FirstSun Capital Bancorp Reports Fourth Quarter and Full Year 2024 Results
Fourth Quarter 2024 Highlights:
-
Net income of
,$16.4 million per diluted share (adjusted,$0.58 ,$24.3 million per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)$0.86 -
Net interest margin of
4.11% -
Return on average total assets of
0.81% (adjusted,1.21% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
6.25% (adjusted,9.30% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Average deposit growth of
3.0% , annualized -
21.9% noninterest income to total revenue1
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are very pleased to deliver another strong quarter with positive operating leverage driving core earnings growth. Our performance highlights this quarter include a continued strong net interest margin at
“Also, we have recently taken a few branching related actions as part of our recurring evaluation of all our markets. We are pleased to announce that late in the fourth quarter of 2024, our regulator approved our planned relocation of a branch located in
Fourth Quarter 2024 Results
Net income totaled
The return on average total assets was
Net Interest Income and Net Interest Margin
Net interest income totaled
Average loans, including loans held-for-sale, increased by
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled
Net charge-offs (recoveries) for the fourth quarter of 2024 were
The allowance for credit losses as a percentage of total loans was
Noninterest Income
Noninterest income totaled
Other noninterest income decreased
Noninterest Expense
Noninterest expense totaled
The efficiency ratio for the fourth quarter of 2024 was
Tax Rate
The effective tax rate was
Loans
Loans were
Deposits
Deposits were
The ratio of total uninsured deposits to total deposits was estimated to be
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2024, our common equity tier 1 risk-based capital ratio was
Full Year 2024 Results
Full Year Highlights:
-
Net income of
,$75.6 million per diluted share (adjusted,$2.69 ,$87.7 million per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)$3.13 -
Net interest margin of
4.06% -
Return on average total assets of
0.96% (adjusted,1.12% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
7.56% (adjusted,8.77% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Average deposit growth of
5.8% -
Loan growth of
1.7% -
23.2% fee revenue to total revenue1
Net income totaled
Net Interest Income and Net Interest Margin
Net interest income totaled
Average loans, including loans held-for-sale, increased by
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled
Net charge-offs in 2024 were
The allowance for credit losses as a percentage of total loans was
Noninterest Income
Noninterest income totaled
Treasury management service fees increased
Noninterest Expense
Noninterest expense totaled
Noninterest expense in 2024 included terminated merger related expenses of
The efficiency ratio for 2024 was
Tax Rate
The effective tax rate was
Loans
Loans were
Deposits
Average deposits were
The ratio of total uninsured deposits to total deposits was estimated to be
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2024, our common equity tier 1 risk-based capital ratio was
Non-GAAP Financial Measures
This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with principles generally accepted in
- Tangible stockholders’ equity to tangible assets;
- Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
- Tangible book value per share;
- Adjusted net income;
- Adjusted diluted earnings per share;
- Adjusted return on average total assets;
- Adjusted return on average stockholders’ equity;
- Return on average tangible stockholders’ equity;
- Adjusted return on average tangible stockholders’ equity;
- Adjusted total noninterest expense;
- Adjusted efficiency ratio; and
- Fully tax equivalent (“FTE”) net interest income and net interest margin.
The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in
First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements our expectations to expand in the
Factors that could cause or contribute to such differences include, but are not limited to (1) the risk regulators may delay or disapprove our branch applications, (2) the possibility that we may be unable to obtain suitable locations for the operation of branches in those markets, (3) the possibility that we may be unable to attract or retain suitable employees in the numbers required to support such expansion, and (4) general competitive, economic, political and market conditions.
Many of these factors are beyond FirstSun’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and FirstSun undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FirstSun to predict their occurrence or how they will affect FirstSun.
FirstSun qualifies all forward-looking statements by these cautionary statements.
_______________ | ||
1 |
Total revenue is net interest income plus noninterest income. |
|
2 |
Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. |
Summary Data: |
|||||||||||||||||||
|
As of and for the quarter ended |
||||||||||||||||||
($ in thousands, except per share amounts) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Net interest income |
$ |
77,047 |
|
|
$ |
76,158 |
|
|
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
Provision for credit losses |
|
4,850 |
|
|
|
5,000 |
|
|
|
1,200 |
|
|
|
16,500 |
|
|
|
6,575 |
|
Noninterest income |
|
21,635 |
|
|
|
22,075 |
|
|
|
23,274 |
|
|
|
22,808 |
|
|
|
17,221 |
|
Noninterest expense |
|
73,673 |
|
|
|
64,664 |
|
|
|
63,875 |
|
|
|
61,828 |
|
|
|
52,308 |
|
Income before income taxes |
|
20,159 |
|
|
|
28,569 |
|
|
|
31,098 |
|
|
|
15,286 |
|
|
|
30,407 |
|
Provision for income taxes |
|
3,809 |
|
|
|
6,147 |
|
|
|
6,538 |
|
|
|
2,990 |
|
|
|
6,393 |
|
Net income |
|
16,350 |
|
|
|
22,422 |
|
|
|
24,560 |
|
|
|
12,296 |
|
|
|
24,014 |
|
Adjusted net income (1) |
|
24,316 |
|
|
|
23,655 |
|
|
|
25,181 |
|
|
|
14,592 |
|
|
|
24,014 |
|
Weighted average common shares outstanding, basic |
|
27,668,470 |
|
|
|
27,612,538 |
|
|
|
27,430,761 |
|
|
|
27,019,625 |
|
|
|
24,953,764 |
|
Weighted average common shares outstanding, diluted |
|
28,290,474 |
|
|
|
28,212,809 |
|
|
|
28,031,956 |
|
|
|
27,628,941 |
|
|
|
25,472,017 |
|
Diluted earnings per share |
$ |
0.58 |
|
|
$ |
0.79 |
|
|
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
Adjusted diluted earnings per share (1) |
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
Return on average total assets |
|
0.81 |
% |
|
|
1.13 |
% |
|
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
Adjusted return on average total assets (1) |
|
1.21 |
% |
|
|
1.19 |
% |
|
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
Return on average stockholders' equity |
|
6.25 |
% |
|
|
8.79 |
% |
|
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
Adjusted return on average stockholders' equity (1) |
|
9.30 |
% |
|
|
9.27 |
% |
|
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
Return on average tangible stockholders' equity (1) |
|
7.40 |
% |
|
|
10.00 |
% |
|
|
11.44 |
% |
|
|
6.08 |
% |
|
|
13.09 |
% |
Adjusted return on average tangible stockholders' equity (1) |
|
10.78 |
% |
|
|
10.54 |
% |
|
|
11.73 |
% |
|
|
7.16 |
% |
|
|
13.09 |
% |
Net interest margin |
|
4.11 |
% |
|
|
4.10 |
% |
|
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
Net interest margin (FTE basis) (1) |
|
4.17 |
% |
|
|
4.16 |
% |
|
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
Efficiency ratio |
|
74.66 |
% |
|
|
65.83 |
% |
|
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
Adjusted efficiency ratio (1) |
|
63.63 |
% |
|
|
64.16 |
% |
|
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
Noninterest income to total revenue (2) |
|
21.9 |
% |
|
|
22.5 |
% |
|
|
24.2 |
% |
|
|
24.4 |
% |
|
|
19.3 |
% |
Total assets |
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
Total loans held-for-sale |
|
61,825 |
|
|
|
72,247 |
|
|
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
Total loans held-for-investment |
|
6,376,357 |
|
|
|
6,443,756 |
|
|
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
Total deposits |
|
6,672,260 |
|
|
|
6,649,880 |
|
|
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
Total stockholders' equity |
|
1,041,366 |
|
|
|
1,034,085 |
|
|
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
Loan to deposit ratio |
|
95.6 |
% |
|
|
96.9 |
% |
|
|
95.7 |
% |
|
|
97.5 |
% |
|
|
98.3 |
% |
Period end common shares outstanding |
|
27,709,679 |
|
|
|
27,665,918 |
|
|
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
Book value per share |
$ |
37.58 |
|
|
$ |
37.38 |
|
|
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
Tangible book value per share (1) |
$ |
33.94 |
|
|
$ |
33.68 |
|
|
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
(2) |
Total revenue is net interest income plus noninterest income. |
As of and for the year ended |
|||||||
($ in thousands, except per share amounts) |
December 31, 2024 |
|
December 31, 2023 |
||||
Net interest income |
$ |
296,910 |
|
|
$ |
293,431 |
|
Provision for credit losses |
|
27,550 |
|
|
|
18,247 |
|
Noninterest income |
|
89,792 |
|
|
|
79,092 |
|
Noninterest expense |
|
264,040 |
|
|
|
222,793 |
|
Income before income taxes |
|
95,112 |
|
|
|
131,483 |
|
Provision for income taxes |
|
19,484 |
|
|
|
27,950 |
|
Net income |
|
75,628 |
|
|
|
103,533 |
|
Adjusted net income (1) |
|
87,744 |
|
|
|
103,533 |
|
Weighted average common shares outstanding, basic |
|
27,433,865 |
|
|
|
24,938,359 |
|
Weighted average common shares outstanding, diluted |
|
28,067,273 |
|
|
|
25,387,196 |
|
Diluted earnings per share |
$ |
2.69 |
|
|
$ |
4.08 |
|
Adjusted diluted earnings per share (1) |
$ |
3.13 |
|
|
$ |
4.08 |
|
Return on average total assets |
|
0.96 |
% |
|
|
1.38 |
% |
Adjusted return on average total assets (1) |
|
1.12 |
% |
|
|
1.38 |
% |
Return on average stockholders' equity |
|
7.56 |
% |
|
|
12.50 |
% |
Adjusted return on average stockholders’ equity (1) |
|
8.77 |
% |
|
|
12.50 |
% |
Return on average tangible stockholders' equity (1) |
|
8.74 |
% |
|
|
14.88 |
% |
Adjusted return on average tangible stockholders' equity (1) |
|
10.09 |
% |
|
|
14.88 |
% |
Net interest margin |
|
4.06 |
% |
|
|
4.23 |
% |
Net interest margin (FTE basis) (1) |
|
4.12 |
% |
|
|
4.29 |
% |
Efficiency ratio |
|
68.28 |
% |
|
|
59.81 |
% |
Adjusted efficiency ratio (1) |
|
64.13 |
% |
|
|
59.81 |
% |
Noninterest income to total revenue (2) |
|
23.2 |
% |
|
|
21.2 |
% |
Total assets |
$ |
8,097,387 |
|
|
$ |
7,879,724 |
|
Total loans held-for-sale |
|
61,825 |
|
|
|
54,212 |
|
Total loans held-for-investment |
|
6,376,357 |
|
|
|
6,267,096 |
|
Total deposits |
|
6,672,260 |
|
|
|
6,374,103 |
|
Total stockholders' equity |
|
1,041,366 |
|
|
|
877,197 |
|
Loan to deposit ratio |
|
95.6 |
% |
|
|
98.3 |
% |
Period end common shares outstanding |
|
27,709,679 |
|
|
|
24,960,639 |
|
Book value per share |
$ |
37.58 |
|
|
$ |
35.14 |
|
Tangible book value per share (1) |
$ |
33.94 |
|
|
$ |
30.96 |
|
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
(2) |
Total revenue is net interest income plus noninterest income. |
Condensed Consolidated Statements of Income (Unaudited): |
|||||||||||||||
|
For the quarter ended |
|
For the year ended |
||||||||||||
($ in thousands, except per share amounts) |
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||||||
Total interest income |
$ |
116,039 |
|
$ |
109,974 |
|
$ |
459,540 |
|
$ |
413,684 |
||||
Total interest expense |
|
38,992 |
|
|
|
37,905 |
|
|
|
162,630 |
|
|
|
120,253 |
|
Net interest income |
|
77,047 |
|
|
|
72,069 |
|
|
|
296,910 |
|
|
|
293,431 |
|
Provision for credit losses |
|
4,850 |
|
|
|
6,575 |
|
|
|
27,550 |
|
|
|
18,247 |
|
Net interest income after provision for credit losses |
|
72,197 |
|
|
|
65,494 |
|
|
|
269,360 |
|
|
|
275,184 |
|
Noninterest income: |
|
|
|
|
|
|
|
||||||||
Service charges on deposits |
|
2,219 |
|
|
|
2,468 |
|
|
|
9,495 |
|
|
|
9,940 |
|
Treasury management service fees |
|
3,982 |
|
|
|
3,075 |
|
|
|
14,829 |
|
|
|
11,724 |
|
Credit and debit card fees |
|
2,706 |
|
|
|
2,920 |
|
|
|
11,153 |
|
|
|
11,681 |
|
Trust and investment advisory fees |
|
1,436 |
|
|
|
1,356 |
|
|
|
5,787 |
|
|
|
5,693 |
|
Mortgage banking income, net |
|
9,631 |
|
|
|
4,883 |
|
|
|
39,014 |
|
|
|
31,384 |
|
Other noninterest income |
|
1,661 |
|
|
|
2,519 |
|
|
|
9,514 |
|
|
|
8,670 |
|
Total noninterest income |
|
21,635 |
|
|
|
17,221 |
|
|
|
89,792 |
|
|
|
79,092 |
|
Noninterest expense: |
|
|
|
|
|
|
|
||||||||
Salaries and benefits |
|
38,498 |
|
|
|
30,158 |
|
|
|
154,985 |
|
|
|
133,231 |
|
Occupancy and equipment |
|
9,865 |
|
|
|
8,449 |
|
|
|
36,282 |
|
|
|
33,426 |
|
Amortization of intangible assets |
|
1,431 |
|
|
|
829 |
|
|
|
3,549 |
|
|
|
4,822 |
|
Terminated merger related expenses |
|
8,010 |
|
|
|
— |
|
|
|
13,178 |
|
|
|
— |
|
Other noninterest expenses |
|
15,869 |
|
|
|
12,872 |
|
|
|
56,046 |
|
|
|
51,314 |
|
Total noninterest expense |
|
73,673 |
|
|
|
52,308 |
|
|
|
264,040 |
|
|
|
222,793 |
|
Income before income taxes |
|
20,159 |
|
|
|
30,407 |
|
|
|
95,112 |
|
|
|
131,483 |
|
Provision for income taxes |
|
3,809 |
|
|
|
6,393 |
|
|
|
19,484 |
|
|
|
27,950 |
|
Net income |
$ |
16,350 |
|
|
$ |
24,014 |
|
|
$ |
75,628 |
|
|
$ |
103,533 |
|
Earnings per share - basic |
$ |
0.59 |
|
|
$ |
0.96 |
|
|
$ |
2.76 |
|
|
$ |
4.15 |
|
Earnings per share - diluted |
$ |
0.58 |
|
|
$ |
0.94 |
|
|
$ |
2.69 |
|
|
$ |
4.08 |
|
|
For the quarter ended |
||||||||||||||||||
($ in thousands, except per share amounts) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Total interest income |
$ |
116,039 |
|
$ |
118,932 |
|
$ |
114,529 |
|
$ |
110,040 |
|
$ |
109,974 |
|||||
Total interest expense |
|
38,992 |
|
|
|
42,774 |
|
|
|
41,630 |
|
|
|
39,234 |
|
|
|
37,905 |
|
Net interest income |
|
77,047 |
|
|
|
76,158 |
|
|
|
72,899 |
|
|
|
70,806 |
|
|
|
72,069 |
|
Provision for credit losses |
|
4,850 |
|
|
|
5,000 |
|
|
|
1,200 |
|
|
|
16,500 |
|
|
|
6,575 |
|
Net interest income after provision for credit losses |
|
72,197 |
|
|
|
71,158 |
|
|
|
71,699 |
|
|
|
54,306 |
|
|
|
65,494 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposits |
|
2,219 |
|
|
|
2,560 |
|
|
|
2,372 |
|
|
|
2,344 |
|
|
|
2,468 |
|
Treasury management service fees |
|
3,982 |
|
|
|
3,748 |
|
|
|
3,631 |
|
|
|
3,468 |
|
|
|
3,075 |
|
Credit and debit card fees |
|
2,706 |
|
|
|
2,738 |
|
|
|
2,950 |
|
|
|
2,759 |
|
|
|
2,920 |
|
Trust and investment advisory fees |
|
1,436 |
|
|
|
1,395 |
|
|
|
1,493 |
|
|
|
1,463 |
|
|
|
1,356 |
|
Mortgage banking income, net |
|
9,631 |
|
|
|
8,838 |
|
|
|
11,043 |
|
|
|
9,502 |
|
|
|
4,883 |
|
Other noninterest income |
|
1,661 |
|
|
|
2,796 |
|
|
|
1,785 |
|
|
|
3,272 |
|
|
|
2,519 |
|
Total noninterest income |
|
21,635 |
|
|
|
22,075 |
|
|
|
23,274 |
|
|
|
22,808 |
|
|
|
17,221 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and benefits |
|
38,498 |
|
|
|
39,306 |
|
|
|
39,828 |
|
|
|
37,353 |
|
|
|
30,158 |
|
Occupancy and equipment |
|
9,865 |
|
|
|
9,121 |
|
|
|
8,701 |
|
|
|
8,595 |
|
|
|
8,449 |
|
Amortization of intangible assets |
|
1,431 |
|
|
|
651 |
|
|
|
652 |
|
|
|
815 |
|
|
|
829 |
|
Terminated merger related expenses |
|
8,010 |
|
|
|
1,633 |
|
|
|
1,046 |
|
|
|
2,489 |
|
|
|
— |
|
Other noninterest expenses |
|
15,869 |
|
|
|
13,953 |
|
|
|
13,648 |
|
|
|
12,576 |
|
|
|
12,872 |
|
Total noninterest expense |
|
73,673 |
|
|
|
64,664 |
|
|
|
63,875 |
|
|
|
61,828 |
|
|
|
52,308 |
|
Income before income taxes |
|
20,159 |
|
|
|
28,569 |
|
|
|
31,098 |
|
|
|
15,286 |
|
|
|
30,407 |
|
Provision for income taxes |
|
3,809 |
|
|
|
6,147 |
|
|
|
6,538 |
|
|
|
2,990 |
|
|
|
6,393 |
|
Net income |
$ |
16,350 |
|
|
$ |
22,422 |
|
|
$ |
24,560 |
|
|
$ |
12,296 |
|
|
$ |
24,014 |
|
Earnings per share - basic |
$ |
0.59 |
|
|
$ |
0.81 |
|
|
$ |
0.90 |
|
|
$ |
0.46 |
|
|
$ |
0.96 |
|
Earnings per share - diluted |
$ |
0.58 |
|
|
$ |
0.79 |
|
|
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
Condensed Consolidated Balance Sheets as of (Unaudited): |
|||||||||||||||||||
($ in thousands) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
615,917 |
|
|
$ |
573,674 |
|
|
$ |
535,766 |
|
|
$ |
383,605 |
|
|
$ |
479,362 |
|
Securities available-for-sale, at fair value |
|
469,076 |
|
|
|
496,811 |
|
|
|
491,649 |
|
|
|
499,078 |
|
|
|
516,757 |
|
Securities held-to-maturity |
|
35,242 |
|
|
|
35,885 |
|
|
|
36,310 |
|
|
|
36,640 |
|
|
|
36,983 |
|
Loans held-for-sale, at fair value |
|
61,825 |
|
|
|
72,247 |
|
|
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
Loans |
|
6,376,357 |
|
|
|
6,443,756 |
|
|
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
Allowance for credit losses |
|
(88,221 |
) |
|
|
(83,159 |
) |
|
|
(78,960 |
) |
|
|
(79,829 |
) |
|
|
(80,398 |
) |
Loans, net |
|
6,288,136 |
|
|
|
6,360,597 |
|
|
|
6,258,202 |
|
|
|
6,205,039 |
|
|
|
6,186,698 |
|
Mortgage servicing rights, at fair value |
|
84,258 |
|
|
|
78,799 |
|
|
|
80,744 |
|
|
|
78,416 |
|
|
|
76,701 |
|
Premises and equipment, net |
|
82,483 |
|
|
|
82,532 |
|
|
|
83,320 |
|
|
|
84,063 |
|
|
|
84,842 |
|
Other real estate owned and foreclosed assets, net |
|
5,138 |
|
|
|
4,478 |
|
|
|
4,497 |
|
|
|
4,414 |
|
|
|
4,100 |
|
Goodwill |
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
Intangible assets, net |
|
7,434 |
|
|
|
8,866 |
|
|
|
9,517 |
|
|
|
10,168 |
|
|
|
10,984 |
|
All other assets |
|
354,395 |
|
|
|
331,115 |
|
|
|
339,236 |
|
|
|
329,882 |
|
|
|
335,602 |
|
Total assets |
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposit accounts |
$ |
1,541,158 |
|
|
$ |
1,554,762 |
|
|
$ |
1,562,308 |
|
|
$ |
1,517,315 |
|
|
$ |
1,530,506 |
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand accounts |
|
685,865 |
|
|
|
645,647 |
|
|
|
538,232 |
|
|
|
542,184 |
|
|
|
534,540 |
|
Savings and money market accounts |
|
2,834,123 |
|
|
|
2,608,808 |
|
|
|
2,505,439 |
|
|
|
2,473,255 |
|
|
|
2,446,632 |
|
NOW accounts |
|
45,539 |
|
|
|
41,234 |
|
|
|
42,687 |
|
|
|
39,181 |
|
|
|
56,819 |
|
Certificate of deposit accounts |
|
1,565,575 |
|
|
|
1,799,429 |
|
|
|
1,970,859 |
|
|
|
1,873,453 |
|
|
|
1,805,606 |
|
Total deposits |
|
6,672,260 |
|
|
|
6,649,880 |
|
|
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
Securities sold under agreements to repurchase |
|
14,699 |
|
|
|
10,913 |
|
|
|
20,408 |
|
|
|
20,423 |
|
|
|
24,693 |
|
Federal Home Loan Bank advances |
|
135,000 |
|
|
|
215,000 |
|
|
|
145,000 |
|
|
|
144,810 |
|
|
|
389,468 |
|
Other borrowings |
|
75,841 |
|
|
|
75,709 |
|
|
|
75,577 |
|
|
|
75,445 |
|
|
|
75,313 |
|
Other liabilities |
|
158,221 |
|
|
|
152,900 |
|
|
|
142,186 |
|
|
|
130,873 |
|
|
|
138,950 |
|
Total liabilities |
|
7,056,021 |
|
|
|
7,104,402 |
|
|
|
7,002,696 |
|
|
|
6,816,939 |
|
|
|
7,002,527 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
547,325 |
|
|
|
547,271 |
|
|
|
543,339 |
|
|
|
542,582 |
|
|
|
462,680 |
|
Retained earnings |
|
533,150 |
|
|
|
516,800 |
|
|
|
494,378 |
|
|
|
469,818 |
|
|
|
457,522 |
|
Accumulated other comprehensive loss, net |
|
(39,112 |
) |
|
|
(29,989 |
) |
|
|
(41,121 |
) |
|
|
(47,741 |
) |
|
|
(43,007 |
) |
Total stockholders' equity |
|
1,041,366 |
|
|
|
1,034,085 |
|
|
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
Total liabilities and stockholders' equity |
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
Consolidated Capital Ratios as of: |
|||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
Stockholders' equity to total assets |
|
|
|
|
|
|
|
|
|
Tangible stockholders' equity to tangible assets (1) |
|
|
|
|
|
|
|
|
|
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2) |
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
|
|
|
|
|
|
|
Common equity tier 1 risk-based capital ratio |
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio |
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
|
|
|
|
|
|
|
|
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
(2) |
Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax. |
Summary of Net Interest Margin: |
|||||||||||||||||||||||
|
For the quarter ended |
|
For the year ended |
||||||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||
(In thousands) |
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
6,481,701 |
|
|
|
|
6,280,362 |
|
|
|
|
6,410,520 |
|
|
|
|
6,178,414 |
|
|
||||
Investment securities |
|
519,221 |
|
|
|
|
|
538,348 |
|
|
|
|
|
529,209 |
|
|
|
|
|
554,433 |
|
|
|
Interest-bearing cash and other assets |
|
491,326 |
|
|
|
|
|
247,978 |
|
|
|
|
|
380,967 |
|
|
|
|
|
202,720 |
|
|
|
Total earning assets |
|
7,492,248 |
|
|
|
|
|
7,066,688 |
|
|
|
|
|
7,320,696 |
|
|
|
|
|
6,935,567 |
|
|
|
Other assets |
|
542,862 |
|
|
|
|
|
563,368 |
|
|
|
|
|
543,650 |
|
|
|
|
|
556,083 |
|
|
|
Total assets |
$ |
8,035,110 |
|
|
|
|
$ |
7,630,056 |
|
|
|
|
$ |
7,864,346 |
|
|
|
|
$ |
7,491,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand and NOW deposits |
$ |
703,087 |
|
|
|
|
$ |
510,982 |
|
|
|
|
$ |
633,123 |
|
|
|
|
$ |
385,424 |
|
|
|
Savings deposits |
|
404,762 |
|
|
|
|
|
457,679 |
|
|
|
|
|
412,941 |
|
|
|
|
|
453,654 |
|
|
|
Money market deposits |
|
2,348,328 |
|
|
|
|
|
2,063,383 |
|
|
|
|
|
2,161,618 |
|
|
|
|
|
2,122,410 |
|
|
|
Certificates of deposits |
|
1,589,721 |
|
|
|
|
|
1,825,325 |
|
|
|
|
|
1,756,755 |
|
|
|
|
|
1,512,638 |
|
|
|
Total deposits |
|
5,045,898 |
|
|
|
|
|
4,857,369 |
|
|
|
|
|
4,964,437 |
|
|
|
|
|
4,474,126 |
|
|
|
Repurchase agreements |
|
10,964 |
|
|
|
|
|
23,457 |
|
|
|
|
|
15,557 |
|
|
|
|
|
28,316 |
|
|
|
Total deposits and repurchase agreements |
|
5,056,862 |
|
|
|
|
|
4,880,826 |
|
|
|
|
|
4,979,994 |
|
|
|
|
|
4,502,442 |
|
|
|
FHLB borrowings |
|
121,957 |
|
|
|
|
|
74,146 |
|
|
|
|
|
124,833 |
|
|
|
|
|
269,613 |
|
|
|
Other long-term borrowings |
|
75,778 |
|
|
|
|
|
75,249 |
|
|
|
|
|
75,586 |
|
|
|
|
|
78,654 |
|
|
|
Total interest-bearing liabilities |
|
5,254,597 |
|
|
|
|
|
5,030,221 |
|
|
|
|
|
5,180,413 |
|
|
|
|
|
4,850,709 |
|
|
|
Noninterest-bearing deposits |
|
1,581,571 |
|
|
|
|
|
1,597,672 |
|
|
|
|
|
1,542,808 |
|
|
|
|
|
1,678,240 |
|
|
|
Other liabilities |
|
152,552 |
|
|
|
|
|
143,416 |
|
|
|
|
|
140,529 |
|
|
|
|
|
134,599 |
|
|
|
Stockholders' equity |
|
1,046,390 |
|
|
|
|
|
858,747 |
|
|
|
|
|
1,000,596 |
|
|
|
|
|
828,102 |
|
|
|
Total liabilities and stockholders' equity |
$ |
8,035,110 |
|
|
|
|
$ |
7,630,056 |
|
|
|
|
$ |
7,864,346 |
|
|
|
|
$ |
7,491,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (on FTE basis) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
|
(2) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
For the quarter ended |
|||||||||||||||||||||||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||||||||||||
(In thousands) |
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
||||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans (1) |
|
6,481,701 |
|
|
|
|
6,460,484 |
|
|
|
|
6,384,709 |
|
|
|
|
6,313,855 |
|
|
|
|
6,280,362 |
|
|
|||||
Investment securities |
|
519,221 |
|
|
|
|
|
527,241 |
|
|
|
|
|
523,545 |
|
|
|
|
|
546,960 |
|
|
|
|
|
538,348 |
|
|
|
Interest-bearing cash and other assets |
|
491,326 |
|
|
|
|
|
442,632 |
|
|
|
|
|
348,509 |
|
|
|
|
|
239,508 |
|
|
|
|
|
247,978 |
|
|
|
Total earning assets |
|
7,492,248 |
|
|
|
|
|
7,430,357 |
|
|
|
|
|
7,256,763 |
|
|
|
|
|
7,100,323 |
|
|
|
|
|
7,066,688 |
|
|
|
Other assets |
|
542,862 |
|
|
|
|
|
534,740 |
|
|
|
|
|
548,465 |
|
|
|
|
|
548,642 |
|
|
|
|
|
563,368 |
|
|
|
Total assets |
$ |
8,035,110 |
|
|
|
|
$ |
7,965,097 |
|
|
|
|
$ |
7,805,228 |
|
|
|
|
$ |
7,648,965 |
|
|
|
|
$ |
7,630,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand and NOW deposits |
$ |
703,087 |
|
|
|
|
$ |
657,537 |
|
|
|
|
$ |
621,343 |
|
|
|
|
$ |
549,491 |
|
|
|
|
$ |
510,982 |
|
|
|
Savings deposits |
|
404,762 |
|
|
|
|
|
411,526 |
|
|
|
|
|
413,699 |
|
|
|
|
|
421,882 |
|
|
|
|
|
457,679 |
|
|
|
Money market deposits |
|
2,348,328 |
|
|
|
|
|
2,140,552 |
|
|
|
|
|
2,092,449 |
|
|
|
|
|
2,063,321 |
|
|
|
|
|
2,063,383 |
|
|
|
Certificates of deposits |
|
1,589,721 |
|
|
|
|
|
1,800,502 |
|
|
|
|
|
1,823,522 |
|
|
|
|
|
1,814,629 |
|
|
|
|
|
1,825,325 |
|
|
|
Total deposits |
|
5,045,898 |
|
|
|
|
|
5,010,117 |
|
|
|
|
|
4,951,013 |
|
|
|
|
|
4,849,323 |
|
|
|
|
|
4,857,369 |
|
|
|
Repurchase agreements |
|
10,964 |
|
|
|
|
|
13,528 |
|
|
|
|
|
16,553 |
|
|
|
|
|
21,254 |
|
|
|
|
|
23,457 |
|
|
|
Total deposits and repurchase agreements |
|
5,056,862 |
|
|
|
|
|
5,023,645 |
|
|
|
|
|
4,967,566 |
|
|
|
|
|
4,870,577 |
|
|
|
|
|
4,880,826 |
|
|
|
FHLB borrowings |
|
121,957 |
|
|
|
|
|
135,641 |
|
|
|
|
|
130,871 |
|
|
|
|
|
110,777 |
|
|
|
|
|
74,146 |
|
|
|
Other long-term borrowings |
|
75,778 |
|
|
|
|
|
75,654 |
|
|
|
|
|
75,522 |
|
|
|
|
|
75,389 |
|
|
|
|
|
75,249 |
|
|
|
Total interest-bearing liabilities |
|
5,254,597 |
|
|
|
|
|
5,234,940 |
|
|
|
|
|
5,173,959 |
|
|
|
|
|
5,056,743 |
|
|
|
|
|
5,030,221 |
|
|
|
Noninterest-bearing deposits |
|
1,581,571 |
|
|
|
|
|
1,568,685 |
|
|
|
|
|
1,517,560 |
|
|
|
|
|
1,502,707 |
|
|
|
|
|
1,597,672 |
|
|
|
Other liabilities |
|
152,552 |
|
|
|
|
|
141,206 |
|
|
|
|
|
133,845 |
|
|
|
|
|
134,370 |
|
|
|
|
|
143,416 |
|
|
|
Stockholders' equity |
|
1,046,390 |
|
|
|
|
|
1,020,266 |
|
|
|
|
|
979,864 |
|
|
|
|
|
955,145 |
|
|
|
|
|
858,747 |
|
|
|
Total liabilities and stockholders' equity |
$ |
8,035,110 |
|
|
|
|
$ |
7,965,097 |
|
|
|
|
$ |
7,805,228 |
|
|
|
|
$ |
7,648,965 |
|
|
|
|
$ |
7,630,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin (on FTE basis) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
|
(2) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
Deposits as of: |
|||||||||||||||||||
($ in thousands) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Consumer |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing deposit accounts |
$ |
410,303 |
|
$ |
397,880 |
|
$ |
414,795 |
|
$ |
356,732 |
|
$ |
360,168 |
|||||
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Demand and NOW deposits |
|
61,987 |
|
|
|
61,929 |
|
|
|
42,903 |
|
|
|
38,625 |
|
|
|
36,162 |
|
Savings deposits |
|
326,916 |
|
|
|
331,811 |
|
|
|
334,741 |
|
|
|
340,086 |
|
|
|
343,291 |
|
Money market deposits |
|
1,516,577 |
|
|
|
1,333,486 |
|
|
|
1,243,355 |
|
|
|
1,229,239 |
|
|
|
1,196,645 |
|
Certificates of deposits |
|
1,069,704 |
|
|
|
1,247,348 |
|
|
|
1,438,792 |
|
|
|
1,437,590 |
|
|
|
1,437,537 |
|
Total interest-bearing deposit accounts |
|
2,975,184 |
|
|
|
2,974,574 |
|
|
|
3,059,791 |
|
|
|
3,045,540 |
|
|
|
3,013,635 |
|
Total consumer deposits |
$ |
3,385,487 |
|
|
$ |
3,372,454 |
|
|
$ |
3,474,586 |
|
|
$ |
3,402,272 |
|
|
$ |
3,373,803 |
|
Business |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing deposit accounts |
$ |
1,130,855 |
|
|
$ |
1,156,882 |
|
|
$ |
1,147,513 |
|
|
$ |
1,160,583 |
|
|
$ |
1,170,338 |
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Demand and NOW deposits |
|
669,417 |
|
|
|
624,952 |
|
|
|
538,016 |
|
|
|
502,726 |
|
|
|
555,197 |
|
Savings deposits |
|
75,422 |
|
|
|
77,744 |
|
|
|
77,931 |
|
|
|
80,226 |
|
|
|
80,802 |
|
Money market deposits |
|
915,208 |
|
|
|
865,767 |
|
|
|
849,412 |
|
|
|
823,704 |
|
|
|
825,811 |
|
Certificates of deposits |
|
51,131 |
|
|
|
62,187 |
|
|
|
90,189 |
|
|
|
97,854 |
|
|
|
87,407 |
|
Total interest-bearing deposit accounts |
|
1,711,178 |
|
|
|
1,630,650 |
|
|
|
1,555,548 |
|
|
|
1,504,510 |
|
|
|
1,549,217 |
|
Total business deposits |
$ |
2,842,033 |
|
|
$ |
2,787,532 |
|
|
$ |
2,703,061 |
|
|
$ |
2,665,093 |
|
|
$ |
2,719,555 |
|
Wholesale deposits (1) |
$ |
444,740 |
|
|
$ |
489,894 |
|
|
$ |
441,878 |
|
|
$ |
378,023 |
|
|
$ |
280,745 |
|
Total deposits |
$ |
6,672,260 |
|
|
$ |
6,649,880 |
|
|
$ |
6,619,525 |
|
|
$ |
6,445,388 |
|
|
$ |
6,374,103 |
|
(1) |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. |
Balance Sheet Ratios as of: |
|||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
Cash to total assets (1) |
|
|
|
|
|
|
|
|
|
Loan to deposit ratio |
|
|
|
|
|
|
|
|
|
Uninsured deposits to total deposits (2) |
|
|
|
|
|
|
|
|
|
Uninsured and uncollateralized deposits to total deposits (2) |
|
|
|
|
|
|
|
|
|
Wholesale deposits and borrowings to total liabilities (3) |
|
|
|
|
|
|
|
|
|
(1) |
Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions. |
|
(2) |
Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. |
|
(3) |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances. |
Loan Portfolio as of: |
|||||||||||||||||||
($ in thousands) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Commercial and industrial |
$ |
2,497,772 |
|
$ |
2,527,636 |
|
$ |
2,431,110 |
|
$ |
2,480,078 |
|
$ |
2,467,688 |
|||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
||||||||||
Non-owner occupied |
|
752,861 |
|
|
|
821,670 |
|
|
|
866,999 |
|
|
|
836,515 |
|
|
|
812,235 |
|
Owner occupied |
|
702,773 |
|
|
|
700,325 |
|
|
|
660,511 |
|
|
|
642,930 |
|
|
|
635,365 |
|
Construction and land |
|
362,677 |
|
|
|
333,457 |
|
|
|
350,878 |
|
|
|
326,447 |
|
|
|
345,430 |
|
Multifamily |
|
94,355 |
|
|
|
95,125 |
|
|
|
94,220 |
|
|
|
94,898 |
|
|
|
103,066 |
|
Total commercial real estate |
|
1,912,666 |
|
|
|
1,950,577 |
|
|
|
1,972,608 |
|
|
|
1,900,790 |
|
|
|
1,896,096 |
|
Residential real estate |
|
1,180,610 |
|
|
|
1,172,459 |
|
|
|
1,146,989 |
|
|
|
1,109,676 |
|
|
|
1,110,610 |
|
Public Finance |
|
554,784 |
|
|
|
536,776 |
|
|
|
537,872 |
|
|
|
579,991 |
|
|
|
602,913 |
|
Consumer |
|
41,345 |
|
|
|
45,267 |
|
|
|
42,129 |
|
|
|
40,317 |
|
|
|
36,371 |
|
Other |
|
189,180 |
|
|
|
211,041 |
|
|
|
206,454 |
|
|
|
174,016 |
|
|
|
153,418 |
|
Total loans, net of deferred costs, fees, premiums, and discounts |
$ |
6,376,357 |
|
|
$ |
6,443,756 |
|
|
$ |
6,337,162 |
|
|
$ |
6,284,868 |
|
|
$ |
6,267,096 |
|
Asset Quality: |
|||||||||||||||||||
|
As of and for the quarter ended |
||||||||||||||||||
($ in thousands) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
Net charge-offs (recoveries) |
$ |
(462 |
) |
|
$ |
1,401 |
|
|
$ |
2,009 |
|
|
$ |
17,429 |
|
|
$ |
4,743 |
|
Allowance for credit losses |
$ |
88,221 |
|
|
$ |
83,159 |
|
|
$ |
78,960 |
|
|
$ |
79,829 |
|
|
$ |
80,398 |
|
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due |
$ |
69,050 |
|
|
$ |
65,824 |
|
|
$ |
62,558 |
|
|
$ |
57,599 |
|
|
$ |
63,143 |
|
Nonperforming assets |
$ |
74,188 |
|
|
$ |
70,302 |
|
|
$ |
67,055 |
|
|
$ |
62,013 |
|
|
$ |
67,243 |
|
Ratio of net charge-offs (recoveries) to average loans outstanding |
|
(0.03 |
)% |
|
|
0.09 |
% |
|
|
0.13 |
% |
|
|
1.11 |
% |
|
|
0.30 |
% |
Allowance for credit losses to total loans outstanding |
|
1.38 |
% |
|
|
1.29 |
% |
|
|
1.25 |
% |
|
|
1.27 |
% |
|
|
1.28 |
% |
Allowance for credit losses to total nonperforming loans |
|
127.76 |
% |
|
|
126.34 |
% |
|
|
126.22 |
% |
|
|
138.59 |
% |
|
|
127.33 |
% |
Nonperforming loans to total loans |
|
1.08 |
% |
|
|
1.02 |
% |
|
|
0.99 |
% |
|
|
0.92 |
% |
|
|
1.01 |
% |
Nonperforming assets to total assets |
|
0.92 |
% |
|
|
0.86 |
% |
|
|
0.84 |
% |
|
|
0.80 |
% |
|
|
0.85 |
% |
Non-GAAP Financial Measures and Reconciliations: |
|||||||||||||||||||||||||||
|
As of and for the quarter ended |
|
As of and for the year ended |
||||||||||||||||||||||||
($ in thousands, except share and per share amounts) |
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||
Tangible stockholders’ equity to tangible assets: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,041,366 |
|
|
$ |
1,034,085 |
|
|
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
1,041,366 |
|
|
$ |
877,197 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(7,434 |
) |
|
|
(8,866 |
) |
|
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(7,434 |
) |
|
|
(10,984 |
) |
Tangible stockholders' equity (non-GAAP) |
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
940,449 |
|
|
$ |
772,730 |
|
Total assets (GAAP) |
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
8,097,387 |
|
|
$ |
7,879,724 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(7,434 |
) |
|
|
(8,866 |
) |
|
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(7,434 |
) |
|
|
(10,984 |
) |
Tangible assets (non-GAAP) |
$ |
7,996,470 |
|
|
$ |
8,036,138 |
|
|
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,996,470 |
|
|
$ |
7,775,257 |
|
Total stockholders' equity to total assets (GAAP) |
|
12.86 |
% |
|
|
12.71 |
% |
|
|
12.46 |
% |
|
|
12.40 |
% |
|
|
11.13 |
% |
|
|
12.86 |
% |
|
|
11.13 |
% |
Less: Impact of goodwill and other intangible assets |
|
(1.10 |
)% |
|
|
(1.12 |
)% |
|
|
(1.14 |
)% |
|
|
(1.19 |
)% |
|
|
(1.19 |
)% |
|
|
(1.10 |
)% |
|
|
(1.19 |
)% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
11.76 |
% |
|
|
11.59 |
% |
|
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
11.76 |
% |
|
|
9.94 |
% |
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: |
|||||||||||||||||||||||||||
Tangible stockholders' equity (non-GAAP) |
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
940,449 |
|
|
$ |
772,730 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(4,292 |
) |
|
|
(2,852 |
) |
|
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(4,292 |
) |
|
|
(3,629 |
) |
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
936,157 |
|
|
$ |
928,884 |
|
|
$ |
889,650 |
|
|
$ |
856,775 |
|
|
$ |
769,101 |
|
|
$ |
936,157 |
|
|
$ |
769,101 |
|
Tangible assets (non-GAAP) |
$ |
7,996,470 |
|
|
$ |
8,036,138 |
|
|
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,996,470 |
|
|
$ |
7,775,257 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(4,292 |
) |
|
|
(2,852 |
) |
|
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(4,292 |
) |
|
|
(3,629 |
) |
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
7,992,178 |
|
|
$ |
8,033,286 |
|
|
$ |
7,892,346 |
|
|
$ |
7,673,714 |
|
|
$ |
7,771,628 |
|
|
$ |
7,992,178 |
|
|
$ |
7,771,628 |
|
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
11.76 |
% |
|
|
11.59 |
% |
|
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
11.76 |
% |
|
|
9.94 |
% |
Less: Net unrealized losses on HTM securities, net of tax |
|
(0.05 |
)% |
|
|
(0.03 |
)% |
|
|
(0.05 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.05 |
)% |
|
|
(0.04 |
)% |
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) |
|
11.71 |
% |
|
|
11.56 |
% |
|
|
11.27 |
% |
|
|
11.17 |
% |
|
|
9.90 |
% |
|
|
11.71 |
% |
|
|
9.90 |
% |
Tangible book value per share: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,041,366 |
|
|
$ |
1,034,085 |
|
|
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
1,041,366 |
|
|
$ |
877,197 |
|
Tangible stockholders' equity (non-GAAP) |
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
940,449 |
|
|
$ |
772,730 |
|
Total shares outstanding |
|
27,709,679 |
|
|
|
27,665,918 |
|
|
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
|
|
27,709,679 |
|
|
|
24,960,639 |
|
Book value per share (GAAP) |
$ |
37.58 |
|
|
$ |
37.38 |
|
|
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
|
$ |
37.58 |
|
|
$ |
35.14 |
|
Tangible book value per share (non-GAAP) |
$ |
33.94 |
|
|
$ |
33.68 |
|
|
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
|
$ |
33.94 |
|
|
$ |
30.96 |
|
Adjusted net income: |
|||||||||||||||||||||||||||
Net income (GAAP) |
$ |
16,350 |
|
|
$ |
22,422 |
|
|
$ |
24,560 |
|
|
$ |
12,296 |
|
|
$ |
24,014 |
|
|
$ |
75,628 |
|
|
$ |
103,533 |
|
Add non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
5,799 |
|
|
|
1,233 |
|
|
|
621 |
|
|
|
2,296 |
|
|
|
— |
|
|
|
9,949 |
|
|
|
— |
|
Write-off of Guardian Mortgage trade name, net of tax |
|
625 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
625 |
|
|
|
— |
|
Disposal of ATMs, net of tax |
|
1,542 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,542 |
|
|
|
— |
|
Total adjustments, net of tax |
|
7,966 |
|
|
|
1,233 |
|
|
|
621 |
|
|
|
2,296 |
|
|
|
— |
|
|
|
12,116 |
|
|
|
— |
|
Adjusted net income (non-GAAP) |
$ |
24,316 |
|
|
$ |
23,655 |
|
|
$ |
25,181 |
|
|
$ |
14,592 |
|
|
$ |
24,014 |
|
|
$ |
87,744 |
|
|
$ |
103,533 |
|
Adjusted diluted earnings per share: |
|||||||||||||||||||||||||||
Diluted earnings per share (GAAP) |
$ |
0.58 |
|
|
$ |
0.79 |
|
|
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
|
$ |
2.69 |
|
|
$ |
4.08 |
|
Add impact of non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
0.21 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.36 |
|
|
|
— |
|
Write-off of Guardian Mortgage trade name, net of tax |
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Disposal of ATMs, net of tax |
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
Adjusted diluted earnings per share (non-GAAP) |
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
|
$ |
3.13 |
|
|
$ |
4.08 |
|
Adjusted return on average total assets: |
|||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) |
|
0.81 |
% |
|
|
1.13 |
% |
|
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
|
|
0.96 |
% |
|
|
1.38 |
% |
Add impact of non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
0.29 |
% |
|
|
0.06 |
% |
|
|
0.03 |
% |
|
|
0.12 |
% |
|
|
— |
% |
|
|
0.13 |
% |
|
|
— |
% |
Write-off of Guardian Mortgage trade name |
|
0.03 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.01 |
% |
|
|
— |
% |
Disposal of ATMs |
|
0.08 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.02 |
% |
|
|
— |
% |
Adjusted ROAA (non-GAAP) |
|
1.21 |
% |
|
|
1.19 |
% |
|
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
|
|
1.12 |
% |
|
|
1.38 |
% |
Adjusted return on average stockholders’ equity: |
|||||||||||||||||||||||||||
Return on average stockholders' equity (ROACE) (GAAP) |
|
6.25 |
% |
|
|
8.79 |
% |
|
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
7.56 |
% |
|
|
12.50 |
% |
Add impact of non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
2.22 |
% |
|
|
0.48 |
% |
|
|
0.25 |
% |
|
|
0.96 |
% |
|
|
— |
% |
|
|
1.00 |
% |
|
|
— |
% |
Write-off of Guardian Mortgage trade name |
|
0.24 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.06 |
% |
|
|
— |
% |
Disposal of ATMs |
|
0.59 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.15 |
% |
|
|
— |
% |
Adjusted ROACE (non-GAAP) |
|
9.30 |
% |
|
|
9.27 |
% |
|
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
|
|
8.77 |
% |
|
|
12.50 |
% |
Return on average tangible stockholders’ equity |
|||||||||||||||||||||||||||
Return on average stockholders’ equity (ROACE) |
|
6.25 |
% |
|
|
8.79 |
% |
|
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
7.56 |
% |
|
|
12.50 |
% |
Add: Impact from goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
0.68 |
% |
|
|
0.98 |
% |
|
|
1.18 |
% |
|
|
0.63 |
% |
|
|
1.55 |
% |
|
|
0.87 |
% |
|
|
1.85 |
% |
Other intangible assets |
|
0.47 |
% |
|
|
0.23 |
% |
|
|
0.23 |
% |
|
|
0.30 |
% |
|
|
0.35 |
% |
|
|
0.31 |
% |
|
|
0.53 |
% |
Return on average tangible stockholders’ equity (ROATCE) |
|
7.40 |
% |
|
|
10.00 |
% |
|
|
11.44 |
% |
|
|
6.08 |
% |
|
|
13.09 |
% |
|
|
8.74 |
% |
|
|
14.88 |
% |
Adjusted return on average tangible stockholders’ equity: |
|||||||||||||||||||||||||||
Return on average tangible stockholders' equity (ROATCE) |
|
7.40 |
% |
|
|
10.00 |
% |
|
|
11.44 |
% |
|
|
6.08 |
% |
|
|
13.09 |
% |
|
|
8.74 |
% |
|
|
14.88 |
% |
Add impact of non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
2.47 |
% |
|
|
0.54 |
% |
|
|
0.29 |
% |
|
|
1.08 |
% |
|
|
— |
% |
|
|
1.11 |
% |
|
|
— |
% |
Write-off of Guardian Mortgage trade name |
|
0.26 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.07 |
% |
|
|
— |
% |
Disposal of ATMs |
|
0.65 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.17 |
% |
|
|
— |
% |
Adjusted ROATCE (non-GAAP) |
|
10.78 |
% |
|
|
10.54 |
% |
|
|
11.73 |
% |
|
|
7.16 |
% |
|
|
13.09 |
% |
|
|
10.09 |
% |
|
|
14.88 |
% |
Adjusted total noninterest expense: |
|||||||||||||||||||||||||||
Total noninterest expense (GAAP) |
$ |
73,673 |
|
|
$ |
64,664 |
|
|
$ |
63,875 |
|
|
$ |
61,828 |
|
|
$ |
52,308 |
|
|
$ |
264,040 |
|
|
$ |
222,793 |
|
Less non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
(8,010 |
) |
|
|
(1,633 |
) |
|
|
(1,046 |
) |
|
|
(2,489 |
) |
|
|
— |
|
|
|
(13,178 |
) |
|
|
— |
|
Write-off of Guardian Mortgage trade name |
|
(828 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(828 |
) |
|
|
— |
|
Disposal of ATMs |
|
(2,042 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,042 |
) |
|
|
— |
|
Total adjustments, net of tax |
|
(10,880 |
) |
|
|
(1,633 |
) |
|
|
(1,046 |
) |
|
|
(2,489 |
) |
|
|
— |
|
|
|
(16,048 |
) |
|
|
— |
|
Adjusted total noninterest expense (non-GAAP) |
$ |
62,793 |
|
|
$ |
63,031 |
|
|
$ |
62,829 |
|
|
$ |
59,339 |
|
|
$ |
52,308 |
|
|
$ |
247,992 |
|
|
$ |
222,793 |
|
Adjusted efficiency ratio: |
|||||||||||||||||||||||||||
Efficiency ratio (GAAP) |
|
74.66 |
% |
|
|
65.83 |
% |
|
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
|
|
68.28 |
% |
|
|
59.81 |
% |
Less impact of non-recurring expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
(8.12 |
)% |
|
|
(1.67 |
)% |
|
|
(1.09 |
)% |
|
|
(2.66 |
)% |
|
|
— |
% |
|
|
(3.41 |
)% |
|
|
— |
% |
Write-off of Guardian Mortgage trade name |
|
(0.84 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.21 |
)% |
|
|
— |
% |
Disposal of ATMs |
|
(2.07 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.53 |
)% |
|
|
— |
% |
Adjusted efficiency ratio (non-GAAP) |
|
63.63 |
% |
|
|
64.16 |
% |
|
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
|
|
64.13 |
% |
|
|
59.81 |
% |
Fully tax equivalent (“FTE”) net interest income and net interest margin: |
|||||||||||||||||||||||||||
Net interest income (GAAP) |
$ |
77,047 |
|
|
$ |
76,158 |
|
|
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
|
$ |
296,910 |
|
|
$ |
293,431 |
|
Gross income effect of tax exempt income |
|
1,161 |
|
|
|
1,132 |
|
|
|
1,156 |
|
|
|
1,318 |
|
|
|
1,270 |
|
|
|
4,767 |
|
|
|
5,086 |
|
FTE net interest income (non-GAAP) |
$ |
78,208 |
|
|
$ |
77,290 |
|
|
$ |
74,055 |
|
|
$ |
72,124 |
|
|
$ |
73,339 |
|
|
$ |
301,677 |
|
|
$ |
298,517 |
|
Average earning assets |
$ |
7,492,248 |
|
|
$ |
7,430,357 |
|
|
$ |
7,256,763 |
|
|
$ |
7,100,323 |
|
|
$ |
7,066,688 |
|
|
$ |
7,320,696 |
|
|
$ |
6,935,567 |
|
Net interest margin |
|
4.11 |
% |
|
|
4.10 |
% |
|
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.23 |
% |
Net interest margin on FTE basis (non-GAAP) |
|
4.17 |
% |
|
|
4.16 |
% |
|
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.12 |
% |
|
|
4.29 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127547460/en/
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
214.473.7958 | Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Director of Marketing, Sunflower Bank
915.881.6785 | Jeanne.Lipson@SunflowerBank.com
Source: FirstSun Capital Bancorp