FirstSun Capital Bancorp reported net income of $16.4 million for the fourth quarter of 2024, a decrease from $24.0 million in the fourth quarter of 2023. Diluted earnings per share for the quarter were $0.58, down from $0.94 in the prior year. These results were significantly impacted by $5.8 million in terminated merger costs, $1.5 million for ATM disposal, and a $0.6 million write-off of the Guardian Mortgage trade name, all net of tax.
For the full year 2024, net income totaled $75.6 million, or $2.69 per diluted share, compared to $103.5 million, or $4.08 per diluted share, in 2023. The full-year provision for credit losses increased by $9.3 million to $27.6 million, primarily due to a $13.6 million provision on a specific commercial and industrial (C&I) loan customer. Net charge-offs also rose to $20.4 million, largely driven by a $16.7 million charge-off on a specific C&I customer.
Despite these impacts, the company's net interest margin remained strong at 4.11% in Q4 2024, and deposits increased by $22.4 million to $6.7 billion. FirstSun also announced strategic growth initiatives, including regulatory approval for an Albuquerque, New Mexico branch relocation and applications for two new depository branches in San Diego and Los Angeles, California. Noninterest income for the full year increased by $10.7 million, driven by mortgage banking and treasury management service fees.
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