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28.10.2021 22:03

FirstSun Capital Bancorp Reports Third Quarter 2021 Results

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DENVER, Oct. 28, 2021 /PRNewswire/ -- FirstSun Capital Bancorp ("FirstSun") reported net income of $8.7 million for the third quarter of 2021, compared to net income of $11.3 million in the prior quarter and $14.8 million in the third quarter of 2020. Earnings per diluted share was $0.46 for the third quarter 2021, compared to $0.60 in the prior quarter and $0.81 in the third quarter of 2020.

FirstSun Capital Bancorp

Mollie Carter, FirstSun's Chairman and Chief Executive Officer, commented, "We continue to build momentum in our business with strong growth in C&I loans, excluding PPP balance forgiveness, and deposits. As we continue our strategic investments in the business, most notably in the Southwest, we are pleased with the growing diversification across our regions and business lines, as well as the strength of our fee business offerings. We maintain our belief in relationship banking and strong underwriting as evidenced by our asset quality metrics, including our year-to-date annualized net charge-off ratio of six basis points."

Third Quarter 2021 Results

Net income totaled $8.7 million, or $0.46 per diluted share, during the third quarter of 2021, compared to $11.3 million, or $0.60 per diluted share, during the prior quarter. The return on average assets was 0.62% in the third quarter of 2021, compared to 0.82% in the prior quarter, and the return on average equity was 6.68% in the third quarter of 2021, compared to 8.82% in the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $40.0 million during the third quarter of 2021, an increase of $3.6 million compared to the prior quarter. Our net interest margin improved 20 basis points to 3.01% compared to the prior quarter. Results in the third quarter of 2021, compared to the prior quarter, were driven by an increase in average earning assets of $134.9 million, an increase of 16 basis points in yield on earning assets and a decrease of four basis points in the cost of interest bearing liabilities. Average loans grew by $43.4 million, investment securities grew by $8.6 million and interest bearing cash balances grew by $94.4 million in the third quarter of 2021, compared to the prior quarter. Loan yield increased by 29 basis points in the third quarter of 2021, compared to the prior quarter, due to a combination of an improving loan mix, fees from loan prepayments and a decline of $23.4 million in average PPP loan balances, net of deferred fees. Our total cost of deposits decreased by four basis points to 0.24% in the third quarter of 2021, compared to the prior quarter.

Asset Quality and Provision for Loan Losses

The provision for loan losses totaled $3.5 million during the third quarter of 2021, an increase of $4.9 million compared to the prior quarter. Net recoveries during the third quarter of 2021 were $1.4 million, or a ratio of net charge-offs (recoveries) to average loans of (0.15)% annualized, compared to net charge-offs of $2.8 million, or a ratio of net charge-offs to average loans of 0.30% annualized, in the prior quarter. The year to date annualized net charge-off ratio through the third quarter of 2021 was 0.06%. The allowance for loan losses as a percentage of total loans totaled 1.26% at September 30, 2021, compared to 1.13% at June 30, 2021. The allowance for loan losses as a percentage of total loans, excluding PPP loans, a non-GAAP financial measure, totaled 1.30% at September 30, 2021, compared to 1.20% at June 30, 2021. The ratio of nonperforming assets to total assets was 0.63% at September 30, 2021, compared to 0.85% at June 30, 2021.

Noninterest Income

Noninterest income totaled $28.7 million during the third quarter of 2021, a decrease of $3.6 million from the prior quarter, primarily driven by lower mortgage banking income. Service charges on deposits increased $0.8 million during the third quarter of 2021 from the prior quarter, due to increases in both commercial and consumer deposit fees. Mortgage banking income decreased $2.8 million during the third quarter of 2021 from the prior quarter, due primarily to a decline in loan origination volume and mortgage servicing asset and hedging valuation impacts. Total mortgage loan originations declined by $83.9 million, or 13.6%, in the third quarter of 2021 from the prior quarter, with mortgage loan refinance volumes declining by $80.5 million. Noninterest income as a percentage of total revenue totaled 41.8% in the third quarter of 2021, compared to 47.0% in the prior quarter.

Noninterest Expense

Noninterest expense totaled $54.6 million during the third quarter of 2021, a decrease of $2.1 million from the prior quarter, primarily driven by lower salaries and benefits expense in both our banking and mortgage banking segments. Noninterest expenses for the third quarter of 2021 also included $0.7 million in merger expenses related to the pending transaction with Pioneer Bancshares, Inc., compared to $1.3 million in the prior quarter. Merger expenses reduced diluted earnings per share by $0.04 for the third quarter compared to an impact of $0.06 in the prior quarter. 

Tax Rate

The effective tax rate was 17.5% compared to 16.2% in the prior quarter.

Loans

Total loans were $3.8 billion at both September 30, 2021 and June 30, 2021. Excluding PPP loan balances, loans grew $99.0 million in the third quarter of 2021, or 11.0% on an annualized basis from the prior quarter, resulting primarily from growth in commercial and industrial balances.

Deposits

Average deposits increased $142.2 million in the third quarter of 2021, or 12.3% on an annualized basis, to $4.8 billion, compared to the prior quarter, with growth in both business and consumer deposits. Noninterest bearing deposit accounts represented 32.5% of total deposits at September 30, 2021 and the loan to deposit ratio was 80.8% at September 30, 2021.

Capital

Capital ratios remain strong and above "well capitalized" thresholds. As of September 30, 2021, the common equity tier 1 risk based capital ratio was 10.32%, the total risk based capital ratio was 12.55% and tier 1 leverage ratio was 8.19%. Book value per common share was $28.38 at September 30, 2021, an increase of $0.51 from June 30, 2021.  Tangible book value per common share, a non-GAAP financial measure, was $26.10 at September 30, 2021, an increase of $0.53 from June 30, 2021.

Non-GAAP Financial Measures

This press release contains financial information and performance measures determined by methods other than in accordance with principles generally accepted in the United States ("GAAP").  FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this press release:

  • Tangible stockholders' equity
  • Tangible assets
  • Tangible stockholders' equity to tangible assets
  • Tangible book value per common share
  • Total loans, excluding PPP loans
  • Allowance for loan losses to total loans outstanding, excluding PPP loans
  • Fully tax equivalent (FTE) net interest income
  • Net interest margin on an FTE basis

The tables within the "Non-GAAP Financial Measures and Reconciliations" section provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent.   

About FirstSun Capital Bancorp

FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $5.7 billion as of September 30, 2021.

First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of FirstSun. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," "would," "could" and other similar expressions are intended to identify these forward-looking statements.  Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding FirstSun's business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, FirstSun's actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under the "Risk Factors" section in our proxy statement/prospectus dated August 10, 2021 that we filed with the SEC pursuant to Securities Act Rule 424(b)(3) in connection with our proposed merger with Pioneer Bancshares, Inc. on August 12, 2021 and in FirstSun's subsequent filings with the Securities and Exchange Commission:

  • the failure to obtain necessary regulatory approvals for the merger (the "merger") of Pioneer Bancshares, Inc. ("Pioneer") with and into FirstSun when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction);
  • the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement with respect to the merger;
  • the possibility that the anticipated benefits of the merger, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where FirstSun and Pioneer do business or as a result of other unexpected factors or events;
  • the continuing impact of COVID-19 and its variants on FirstSun's business or Pioneer's business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the economy, and the resulting effect of these items on each party's operations, liquidity and capital position, and on the financial condition of each party's borrowers and other customers;
  • the inability to sustain revenue and earnings growth;
  • the inability to efficiently manage operating expenses; and
  • adverse changes in asset quality and credit risk.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, FirstSun undertakes no obligation to revise or update any forward-looking statements.

Summary Data:




As of and For The Quarter Ended


As of and For The Nine Months Ended

($ in thousands, except per share amounts)


September 30,
2021


June 30,
2021


September 30,
2020


September 30,
2021


September 30,
2020












Net interest income


$

39,965



$

36,400



$

34,338



$

114,782



$

99,156


Provision (benefit) for loan losses


3,500



(1,400)



4,800



1,750



15,100


Noninterest income


28,684



32,283



42,719



94,848



109,114


Noninterest expense


54,570



56,624



54,373



166,374



149,138


Income before income taxes


10,579



13,459



17,884



41,506



44,032


Provision for income taxes


1,851



2,178



3,130



7,159



7,707


Net income


8,728



11,281



14,754



34,347



36,325













Diluted earnings per share


$

0.46



$

0.60



$

0.81



$

1.83



$

1.98


Return on average assets


0.62

%


0.82

%


1.23

%


0.85

%


1.06

%

Return on average equity


6.68

%


8.82

%


12.42

%


8.95

%


10.56

%

Net interest margin


3.01

%


2.81

%


3.03

%


3.00

%


3.08

%

Net interest margin (FTE basis)1


3.10

%


2.93

%


3.15

%


3.11

%


3.21

%

Efficiency ratio


79.49

%


82.44

%


70.56

%


79.37

%


71.61

%

Noninterest income to total revenue


41.78

%


47.00

%


55.44

%


45.25

%


52.39

%












Total assets


$

5,683,085



$

5,563,076



$

4,888,757



$

5,683,085



$

4,888,757


Total loans held-for-sale


122,217



136,999



147,624



122,217



147,624


Total loans held-for-investment


3,803,981



3,794,355



3,799,593



3,803,981



3,799,593


Total deposits


4,857,985



4,748,698



3,898,929



4,857,985



3,898,929


Total stockholders' equity


519,921



510,582



475,481



519,921



475,481


Period end loan to deposit ratio2


80.82

%


82.79

%


101.24

%


80.82

%


101.24

%

Book value per common share


28.38



27.87



25.95



28.38



25.95


Tangible book value per common share


26.10



25.57



23.60



26.10



23.60












1 Represents a non-GAAP financial measure. See the tables within the "Non-GAAP Financial Measures and Reconciliations" section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

2 Loans are inclusive of loans held-for-sale and loans held-for-investment.

 

Consolidated Condensed Statements of Income (Unaudited):




As of and For The Quarter Ended


As of and For The Nine Months Ended

($ in thousands, except per share amounts)


September 30,
2021


June 30,
2021


September 30,
2020


September 30,
2021


September 30,
2020












Total interest income


$

43,261



$

40,069



$

39,160



$

125,776



$

115,810


Total interest expense


3,296



3,669



4,822



10,994



16,654


Net interest income


39,965



36,400



34,338



114,782



99,156


Provision (benefit) for loan losses


3,500



(1,400)



4,800



1,750



15,100


Net interest income after provision (benefit) for loan losses


36,465



37,800



29,538



113,032



84,056


Noninterest income:











Service charges on deposits


3,471



2,645



2,428



8,659



7,042


Credit and debit card fees


2,472



2,544



2,107



7,140



5,865


Trust and investment advisory fees


1,974



1,992



1,282



5,871



3,222


Mortgage banking income, net


20,151



22,936



35,535



68,144



89,986


Other noninterest income


616



2,166



1,367



5,034



2,999


Total noninterest income


28,684



32,283



42,719



94,848



109,114


Noninterest expense:











Salaries and benefits


36,061



38,449



37,949



113,129



101,998


Occupancy and equipment


6,643



6,527



6,365



19,867



19,251


Amortization of intangible assets


355



354



371



1,063



1,093


Merger related expenses


705



1,279





1,984



1,984


Other noninterest expenses


10,806



10,015



9,688



30,331



24,812


Total noninterest expense


54,570



56,624



54,373



166,374



149,138


Income before income taxes


10,579



13,459



17,884



41,506



44,032


Provision for income taxes


1,851



2,178



3,130



7,159



7,707


Net income


$

8,728



$

11,281



$

14,754



$

34,347



$

36,325













Earnings per share - basic


$

0.48



$

0.62



$

0.81



$

1.87



$

1.98


Earnings per share - diluted


$

0.46



$

0.60



$

0.81



$

1.83



$

1.98





Consolidated Condensed Balance Sheets  as of (Unaudited):


($ in thousands)


September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020

Assets









Cash and cash equivalents


$

949,541



$

840,600



$

201,978



$

160,506


Securities available-for-sale, at fair value


531,395



508,975



468,586



476,986


Securities held-to-maturity


19,811



21,894



32,188



39,893


Loans held-for-sale, at fair value


122,217



136,999



193,963



147,624


Loans


3,803,981



3,794,355



3,846,357



3,799,593


Allowance for loan losses


(47,868)



(42,978)



(47,766)



(42,701)


Loans, net


3,756,113



3,751,377



3,798,591



3,756,892











Mortgage servicing rights, at fair value


43,971



40,844



29,144



25,805


Premises and equipment, net


54,094



54,304



56,758



59,371


Other real estate owned and foreclosed assets, net


5,747



4,013



3,354



3,880


Goodwill


33,050



33,050



33,050



33,050


Intangible assets, net


8,605



8,959



9,667



10,059


All other assets


158,541



162,061



168,178



174,691


Total assets


$

5,683,085



$

5,563,076



$

4,995,457



$

4,888,757











Liabilities and Stockholders' Equity









Liabilities:









Deposits:









Noninterest-bearing demand deposit accounts


$

1,578,306



$

1,359,112



$

1,054,458



$

1,088,695


Interest-bearing deposit accounts:









Interest-bearing demand accounts


201,510



194,840



164,870



136,512


Savings accounts and money market accounts


2,711,417



2,746,373



2,472,965



2,221,166


NOW accounts


37,888



101,749



95,297



75,382


Certificate of deposit accounts


328,864



346,624



365,959



377,174


Total deposits


4,857,985



4,748,698



4,153,549



3,898,929











Securities sold under agreements to repurchase


117,001



113,786



115,372



131,251


Federal Home Loan Bank advances


40,000



40,000



70,411



212,994


Other borrowings


69,184



68,910



68,362



68,088


Other liabilities


78,994



81,100



101,976



102,014


Total liabilities


5,163,164



5,052,494



4,509,670



4,413,276











Stockholders' equity:









Preferred stock









Common stock


2



2



2



2


Additional paid-in capital


260,864



260,516



259,363



258,780


Treasury stock


(38,148)



(38,148)



(38,148)



(38,148)


Retained earnings


289,798



281,070



255,451



244,191


Accumulated other comprehensive income, net


7,405



7,142



9,119



10,656


Total stockholders' equity


519,921



510,582



485,787



475,481


Total liabilities and stockholders' equity


$

5,683,085



$

5,563,076



$

4,995,457



$

4,888,757





Share Data as of and for the periods ended:




As of and for the quarter ended


As of
and for the
year ended
December 31,
2020



September 30,
2021


June 30,
2021


September 30,
2020











Weighted average common shares outstanding, basic


18,321,659



18,321,659



18,320,606



18,325,630


Weighted average common shares outstanding, diluted


18,770,681



18,761,034



18,320,606



18,475,538


Period end common shares outstanding


18,321,659



18,321,659



18,321,659



18,321,659


Book value per common share


$

28.38



$

27.87



$

25.95



$

26.51


Tangible book value per common share3


$

26.10



$

25.57



$

23.60



$

24.18












3 Represents a non-GAAP financial measure. See the tables within the "Non-GAAP Financial Measures and Reconciliations" section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

 



Consolidated Capital Ratios as of:




September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Stockholders' equity to total assets


9.15

%


9.18

%


9.72

%


9.73

%

Tangible equity to tangible assets


8.48

%


8.49

%


8.95

%


8.92

%

Tier 1 leverage ratio


8.19

%


8.21

%


8.53

%


8.51

%

Common equity tier 1 risk based capital ratio


10.32

%


10.28

%


9.87

%


9.92

%

Tier 1 risk based capital ratio


10.32

%


10.28

%


9.87

%


9.92

%

Total risk based capital ratio


12.55

%


12.44

%


12.19

%


12.21

%




Summary of Net Interest Margin:


For the three months ended:




For the three months ended

September 30, 2021


For the three months ended

June 30, 2021


For the three months ended

 September 30, 2020

($ in thousands)


Average
Balance


Interest


Average
Yield/Rate


Average
Balance


Interest


Average
Yield/Rate


Average
Balance


Interest


Average
Yield/Rate

Interest Earning Assets



















Loans held-for-sale


$

122,007



$

986



3.23

%


$

133,592



$

1,168



3.50

%


$

125,858



$

934



2.98

%

Loans held-for-investment4


3,779,517



39,710



4.20

%


3,736,120



36,557



3.91

%


3,702,653



35,817



3.89

%

Investment securities


522,870



1,954



1.49

%


514,248



1,877



1.46

%


540,954



2,100



1.56

%

Interest-bearing cash and other assets


895,288



611



0.27

%


800,851



467



0.23

%


163,775



309



0.76

%

Total earning assets


5,319,682



43,261



3.25

%


5,184,811



40,069



3.09

%


4,533,240



39,160



3.47

%

Other assets


287,323







294,765







274,432






Total assets


$

5,607,005







$

5,479,576







$

4,807,672

























Interest-bearing liabilities



















Demand and NOW deposits


$

241,488



$

139



0.23

%


$

317,651



$

285



0.36

%


$

227,118



$

280



0.50

%

Savings deposits


453,687



101



0.09

%


452,537



115



0.10

%


377,444



176



0.19

%

Money market deposits


2,264,682



1,054



0.19

%


2,233,460



1,148



0.21

%


1,841,639



1,459



0.32

%

Certificates of deposits


337,906



684



0.81

%


351,350



801



0.91

%


431,012



1,433



1.34

%

Total deposits


3,297,763



1,978



0.24

%


3,354,998



2,349



0.28

%


2,877,213



3,348



0.47

%

Repurchase agreements


120,009



13



0.04

%


144,421



18



0.05

%


138,367



23



0.07

%

Total deposits and repurchase agreements


3,417,772



1,991



0.23

%


3,499,419



2,367



0.27

%


3,015,580



3,371



0.45

%

FHLB borrowings


40,000



151



1.51

%


40,000



150



1.50

%


93,571



326



1.40

%

Other long-term borrowings


69,028



1,154



6.69

%


68,760



1,152



6.70

%


65,195



1,125



6.94

%

Total interest-bearing liabilities


3,526,800



3,296



0.37

%


3,608,179



3,669



0.41

%


3,174,346



4,822



0.61

%

Noninterest-bearing deposits


1,483,010







1,283,536







1,071,282






Other liabilities


74,286







76,080







86,687






Stockholders' equity


522,909







511,781







475,357






Total liabilities and stockholders' equity


$

5,607,005







$

5,479,576







$

4,807,672

























Net interest income




$

39,965







$

36,400







$

34,338




Net interest spread




2.88

%






2.68

%






2.86

%



Net interest margin




3.01

%






2.81

%






3.03

%



Net interest margin (on an FTE basis)5




3.10

%






2.93

%






3.15

%













4 Includes nonaccrual loans.

5 Represents a non-GAAP financial measure. See the tables within the "Non-GAAP Financial Measures and Reconciliations" section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

 



For the nine months ended:




For the nine months ended September 30, 2021


For the nine months ended September 30, 2020

($ in thousands)


Average
Balance


Interest


Average
Yield/Rate


Average
Balance


Interest


Average
Yield/Rate

Interest Earning Assets













Loans held-for-sale


$

135,202



$

3,257



3.21

%


$

114,919



$

2,778



3.22

%

Loans held-for-investment6


3,761,029



115,423



4.09

%


3,433,533



103,699



4.03

%

Investment securities


511,757



5,646



1.47

%


571,605



8,238



1.92

%

Interest-bearing cash and other assets


693,833



1,450



0.28

%


166,663



1,095



0.88

%

Total earning assets


5,101,821



125,776



3.29

%


4,286,720



115,810



3.60

%

Other assets


287,500







278,318






Total assets


$

5,389,321







$

4,565,038



















Interest-bearing liabilities













Demand and NOW deposits


$

271,955



$

636



0.31

%


$

203,918



$

802



0.52

%

Savings deposits


454,371



363



0.11

%


356,540



563



0.21

%

Money market deposits


2,183,473



3,305



0.20

%


1,763,061



5,338



0.40

%

Certificates of deposits


350,217



2,427



0.92

%


527,279



6,178



1.56

%

Total deposits


3,260,016



6,731



0.28

%


2,850,798



12,881



0.60

%

Repurchase agreements


131,444



49



0.05

%


110,411



139



0.17

%

Total deposits and repurchase agreements


3,391,460



6,780



0.27

%


2,961,209



13,020



0.59

%

FHLB borrowings


43,379



758



2.33

%


89,418



1,353



2.02

%

Other long-term borrowings


68,787



3,456



6.70

%


45,282



2,281



6.72

%

Total interest-bearing liabilities


3,503,626



10,994



0.42

%


3,095,909



16,654



0.72

%

Noninterest-bearing deposits


1,295,984







930,438






Other liabilities


77,878







79,959






Stockholders' equity


511,833







458,732






Total liabilities and stockholders' equity


$

5,389,321







$

4,565,038



















Net interest income




$

114,782







$

99,156




Net interest spread




2.87

%






2.88

%



Net interest margin




3.00

%






3.08

%



Net interest margin (on an FTE basis)7




3.11

%






3.21

%













6 Includes nonaccrual loans.

7 Represents a non-GAAP financial measure. See the tables within the "Non-GAAP Financial Measures and Reconciliations" section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

 



Loan Portfolio


($ in thousands)


September 30,
2021


June 30, 
2021


September 30,

2021

vs

June 30,

2021

% change


September 30,
2020


September 30,

 2021

vs

September 30,

2020

% change












Commercial


$

2,222,261



$

2,211,084



0.5

%


$

2,072,380



7.2

%

Commercial real estate


1,137,820



1,124,131



1.2

%


1,171,020



(2.8)

%

Residential real estate


425,927



444,491



(4.2)

%


539,543



(21.1)

%

Consumer


17,973



14,649



22.7

%


16,650



7.9

%

Total loans held-for-investment


$

3,803,981



$

3,794,355



0.3

%


$

3,799,593



0.1

%




Asset Quality:




As of and for the three months ended


As of and For The Nine Months Ended

($ in thousands)


September 30,
2021


June 30,
2021


September 30,
2020


September 30,
2021


September 30,
2020












Net charge-offs (recoveries)


$

(1,390)



$

2,836



$

(5)



$

1,648



$

945


Allowance for loan losses


$

47,868



$

42,978



$

42,701



$

47,868



$

42,701


Nonperforming loans, including loans 90 days past due and still accruing


$

30,303



$

43,423



$

26,632



$

30,303



$

26,632


Nonperforming assets


$

36,050



$

47,436



$

30,512



$

36,050



$

30,512


Ratio of net charge-offs (recoveries) to average loans outstanding


(0.15)

%


0.30

%


%


0.06

%


0.04

%

Allowance for loan losses to total loans outstanding


1.26

%


1.13

%


1.12

%


1.26

%


1.12

%

Allowance for loan losses to total loans outstanding, excluding PPP loans


1.30

%


1.20

%


1.22

%


1.30

%


1.22

%

Allowance for loan losses to total nonperforming loans


157.96

%


98.98

%


160.34

%


157.96

%


160.34

%

Nonperforming loans to total loans


0.81

%


1.16

%


0.71

%


0.81

%


0.71

%

Nonperforming assets to total assets


0.63

%


0.85

%


0.61

%


0.63

%


0.61

%

























Non-GAAP Financial Measures and Reconciliations:


Tangible stockholders' equity, tangible assets, and tangible book value per common share:


Tangible stockholders' equity as of:


($ in thousands)


September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Total stockholders'' equity (GAAP)


$

519,921



$

510,582



$

485,787



$

475,481


Less: Goodwill and other intangible assets









Goodwill


(33,050)



(33,050)



(33,050)



(33,050)


Other intangible assets


(8,605)



(8,959)



(9,667)



(10,059)


Total tangible stockholders' equity (non-GAAP)


$

478,266



$

468,573



$

443,070



$

432,372




Tangible assets as of:


($ in thousands)


September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Total assets (GAAP)


$

5,683,085



$

5,563,076



$

4,995,457



$

4,888,757


Less: Goodwill and other intangible assets









Goodwill


(33,050)



(33,050)



(33,050)



(33,050)


Other intangible assets


(8,605)



(8,959)



(9,667)



(10,059)


Total tangible assets (non-GAAP)


$

5,641,430



$

5,521,067



$

4,952,740



$

4,845,648




Tangible stockholders' equity to tangible assets as of:




September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Stockholders' equity to total assets (GAAP)


9.15

%


9.18

%


9.72

%


9.73

%

Less: Impact of goodwill and other intangible assets


(0.67)

%


(0.69)

%


(0.77)

%


(0.81)

%

Tangible stockholders' equity to tangible assets (non-GAAP)


8.48

%


8.49

%


8.95

%


8.92

%



Tangible book value per common share as of:


($ in thousands, except share and per share amounts)


September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Stockholders' equity (GAAP)


$

519,921



$

510,582



$

485,787



$

475,481


Tangible stockholders' equity (non-GAAP)


$

478,266



$

468,573



$

443,070



$

432,372


Total common shares outstanding


18,321,659



18,321,659



18,321,659



18,321,659


Book value per common share (GAAP)


$

28.38



$

27.87



$

26.51



$

25.95


Tangible book value per common share (non-GAAP)


$

26.10



$

25.57



$

24.18



$

23.60




Total loans excluding PPP loans and allowance for loan losses to total loans excluding PPP loans as of:


($ in thousands)


September 30,
2021


June 30,
2021


December 31,
2020


September 30,
2020










Total loans (GAAP)


$

3,803,981



$

3,794,355



$

3,846,357



$

3,799,593


Less: PPP loans


(113,366)



(202,755)



(251,101)



(301,692)


Total loans excluding PPP loans (non-GAAP)


$

3,690,615



$

3,591,600



$

3,595,256



$

3,497,901











Allowance for loan losses to total loans (GAAP)


1.26

%


1.13

%


1.24

%


1.12

%

Allowance for loan losses to total loans, excluding PPP loans (non-GAAP)


1.30

%


1.20

%


1.33

%


1.22

%



Fully tax equivalent (FTE) net interest income and net interest margin on FTE basis:




As of and For The Quarter Ended


As of and For The Nine Months Ended

($ in thousands)


September 30,
2021


June 30,
2021


September 30,
2020


September 30,
2021


September 30,
2020












Net interest income (GAAP)


$

39,965



$

36,400



$

34,338



$

114,782



$

99,156


Gross income effect of tax exempt income


924



1,704



1,664



4,419



4,706


FTE net interest income (non-GAAP)


$

40,889



$

38,104



$

36,002



$

119,201



$

103,862













Average earning assets


$

5,319,682



$

5,184,811



$

4,533,240



$

5,101,821



$

4,286,720


Net interest margin


3.01

%


2.81

%


3.03

%


3.00

%


3.08

%

Net interest margin on FTE basis (non-GAAP)


3.10

%


2.93

%


3.15

%


3.11

%


3.21

%

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/firstsun-capital-bancorp-reports-third-quarter-2021-results-301411453.html

SOURCE FirstSun Capital Bancorp

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