FirstSun Capital Bancorp ( (FSUN) ) has released its Q4 earnings. Here is a breakdown of the information FirstSun Capital Bancorp presented to its investors.
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FirstSun Capital Bancorp is a financial holding company based in Denver, Colorado, primarily operating through Sunflower Bank, N.A., offering a range of banking services across several states in the US.
FirstSun Capital Bancorp reported its fourth quarter and full year 2024 financial results, highlighting a net income of $16.4 million for the fourth quarter and $75.6 million for the full year, with earnings per diluted share of $0.58 and $2.69, respectively.
Key financial metrics for the fourth quarter included a net interest margin of 4.11% and a 3.0% annualized growth in average deposits. The company also announced strategic moves such as relocating a branch in Albuquerque and applying to open new branches in San Diego and Los Angeles to tap into growth markets. For the year, net interest income increased slightly to $296.9 million, despite a higher provision for credit losses, which impacted the overall net income compared to the previous year.
Despite the challenges faced in 2024, FirstSun maintained strong capital ratios with a common equity tier 1 risk-based capital ratio of 13.18% and continued to focus on expanding its market presence and enhancing its service offerings.
Looking ahead, FirstSun Capital Bancorp remains committed to leveraging its diversified business mix and strong market position to navigate economic uncertainties and pursue strategic growth opportunities in its key markets.
