FirstSun Capital Bancorp reported net income of $22.4 million for the third quarter of 2024, a decrease from $25.2 million in the third quarter of 2023. Diluted earnings per share also fell to $0.79, compared to $1.00 in the prior year's quarter. These results were negatively impacted by $1.2 million in merger costs, net of tax, which reduced diluted earnings per share by $0.05.
Net interest income for the quarter totaled $76.2 million, an increase of $3.3 million from the prior quarter, with the net interest margin rising eight basis points to 4.10%. However, the provision for credit losses increased significantly to $5.0 million, up from $1.2 million in the prior quarter, primarily due to loan growth and deterioration on a specific customer relationship in the loan portfolio. Loans grew by $0.1 billion to $6.4 billion, representing an annualized growth rate of 6.7%, while deposits increased by $30.4 million to $6.6 billion, an annualized growth rate of 1.8%.
Noninterest income decreased by $1.2 million to $22.1 million, mainly due to a decline in mortgage banking income. Noninterest expense increased by $0.8 million to $64.7 million, driven by higher merger-related expenses. Despite these pressures, the company maintained strong capital ratios, exceeding 'well-capitalized' thresholds, and reported a tangible book value per share of $33.68, an increase of $1.12 from the prior quarter.
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