FirstSun Capital Bancorp - FSUN STOCK NEWS

FirstSun Capital Bancorp reported Q3 2024 net income of $22.4 million ($0.79 per diluted share), compared to $25.2 million ($1.00 per share) in Q3 2023. The quarter saw a net interest margin of 4.10%, loan growth of 6.7% annualized, and deposit growth of 1.8% annualized. The results were impacted by $1.2 million in merger costs. Key metrics include return on average total assets of 1.13% and return on average stockholders' equity of 8.79%. Net interest income increased by $3.3 million to $76.2 million, while noninterest income decreased by $1.2 million to $22.1 million.

FirstSun Capital Bancorp (NASDAQ: FSUN) reported strong Q2 2024 results with net income of $24.6 million, or $0.88 per diluted share. Key highlights include:

- Net interest margin of 4.02%
- Return on average total assets of 1.26%
- Return on average stockholders' equity of 10.03%
- Loan growth of 3.3% annualized
- Deposit growth of 10.8% annualized
- Noninterest income to total revenue at 24.2%

The company maintained a strong capital position with a common equity tier 1 risk-based capital ratio of 12.80%. FirstSun successfully uplisted to Nasdaq on July 12, 2024, which is expected to provide better access to capital markets.

FirstSun Capital Bancorp, the holding company for Sunflower Bank, has announced its approval to list its common stock on the Nasdaq Global Select Market. Trading is set to commence on July 12, 2024, under the ticker symbol FSUN. Previously, the company's shares were traded on the OTCQX. Shareholders do not need to take any action due to this uplisting. CEO Neal Arnold highlighted this move as a significant milestone, emphasizing the enhanced transparency and broader investor base that Nasdaq offers.

FirstSun Capital Bancorp and HomeStreet, Inc. have amended their merger agreement, increasing the total equity capital raised by $45 million to $60 million. The revised exchange ratio provides HomeStreet shareholders with 0.3867 shares of FirstSun common stock for each share of HomeStreet common stock. The ongoing banking operations will transition to a Texas state charter, with Sunflower Bank converting to a Texas state chartered bank. FirstSun will issue $48.5 million of subordinated debt, while HomeStreet will dispose of approximately $300 million of certain Commercial Real Estate loans. The merger is subject to approval from the Federal Reserve Board and the Texas Department of Banking.

FirstSun Capital Bancorp reported a net income of $12.3 million for the first quarter of 2024, compared to $26.3 million in the first quarter of 2023. Earnings per diluted share were $0.45 for Q1 2024, impacted by merger costs and a loan charge-off. Loan and deposit growth, strong net interest margin, and diversified business mix were highlighted. Noninterest income and expense increased, while the provision for credit losses rose significantly. Capital ratios remained strong, and the company announced a new C&I banking team in Southern California.

HomeStreet, Inc. (HMST) announced its financial results for the quarter and year ended December 31, 2023. Additionally, the company revealed a definitive merger agreement with FirstSun Capital Bancorp, in which HomeStreet and HomeStreet Bank will merge with and into FirstSun and Sunflower Bank, respectively, in an all-stock transaction.

FirstSun Capital Bancorp (FSUN) reported net income of $24.0 million for Q4 2023, with earnings per diluted share of $0.94. The net interest margin was 4.08%, and there was a 7.6% annualized deposit growth and 5.7% annualized loan growth. The company's President and CEO, Neal Arnold, attributed the strong earnings to a well-diversified business mix and the economic strength of the Southwest region.

FirstSun Capital Bancorp and HomeStreet, Inc. have entered into a merger agreement to create a premier regional bank with $17 billion in total assets and 129 branch locations across the Southwest and West Coast. The merger is expected to result in a 30%+ accretion to FSUN’s 2025 estimated EPS, with a pro forma balance sheet well-positioned and a highly experienced combined executive management team. The companies will combine in an all-stock transaction, with HomeStreet shareholders receiving 0.4345 of a share of FirstSun common stock for each share of HomeStreet common stock, representing a 37% premium to the closing price per share of HomeStreet Shares on January 12, 2024. The merger will create a premier midcap bank in the nation’s best markets and an opportunity to deploy FirstSun’s proven playbook of C&I focused growth.

FirstSun Capital Bancorp reported net income of $25.2 million for the third quarter of 2023, compared to $26.5 million for the same period last year. Earnings per diluted share were $1.00, down from $1.04 in Q3 2022. Net interest margin remained stable at 4.23%. Average deposit growth was 24.0% annualized, while loan growth was 1.6% annualized. Noninterest income accounted for 20.3% of total revenue. The company's capital ratios remain strong and above 'well-capitalized' thresholds.