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Uninterrupted Growth Continues for FirstBank With Robust Q2 Results

1235 Days ago

Digital Payments Adoption, New Highs in Assets and Income Boost Key Metrics

LAKEWOOD, Colo., Aug. 14, 2018 (GLOBE NEWSWIRE) -- FirstBank, Colorado’s second largest bank and one of the nation’s largest privately held banks, today announced its second quarter 2018 financial results.

Building on over 10 consecutive years of record growth, FirstBank reported strong earnings results in Q2 2018, with significant year-over-year increases in income, assets, net loan balances and total deposits:

  • Total assets increased by 5.5 percent to $18.3 billion
  • Total deposits grew by 5.3 percent to $16.4 billion
  • Net loan balances increased by 5.6 percent to $10.4 billion
  • Net income grew by 26.9 percent to $131.3 million   

“These results position us for another solid year, and adds momentum to the earnings growth we’ve experienced for over a decade now,” said FirstBank CEO Jim Reuter. “We continue to succeed in a competitive market and deliver on our commitment to ‘banking for good’ by meeting the evolving needs of our customers and communities.”

During the second quarter, FirstBank was the premier partner for Arizona Gives Day, a statewide day of giving which raised over $3.2 million for Arizona nonprofits. The company also announced that it will continue to be the corporate sponsor for Colorado Gives Day, another 24-hour online giving movement scheduled for Dec. 4, 2018. Colorado Gives Day raised more than $36.5 million last year.

Additionally, FirstBank reported high adoption rates and increasing usage with Zelle, the person-to-person digital payment network that allows customers to use their mobile device to send and receive money within minutes. Zelle transactions among FirstBank customers topped over $414 million since its launch.

“When we launch new mobile services, it’s studied and deliberate. We select partners that complement our proprietary technologies, and support our high standards of security and convenience. Our work with Zelle has been an excellent extension of the user-friendly experience our customers expect,” said Reuter. “Our investments in new products and capabilities have one goal: to empower our customers with best-in-class tools, so they can easily manage their financial lives.”

FirstBank’s Arizona and California branches reported strong second quarter results, as well:

Across FirstBank’s Phoenix-area branches, total deposits significantly increased year-over-year from $439.9 million to $486.5 million, a gain of 10.6 percent. Loans grew 8.2 percent from $768.8 million to $831.5 million, and assets increased 7.1 percent from $824.2 million to $882.6 million.

Among FirstBank’s four Palm Desert branches, total deposits increased year-over-year by 0.6 percent from $391.8 million to $394.1 million. Loans increased from $311.0 million to $325.0 million, growing by 4.5 percent, and assets increased 3.9 percent from $322.0 million to $334.6 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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Chandra Brin

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