Firstsun Capital - FSUN STOCK NEWS

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

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

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

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

FirstSun Capital Bancorp (FSUN) reported net income of $28.0 million, $1.11 per diluted share for Q2 2023, a significant increase from $0.4 million in Q2 2022. The net interest margin stood at 4.24%, with a return on average total assets of 1.49% and return on average stockholders’ equity of 13.54%. Average deposit growth was 9.7% annualized, and loan growth was 6.2% annualized. Noninterest income accounted for 24.8% of total revenue.

FirstSun Capital Bancorp (OTCQX: FSUN) reported a significant increase in net income for Q4 2022, totaling $24.6 million or $0.96 per diluted share, compared to $8.8 million or $0.47 in Q4 2021. This growth reflects an annual loan growth rate of 25.6% and a net interest margin of 4.45%. The company's return on average assets decreased to 1.38%, while the return on average equity was 12.89%. Noninterest income fell to $18.6 million, driven by decreased mortgage banking income. For the full year, net income reached $59.2 million, reflecting the impact of merger costs associated with the acquisition of Pioneer Bancshares.

FirstSun Capital Bancorp (OTCQX: FSUN) reported a significant increase in net income for Q3 2022, totaling $26.5 million or $1.04 per diluted share, a sharp rise from $8.7 million or $0.46 in Q3 2021. The net interest margin improved to 4.26%, reflecting strong loan growth of 12.5%. The return on average assets and equity reached 1.52% and 14.50%, respectively. Noninterest income rose to $25.0 million, while noninterest expenses decreased due to prior merger costs. Overall, credit quality remains stable amid a challenging macroeconomic environment.

FirstSun Capital Bancorp (OTCQX: FSUN) announces an expansion of the executive leadership team at Sunflower Bank to support growth and business line investments. CEO Neal Arnold stated that the company is positioned for further expansion following strategic growth initiatives. Key updates include continued roles for CFO Rob Cafera and CAO Laura Frazier, alongside new Regional Presidents Seth Allen and Chris Rude overseeing multiple banking regions. The changes take effect on October 10, 2022.