FIRSTSUN CAPITAL BANCORP
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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Non-GAAP Financial Measures and Reconciliations
The non-GAAP financial measures presented below are used by our management and our board of directors on a regular basis in addition to our GAAP results to facilitate the assessment of our financial performance. Management believes these non-GAAP financial measures enhance an investor’s understanding of our financial results by providing a meaningful basis for period-to-period comparisons, assisting in operating results analysis, and predicting future performance. This information supplements our GAAP reported results, and should not be viewed in isolation from, or as a substitute for, our GAAP results. Accordingly, this financial information should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2023, included elsewhere in this report. Non-GAAP financial measures exclude certain items that are included in the financial results presented in accordance with GAAP. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These non-GAAP measures are not necessarily comparable to similar measures that may be represented by other companies.
The following table presents GAAP to non-GAAP reconciliations as of and for the year ended December 31,:
| ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Tangible common stockholders’ equity and tangible book value per common share: | |||
| Total common stockholders' equity (GAAP) | $877,197 | $774,536 | $524,038 |
| Less: Goodwill and other intangible assets | |||
| Goodwill | (93,483) | (93,483) | (33,050) |
| Other intangible assets | (10,984) | (15,806) | (8,250) |
| Tangible common stockholders' equity (non-GAAP) | $772,730 | $665,247 | $482,738 |
| Total common shares outstanding | 24,960,639 | 24,920,984 | 18,346,288 |
| Tangible book value per common share (non-GAAP) | $30.96 | $26.69 | $26.31 |
| Tangible net income: | |||
| Net Income (GAAP) | $103,533 | $59,182 | $43,164 |
| Add: Intangible amortization, net of tax | 3,809 | 3,330 | 1,119 |
| Tangible net income (non-GAAP) | $107,342 | $62,512 | $44,283 |
| Return on average tangible common stockholders’ equity: | |||
| Tangible net income (non-GAAP) (see above) | $107,342 | $62,512 | $44,283 |
| Total average common stockholders' equity (GAAP) | $828,102 | $692,524 | $515,773 |
| Less: Average goodwill and other intangible assets | |||
| Average goodwill | (93,483) | (78,582) | (33,050) |
| Average other intangible assets | (13,178) | (15,811) | (8,964) |
| Total average tangible common stockholders' equity (non-GAAP) | $721,441 | $598,131 | $473,759 |
| Return on average tangible common stockholders’ equity (non-GAAP) | 14.88% | 10.45% | 9.35% |
| Net interest margin - FTE basis: | |||
| Net interest income (GAAP) | $293,431 | $241,632 | $155,233 |
| Taxable equivalent adjustment | 5,086 | 5,059 | 5,755 |
| Net interest income - FTE basis (non-GAAP) | $298,517 | $246,691 | $160,988 |
| Average earning assets | $6,935,567 | $6,244,221 | $5,180,650 |
| Net interest margin - FTE basis (non-GAAP) | 4.29% | 3.95% | 3.11% |
| Tangible common stockholders’ equity to tangible assets: | |||
| Total assets (GAAP) | $7,879,724 | $7,430,322 | $5,666,814 |
| Less: Goodwill and other intangible assets | |||
| Goodwill | (93,483) | (93,483) | (33,050) |
| Other intangible assets | (10,984) | (15,806) | (8,250) |
| Total tangible assets (non-GAAP) | $7,775,257 | $7,321,033 | $5,625,514 |
| Tangible common stockholders’ equity (non-GAAP) (see above) | $772,730 | $665,247 | $482,738 |
| Tangible common stockholders’ equity to tangible assets (non-GAAP) | 9.94% | 9.09% | 8.58% |
| ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Tangible common stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | |||
| Total tangible common stockholders' equity (non-GAAP) (see above) | $772,730 | $665,247 | $482,738 |
| Less: Net unrealized losses on HTM securities, net of tax | (3,629) | (4,295) | 447 |
| Total tangible common stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | $769,101 | $660,952 | $483,185 |
| Total tangible assets (non-GAAP) (see above) | $7,775,257 | $7,321,033 | $5,625,514 |
| Less: Net unrealized losses on HTM securities, net of tax | (3,629) | (4,295) | 447 |
| Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | $7,771,628 | $7,316,738 | $5,625,961 |
| Tangible common stockholders’ equity to tangible assets (non-GAAP) | 9.94% | 9.09% | 8.58% |
| Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) | 9.90% | 9.03% | 8.59% |
| Net income excluding merger costs: | |||
| Net income (GAAP) | $103,533 | $59,182 | $43,164 |
| Add: Merger costs | |||
| Merger related expenses | — | 18,751 | 3,085 |
| Income tax effect on merger related expenses | — | (4,083) | (509) |
| Provision for loan loss on Pioneer loans marked at a premium | — | 2,884 | — |
| Income tax effect on provision for loan loss on Pioneer loans marked at a premium | — | (521) | — |
| Total merger costs | — | 17,031 | 2,576 |
| Net income excluding merger costs (non-GAAP) | $103,533 | $76,213 | $45,740 |
| Return on average total assets excluding merger costs: | |||
| Return on average total assets (ROAA) (GAAP) | 1.38% | 0.88% | 0.79% |
| Add: Impact of merger costs, net of tax | —% | 0.25% | 0.05% |
| ROAA excluding merger costs (non-GAAP) | 1.38% | 1.13% | 0.84% |
| Return on average stockholders’ equity excluding merger costs: | |||
| Return on average stockholders' equity (ROAE) (GAAP) | 12.50% | 8.55% | 8.37% |
| Add: Impact of merger costs, net of tax | —% | 2.46% | 0.50% |
| ROAE excluding merger costs (non-GAAP) | 12.50% | 11.01% | 8.87% |
| Efficiency ratio excluding merger related expenses: | |||
| Efficiency ratio (GAAP) | 59.81% | 72.20% | 80.38% |
| Less: Impact of merger related expenses | —% | (5.66)% | (1.11)% |
| Efficiency ratio excluding merger related expenses (non-GAAP) | 59.81% | 66.54% | 79.27% |
| Diluted earnings per share excluding merger costs: | |||
| Diluted earnings per share (GAAP) | $4.08 | $2.48 | $2.30 |
| Add: Impact of merger costs, net of tax | — | 0.72 | 0.14 |
| Diluted earnings per share excluding merger costs (non-GAAP) | $4.08 | $3.20 | $2.44 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.