First Sun Capital Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Sun Capital Bancorp has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRSTSUN CAPITAL BANCORP (FSUN) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. Incorporated in Delaware. Business and mailing address located at 1400 16th Street, Denver, CO 80202. Reported under SIC code 6021 for National Commercial Banks.

Why It Matters

For investors and stakeholders tracking FIRSTSUN CAPITAL BANCORP, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position during the first quarter of 2024. The 10-Q filing is a standard requirement for publicly traded companies, offering transparency into their operations and financial health.

Risk Assessment

Risk Level: low — FIRSTSUN CAPITAL BANCORP shows low risk based on this filing. The filing is a routine 10-Q report with no immediate red flags, indicating standard operational disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand First Sun Capital Bancorp's Q1 2024 performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 6021 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (State of Incorporation)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• FIRSTSUN CAPITAL BANCORP (company) — Filer name
• FSUN (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 1400 16TH STREET (address) — Business address street
• DENVER (address) — Business address city
• CO (address) — Business address state
• 80202 (address) — Business address zip

FAQ

Industry Context

First Sun Capital Bancorp operates within the National Commercial Banks industry, as indicated by its SIC code 6021.

Regulatory Implications

As a publicly traded company, First Sun Capital Bancorp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of Form 10-Q for quarterly financial updates.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures related to subsequent events or material changes.
3. Compare key financial metrics to previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. A comparison to the previous filing (likely a 10-Q for Q4 2023 or 10-K for FY 2023) would require access to those documents.

Key Financial Figures

• $10 billion — erger due to having assets in excess of $10 billion; changes in FirstSun's or HomeStreet's

Filing Documents

• fcb-20240331.htm (10-Q) — 4057KB
• exhibit311certificationofc.htm (EX-31.1) — 7KB
• exhibit312certificationofc.htm (EX-31.2) — 7KB
• exhibit321certificationofc.htm (EX-32.1) — 9KB
• 0001709442-24-000025.txt (&nbsp;) — 20065KB
• fcb-20240331.xsd (EX-101.SCH) — 72KB
• fcb-20240331_cal.xml (EX-101.CAL) — 141KB
• fcb-20240331_def.xml (EX-101.DEF) — 434KB
• fcb-20240331_lab.xml (EX-101.LAB) — 906KB
• fcb-20240331_pre.xml (EX-101.PRE) — 695KB
• fcb-20240331_htm.xml (XML) — 5279KB

- Financial Information (Unaudited)

Part I - Financial Information (Unaudited) 5

Financial Statements

Item 1. Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 73

Controls and Procedures

Item 4. Controls and Procedures 74

- Other Information

Part II - Other Information 75

Legal Proceedings

Item 1. Legal Proceedings 75

Risk Factors

Item 1A. Risk Factors 75

Exhibits

Item 6. Exhibits 76

Signatures

Signatures 77 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, statements relating to the Company's assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives, the benefits, cost and synergies of completed acquisitions or dispositions, and the timing, benefits, costs and synergies of future acquisitions, disposition and other growth opportunities, including statements regarding our pending merger with HomeStreet, Inc. ("HomeStreet"). They are not statements of historical or current fact nor are they assurances of future performance, and they generally can be identified by the use of forward-looking terminology, such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "plan," "predict," "project," "forecast," "guidance," "goal," "objective," "prospects," "possible" or "potential," by future conditional verbs such as "assume," "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time, are difficult to predict and are generally beyond our control and should be viewed with caution. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Board of Governors of the Federal Reserve, and their related impacts on

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Index to Consolidated Financial Statements Page Consolidated Balance Sheets 6 Consolidated Statements of Income and Comprehensive Income 7 Consolidated Statements of Stockholders' Equity 8 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Note 1 - Organization and Basis of Presentation 11 Note 2 - Securities 15 Note 3 - Loans 18 Note 4 - Mortgage Servicing Rights 29 Note 5 - Derivative Financial Instruments 30 Note 6 - Deposits 32 Note 7 - Securities Sold Under Agreements to Repurchase 33 Note 8 - Debt 33 Note 9 - Earnings Per Share 35 Note 1 0 - Accumulated Other Comprehensive Income (Loss) 35 Note 1 1 - Stockholders' Equity 36 Note 1 2 - Income Taxes 37 Note 1 3 - Regulatory Capital Matters 38 Note 1 4 - Fair Value Measurements 39 Note 1 5 - Segment Information 42 Note 1 6 - Commitments and Contingencies 45 Note 1 7 - Lease Commitments 47 Note 18 - Subsequent Events 48 5 FIRSTSUN CAPITAL BANCORP and Subsidiaries Consolidated Balance Sheets As of (Unaudited) (In thousands, except par and share amounts) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 383,605 $ 479,362 Securities available-for-sale, at fair value 499,078 516,757 Securities held-to-maturity, fair value of $ 31,035 and $ 32,181 , respectively 36,640 36,983 Loans held-for-sale, at fair value 56,813 54,212 Loans, net of allowance for credit losses of $ 79,829 and $ 80,398 , respectively 6,205,039 6,186,698 Mortgage servicing rights, at fair value 78,416 76,701 Premises and equipment, net 84,063 84,842 Other real estate owned and foreclosed assets, net 4,414 4,100 Bank-owned life insurance 79,541 79,851 Restricted equity securities 27,080 38,072 Goodwill 93,483 93,483 Core deposits and other intangible assets, net 10,168 10,984 Accrued interest receivable 35,868 37,099 Deferred tax assets, net 47,792 46,259 Prepaid expenses and other assets 139,601 134,321 Total assets $ 7,781,601 $ 7,879,724 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing accounts $ 1,517,315 $ 1,530,506 Interest-bearing accounts 4,928,073 4,843,597 Total deposits 6,445,388 6,374,103 S

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) ($ in thousands, except share and per share amounts) NOTE 1 - Organization and Basis of Presentation Nature of Operations - The consolidated financial statements include the accounts of FirstSun Capital Bancorp ("FirstSun" or "Parent Company") and its wholly-owned subsidiaries, Sunflower Bank, N.A. (the "Bank" or "Sunflower Bank"), Logia Portfolio Management, LLC, and FEIF Capital Partners, LLC, and have been prepared using U.S. generally accepted accounting principles ("U.S. GAAP") and prevailing practices in the banking industry. All significant intercompany balances and transactions have been eliminated. These entities are collectively referred to as "our", "us", "we", or "the Company". These consolidated financial statements in this Quarterly Report on Form 10-Q do not include all of the information and footnotes required by U.S. GAAP for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. These interim financial statements are unaudited, and include, in our opinion, all adjustments necessary for a fair statement of the results for the periods indicated, which are not necessarily indicative of results which may be expected for the full year. Certain prior period amounts have been reclassified to conform to the current presentation. These unaudited consolidated financial statements and notes should be read in conjunction with FirstSun's audited consolidated financial statements and footnotes thereto for the year ended December 31, 2023, included in our 2023 Annual Report . Proposed Merger with HomeStreet - On April 30, 2024, FirstSun entered into Amendment No. 1 (the "Amendment") to the Agreement and Plan of Merger, dated January 16, 2024 (the "Merger Agreement"), by and among HomeStreet, Inc., a Washington corporation ("HomeStreet"), FirstSun, and Dynamis Subsidiary, Inc., a Washington corporation and wholly owned subsidi

View Full Filing

View this 10-Q filing on SEC EDGAR