FirstSun Capital Bancorp Reports Third Quarter 2024 Results
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 ha riportato un utile netto per il terzo trimestre 2024 di 22,4 milioni di dollari (0,79 dollari per azione diluita), rispetto ai 25,2 milioni di dollari (1,00 dollari per azione) del terzo trimestre 2023. Nel trimestre si è registrato un margine di interesse netto del 4,10%, una crescita dei prestiti del 6,7% annualizzata e una crescita dei depositi dell'1,8% annualizzata. I risultati sono stati influenzati da costi di fusione pari a 1,2 milioni di dollari. I principali indicatori includono un ritorno sugli attivi totali medi dell'1,13% e un ritorno sul capitale degli azionisti medio dell'8,79%. Il reddito da interessi netti è aumentato di 3,3 milioni di dollari, portando il totale a 76,2 milioni di dollari, mentre il reddito non derivante da interessi è diminuito di 1,2 milioni di dollari, arrivando a 22,1 milioni di dollari.
FirstSun Capital Bancorp reportó un ingreso neto de 22,4 millones de dólares (0,79 dólares por acción diluida) para el tercer trimestre de 2024, en comparación con 25,2 millones de dólares (1,00 dólar por acción) en el tercer trimestre de 2023. En el trimestre, se observó un margen de interés neto del 4,10%, un crecimiento en los préstamos del 6,7% anualizado y un crecimiento en los depósitos del 1,8% anualizado. Los resultados se vieron afectados por 1,2 millones de dólares en costos de fusión. Las métricas clave incluyen un retorno sobre activos totales promedio del 1,13% y un retorno sobre el capital promedio de los accionistas del 8,79%. El ingreso por intereses netos aumentó en 3,3 millones de dólares, alcanzando un total de 76,2 millones de dólares, mientras que el ingreso no relacionado con intereses disminuyó en 1,2 millones de dólares, llegando a 22,1 millones de dólares.
퍼스트선 캐피탈 은행은 2024년 3분기 순이익이 2,240만 달러(희석주당 0.79달러)로 2023년 3분기의 2,520만 달러(주당 1.00달러)와 비교되었다고 보고했습니다. 이번 분기에는 순이자 마진이 4.10%, 연간화된 대출 성장률이 6.7%, 연간화된 예금 성장률이 1.8%를 기록했습니다. 결과는 120만 달러의 합병 비용의 영향을 받았습니다. 주요 지표로는 평균 총 자산에 대한 수익률이 1.13%, 평균 주주 자본에 대한 수익률이 8.79% 포함됩니다. 순이자 수익은 330만 달러 증가하여 7,620만 달러에 도달했으며, 비이자 수익은 120만 달러 감소하여 2,210만 달러에 이르렀습니다.
FirstSun Capital Bancorp a annoncé un bénéfice net de 22,4 millions de dollars (0,79 dollar par action diluée) pour le troisième trimestre 2024, contre 25,2 millions de dollars (1,00 dollar par action) au troisième trimestre 2023. Le trimestre a enregistré un marge d'intérêt nette de 4,10%, une croissance des prêts annualisée de 6,7% et une croissance des dépôts annualisée de 1,8%. Les résultats ont été impactés par des coûts de fusion de 1,2 million de dollars. Les indicateurs clés incluent un retour sur actifs totaux moyens de 1,13% et un retour sur les capitaux propres moyens des actionnaires de 8,79%. Les revenus d'intérêts nets ont augmenté de 3,3 millions de dollars pour atteindre 76,2 millions de dollars, tandis que les revenus non liés aux intérêts ont diminué de 1,2 million de dollars, atteignant 22,1 millions de dollars.
FirstSun Capital Bancorp berichtete für das 3. Quartal 2024 einen Nettogewinn von 22,4 Millionen Dollar (0,79 Dollar pro verwässerter Aktie), im Vergleich zu 25,2 Millionen Dollar (1,00 Dollar pro Aktie) im 3. Quartal 2023. Im Quartal gab es eine netto Zinsmarge von 4,10%, ein annualisierter Kreditwachstum von 6,7% und ein annualisierter Einlagenwachstum von 1,8%. Die Ergebnisse wurden durch 1,2 Millionen Dollar an Fusionskosten beeinträchtigt. Zu den wichtigsten Kennzahlen gehören die Rendite auf das durchschnittliche Gesamtvermögen von 1,13% und die Rendite auf das durchschnittliche Eigenkapital der Aktionäre von 8,79%. Die Zinserträge erhöhten sich um 3,3 Millionen Dollar auf 76,2 Millionen Dollar, während die nicht-zinsbezogenen Erträge um 1,2 Millionen Dollar auf 22,1 Millionen Dollar zurückgingen.
- Net interest margin improved to 4.10%, up 8 basis points from previous quarter
- Loan growth of 6.7% annualized
- Deposit growth of 1.8% annualized
- Net interest income increased by $3.3 million quarter-over-quarter
- Strong capital ratios with common equity tier 1 risk-based capital at 13.06%
- Net income declined to $22.4 million from $25.2 million year-over-year
- EPS decreased to $0.79 from $1.00 year-over-year
- Provision for credit losses increased to $5.0 million from $1.2 million quarter-over-quarter
- Nonperforming assets ratio increased to 0.86% from 0.84% quarter-over-quarter
- Uninsured deposits ratio increased to 32.7% from 32.1% quarter-over-quarter
Insights
FirstSun Capital delivered a mixed Q3 2024 performance with some concerning trends. Net income declined to
The
Third Quarter 2024 Highlights:
-
Net income of
$22.4 million $0.79 $23.7 million $0.84 -
Net interest margin of
4.10% -
Return on average total assets of
1.13% (excluding merger costs,1.19% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
8.79% (excluding merger costs,9.27% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Loan growth of
6.7% annualized -
Deposit growth of
1.8% annualized -
22.5% noninterest income to total revenue1
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “Our results this quarter continue to demonstrate the underlying strength of our core franchise. Our revenue growth was rooted in a very strong net interest margin of
Third Quarter 2024 Results
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 for the third quarter of 2024 were
The ratio of nonperforming assets to total assets was
Noninterest Income
Noninterest income totaled
Other noninterest income increased
Noninterest Expense
Noninterest expense totaled
The efficiency ratio for the third 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 September 30, 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;
- Tangible assets;
- 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;
- Net income excluding merger costs;
- Return on average total assets excluding merger costs;
- Return on average stockholders’ equity excluding merger costs;
- Efficiency ratio excluding merger related expenses;
- Diluted earnings per share excluding merger related costs; and
- Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis.
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.
| _______________ |
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) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Net interest income |
$ |
76,158 |
|
|
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
|
$ |
73,410 |
|
Provision for credit losses |
|
5,000 |
|
|
|
1,200 |
|
|
|
16,500 |
|
|
|
6,575 |
|
|
|
3,890 |
|
Noninterest income |
|
22,075 |
|
|
|
23,274 |
|
|
|
22,808 |
|
|
|
17,221 |
|
|
|
18,650 |
|
Noninterest expense |
|
64,664 |
|
|
|
63,875 |
|
|
|
61,828 |
|
|
|
52,308 |
|
|
|
56,176 |
|
Income before income taxes |
|
28,569 |
|
|
|
31,098 |
|
|
|
15,286 |
|
|
|
30,407 |
|
|
|
31,994 |
|
Provision for income taxes |
|
6,147 |
|
|
|
6,538 |
|
|
|
2,990 |
|
|
|
6,393 |
|
|
|
6,762 |
|
Net income |
|
22,422 |
|
|
|
24,560 |
|
|
|
12,296 |
|
|
|
24,014 |
|
|
|
25,232 |
|
Net income, excluding merger costs (1) |
|
23,655 |
|
|
|
25,181 |
|
|
|
14,592 |
|
|
|
24,014 |
|
|
|
25,232 |
|
Weighted average common shares outstanding, basic |
|
27,612,538 |
|
|
|
27,430,761 |
|
|
|
27,019,625 |
|
|
|
24,953,764 |
|
|
|
24,942,389 |
|
Weighted average common shares outstanding, diluted |
|
28,212,809 |
|
|
|
28,031,956 |
|
|
|
27,628,941 |
|
|
|
25,472,017 |
|
|
|
25,357,807 |
|
Diluted earnings per share |
$ |
0.79 |
|
|
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
Diluted earnings per share, excluding merger costs (1) |
$ |
0.84 |
|
|
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
Return on average total assets |
|
1.13 |
% |
|
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
Return on average total assets, excluding merger costs (1) |
|
1.19 |
% |
|
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
Return on average stockholders' equity |
|
8.79 |
% |
|
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
Return on average stockholders’ equity, excluding merger costs (1) |
|
9.27 |
% |
|
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
Net interest margin |
|
4.10 |
% |
|
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
|
|
4.23 |
% |
Net interest margin (FTE basis) (1) |
|
4.16 |
% |
|
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.30 |
% |
Efficiency ratio |
|
65.83 |
% |
|
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
Efficiency ratio, excluding merger related expenses (1) |
|
64.16 |
% |
|
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
Noninterest income to total revenue (2) |
|
22.5 |
% |
|
|
24.2 |
% |
|
|
24.4 |
% |
|
|
19.3 |
% |
|
|
20.3 |
% |
Total assets |
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
Total loans held-for-sale |
|
72,247 |
|
|
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
|
|
51,465 |
|
Total loans held-for-investment |
|
6,443,756 |
|
|
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
|
|
6,179,522 |
|
Total deposits |
|
6,649,880 |
|
|
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
|
|
6,339,847 |
|
Total stockholders' equity |
|
1,034,085 |
|
|
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
|
|
843,719 |
|
Loan to deposit ratio |
|
96.9 |
% |
|
|
95.7 |
% |
|
|
97.5 |
% |
|
|
98.3 |
% |
|
|
97.5 |
% |
Period end common shares outstanding |
|
27,665,918 |
|
|
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
|
|
24,942,645 |
|
Book value per share |
$ |
37.38 |
|
|
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
|
$ |
33.83 |
|
Tangible book value per share (1) |
$ |
33.68 |
|
|
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
|
$ |
29.60 |
|
| (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 nine months ended |
||||||
($ in thousands, except per share amounts) |
September 30,
|
|
September 30,
|
||||
Net interest income |
$ |
219,863 |
|
|
$ |
221,362 |
|
Provision for credit losses |
|
22,700 |
|
|
|
11,672 |
|
Noninterest income |
|
68,157 |
|
|
|
61,871 |
|
Noninterest expense |
|
190,367 |
|
|
|
170,485 |
|
Income before income taxes |
|
74,953 |
|
|
|
101,076 |
|
Provision for income taxes |
|
15,675 |
|
|
|
21,557 |
|
Net income |
|
59,278 |
|
|
|
79,519 |
|
Net income, excluding merger costs (1) |
|
63,428 |
|
|
|
79,519 |
|
Weighted average common shares outstanding, basic |
|
27,355,098 |
|
|
|
24,933,168 |
|
Weighted average common shares outstanding, diluted |
|
27,976,215 |
|
|
|
25,365,297 |
|
Diluted earnings per share |
$ |
2.12 |
|
|
$ |
3.13 |
|
Diluted earnings per share, excluding merger costs (1) |
$ |
2.27 |
|
|
$ |
3.13 |
|
Return on average total assets |
|
1.01 |
% |
|
|
1.42 |
% |
Return on average total assets, excluding merger costs (1) |
|
1.08 |
% |
|
|
1.42 |
% |
Return on average stockholders' equity |
|
8.02 |
% |
|
|
12.97 |
% |
Return on average stockholders’ equity, excluding merger costs (1) |
|
8.58 |
% |
|
|
12.97 |
% |
Net interest margin |
|
4.04 |
% |
|
|
4.28 |
% |
Net interest margin (FTE basis) (1) |
|
4.10 |
% |
|
|
4.36 |
% |
Efficiency ratio |
|
66.10 |
% |
|
|
60.19 |
% |
Efficiency ratio, excluding merger related expenses (1) |
|
64.30 |
% |
|
|
60.19 |
% |
Noninterest income to total revenue (2) |
|
23.7 |
% |
|
|
21.8 |
% |
Total assets |
$ |
8,138,487 |
|
|
$ |
7,756,875 |
|
Total loans held-for-sale |
|
72,247 |
|
|
|
51,465 |
|
Total loans held-for-investment |
|
6,443,756 |
|
|
|
6,179,522 |
|
Total deposits |
|
6,649,880 |
|
|
|
6,339,847 |
|
Total stockholders' equity |
|
1,034,085 |
|
|
|
843,719 |
|
Loan to deposit ratio |
|
96.9 |
% |
|
|
97.5 |
% |
Period end common shares outstanding |
|
27,665,918 |
|
|
|
24,942,645 |
|
Book value per share |
$ |
37.38 |
|
|
$ |
33.83 |
|
Tangible book value per share (1) |
$ |
33.68 |
|
|
$ |
29.60 |
|
| (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 nine months ended |
||||||||
($ in thousands, except per share amounts) |
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||
Total interest income |
$ |
118,932 |
|
$ |
106,775 |
|
$ |
343,501 |
|
$ |
303,710 |
Total interest expense |
|
42,774 |
|
|
33,365 |
|
|
123,638 |
|
|
82,348 |
Net interest income |
|
76,158 |
|
|
73,410 |
|
|
219,863 |
|
|
221,362 |
Provision for credit losses |
|
5,000 |
|
|
3,890 |
|
|
22,700 |
|
|
11,672 |
Net interest income after provision for credit losses |
|
71,158 |
|
|
69,520 |
|
|
197,163 |
|
|
209,690 |
Noninterest income: |
|
|
|
|
|
|
|
||||
Service charges on deposits |
|
6,240 |
|
|
5,475 |
|
|
17,954 |
|
|
15,848 |
Credit and debit card fees |
|
2,806 |
|
|
2,996 |
|
|
8,616 |
|
|
9,034 |
Trust and investment advisory fees |
|
1,395 |
|
|
1,398 |
|
|
4,351 |
|
|
4,337 |
Mortgage banking income, net |
|
8,838 |
|
|
7,413 |
|
|
29,383 |
|
|
26,501 |
Other noninterest income |
|
2,796 |
|
|
1,368 |
|
|
7,853 |
|
|
6,151 |
Total noninterest income |
|
22,075 |
|
|
18,650 |
|
|
68,157 |
|
|
61,871 |
Noninterest expense: |
|
|
|
|
|
|
|
||||
Salaries and benefits |
|
39,306 |
|
|
33,968 |
|
|
116,487 |
|
|
103,073 |
Occupancy and equipment |
|
9,121 |
|
|
8,487 |
|
|
26,417 |
|
|
24,977 |
Amortization of intangible assets |
|
651 |
|
|
899 |
|
|
2,118 |
|
|
3,993 |
Merger related expenses |
|
1,633 |
|
|
— |
|
|
5,168 |
|
|
— |
Other noninterest expenses |
|
13,953 |
|
|
12,822 |
|
|
40,177 |
|
|
38,442 |
Total noninterest expense |
|
64,664 |
|
|
56,176 |
|
|
190,367 |
|
|
170,485 |
Income before income taxes |
|
28,569 |
|
|
31,994 |
|
|
74,953 |
|
|
101,076 |
Provision for income taxes |
|
6,147 |
|
|
6,762 |
|
|
15,675 |
|
|
21,557 |
Net income |
$ |
22,422 |
|
$ |
25,232 |
|
$ |
59,278 |
|
$ |
79,519 |
Earnings per share - basic |
$ |
0.81 |
|
$ |
1.01 |
|
$ |
2.17 |
|
$ |
3.19 |
Earnings per share - diluted |
$ |
0.79 |
|
$ |
1.00 |
|
$ |
2.12 |
|
$ |
3.13 |
|
For the quarter ended |
|||||||||||||
($ in thousands, except per share amounts) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Total interest income |
$ |
118,932 |
|
$ |
114,529 |
|
$ |
110,040 |
|
$ |
109,974 |
|
$ |
106,775 |
Total interest expense |
|
42,774 |
|
|
41,630 |
|
|
39,234 |
|
|
37,905 |
|
|
33,365 |
Net interest income |
|
76,158 |
|
|
72,899 |
|
|
70,806 |
|
|
72,069 |
|
|
73,410 |
Provision for credit losses |
|
5,000 |
|
|
1,200 |
|
|
16,500 |
|
|
6,575 |
|
|
3,890 |
Net interest income after provision for credit losses |
|
71,158 |
|
|
71,699 |
|
|
54,306 |
|
|
65,494 |
|
|
69,520 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposits |
|
6,240 |
|
|
5,946 |
|
|
5,768 |
|
|
5,497 |
|
|
5,475 |
Credit and debit card fees |
|
2,806 |
|
|
3,007 |
|
|
2,803 |
|
|
2,966 |
|
|
2,996 |
Trust and investment advisory fees |
|
1,395 |
|
|
1,493 |
|
|
1,463 |
|
|
1,356 |
|
|
1,398 |
Mortgage banking income, net |
|
8,838 |
|
|
11,043 |
|
|
9,502 |
|
|
4,883 |
|
|
7,413 |
Other noninterest income |
|
2,796 |
|
|
1,785 |
|
|
3,272 |
|
|
2,519 |
|
|
1,368 |
Total noninterest income |
|
22,075 |
|
|
23,274 |
|
|
22,808 |
|
|
17,221 |
|
|
18,650 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|||||
Salaries and benefits |
|
39,306 |
|
|
39,828 |
|
|
37,353 |
|
|
30,158 |
|
|
33,968 |
Occupancy and equipment |
|
9,121 |
|
|
8,701 |
|
|
8,595 |
|
|
8,449 |
|
|
8,487 |
Amortization of intangible assets |
|
651 |
|
|
652 |
|
|
815 |
|
|
829 |
|
|
899 |
Merger related expenses |
|
1,633 |
|
|
1,046 |
|
|
2,489 |
|
|
— |
|
|
— |
Other noninterest expenses |
|
13,953 |
|
|
13,648 |
|
|
12,576 |
|
|
12,872 |
|
|
12,822 |
Total noninterest expense |
|
64,664 |
|
|
63,875 |
|
|
61,828 |
|
|
52,308 |
|
|
56,176 |
Income before income taxes |
|
28,569 |
|
|
31,098 |
|
|
15,286 |
|
|
30,407 |
|
|
31,994 |
Provision for income taxes |
|
6,147 |
|
|
6,538 |
|
|
2,990 |
|
|
6,393 |
|
|
6,762 |
Net income |
$ |
22,422 |
|
$ |
24,560 |
|
$ |
12,296 |
|
$ |
24,014 |
|
$ |
25,232 |
Earnings per share - basic |
$ |
0.81 |
|
$ |
0.90 |
|
$ |
0.46 |
|
$ |
0.96 |
|
$ |
1.01 |
Earnings per share - diluted |
$ |
0.79 |
|
$ |
0.88 |
|
$ |
0.45 |
|
$ |
0.94 |
|
$ |
1.00 |
Condensed Consolidated Balance Sheets as of (Unaudited): |
|||||||||||||||||||
($ in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
573,674 |
|
|
$ |
535,766 |
|
|
$ |
383,605 |
|
|
$ |
479,362 |
|
|
$ |
443,887 |
|
Securities available-for-sale, at fair value |
|
496,811 |
|
|
|
491,649 |
|
|
|
499,078 |
|
|
|
516,757 |
|
|
|
495,992 |
|
Securities held-to-maturity |
|
35,885 |
|
|
|
36,310 |
|
|
|
36,640 |
|
|
|
36,983 |
|
|
|
37,410 |
|
Loans held-for-sale, at fair value |
|
72,247 |
|
|
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
|
|
51,465 |
|
Loans |
|
6,443,756 |
|
|
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
|
|
6,179,522 |
|
Allowance for credit losses |
|
(83,159 |
) |
|
|
(78,960 |
) |
|
|
(79,829 |
) |
|
|
(80,398 |
) |
|
|
(78,666 |
) |
Loans, net |
|
6,360,597 |
|
|
|
6,258,202 |
|
|
|
6,205,039 |
|
|
|
6,186,698 |
|
|
|
6,100,856 |
|
Mortgage servicing rights, at fair value |
|
78,799 |
|
|
|
80,744 |
|
|
|
78,416 |
|
|
|
76,701 |
|
|
|
81,036 |
|
Premises and equipment, net |
|
82,532 |
|
|
|
83,320 |
|
|
|
84,063 |
|
|
|
84,842 |
|
|
|
83,733 |
|
Other real estate owned and foreclosed assets, net |
|
4,478 |
|
|
|
4,497 |
|
|
|
4,414 |
|
|
|
4,100 |
|
|
|
8,395 |
|
Goodwill |
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
Intangible assets, net |
|
8,866 |
|
|
|
9,517 |
|
|
|
10,168 |
|
|
|
10,984 |
|
|
|
11,813 |
|
All other assets |
|
331,115 |
|
|
|
339,236 |
|
|
|
329,882 |
|
|
|
335,602 |
|
|
|
348,805 |
|
Total assets |
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposit accounts |
$ |
1,554,762 |
|
|
$ |
1,562,308 |
|
|
$ |
1,517,315 |
|
|
$ |
1,530,506 |
|
|
$ |
1,610,650 |
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand accounts |
|
645,647 |
|
|
|
538,232 |
|
|
|
542,184 |
|
|
|
534,540 |
|
|
|
440,845 |
|
Savings and money market accounts |
|
2,608,808 |
|
|
|
2,505,439 |
|
|
|
2,473,255 |
|
|
|
2,446,632 |
|
|
|
2,476,097 |
|
NOW accounts |
|
41,234 |
|
|
|
42,687 |
|
|
|
39,181 |
|
|
|
56,819 |
|
|
|
35,686 |
|
Certificate of deposit accounts |
|
1,799,429 |
|
|
|
1,970,859 |
|
|
|
1,873,453 |
|
|
|
1,805,606 |
|
|
|
1,776,569 |
|
Total deposits |
|
6,649,880 |
|
|
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
|
|
6,339,847 |
|
Securities sold under agreements to repurchase |
|
10,913 |
|
|
|
20,408 |
|
|
|
20,423 |
|
|
|
24,693 |
|
|
|
25,868 |
|
Federal Home Loan Bank advances |
|
215,000 |
|
|
|
145,000 |
|
|
|
144,810 |
|
|
|
389,468 |
|
|
|
330,000 |
|
Other borrowings |
|
75,709 |
|
|
|
75,577 |
|
|
|
75,445 |
|
|
|
75,313 |
|
|
|
75,180 |
|
Other liabilities |
|
152,900 |
|
|
|
142,186 |
|
|
|
130,873 |
|
|
|
138,950 |
|
|
|
142,261 |
|
Total liabilities |
|
7,104,402 |
|
|
|
7,002,696 |
|
|
|
6,816,939 |
|
|
|
7,002,527 |
|
|
|
6,913,156 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
547,271 |
|
|
|
543,339 |
|
|
|
542,582 |
|
|
|
462,680 |
|
|
|
462,507 |
|
Retained earnings |
|
516,800 |
|
|
|
494,378 |
|
|
|
469,818 |
|
|
|
457,522 |
|
|
|
433,508 |
|
Accumulated other comprehensive loss, net |
|
(29,989 |
) |
|
|
(41,121 |
) |
|
|
(47,741 |
) |
|
|
(43,007 |
) |
|
|
(52,298 |
) |
Total stockholders' equity |
|
1,034,085 |
|
|
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
|
|
843,719 |
|
Total liabilities and stockholders' equity |
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
Consolidated Capital Ratios as of: |
|||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
Stockholders' equity to total assets |
12.71 % |
|
12.46 % |
|
12.40 % |
|
11.13 % |
|
10.88 % |
Tangible stockholders' equity to tangible assets (1) |
11.59 % |
|
11.32 % |
|
11.21 % |
|
9.94 % |
|
9.65 % |
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2) |
11.56 % |
|
11.27 % |
|
11.17 % |
|
9.90 % |
|
9.59 % |
Tier 1 leverage ratio |
11.96 % |
|
11.83 % |
|
11.73 % |
|
10.52 % |
|
10.37 % |
Common equity tier 1 risk-based capital ratio |
13.06 % |
|
12.80 % |
|
12.54 % |
|
11.10 % |
|
10.79 % |
Tier 1 risk-based capital ratio |
13.06 % |
|
12.80 % |
|
12.54 % |
|
11.10 % |
|
10.79 % |
Total risk-based capital ratio |
15.25 % |
|
14.95 % |
|
14.73 % |
|
13.25 % |
|
12.93 % |
| (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 nine months ended |
||||||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||
(In thousands) |
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans (1) |
|
6,460,484 |
|
6.71 % |
|
|
6,180,684 |
|
6.44 % |
|
|
6,386,620 |
|
6.59 % |
|
|
6,144,057 |
|
6.15 % |
Investment securities |
|
527,241 |
|
3.62 % |
|
|
545,257 |
|
3.10 % |
|
|
532,562 |
|
3.51 % |
|
|
559,855 |
|
3.00 % |
Interest-bearing cash and other assets |
|
442,632 |
|
5.17 % |
|
|
221,559 |
|
5.39 % |
|
|
343,911 |
|
5.26 % |
|
|
187,468 |
|
5.41 % |
Total earning assets |
|
7,430,357 |
|
6.40 % |
|
|
6,947,500 |
|
6.15 % |
|
|
7,263,093 |
|
6.31 % |
|
|
6,891,380 |
|
5.88 % |
Other assets |
|
534,740 |
|
|
|
|
557,988 |
|
|
|
|
543,916 |
|
|
|
|
553,628 |
|
|
Total assets |
$ |
7,965,097 |
|
|
|
$ |
7,505,488 |
|
|
|
$ |
7,807,009 |
|
|
|
$ |
7,445,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand and NOW deposits |
$ |
657,537 |
|
3.75 % |
|
$ |
466,837 |
|
3.27 % |
|
$ |
609,632 |
|
3.70 % |
|
$ |
343,112 |
|
2.79 % |
Savings deposits |
|
411,526 |
|
0.72 % |
|
|
439,172 |
|
0.62 % |
|
|
415,687 |
|
0.70 % |
|
|
452,298 |
|
0.48 % |
Money market deposits |
|
2,140,552 |
|
2.25 % |
|
|
2,026,028 |
|
1.58 % |
|
|
2,098,927 |
|
2.06 % |
|
|
2,142,301 |
|
1.18 % |
Certificates of deposits |
|
1,800,502 |
|
4.58 % |
|
|
1,748,515 |
|
4.21 % |
|
|
1,812,839 |
|
4.62 % |
|
|
1,407,264 |
|
3.61 % |
Total deposits |
|
5,010,117 |
|
3.16 % |
|
|
4,680,552 |
|
2.64 % |
|
|
4,937,085 |
|
3.09 % |
|
|
4,344,975 |
|
2.02 % |
Repurchase agreements |
|
13,528 |
|
1.29 % |
|
|
26,549 |
|
0.98 % |
|
|
17,099 |
|
1.15 % |
|
|
29,953 |
|
0.73 % |
Total deposits and repurchase agreements |
|
5,023,645 |
|
3.16 % |
|
|
4,707,101 |
|
2.63 % |
|
|
4,954,184 |
|
3.08 % |
|
|
4,374,928 |
|
2.01 % |
FHLB borrowings |
|
135,641 |
|
5.61 % |
|
|
84,332 |
|
5.40 % |
|
|
125,799 |
|
5.61 % |
|
|
335,485 |
|
5.00 % |
Other long-term borrowings |
|
75,654 |
|
6.58 % |
|
|
78,680 |
|
6.44 % |
|
|
75,522 |
|
6.59 % |
|
|
79,801 |
|
6.36 % |
Total interest-bearing liabilities |
|
5,234,940 |
|
3.27 % |
|
|
4,870,113 |
|
2.74 % |
|
|
5,155,505 |
|
3.20 % |
|
|
4,790,214 |
|
2.29 % |
Noninterest-bearing deposits |
|
1,568,685 |
|
|
|
|
1,654,090 |
|
|
|
|
1,529,793 |
|
|
|
|
1,705,392 |
|
|
Other liabilities |
|
141,206 |
|
|
|
|
142,027 |
|
|
|
|
136,491 |
|
|
|
|
131,628 |
|
|
Stockholders' equity |
|
1,020,266 |
|
|
|
|
839,258 |
|
|
|
|
985,220 |
|
|
|
|
817,774 |
|
|
Total liabilities and stockholders' equity |
$ |
7,965,097 |
|
|
|
$ |
7,505,488 |
|
|
|
$ |
7,807,009 |
|
|
|
$ |
7,445,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net interest spread |
|
|
3.13 % |
|
|
|
3.41 % |
|
|
|
3.11 % |
|
|
|
3.59 % |
||||
Net interest margin |
|
|
4.10 % |
|
|
|
4.23 % |
|
|
|
4.04 % |
|
|
|
4.28 % |
||||
Net interest margin (on FTE basis) (2) |
|
|
4.16 % |
|
|
|
4.30 % |
|
|
|
4.10 % |
|
|
|
4.36 % |
||||
| (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 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
For the quarter ended |
|||||||||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|||||||||||||||
(In thousands) |
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans (1) |
|
6,460,484 |
|
6.71 % |
|
|
6,384,709 |
|
6.59 % |
|
|
6,313,855 |
|
6.48 % |
|
|
6,280,362 |
|
6.51 % |
|
|
6,180,684 |
|
6.44 % |
Investment securities |
|
527,241 |
|
3.62 % |
|
|
523,545 |
|
3.65 % |
|
|
546,960 |
|
3.28 % |
|
|
538,348 |
|
3.28 % |
|
|
545,257 |
|
3.10 % |
Interest-bearing cash and other assets |
|
442,632 |
|
5.17 % |
|
|
348,509 |
|
5.25 % |
|
|
239,508 |
|
5.49 % |
|
|
247,978 |
|
5.50 % |
|
|
221,559 |
|
5.39 % |
Total earning assets |
|
7,430,357 |
|
6.40 % |
|
|
7,256,763 |
|
6.31 % |
|
|
7,100,323 |
|
6.20 % |
|
|
7,066,688 |
|
6.22 % |
|
|
6,947,500 |
|
6.15 % |
Other assets |
|
534,740 |
|
|
|
|
548,465 |
|
|
|
|
548,642 |
|
|
|
|
563,368 |
|
|
|
|
557,988 |
|
|
Total assets |
$ |
7,965,097 |
|
|
|
$ |
7,805,228 |
|
|
|
$ |
7,648,965 |
|
|
|
$ |
7,630,056 |
|
|
|
$ |
7,505,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
$ |
657,537 |
|
3.75 % |
|
$ |
621,343 |
|
3.80 % |
|
$ |
549,491 |
|
3.54 % |
|
$ |
510,982 |
|
3.45 % |
|
$ |
466,837 |
|
3.27 % |
Savings deposits |
|
411,526 |
|
0.72 % |
|
|
413,699 |
|
0.69 % |
|
|
421,882 |
|
0.69 % |
|
|
457,679 |
|
0.93 % |
|
|
439,172 |
|
0.62 % |
Money market deposits |
|
2,140,552 |
|
2.25 % |
|
|
2,092,449 |
|
2.01 % |
|
|
2,063,321 |
|
1.93 % |
|
|
2,063,383 |
|
1.82 % |
|
|
2,026,028 |
|
1.58 % |
Certificates of deposits |
|
1,800,502 |
|
4.58 % |
|
|
1,823,522 |
|
4.69 % |
|
|
1,814,629 |
|
4.60 % |
|
|
1,825,325 |
|
4.54 % |
|
|
1,748,515 |
|
4.21 % |
Total deposits |
|
5,010,117 |
|
3.16 % |
|
|
4,951,013 |
|
3.11 % |
|
|
4,849,323 |
|
3.00 % |
|
|
4,857,369 |
|
2.93 % |
|
|
4,680,552 |
|
2.64 % |
Repurchase agreements |
|
13,528 |
|
1.29 % |
|
|
16,553 |
|
1.15 % |
|
|
21,254 |
|
1.06 % |
|
|
23,457 |
|
1.06 % |
|
|
26,549 |
|
0.98 % |
Total deposits and repurchase agreements |
|
5,023,645 |
|
3.16 % |
|
|
4,967,566 |
|
3.10 % |
|
|
4,870,577 |
|
2.99 % |
|
|
4,880,826 |
|
2.92 % |
|
|
4,707,101 |
|
2.63 % |
FHLB borrowings |
|
135,641 |
|
5.61 % |
|
|
130,871 |
|
5.67 % |
|
|
110,777 |
|
5.56 % |
|
|
74,146 |
|
5.64 % |
|
|
84,332 |
|
5.40 % |
Other long-term borrowings |
|
75,654 |
|
6.58 % |
|
|
75,522 |
|
6.59 % |
|
|
75,389 |
|
6.62 % |
|
|
75,249 |
|
6.62 % |
|
|
78,680 |
|
6.44 % |
Total interest-bearing liabilities |
|
5,234,940 |
|
3.27 % |
|
|
5,173,959 |
|
3.22 % |
|
|
5,056,743 |
|
3.10 % |
|
|
5,030,221 |
|
3.01 % |
|
|
4,870,113 |
|
2.74 % |
Noninterest-bearing deposits |
|
1,568,685 |
|
|
|
|
1,517,560 |
|
|
|
|
1,502,707 |
|
|
|
|
1,597,672 |
|
|
|
|
1,654,090 |
|
|
Other liabilities |
|
141,206 |
|
|
|
|
133,845 |
|
|
|
|
134,370 |
|
|
|
|
143,416 |
|
|
|
|
142,027 |
|
|
Stockholders' equity |
|
1,020,266 |
|
|
|
|
979,864 |
|
|
|
|
955,145 |
|
|
|
|
858,747 |
|
|
|
|
839,258 |
|
|
Total liabilities and stockholders' equity |
$ |
7,965,097 |
|
|
|
$ |
7,805,228 |
|
|
|
$ |
7,648,965 |
|
|
|
$ |
7,630,056 |
|
|
|
$ |
7,505,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest spread |
|
|
3.13 % |
|
|
|
3.09 % |
|
|
|
3.10 % |
|
|
|
3.21 % |
|
|
|
3.41 % |
|||||
Net interest margin |
|
|
4.10 % |
|
|
|
4.02 % |
|
|
|
3.99 % |
|
|
|
4.08 % |
|
|
|
4.23 % |
|||||
Net interest margin (on FTE basis) (2) |
|
|
4.16 % |
|
|
|
4.08 % |
|
|
|
4.06 % |
|
|
|
4.15 % |
|
|
|
4.30 % |
|||||
| (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) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Consumer |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
397,880 |
|
$ |
414,795 |
|
$ |
356,732 |
|
$ |
360,168 |
|
$ |
366,366 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
61,929 |
|
|
42,903 |
|
|
38,625 |
|
|
36,162 |
|
|
33,340 |
Savings deposits |
|
331,811 |
|
|
334,741 |
|
|
340,086 |
|
|
343,291 |
|
|
356,890 |
Money market deposits |
|
1,333,486 |
|
|
1,243,355 |
|
|
1,229,239 |
|
|
1,196,645 |
|
|
1,149,365 |
Certificates of deposits |
|
1,247,348 |
|
|
1,438,792 |
|
|
1,437,590 |
|
|
1,437,537 |
|
|
1,366,255 |
Total interest-bearing deposit accounts |
|
2,974,574 |
|
|
3,059,791 |
|
|
3,045,540 |
|
|
3,013,635 |
|
|
2,905,850 |
Total consumer deposits |
$ |
3,372,454 |
|
$ |
3,474,586 |
|
$ |
3,402,272 |
|
$ |
3,373,803 |
|
$ |
3,272,216 |
Business |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
1,156,882 |
|
$ |
1,147,513 |
|
$ |
1,160,583 |
|
$ |
1,170,338 |
|
$ |
1,244,284 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
624,952 |
|
|
538,016 |
|
|
502,726 |
|
|
555,197 |
|
|
443,191 |
Savings deposits |
|
77,744 |
|
|
77,931 |
|
|
80,226 |
|
|
80,802 |
|
|
85,234 |
Money market deposits |
|
865,767 |
|
|
849,412 |
|
|
823,704 |
|
|
825,811 |
|
|
859,516 |
Certificates of deposits |
|
62,187 |
|
|
90,189 |
|
|
97,854 |
|
|
87,407 |
|
|
77,228 |
Total interest-bearing deposit accounts |
|
1,630,650 |
|
|
1,555,548 |
|
|
1,504,510 |
|
|
1,549,217 |
|
|
1,465,169 |
Total business deposits |
$ |
2,787,532 |
|
$ |
2,703,061 |
|
$ |
2,665,093 |
|
$ |
2,719,555 |
|
$ |
2,709,453 |
Wholesale deposits (1) |
$ |
489,894 |
|
$ |
441,878 |
|
$ |
378,023 |
|
$ |
280,745 |
|
$ |
358,178 |
Total deposits |
$ |
6,649,880 |
|
$ |
6,619,525 |
|
$ |
6,445,388 |
|
$ |
6,374,103 |
|
$ |
6,339,847 |
| (1) | Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. |
Balance Sheet Ratios as of: |
|||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
Cash to total assets (1) |
6.90 % |
|
6.60 % |
|
4.80 % |
|
6.00 % |
|
5.60 % |
Loan to deposit ratio |
96.9 % |
|
95.7 % |
|
97.5 % |
|
98.3 % |
|
97.5 % |
Uninsured deposits to total deposits (2) |
32.7 % |
|
32.1 % |
|
32.0 % |
|
31.2 % |
|
32.0 % |
Uninsured and uncollateralized deposits to total deposits (2) |
26.8 % |
|
25.5 % |
|
25.2 % |
|
25.1 % |
|
25.4 % |
Wholesale deposits and borrowings to total liabilities (3) |
9.9 % |
|
8.4 % |
|
7.7 % |
|
9.6 % |
|
10.0 % |
| (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) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Commercial and industrial |
$ |
2,527,636 |
|
$ |
2,431,110 |
|
$ |
2,480,078 |
|
$ |
2,467,688 |
|
$ |
2,459,358 |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
|
821,670 |
|
|
866,999 |
|
|
836,515 |
|
|
812,235 |
|
|
767,135 |
Owner occupied |
|
700,325 |
|
|
660,511 |
|
|
642,930 |
|
|
635,365 |
|
|
631,352 |
Construction and land |
|
333,457 |
|
|
350,878 |
|
|
326,447 |
|
|
345,430 |
|
|
329,433 |
Multifamily |
|
95,125 |
|
|
94,220 |
|
|
94,898 |
|
|
103,066 |
|
|
114,535 |
Total commercial real estate |
|
1,950,577 |
|
|
1,972,608 |
|
|
1,900,790 |
|
|
1,896,096 |
|
|
1,842,455 |
Residential real estate |
|
1,172,459 |
|
|
1,146,989 |
|
|
1,109,676 |
|
|
1,110,610 |
|
|
1,059,074 |
Public Finance |
|
536,776 |
|
|
537,872 |
|
|
579,991 |
|
|
602,913 |
|
|
602,844 |
Consumer |
|
45,267 |
|
|
42,129 |
|
|
40,317 |
|
|
36,371 |
|
|
37,681 |
Other |
|
211,041 |
|
|
206,454 |
|
|
174,016 |
|
|
153,418 |
|
|
178,110 |
Total loans, net of deferred costs, fees, premiums, and discounts |
$ |
6,443,756 |
|
$ |
6,337,162 |
|
$ |
6,284,868 |
|
$ |
6,267,096 |
|
$ |
6,179,522 |
Asset Quality: |
|||||||||||||||||||
|
As of and for the quarter ended |
||||||||||||||||||
($ in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Net charge-offs |
$ |
1,401 |
|
|
$ |
2,009 |
|
|
$ |
17,429 |
|
|
$ |
4,743 |
|
|
$ |
2,296 |
|
Allowance for credit losses |
$ |
83,159 |
|
|
$ |
78,960 |
|
|
$ |
79,829 |
|
|
$ |
80,398 |
|
|
$ |
78,666 |
|
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due |
$ |
65,824 |
|
|
$ |
62,558 |
|
|
$ |
57,599 |
|
|
$ |
63,143 |
|
|
$ |
40,743 |
|
Nonperforming assets |
$ |
70,302 |
|
|
$ |
67,055 |
|
|
$ |
62,013 |
|
|
$ |
67,243 |
|
|
$ |
49,138 |
|
Ratio of net charge-offs to average loans outstanding |
|
0.09 |
% |
|
|
0.13 |
% |
|
|
1.11 |
% |
|
|
0.30 |
% |
|
|
0.15 |
% |
Allowance for credit losses to total loans outstanding |
|
1.29 |
% |
|
|
1.25 |
% |
|
|
1.27 |
% |
|
|
1.28 |
% |
|
|
1.27 |
% |
Allowance for credit losses to total nonperforming loans |
|
126.34 |
% |
|
|
126.22 |
% |
|
|
138.59 |
% |
|
|
127.33 |
% |
|
|
193.08 |
% |
Nonperforming loans to total loans |
|
1.02 |
% |
|
|
0.99 |
% |
|
|
0.92 |
% |
|
|
1.01 |
% |
|
|
0.66 |
% |
Nonperforming assets to total assets |
|
0.86 |
% |
|
|
0.84 |
% |
|
|
0.80 |
% |
|
|
0.85 |
% |
|
|
0.63 |
% |
Non-GAAP Financial Measures and Reconciliations: |
|||||||||||||||||||||||||||
|
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,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||
Tangible stockholders’ equity: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,034,085 |
|
|
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
843,719 |
|
|
$ |
1,034,085 |
|
|
$ |
843,719 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(8,866 |
) |
|
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(11,813 |
) |
|
|
(8,866 |
) |
|
|
(11,813 |
) |
Tangible stockholders' equity (non-GAAP) |
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
931,736 |
|
|
$ |
738,423 |
|
Tangible assets: |
|||||||||||||||||||||||||||
Total assets (GAAP) |
$ |
8,138,487 |
|
|
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
|
$ |
8,138,487 |
|
|
$ |
7,756,875 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(8,866 |
) |
|
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(11,813 |
) |
|
|
(8,866 |
) |
|
|
(11,813 |
) |
Tangible assets (non-GAAP) |
$ |
8,036,138 |
|
|
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,651,579 |
|
|
$ |
8,036,138 |
|
|
$ |
7,651,579 |
|
Tangible stockholders’ equity to tangible assets: |
|||||||||||||||||||||||||||
Total stockholders' equity to total assets (GAAP) |
|
12.71 |
% |
|
|
12.46 |
% |
|
|
12.40 |
% |
|
|
11.13 |
% |
|
|
10.88 |
% |
|
|
12.71 |
% |
|
|
10.88 |
% |
Less: Impact of goodwill and other intangible assets |
|
(1.12 |
)% |
|
|
(1.14 |
)% |
|
|
(1.19 |
)% |
|
|
(1.19 |
)% |
|
|
(1.23 |
)% |
|
|
(1.12 |
)% |
|
|
(1.23 |
)% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
11.59 |
% |
|
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
9.65 |
% |
|
|
11.59 |
% |
|
|
9.65 |
% |
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: |
|||||||||||||||||||||||||||
Tangible stockholders' equity (non-GAAP) |
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
931,736 |
|
|
$ |
738,423 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(2,852 |
) |
|
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(5,001 |
) |
|
|
(2,852 |
) |
|
|
(5,001 |
) |
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
928,884 |
|
|
$ |
889,650 |
|
|
$ |
856,775 |
|
|
$ |
769,101 |
|
|
$ |
733,422 |
|
|
$ |
928,884 |
|
|
$ |
733,422 |
|
Tangible assets (non-GAAP) |
$ |
8,036,138 |
|
|
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,651,579 |
|
|
$ |
8,036,138 |
|
|
$ |
7,651,579 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(2,852 |
) |
|
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(5,001 |
) |
|
|
(2,852 |
) |
|
|
(5,001 |
) |
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
8,033,286 |
|
|
$ |
7,892,346 |
|
|
$ |
7,673,714 |
|
|
$ |
7,771,628 |
|
|
$ |
7,646,578 |
|
|
$ |
8,033,286 |
|
|
$ |
7,646,578 |
|
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
11.59 |
% |
|
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
9.65 |
% |
|
|
11.59 |
% |
|
|
9.65 |
% |
Less: Net unrealized losses on HTM securities, net of tax |
|
(0.03 |
)% |
|
|
(0.05 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.06 |
)% |
|
|
(0.03 |
)% |
|
|
(0.06 |
)% |
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) |
|
11.56 |
% |
|
|
11.27 |
% |
|
|
11.17 |
% |
|
|
9.90 |
% |
|
|
9.59 |
% |
|
|
11.56 |
% |
|
|
9.59 |
% |
Tangible book value per share: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,034,085 |
|
|
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
843,719 |
|
|
$ |
1,034,085 |
|
|
$ |
843,719 |
|
Tangible stockholders' equity (non-GAAP) |
$ |
931,736 |
|
|
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
931,736 |
|
|
$ |
738,423 |
|
Total shares outstanding |
|
27,665,918 |
|
|
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
|
|
24,942,645 |
|
|
|
27,665,918 |
|
|
|
24,942,645 |
|
Book value per share (GAAP) |
$ |
37.38 |
|
|
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
|
$ |
33.83 |
|
|
$ |
37.38 |
|
|
$ |
33.83 |
|
Tangible book value per share (non-GAAP) |
$ |
33.68 |
|
|
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
|
$ |
29.60 |
|
|
$ |
33.68 |
|
|
$ |
29.60 |
|
Net income excluding merger costs: |
|||||||||||||||||||||||||||
Net income (GAAP) |
$ |
22,422 |
|
|
$ |
24,560 |
|
|
$ |
12,296 |
|
|
$ |
24,014 |
|
|
$ |
25,232 |
|
|
$ |
59,278 |
|
|
$ |
79,519 |
|
Add: Merger costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merger related expenses |
|
1,633 |
|
|
|
1,046 |
|
|
|
2,489 |
|
|
|
— |
|
|
|
— |
|
|
|
5,168 |
|
|
|
— |
|
Income tax effect on merger related expenses |
|
(400 |
) |
|
|
(425 |
) |
|
|
(193 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,018 |
) |
|
|
— |
|
Total merger costs, net of tax |
|
1,233 |
|
|
|
621 |
|
|
|
2,296 |
|
|
|
— |
|
|
|
— |
|
|
|
4,150 |
|
|
|
— |
|
Net income excluding merger costs (non-GAAP) |
$ |
23,655 |
|
|
$ |
25,181 |
|
|
$ |
14,592 |
|
|
$ |
24,014 |
|
|
$ |
25,232 |
|
|
$ |
63,428 |
|
|
$ |
79,519 |
|
Return on average total assets excluding merger costs: |
|||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) |
|
1.13 |
% |
|
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.01 |
% |
|
|
1.42 |
% |
Add: Impact of merger costs, net of tax |
|
0.06 |
% |
|
|
0.03 |
% |
|
|
0.12 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.07 |
% |
|
|
— |
% |
ROAA excluding merger costs (non-GAAP) |
|
1.19 |
% |
|
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.08 |
% |
|
|
1.42 |
% |
Return on average stockholders’ equity excluding merger costs: |
|||||||||||||||||||||||||||
Return on average stockholders' equity (ROAE) (GAAP) |
|
8.79 |
% |
|
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
8.02 |
% |
|
|
12.97 |
% |
Add: Impact of merger costs, net of tax |
|
0.48 |
% |
|
|
0.25 |
% |
|
|
0.96 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.56 |
% |
|
|
— |
% |
ROAE excluding merger costs (non-GAAP) |
|
9.27 |
% |
|
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
8.58 |
% |
|
|
12.97 |
% |
Efficiency ratio excluding merger related expenses: |
|||||||||||||||||||||||||||
Efficiency ratio (GAAP) |
|
65.83 |
% |
|
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
66.10 |
% |
|
|
60.19 |
% |
Less: Impact of merger related expenses |
|
(1.67 |
)% |
|
|
(1.09 |
)% |
|
|
(2.66 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
(1.80 |
)% |
|
|
— |
% |
Efficiency ratio excluding merger related expenses (non-GAAP) |
|
64.16 |
% |
|
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
64.30 |
% |
|
|
60.19 |
% |
Diluted earnings per share excluding merger costs: |
|||||||||||||||||||||||||||
Diluted earnings per share (GAAP) |
$ |
0.79 |
|
|
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
2.12 |
|
|
$ |
3.13 |
|
Add: Impact of merger costs, net of tax |
|
0.05 |
|
|
|
0.02 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
— |
|
|
|
0.15 |
|
|
|
— |
|
Diluted earnings per share excluding merger costs (non-GAAP) |
$ |
0.84 |
|
|
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
2.27 |
|
|
$ |
3.13 |
|
Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis: |
|||||||||||||||||||||||||||
Net interest income (GAAP) |
$ |
76,158 |
|
|
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
|
$ |
73,410 |
|
|
$ |
219,863 |
|
|
$ |
221,362 |
|
Gross income effect of tax exempt income |
|
1,132 |
|
|
|
1,156 |
|
|
|
1,318 |
|
|
|
1,270 |
|
|
|
1,286 |
|
|
|
3,606 |
|
|
|
3,816 |
|
FTE net interest income (non-GAAP) |
$ |
77,290 |
|
|
$ |
74,055 |
|
|
$ |
72,124 |
|
|
$ |
73,339 |
|
|
$ |
74,696 |
|
|
$ |
223,469 |
|
|
$ |
225,178 |
|
Average earning assets |
$ |
7,430,357 |
|
|
$ |
7,256,763 |
|
|
$ |
7,100,323 |
|
|
$ |
7,066,688 |
|
|
$ |
6,947,500 |
|
|
$ |
7,263,093 |
|
|
$ |
6,891,380 |
|
Net interest margin |
|
4.10 |
% |
|
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
|
|
4.23 |
% |
|
|
4.04 |
% |
|
|
4.28 |
% |
Net interest margin on FTE basis (non-GAAP) |
|
4.16 |
% |
|
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.30 |
% |
|
|
4.10 |
% |
|
|
4.36 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022703858/en/
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
214.473.7958 | Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Vice President of Marketing, Sunflower Bank
915.881.6785 | Jeanne.Lipson@SunflowerBank.com
Source: FirstSun Capital Bancorp
FAQ
What was FirstSun Capital Bancorp's (FSUN) earnings per share in Q3 2024?
What was FSUN's net interest margin in Q3 2024?
How much did FirstSun's (FSUN) loans grow in Q3 2024?
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