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FirstSun Capital Bancorp and HomeStreet, Inc. have amended their merger agreement, increasing the total equity capital raised by $45 million to $60 million. The revised exchange ratio provides HomeStreet shareholders with 0.3867 shares of FirstSun common stock for each share of HomeStreet common stock. The ongoing banking operations will transition to a Texas state charter, with Sunflower Bank converting to a Texas state chartered bank. FirstSun will issue $48.5 million of subordinated debt, while HomeStreet will dispose of approximately $300 million of certain Commercial Real Estate loans. The merger is subject to approval from the Federal Reserve Board and the Texas Department of Banking.
FirstSun Capital Bancorp reported a net income of $12.3 million for the first quarter of 2024, compared to $26.3 million in the first quarter of 2023. Earnings per diluted share were $0.45 for Q1 2024, impacted by merger costs and a loan charge-off. Loan and deposit growth, strong net interest margin, and diversified business mix were highlighted. Noninterest income and expense increased, while the provision for credit losses rose significantly. Capital ratios remained strong, and the company announced a new C&I banking team in Southern California.
