FirstSun Capital Bancorp reported a significant increase in financial performance for the first quarter of 2025, with net income reaching $23.6 million, or $0.83 per diluted share, compared to $12.3 million, or $0.45 per diluted share, in the same period of 2024. The company's net interest income rose to $74.5 million, up from $70.8 million year-over-year, while the provision for credit losses decreased to $3.8 million from $16.5 million. This improvement in profitability was attributed to a reduction in credit loss provisions and a stable net interest margin of 4.07%, reflecting effective management of interest-bearing liabilities.
Total assets for FirstSun increased to $8.2 billion as of March 31, 2025, compared to $7.8 billion at the end of 2024. The growth in assets was primarily driven by a rise in total loans held-for-investment, which reached $6.5 billion, up from $6.4 billion. The company also experienced a notable increase in total deposits, which grew to $6.9 billion, reflecting a 12.3% annualized growth rate. The loan-to-deposit ratio improved to 94.3%, indicating a strong liquidity position.
In terms of operational developments, FirstSun's banking segment reported a 6.8% annualized growth in loans, while the mortgage operations segment saw a decrease in income from mortgage banking services, totaling $9.1 million, down from $9.5 million in the previous year. The company continues to focus on expanding its customer base and enhancing its product offerings across its geographic footprint, which includes Texas, Kansas, Colorado, New Mexico, Arizona, California, and Washington.
The filing also highlighted strategic initiatives, including the ongoing rebranding of Guardian Mortgage to Sunflower Bank Mortgage Lending, aimed at consolidating the company's identity and enhancing customer recognition. As of March 31, 2025, FirstSun had approximately 1,151 full-time equivalent employees and maintained a stable branch network of 69 locations.
Looking ahead, FirstSun Capital Bancorp expressed optimism about its growth trajectory, supported by a solid capital position and a commitment to managing credit risk effectively. The company remains focused on leveraging its diversified loan portfolio and expanding its market presence while navigating potential economic challenges. The management anticipates continued improvement in financial performance, driven by strategic initiatives and operational efficiencies.
About FIRSTSUN CAPITAL BANCORP
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