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FirstSun Capital Bancorp (FSUN-0.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $22.4 million, or $0.79 per diluted share, compared to $25.2 million, or $1.00 per diluted share, for the same period in 2023.
Net interest income for the quarter was $76.2 million, an increase of 3.7% from the previous year, driven by a rise in interest income from loans and investment securities.
Provision for credit losses increased to $5.0 million from $3.9 million in the previous year, primarily due to loan growth and deterioration on a specific customer relationship.
Noninterest income rose to $22.1 million from $18.7 million, with increases in service charges on deposit accounts and income from mortgage banking services.
Noninterest expenses increased to $64.7 million from $56.2 million, mainly due to higher salary and employee benefits and merger-related expenses.
The company reported a return on average total assets of 1.13% and a return on average stockholders' equity of 8.79% for the quarter.
Total assets at the end of the quarter were $8.1 billion, with total loans at $6.4 billion and total deposits at $6.6 billion.
FirstSun continues to monitor its loan portfolio, with commercial and industrial loans making up 39.2% of total loans, and non-owner occupied commercial real estate loans at 12.8% of total loans.
The filing also discusses the proposed merger with HomeStreet, Inc. (HMST-3.26%), noting that regulatory approvals have not been obtained, and the merger may not be consummated.
The company raised $80 million in common equity in connection with the proposed merger, with additional capital commitments contingent on the merger's completion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FirstSun Capital Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.