FIRSTSUN CAPITAL BANCORP
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
FSUN$39.48+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
| (In thousands) | 2024 | 2023 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | $59,278 | $79,519 |
| Adjustments to reconcile income to net cash provided by operating activities: | ||
| Provision for credit losses | 22,700 | 11,672 |
| Depreciation and amortization on premises and equipment | 5,441 | 5,657 |
| Deferred tax expense | 2,531 | 65 |
| Amortization of net premium on securities | 552 | 791 |
| Accretion of net discount on acquired loans | (2,036) | (2,451) |
| Net change in deferred loan origination fees and costs | 8 | (282) |
| Amortization of core deposits and other intangible assets | 2,118 | 3,993 |
| Amortization of premium on acquired deposits | (300) | (770) |
| Accretion of discount on subordinated debt | 287 | 190 |
| Amortization of issuance costs on subordinated debt | 110 | 110 |
| Accretion of discount on convertible notes payable | — | 101 |
| Increase in cash surrender value of bank-owned life insurance | (1,457) | (1,418) |
| Impairment of other real estate owned and foreclosed assets | 53 | 285 |
| Federal Home Loan Bank stock dividends | (560) | (1,372) |
| Share-based compensation expense | 1,813 | 1,743 |
| Decrease in fair value of mortgage servicing rights | 6,687 | 695 |
| Net loss on disposal of premises and equipment | 21 | 34 |
| Net gain on other real estate owned and foreclosed assets activity | 8 | 643 |
| Net gain on sales of loans held-for-sale | (5,300) | (2,997) |
| Origination of loans held-for-sale | (502,485) | (669,412) |
| Proceeds from sales of loans held-for-sale | 482,741 | 670,634 |
| Changes in operating assets and liabilities: | ||
| Lease right-of-use assets | (234) | (478) |
| Accrued interest receivable | 1,388 | (8,675) |
| Prepaid expenses and other assets | 6,889 | (20,428) |
| Accrued interest payable | (4,562) | 4,064 |
| Accrued expenses and other liabilities | 20,467 | 10,329 |
| Deferred tax assets | — | 1,944 |
| Net cash provided by operating activities | $96,158 | $84,186 |
Consolidated Statements of Cash Flows (continued)
| (In thousands) | 2024 | 2023 |
|---|---|---|
| Cash flows from operating activities: (previous page) | $96,158 | $84,186 |
| Cash flows from investing activities: | ||
| Proceeds from maturities of held-to-maturity securities | 1,182 | 1,555 |
| Purchases of available-for-sale securities | (5,584) | (5,201) |
| Proceeds from sale or maturities of available-for-sale securities | 42,642 | 32,203 |
| Loan originations, net of repayments | (198,011) | (272,090) |
| Purchases of premises and equipment | (3,151) | (1,367) |
| Proceeds from sales of other real estate owned and foreclosed assets | 324 | 1,101 |
| Proceeds from bank-owned life insurance | 725 | — |
| Purchases of restricted equity securities | (44,037) | (33,061) |
| Proceeds from the sale or redemption of restricted equity securities | 50,275 | 49,251 |
| Purchase of other investments | (17,490) | (1,777) |
| Proceeds from the sale or redemption of other investments | 671 | 158 |
| Net cash used in investing activities | (172,454) | (229,228) |
| Cash flows from financing activities: | ||
| Net change in deposits | 276,077 | 575,554 |
| Net change in securities sold under agreements to repurchase | (13,780) | (10,854) |
| Proceeds from Federal Home Loan Bank advances | 4,015,410 | 1,547,000 |
| Repayments of Federal Home Loan Bank advances | (4,189,878) | (1,860,885) |
| Repayments of other borrowings | — | (5,456) |
| Proceeds from issuance of common stock, net of issuance costs | 82,779 | 44 |
| Net cash provided by financing activities | 170,608 | 245,403 |
| Net increase in cash and cash equivalents | 94,312 | 100,361 |
| Cash and cash equivalents, beginning of period | 479,362 | 343,526 |
| Cash and cash equivalents, end of period | $573,674 | $443,887 |
| Supplemental disclosures of cash flow information: | ||
| Interest paid on deposits | $118,615 | $59,999 |
| Interest paid on borrowed funds | $9,322 | $18,675 |
| Cash paid for income taxes, net | $5,611 | $23,152 |
| Non-cash investing and financing activities: | ||
| Net change in unrealized gain (loss) on available-for-sale securities | $17,232 | $(13,117) |
| Loan charge-offs | $21,608 | $4,019 |
| Loans transferred to other real estate owned and foreclosed assets | $764 | $4,065 |
| Premises and equipment transferred from other assets | $— | $387 |
| Mortgage servicing rights resulting from sale or securitization of mortgage loans | $8,785 | $7,634 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.