LAKEWOOD, Colo., Nov. 13, 2018 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks, today announced its third quarter 2018 financial results.
The bank continued a streak of more than 10 years of positive earnings growth with robust results in Q3 2018. The results showed significant year-over-year increases in income, assets, net loan balances and total deposits:
- Total assets increased by 6 percent to $18.4 billion
- Total deposits grew by 6.3 percent to $16.6 billion
- Net loan balance increased 4.6 percent to $10.5 billion
- Net income grew 25.7 percent to $200.4 million
“We’re thrilled to see our record setting growth continue into the third quarter,” said FirstBank CEO Jim Reuter. “The momentum we’ve seen with gains in so many categories is excellent validation that we’re living up to our commitment to being a positive force with the customers and communities we serve.”
In a highlight of the third quarter, FirstBank was recognized by AZ Business Magazine and Best Companies AZ as one of Arizona’s Most Admired Companies for its leadership, financial performance, corporate philanthropy, banking innovations and high employee engagement rates. It also was the only company to earn a Customer Opinion Spotlight Award, recognizing outstanding customer satisfaction.
These awards reflected FirstBank’s commitment to putting customers, communities and employees first, and echoed its most recent undertaking to recognize other businesses for similar accomplishments. The $20K Good Business Giveaway was designed to reward organizations in Colorado and Arizona for going above and beyond for similar audiences. The finalists can be viewed here, and the winners will be announced later this month.
“It’s always an honor to be recognized for values that are so essential to our identity as an organization,” said Reuter. “It has been particularly meaningful to receive this award as we prepare to celebrate other organizations for the same reasons.”
FirstBank’s Arizona and California branches also announced solid third quarter results:
Arizona
FirstBank’s Phoenix-area branches saw total deposits increase year-over year from $438.7 million to $497.5 million, a gain of 13.4 percent. Loans held relatively steady at $792.7 million as compared to $795.2 million in 2017, while assets increased 3.8 percent from $847.2 million to $879.7 million.
California
Among FirstBank’s four Palm Desert branches, total deposits decreased slightly from $395.5 million to $386.9 million. Loans increased 3.2 percent from $313.5 million to $323.6 million, while assets increased 2.8 percent from $324.0 million to $333.0 million.
About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. It’s the largest locally owned banking organization in Colorado, serving more than 750,000 customers. FirstBank offers a variety of checking and savings accounts, mortgages, home equity loans and a full range of commercial loans and business accounts and services. Since 2000, the company has been recognized as a top corporate philanthropist and has contributed more than $60 million and thousands of volunteer hours to charitable organizations. FirstBank is also unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.
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