LAKEWOOD, Colo., May 07, 2018 (GLOBE NEWSWIRE) -- FirstBank, Colorado’s second largest bank and one of the nation’s largest privately held banks, today announced its first quarter 2018 financial results.
FirstBank reported a strong start to 2018, with significant year-over-year increases in assets, deposits, net loan balances, and net income. Compared to Q1 2017:
- Total assets increased by 4.4 percent to $18.09 billion
- Deposits increased by 3.8 percent to $16.27 billion
- Net loan balances grew by 5.9 percent to $10.23 billion
- Net income grew by 32.4 percent to $64.3 million
“We’re witnessing early successes in 2018 that suggest we’re well on our way to another year of strong earnings,” said FirstBank CEO Jim Reuter. “We’ve remained a highly-sustainable and growing organization because we’re committed to ‘banking for good,’ meaning we aim to do what’s best for our customers, communities and employees.”
In early 2018, FirstBank launched its Saving is in Style campaign, which puts an intriguiging twist on financial responsibility and aims to shift negative perceptions about saving to something that’s celebrated and cool. Saving is in Style features new ads and will include free interactive events and promotions to help consumers save.
FirstBank was also named the primary lending partner in the construction of the Mission Ballroom by AEG Presents, a new 60,000 sq. ft. music venue and amphitheater that will be the heart of the 14-acre North Wynkoop development in Denver's River North Art District.
“Underwriting businesses and developments that spur jobs and economic growth, like the Mission Ballroom, continues to be an extremely important focus for our organization,” added Reuter. “FirstBank has been and will always be dedicated to helping our local communities create great places for residents to live and work through financial and philanthropic support.”
FirstBank’s Arizona and California branches reported strong first quarter results, as well:
Arizona
Across FirstBank’s Phoenix-area branches, total deposits significantly increased year-over-year from $422.1 million to $469.1 million, a gain of 11.1 percent. Loans grew 5.9 percent from $774.5 million to $820.5 million, and assets increased 5.2 percent from $828.3 million to $871.7 million.
California
Among FirstBank’s four Palm Desert branches, total deposits increased year-over-year by 3.9 percent from $377 million to $391.7 million. Loans increased from $298.8 million to $324.5 million, growing by 8.6 percent, and assets increased 7.8 percent from $309.7 million to $333.9 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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