FirstSun Capital reports Q3 EPS 84c, one estimate 86c

Reports Q3 noninterest income totaled $22.1M for the third quarter of 2024, a decrease of $1.2M from the prior quarter. Mortgage banking income decreased $2.2M for the third quarter of 2024, primarily due to a decrease in revenue related to net sale gains and fees from mortgage loan originations, including fair value changes in the held-for-sale portfolio and hedging and a decrease in the change in fair value of our MSR asset, net of hedging activity. Other noninterest income increased $1M for the third quarter of 2024, primarily due to an increase in income from loan syndication fees and an increase in the fair value of investments related to our deferred compensation plan. Noninterest income as a percentage of total revenue1 was 22.5%, a decrease of 1.7% from the prior quarter. Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “Our results this quarter continue to demonstrate the underlying strength of our core franchise. Our revenue growth was rooted in a very strong net interest margin of 4.10% and we realized growth in both loans and deposits. We remain focused on continuing to responsibly grow the business and expand our client relationships across all of the markets we serve through our expansive suite of banking services. We appreciate all the hard work of our teams across the organization this year.”