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FirstSun Capital BANCORP Third Quarter Highlights : FIRSTSUN CAPITAL BANCORP REPORTS THIRD QUARTER 2021 RESULTS Net income of $ 8.7 million , $ 0.46 per diluted share Return on average assets of 0.62 % • Return on average equity of 6.68 % • Deposit growth of 9.2 % annualized • Loan growth , excluding PPP loan balances , of 11.0 % annualized Denver , Colorado - October 28 , 2021 - FirstSun Capital Bancorp ( " FirstSun " ) reported net income of $ 8.7 million for the third quarter of 2021 , compared to net income of $ 11.3 million in the prior quarter and $ 14.8 million in the third quarter of 2020. Earnings per diluted share was $ 0.46 for the third quarter 2021 , compared to $ 0.60 in the prior quarter and $ 0.81 in the third quarter of 2020 . Mollie Carter , FirstSun's Chairman and Chief Executive Officer , commented , " We continue to build momentum in our business with strong growth in C & I loans , excluding PPP balance forgiveness , and deposits . As we continue our strategic investments in the business , most notably in the Southwest , we are pleased with the growing diversification across our regions and business lines , as well as the strength of our fee business offerings . We maintain our belief in relationship banking and strong underwriting as evidenced by our asset quality metrics , including our year - to - date annualized net charge - off ratio of six basis points . " Third Quarter 2021 Results Net income totaled $ 8.7 million , or $ 0.46 per diluted share , during the third quarter of 2021 , compared to $ 11.3 million , or $ 0.60 per diluted share , during the prior quarter . The return on average assets was 0.62 % in the third quarter of 2021 , compared to 0.82 % in the prior quarter , and the return on average equity was 6.68 % in the third quarter of 2021 , compared to 8.82 % in the prior quarter . Net Interest Income and Net Interest Margin Net interest income totaled $ 40.0 million during the third quarter of 2021 , an increase of $ 3.6 million compared to the prior quarter . Our net interest margin improved 20 basis points to 3.01 % compared to the prior quarter . Results in the third quarter of 2021 , compared to the prior quarter , were driven by an increase in average earning assets of $ 134.9 million , an increase of 16 basis points in yield on earning assets and a decrease of four basis points in the cost of interest bearing liabilities . Average loans grew by $ 43.4 million , investment securities grew by $ 8.6 million and interest bearing cash balances grew by $ 94.4 million in the third quarter of 2021 , compared to the prior quarter . Loan yield increased by 29 basis points in the third quarter of 2021 , compared to the prior quarter , due to a combination of an improving loan mix , fees from loan prepayments and a decline of $ 23.4 million in average PPP loan balances , net of deferred fees . Our total cost of deposits decreased by four basis points to 0.24 % in the third quarter of 2021 , compared to the prior quarter . Asset Quality and Provision for Loan Losses The provision for loan losses totaled $ 3.5 million during the third quarter of 2021 , an increase of $ 4.9 million compared to the prior quarter . Net recoveries during the third quarter of 2021 were $ 1.4 million , or a ratio of net charge - offs ( recoveries ) to average loans of ( 0.15 ) % annualized , compared to net charge- offs of $ 2.8 million , or a ratio of net charge - offs to average loans of 0.30 % annualized , in the prior quarter . The year to date annualized net charge - off ratio through the third quarter of 2021 was 0.06 % . The allowance for loan losses as a percentage of total loans totaled 1.26 % at September 30 , 2021 , compared to 1.13 % at June 30 , 2021. The allowance for loan losses as a percentage of total loans , excluding PPP loans , a non - GAAP financial measure , totaled 1.30 % at September 30 , 2021 , compared to 1.20 % at June 30 , 2021. The ratio of nonperforming assets to total assets was 0.63 % at September 30 , 2021 , compared to 0.85 % at June 30 , 2021 .