FirstSun Capital Bancorp reported net income of $75.6 million, or $2.69 per diluted share, for the year ended December 31, 2024, compared to $103.5 million, or $4.08 per diluted share, in 2023. Adjusted net income, a non-GAAP measure, was $87.7 million, or $3.13 per diluted share, in 2024. The company's return on average total assets was 0.96% in 2024, down from 1.38% in 2023, while the return on average stockholders' equity was 7.56% in 2024, compared to 12.50% in 2023. Adjusted return on average total assets and adjusted return on average stockholders' equity were 1.12% and 8.77%, respectively, in 2024.
The decrease in net income was primarily attributed to a decrease in net interest income, an increase in noninterest expenses, and a rise in the provision for credit losses. Net interest income decreased by $9.3 million to $283.2 million in 2024 due to higher interest expense from increased competition for deposits and a rise in certificate of deposit balances. Noninterest expense increased by $29.3 million to $204.9 million, mainly due to higher salary and employee benefits and terminated merger-related expenses. The provision for credit losses increased by $12.6 million to $28.4 million, largely due to a $13.6 million provision for a specific commercial and industrial loan customer.
During 2024, FirstSun completed the merger with Pioneer Bancshares, Inc., acquiring 19 branches in Texas, and relocated its main office from Denver, Colorado to Dallas, Texas. The company also decided to rebrand its mortgage division, ceasing operations under the Guardian tradename and transitioning to Sunflower Bank Mortgage Lending. As of December 31, 2024, FirstSun had consolidated total assets of $8.1 billion, total net loans of $6.3 billion, total deposits of $6.7 billion, and total stockholders' equity of $1.0 billion. The company employed 1,127 full-time equivalent employees.
FirstSun's business strategy focuses on organic growth by investing in personnel, technology, and infrastructure, with a particular emphasis on key Southwest and Western growth markets. The company also plans to continue evaluating strategic acquisitions to enhance its market position, earnings power, and product offerings. The company operates in a highly competitive financial services industry, competing with various financial institutions and fintech companies.
Looking ahead, FirstSun anticipates continued growth in its Texas and Southern California markets, having received approval for two new branches in California. The company also plans to pursue opportunistic mergers and acquisitions. However, the company acknowledges several risks, including economic downturns, interest rate fluctuations, credit risk, and regulatory changes, which could materially affect its future performance.
About FIRSTSUN CAPITAL BANCORP
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