79,519			34,612
Net income, excluding merger costs (1)	25,232			28,006			26,513			79,519			51,643
Diluted earnings per share	$	1.00		$	1.11		$	1.04		$	3.13		$	1.49
Diluted earnings per share, excluding merger costs (1)	$	1.00		$	1.11		$	1.04		$	3.13		$	2.22
Return on average total assets	1.34		%	1.49		%	1.52		%	1.42		%	0.70		%
Return on average total assets, excluding merger costs (1)	1.34		%	1.49		%	1.52		%	1.42		%	1.04		%
Return on average stockholders' equity	12.03		%	13.54		%	14.50		%	12.97		%	6.90		%
Return on average stockholders’ equity, excluding merger costs (1)	12.03		%	13.54		%	14.50		%	12.97		%	10.29		%
Net interest margin	4.23		%	4.24		%	4.26		%	4.28		%	3.66		%
Net interest margin (FTE basis) (1)	4.30		%	4.32		%	4.31		%	4.36		%	3.75		%
Efficiency ratio	61.02		%	59.15		%	59.45		%	60.19		%	76.76		%
Efficiency ratio, excluding merger related expenses (1)	61.02		%	59.15		%	59.45		%	60.19		%	68.92		%
Noninterest income to total revenue (2)	20.3		%	24.8		%	26.7		%	21.8		%	29.6		%
Total assets	$	7,756,875		$	7,797,344		$	7,052,917		$	7,756,875		$	7,052,917
Total loans held-for-sale	51,465			56,350			67,535			51,465			67,535
Total loans held-for-investment	6,179,522			6,155,090			5,556,686			6,179,522			5,556,686
Total deposits	6,339,847			6,150,418			5,760,418			6,339,847			5,760,418
Total stockholders' equity	843,719			823,635			750,653			843,719			750,653
Loan to deposit ratio	97.5		%	100.1		%	96.5		%	97.5		%	96.5		%
Book value per common share	$	33.83		$	33.02		$	30.14		$	33.83		$	30.14
Tangible book value per common share (1)	$	29.60		$	28.76		$	25.67		$	29.60		$	25.67
(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)	September 30, 2023		June 30, 2023		September 30, 2022
Assets
Cash and cash equivalents	$	443,887	$	492,735	$	325,039
Securities available-for-sale, at fair value	495,992		515,956		551,165
Securities held-to-maturity	37,410		37,883		39,148
Loans held-for-sale, at fair value	51,465		56,350		67,535
Loans	6,179,522		6,155,090		5,556,686
Allowance for credit losses	(78,666)		(77,362)		(59,678)
Loans, net	6,100,856		6,077,728		5,497,008
Mortgage servicing rights, at fair value	81,036		78,390		73,850
Premises and equipment, net	83,733		84,483		88,490
Other real estate owned and foreclosed assets, net	8,395		10,139		5,391
Goodwill	93,483		93,483		93,483
Intangible assets, net	11,813		12,712		17,825
All other assets	348,805		337,485		293,983
Total assets	$	7,756,875	$	7,797,344	$	7,052,917
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts	$	1,610,650	$	1,667,247	$	1,946,215
Interest-bearing deposit accounts:
Interest-bearing demand accounts	440,845		379,779		160,082
Savings and money market accounts	2,476,097		2,441,349		3,008,433
NOW accounts	35,686		48,270		46,128
Certificate of deposit accounts	1,776,569		1,613,773		599,560
Total deposits	6,339,847		6,150,418		5,760,418
Securities sold under agreements to repurchase	25,868		32,861		51,256
Federal Home Loan Bank advances	330,000		570,585		310,872
Other borrowings	75,180		80,511		80,097
Other liabilities	142,261		139,334		99,621
Total liabilities	6,913,156		6,973,709		6,302,264
Stockholders' equity:
Preferred stock	—		—		—
Common stock	2		2		2
Additional paid-in capital	462,507		461,856		460,530

Retained earnings	433,508		408,276		333,227
Accumulated other comprehensive loss, net	(52,298)		(46,499)		(43,106)
Total stockholders' equity	843,719		823,635		750,653
Total liabilities and stockholders' equity	$	7,756,875	$	7,797,344	$	7,052,917


	For the quarter ended September 30, 2023							For the quarter ended June 30, 2023							For the quarter ended September 30, 2022
(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)	6,180,684		99,565			6.44	%	6,220,833		95,320			6.13	%	5,512,846		68,270			4.95	%
Investment securities	545,257		4,226			3.10	%	563,902		4,227			3.00	%	613,325		3,644			2.38	%
Interest-bearing cash and other assets	221,559		2,984			5.39	%	176,672		2,485			5.63	%	308,482		1,849			2.40	%
Total earning assets	6,947,500		106,775			6.15	%	6,961,407		102,032			5.86	%	6,434,653		73,763			4.59	%
Other assets	557,988							556,105							519,663
Total assets	$	7,505,488						$	7,517,512						$	6,954,316

Interest-bearing liabilities
Demand and NOW deposits	$	466,837	$	3,813		3.27	%	$	332,695	$	2,124		2.55	%	$	202,290	$	495		0.98	%
Savings deposits	439,172		680			0.62	%	448,059		491			0.44	%	506,548		227			0.18	%
Money market deposits	2,026,028		7,997			1.58	%	2,107,379		5,874			1.11	%	2,617,452		1,632			0.25	%
Certificates of deposits	1,748,515		18,406			4.21	%	1,392,847		12,240			3.52	%	593,479		920			0.62	%
Total deposits	4,680,552		30,896			2.64	%	4,280,980		20,729			1.94	%	3,919,769		3,274			0.33	%
Repurchase agreements	26,549		65			0.98	%	33,673		68			0.80	%	51,264		51			0.40	%
Total deposits and repurchase agreements	4,707,101		30,961			2.63	%	4,314,653		20,797			1.93	%	3,971,033		3,325			0.33	%
FHLB borrowings	84,332		1,139			5.40	%	472,105		6,121			5.19	%	160,310		761			1.90	%
Other long-term borrowings	78,680		1,265			6.44	%	80,440		1,279			6.36	%	80,031		1,191			5.95	%
Total interest-bearing liabilities	4,870,113		33,365			2.74	%	4,867,198		28,197			2.32	%	4,211,374		5,277			0.50	%
Noninterest-bearing deposits	1,654,090							1,694,961							1,924,055
Other liabilities	142,027							128,118							87,338
Stockholders' equity	839,258							827,235							731,549
Total liabilities and stockholders' equity	$	7,505,488						$	7,517,512						$	6,954,316

Net interest income			$	73,410						$	73,835						$	68,486
Net interest spread			3.41		%					3.54		%					4.09		%
Net interest margin			4.23		%					4.24		%					4.26		%
Net interest margin (on FTE basis) (2)			4.30		%					4.32		%					4.31		%
(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.


	For the nine months ended
	September 30, 2023							September 30, 2022
(In thousands)	Average Balance		Interest			Average Yield/Rate		Average Balance		Interest			Average Yield/Rate
Interest Earning Assets

Loans (1)	6,144,057		283,486			6.15	%	5,015,680		168,713			4.48	%
Investment securities	559,855		12,617			3.00	%	615,726		9,252			2.00	%
Interest-bearing cash and other assets	187,468		7,607			5.41	%	496,349		3,687			0.99	%
Total earning assets	6,891,380		303,710			5.88	%	6,127,755		181,652			3.95	%
Other assets	553,628							473,909
Total assets	$	7,445,008						$	6,601,664

Interest-bearing liabilities
Demand and NOW deposits	$	343,112	$	7,171		2.79	%	$	214,862	$	848		0.53	%
Savings deposits	452,298		1,616			0.48	%	497,240		451			0.12	%
Money market deposits	2,142,301		18,939			1.18	%	2,567,406		3,644			0.19	%
Certificates of deposits	1,407,264		38,078			3.61	%	498,753		2,077			0.56	%
Total deposits	4,344,975		65,804			2.02	%	3,778,261		7,020			0.25	%
Repurchase agreements	29,953		163			0.73	%	59,572		74			0.17	%
Total deposits and repurchase agreements	4,374,928		65,967			2.01	%	3,837,833		7,094			0.25	%
FHLB borrowings	335,485		12,576			5.00	%	128,654		1,680			1.74	%
Other long-term borrowings	79,801		3,805			6.36	%	82,768		4,522			7.28	%
Total interest-bearing liabilities	4,790,214		82,348			2.29	%	4,049,255		13,296			0.44	%
Noninterest-bearing deposits	1,705,392							1,805,982
Other liabilities	131,628							77,436
Stockholders' equity	817,774							668,991
Total liabilities and stockholders' equity	$	7,445,008						$	6,601,664

Net interest income			$	221,362						$	168,356
Net interest spread			3.59		%					3.51		%
Net interest margin			4.28		%					3.66		%
Net interest margin (on FTE basis) (2)			4.36		%					3.75		%
(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									As of and for the nine months ended
($ in thousands, except share and per share amounts)	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Tangible common stockholders’ equity:
Total common stockholders' equity (GAAP)	$	843,719		$	823,635		$	750,653		$	843,719		$	750,653
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(11,813)			(12,712)			(17,825)			(11,813)			(17,825)
Total tangible common stockholders' equity (non-GAAP) (1)	$	738,423		$	717,440		$	639,345		$	738,423		$	639,345
Tangible assets:
Total assets (GAAP)	$	7,756,875		$	7,797,344		$	7,052,917		$	7,756,875		$	7,052,917
Less: Goodwill and other intangible assets:
Goodwill	(93,483)			(93,483)			(93,483)			(93,483)			(93,483)
Other intangible assets	(11,813)			(12,712)			(17,825)			(11,813)			(17,825)
Total tangible assets (non-GAAP)	$	7,651,579		$	7,691,149		$	6,941,609		$	7,651,579		$	6,941,609
Tangible common stockholders’ equity to tangible assets:
Common stockholders' equity to total assets (GAAP)	10.88		%	10.56		%	10.64		%	10.88		%	10.64		%
Less: Impact of goodwill and other intangible assets	(1.23)		%	(1.23)		%	(1.43)		%	(1.23)		%	(1.43)		%
Tangible common stockholders' equity to tangible assets (non-GAAP) (1)	9.65		%	9.33		%	9.21		%	9.65		%	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)	$	738,423		$	717,440		$	639,345		$	738,423		$	639,345
Less: Net unrealized losses on HTM securities, net of tax	(5,001)			(3,821)			(3,810)			(5,001)			(3,810)
Total tangible common stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	733,422		$	713,619		$	635,535		$	733,422		$	635,535
Total tangible assets (non-GAAP)	$	7,651,579		$	7,691,149		$	6,941,609		$	7,651,579		$	6,941,609
Less: Net unrealized losses on HTM securities, net of tax	(5,001)			(3,821)			(3,810)			(5,001)			(3,810)
Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	7,646,578		$	7,687,328		$	6,937,799		$	7,646,578		$	6,937,799
Tangible common stockholders’ equity to tangible assets (non-GAAP)	9.65		%	9.33		%	9.21		%	9.65		%	9.21		%
Less: Net unrealized losses on HTM securities, net of tax	(0.06)		%	(0.05)		%	(0.05)		%	(0.06)		%	(0.05)		%
Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)	9.59		%	9.28		%	9.16		%	9.59		%	9.16		%
(1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity.


($ in thousands)	September 30, 2023		June 30, 2023		September 30, 2023 vs June 30, 2023 % change		September 30, 2022		September 30, 2023 vs September 30, 2022 % change
Consumer
Noninterest bearing deposit accounts	$	366,366	$	375,583	(2.45)	%	$	419,977	(12.77)	%
Interest-bearing deposit accounts:
Demand and NOW deposits	33,340		34,731		(4.01)	%	26,612		25.28	%
Savings deposits	356,890		378,193		(5.63)	%	445,956		(19.97)	%
Money market deposits	1,149,365		1,174,883		(2.17)	%	1,538,567		(25.30)	%
Certificates of deposits	1,366,255		1,095,754		24.69	%	531,400		157.10	%
Total interest-bearing deposit accounts	2,905,850		2,683,561		8.28	%	2,542,535		14.29	%
Total consumer deposits	$	3,272,216	$	3,059,144	6.97	%	$	2,962,512	10.45	%
Business
Noninterest bearing deposit accounts	$	1,244,284	$	1,291,664	(3.67)	%	$	1,526,238	(18.47)	%
Interest-bearing deposit accounts:
Demand and NOW deposits	443,191		393,318		12.68	%	179,598		146.77	%
Savings deposits	85,234		30,904		175.80	%	34,490		147.13	%
Money market deposits	859,516		832,279		3.27	%	964,386		(10.87)	%
Certificates of deposits	77,228		77,604		(0.48)	%	49,670		55.48	%
Total interest-bearing deposit accounts	1,465,169		1,334,105		9.82	%	1,228,144		19.30	%
Total business deposits	$	2,709,453	$	2,625,769	3.19	%	$	2,754,382	(1.63)	%
Wholesale deposits (1)	$	358,178	$	465,505	(23.06)	%	$	43,524	722.94	%
Total deposits	$	6,339,847	$	6,150,418	3.08	%	$	5,760,418	10.06	%
(1) Wholesale deposits consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits and savings and money market accounts.


($ in thousands)	September 30, 2023		June 30, 2023		September 30, 2023 vs June 30, 2023 % change		September 30, 2022		September 30, 2023 vs September 30, 2022 % change
Commercial and industrial	$	2,459,358	$	2,474,531	(0.6)	%	$	2,049,294	20.0	%
Commercial real estate:
Non-owner occupied	767,135		723,365		6.1	%	821,262		(6.6)	%
Owner occupied	631,352		643,191		(1.8)	%	657,853		(4.0)	%
Construction and land	329,433		316,399		4.1	%	293,201		12.4	%
Multifamily	114,535		100,464		14.0	%	90,380		26.7	%
Total commercial real estate	1,842,455		1,783,419		3.3	%	1,862,696		(1.1)	%
Residential real estate	1,059,074		1,082,991		(2.2)	%	912,776		16.0	%
Public Finance	602,844		611,748		(1.5)	%	591,171		2.0	%
Consumer	37,681		39,909		(5.6)	%	43,146		(12.7)	%
Other	178,110		162,492		9.6	%	97,603		82.5	%
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,179,522	$	6,155,090	0.4	%	$	5,556,686	11.2	%


	As of and for the quarter ended									As of and for the nine months ended
($ in thousands)	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net charge-offs (recoveries)	$	2,296		$	717		$	149		$	3,067		$	319
Allowance for credit losses	$	78,666		$	77,362		$	59,678		$	78,666		$	59,678
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due (1)	$	40,743		$	67,840		$	34,031		$	40,743		$	34,031
Nonperforming assets (1)	$	49,138		$	77,979		$	39,422		$	49,138		$	39,422
Ratio of net charge-offs (recoveries) to average loans outstanding	0.15		%	0.05		%	0.01		%	0.07		%	0.01		%
Allowance for credit losses to total loans outstanding	1.27		%	1.26		%	1.07		%	1.27		%	1.07		%

Allowance for credit losses to total nonperforming loans (1)	193.08		%	114.04		%	175.36		%	193.08		%	175.36		%
Nonperforming loans to total loans (1)	0.66		%	1.10		%	0.61		%	0.66		%	0.61		%
Nonperforming assets to total assets (1)	0.63		%	1.00		%	0.56		%	0.63		%	0.56		%
(1) On January 1, 2023, we adopted ASU 2022-02, whereby we no longer recognize or account for TDRs. The loans previously classified as accrual TDRs are no longer considered nonperforming. We have adjusted prior periods to reflect this change in accounting.