LAKEWOOD, Colo., April 29, 2019 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” today announced its first quarter 2019 financial results.
FirstBank posted significant growth across key categories, resulting in notable year-over-year gains. As of March 31, 2019, total assets, total deposits, net loans and net income increased, compared to Q1 of 2018.
- Total assets grew by 5.6 percent to $19.1 billion
- Total deposits increased by 5.5 percent to $17.17 billion
- Net loans hit $10.74 billion, an increase of 5 percent
- Net income posted a 0.6 percent increase to $64.73 million
- Investment securities were up by 2.3 percent to $6.4 billion
“It’s been a humbling experience to witness this company grow in every financial measure over the past 12 years,” said FirstBank CEO Jim Reuter. “If the first quarter is any indication of the remainder of 2019, we’re hopeful it’ll be another successful year, and we’ll be able to provide ample resources to help our nonprofit communities, customers and employees thrive. Growth only matters when we can make a positive impact on those around us.”
FirstBank launched its “Good Means” campaign in the first quarter of 2019 to bring its ‘banking for good’ philosophy to life. The new marketing direction differentiates FirstBank by highlighting services and messages that showcase the bank's “people first” mentality as well as its commitment to community.
FirstBank’s Arizona and California branches also announced solid first quarter results:
Arizona
FirstBank’s Phoenix-area branches saw total deposits increase year-over-year from $469.1 million to $501.9 million, a gain of 7 percent. Loans grew to $852.1 million as compared to $820.5 million in Q1 2018, an increase of 3.9 percent. Assets increased 3.5 percent from $871.7 million to $902 million.
California
Among FirstBank’s four Palm Desert branches, total deposits grew 4 percent from $391.7 million to $407.3 million. Loans decreased from $324.5 million to $307.9 million, as did assets from $333.9 million to $317.1 million.
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
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