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FirstBank’s Commitment to Communities and Employees Propels Positive Q2 Results

1033 Days ago

Bank continues 2019 momentum with consistent growth across key categories

LAKEWOOD, Colo., July 29, 2019 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” today announced its second quarter 2019 financial results.

FirstBank continued its strong start to 2019 by posting significant growth across key categories, resulting in notable year-over-year gains. As of June 30, 2019, total assets, total deposits, net loans and net income increased, compared to Q2 of 2018:

  • Total assets grew by 5.4 percent to $19.25 billion
  • Total deposits increased by 5.3 percent to $17.28 billion
  • Net loans rose to $10.86 billion, an increase of 4.5 percent
  • Net income posted a 2.6 percent increase to $134.7 million

“The growth FirstBank has sustained over the first half of 2019, as well as over the past 12 years, continues to demonstrate the value of doing right by our customers, communities and employees,” said FirstBank CEO Jim Reuter. “We would not be where we are today without the 3,000 incredible employees who bring our ‘banking for good’ commitment to life every day for our individual, business and nonprofit customers in communities across Colorado, Arizona and California.”

The Denver Post recently recognized FirstBank as one of the Top Workplaces in Colorado for the eighth consecutive year. The bank is one of just 10 companies in the state, and one of only two large companies, to be included on the prestigious list since it was first published in 2012. In addition, American Banker, ColoradoBiz and the Phoenix Business Journal have all previously recognized the bank as a top workplace citing its commitment to community and the creation of a positive and nurturing environment for employees.

FirstBank’s Arizona and California branches also saw healthy deposit growth during the second quarter:

FirstBank’s Phoenix-area branches saw total deposits increase year-over-year from $486.5 million to $560.4 million, a gain of 15.2 percent. Loans grew to $849.0 million as compared to $831.5 million in Q2 2018, an increase of 2.1 percent. Assets increased 1.8 percent from $882.6 million to $898.8 million.

Among FirstBank’s four Palm Desert branches, total deposits grew 6.6 percent from $394.1 million to $420.3 million. Loans decreased from $325 million to $277.3 million, as did assets from $334.6 million to $286.5 million.

A bout 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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Chandra Brin

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