FIRSTSUN CAPITAL BANCORP
For the period ended Dec 31, 2024. Filed Mar 7, 2025.
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FY2024 · Filed Mar 7, 2025
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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, 2024, 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 years ended December 31,:
| ($ in thousands, except share and per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Tangible stockholders’ equity to tangible assets: | |||
| Total stockholders' equity (GAAP) | $1,041,366 | $877,197 | $774,536 |
| Less: Goodwill and other intangible assets | |||
| Goodwill | (93,483) | (93,483) | (93,483) |
| Other intangible assets | (7,434) | (10,984) | (15,806) |
| Tangible stockholders' equity (non-GAAP) | $940,449 | $772,730 | $665,247 |
| Total assets (GAAP) | $8,097,387 | $7,879,724 | $7,430,322 |
| Less: Goodwill and other intangible assets | |||
| Goodwill | (93,483) | (93,483) | (93,483) |
| Other intangible assets | (7,434) | (10,984) | (15,806) |
| Tangible assets (non-GAAP) | $7,996,470 | $7,775,257 | $7,321,033 |
| Total stockholders' equity to total assets (GAAP) | 12.86% | 11.13% | 10.42% |
| Less: Impact of goodwill and other intangible assets | (1.10)% | (1.19)% | (1.33)% |
| Tangible stockholders' equity to tangible assets (non-GAAP) | 11.76% | 9.94% | 9.09% |
| Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | |||
| Tangible stockholders' equity (non-GAAP) | $940,449 | $772,730 | $665,247 |
| Less: Net unrealized losses on HTM securities, net of tax | (4,292) | (3,629) | (4,295) |
| Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | $936,157 | $769,101 | $660,952 |
| Tangible assets (non-GAAP) | $7,996,470 | $7,775,257 | $7,321,033 |
| Less: Net unrealized losses on HTM securities, net of tax | (4,292) | (3,629) | (4,295) |
| Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | $7,992,178 | $7,771,628 | $7,316,738 |
| Tangible stockholders’ equity to tangible assets (non-GAAP) | 11.76% | 9.94% | 9.09% |
| Less: Net unrealized losses on HTM securities, net of tax | (0.05)% | (0.04)% | (0.06)% |
| Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) | 11.71% | 9.90% | 9.03% |
| Tangible book value per share: | |||
| Total stockholders' equity (GAAP) | $1,041,366 | $877,197 | $774,536 |
| Tangible stockholders' equity (non-GAAP) | $940,449 | $772,730 | $665,247 |
| Total shares outstanding | 27,709,679 | 24,960,639 | 24,920,984 |
| Book value per share (GAAP) | $37.58 | $35.14 | $31.08 |
| Tangible book value per share (non-GAAP) | $33.94 | $30.96 | $26.69 |
| ($ in thousands, except share and per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Adjusted net income: | |||
| Net income (GAAP) | $75,628 | $103,533 | $59,182 |
| Add: Non-recurring adjustments | |||
| Terminated merger / Merger related expenses, net of tax | 9,949 | — | 14,668 |
| Provision for loan loss on acquired loans marked at a premium, net of tax | — | — | 2,363 |
| Write-off of Guardian Mortgage trade name, net of tax | 625 | — | — |
| Disposal of ATMs, net of tax | 1,542 | — | — |
| Total adjustments, net of tax | 12,116 | — | 17,031 |
| Adjusted net income (non-GAAP) | $87,744 | $103,533 | $76,213 |
| Adjusted diluted earnings per share: | |||
| Diluted earnings per share (GAAP) | $2.69 | $4.08 | $2.48 |
| Add: Impact of non-recurring adjustments | |||
| Terminated merger / Merger related expenses, net of tax | 0.36 | — | 0.62 |
| Provision for loan loss on acquired loans marked at a premium, net of tax | — | — | 0.10 |
| Write-off of Guardian Mortgage trade name, net of tax | 0.02 | — | — |
| Disposal of ATMs, net of tax | 0.06 | — | — |
| Adjusted diluted earnings per share (non-GAAP) | $3.13 | $4.08 | $3.20 |
| Adjusted return on average total assets: | |||
| Return on average total assets (ROAA) (GAAP) | 0.96% | 1.38% | 0.88% |
| Add: Impact of non-recurring adjustments | |||
| Terminated merger / Merger related expenses, net of tax | 0.13% | —% | 0.21% |
| Provision for loan loss on acquired loans marked at a premium, net of tax | —% | —% | 0.04% |
| Write-off of Guardian Mortgage trade name | 0.01% | —% | —% |
| Disposal of ATMs | 0.02% | —% | —% |
| Adjusted ROAA (non-GAAP) | 1.12% | 1.38% | 1.13% |
| Adjusted return on average stockholders’ equity: | |||
| Return on average stockholders' equity (ROACE) (GAAP) | 7.56% | 12.50% | 8.55% |
| Add: Impact of non-recurring adjustments | |||
| Terminated merger / Merger related expenses, net of tax | 1.00% | —% | 2.12% |
| Provision for loan loss on acquired loans marked at a premium, net of tax | —% | —% | 0.34% |
| Write-off of Guardian Mortgage trade name | 0.06% | —% | —% |
| Disposal of ATMs | 0.15% | —% | —% |
| Adjusted ROACE (non-GAAP) | 8.77% | 12.50% | 11.01% |
| Return on average tangible stockholders’ equity | |||
| Return on average stockholders’ equity (ROACE) | 7.56% | 12.50% | 8.55% |
| Add: Impact from goodwill and other intangible assets | |||
| Goodwill | 0.87% | 1.85% | 1.34% |
| Other intangible assets | 0.31% | 0.53% | 0.56% |
| Return on average tangible stockholders’ equity (ROATCE) | 8.74% | 14.88% | 10.45% |
| Adjusted return on average tangible stockholders’ equity: | |||
| Return on average tangible stockholders' equity (ROATCE) | 8.74% | 14.88% | 10.45% |
| Add: Impact of non-recurring adjustments | |||
| Terminated merger / Merger related expenses, net of tax | 1.11% | —% | 2.45% |
| Provision for loan loss on acquired loans marked at a premium, net of tax | —% | —% | 0.40% |
| Write-off of Guardian Mortgage trade name | 0.07% | —% | —% |
| Disposal of ATMs | 0.17% | —% | —% |
| Adjusted ROATCE (non-GAAP) | 10.09% | 14.88% | 13.30% |
| Adjusted total noninterest expense: | |||
| Total noninterest expense (GAAP) | $264,040 | $222,793 | $239,126 |
| Less: Non-recurring adjustments | |||
| Terminated merger / Merger related expenses | (13,178) | — | (18,751) |
| Write-off of Guardian Mortgage trade name | (828) | — | — |
| Disposal of ATMs | (2,042) | — | — |
| Total adjustments, net of tax | (16,048) | — | (18,751) |
| Adjusted total noninterest expense (non-GAAP) | $247,992 | $222,793 | $220,375 |
| ($ in thousands, except share and per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Adjusted efficiency ratio: | |||
| Efficiency ratio (GAAP) | 68.28% | 59.81% | 72.20% |
| Less: Impact of non-recurring adjustments | |||
| Terminated merger related expenses / Merger related expenses | (3.41)% | —% | (5.66)% |
| Write-off of Guardian Mortgage trade name | (0.21)% | —% | —% |
| Disposal of ATMs | (0.53)% | —% | —% |
| Adjusted efficiency ratio (non-GAAP) | 64.13% | 59.81% | 66.54% |
| Fully tax equivalent (“FTE”) net interest income and net interest margin: | |||
| Net interest income (GAAP) | $296,910 | $293,431 | $241,632 |
| Gross income effect of tax exempt income | 4,767 | 5,086 | 5,059 |
| FTE net interest income (non-GAAP) | $301,677 | $298,517 | $246,691 |
| Average earning assets | $7,320,696 | $6,935,567 | $6,244,221 |
| Net interest margin | 4.06% | 4.23% | 3.87% |
| Net interest margin on FTE basis (non-GAAP) | 4.12% | 4.29% | 3.95% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.