FirstSun Capital Bancorp reported net income of $23.6 million for the first quarter of 2025, a substantial increase from $12.3 million in the first quarter of 2024. Diluted earnings per share rose to $0.83, up from $0.45 in the prior year's quarter. The significant year-over-year improvement was partly due to a $10.6 million provision for credit loss on a specific commercial and industrial (C&I) customer that negatively impacted Q1 2024 results.
The company achieved strong annualized growth rates, with total loans increasing by $107.7 million, or 6.8%, to $6.5 billion, primarily driven by a $137.3 million increase in C&I loans. Total deposits grew by $202.0 million, or 12.3% annualized, reaching $6.9 billion, fueled by growth in savings, money market, and demand deposit accounts. The net interest margin stood at 4.07%, with net interest income at $74.5 million.
FirstSun also announced the official opening of its new branch locations in San Diego and Los Angeles, marking a strategic expansion into these large and diverse markets. The provision for credit losses for the quarter was $3.8 million, influenced by specific customer deterioration and economic uncertainty, but partially offset by portfolio upgrades. The company maintained strong capital ratios, with tangible book value per share increasing to $34.88.
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