FirstSun Capital Reports Q3 2024 Earnings: EPS at 84c, Noninterest Income Declines

authorIntellectia.AI2024-10-29
3
FSUN.O
Illustration by Intellectia.AI

FirstSun Capital has announced its third-quarter earnings for 2024, reporting an earnings per share (EPS) of 84 cents, slightly below the one analyst estimate of 86 cents. The company's noninterest income for the quarter was $22.1 million, marking a decrease of $1.2 million from the previous quarter. A significant factor in this decline was the $2.2 million reduction in mortgage banking income, attributed to lower revenue from net sale gains and fees from mortgage loan originations. This also included fair value changes in the held-for-sale portfolio and hedging, as well as a decrease in the change in fair value of the mortgage servicing rights (MSR) asset, net of hedging activity.

Conversely, other noninterest income saw a $1 million increase, driven by higher income from loan syndication fees and an improved fair value of investments tied to the company's deferred compensation plan. Overall, noninterest income constituted 22.5% of total revenue, a 1.7% decrease from the previous quarter.

Neal Arnold, CEO and President of FirstSun, highlighted the company's strong net interest margin of 4.10% and noted growth in both loans and deposits. He emphasized the company's commitment to responsibly expanding its business and client relationships through its comprehensive range of banking services.

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