LAKEWOOD, Colo., Feb. 06, 2019 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” today reported financial and community investment results for 2018. As of December 31, 2018, FirstBank recorded significant growth in assets, deposits, loans and income compared to year-end 2017, resulting in 11 consecutive years of record earnings for the Colorado-based company.
- Total assets grew by 5.7 percent to $18.57 billion
- Total deposits increased by 5.5 percent to $16.67 billion
- Net loan balance was up 5.3 percent to $10.67 billion
- Net income jumped 27.5 percent to $271.12 million
In addition to achieving 11 years of record financial results, FirstBank helped Colorado Gives Day raise more than $35.1 million and Arizona Gives Day raise over $3.2 million for local nonprofits in 2018. The bank also supported wildfire prevention and relief efforts, pioneering a Wildfire Assistance Program with community leaders in Colorado’s Roaring Fork Valley. Since 2000, FirstBank has contributed more than $65 million to nonprofit organizations.
“2018 was one for the books,” said Jim Reuter, CEO of FirstBank. “We surpassed several community investment and financial performance milestones, and we couldn’t have done it without our incredible employees. They not only demonstrated a strong commitment to customers and to philanthropic service, but they really captured what ‘banking for good’ represents.”
FirstBank was recognized by national and local publications for high employee engagement and customer satisfaction, earning:
- Best in State Bank by Forbes
- Best Bank by ColoradoBiz Magazine readers for third consecutive year
- Top Workplace by The Denver Post for seventh consecutive year
- One of Arizona’s Most Admired Companies (and the only company to earn a Customer Opinion Spotlight Award) by AZ Business Magazine and Best Companies AZ
FirstBank’s Arizona and California markets also reported strong year-over-year results:
Arizona
Across FirstBank’s Phoenix-area branches, total deposits significantly increased year-over-year from $448.4 million to $500.3 million, a gain of 11.6 percent. Loans grew 4.6 percent from $803.6 million to $840.5 million, and assets increased 4.2 percent from $855.1 million to $891.1 million.
California
Among FirstBank’s four Palm Desert branches, total deposits increased year-over-year by 2.1 percent from $383.6 million to $391.5 million. Loans and assets remained consistent to year-end 2017 totals, at $319.3 million and $328.4 million, respectively.
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $18 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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