×

FirstBank’s Net Income Increases 13.6 Percent

LAKEWOOD, Colo., Aug. 08, 2017 (GLOBE NEWSWIRE) -- FirstBank, Colorado’s second-largest bank and one of the nation’s largest privately held banks, reported second quarter financial results for 2017.

As of June 30, the company’s net income improved 13.6 percent to $103.4 million compared to second quarter 2016. Total assets grew to $17.33 billion and total deposits increased to $15.57 billion, both up 6.8 percent from the same time last year. Net loans totaled $9.84 billion, an increase of 8 percent.

In June 2017, FirstBank was among 30 U.S. banks to officially offer Zelle, a new mobile money transfer service, enabling over 86 million customers to send money to almost any bank account in the U.S. within minutes. Additionally, FirstBank was voted “Best Bank” via ColoradoBiz’s Best of Colorado Business Choice survey and was named a “Top Workplace” for the sixth consecutive year by the Denver Post.

“If the first half of 2017 is any indication, it is going to be a great year,” said Jim Reuter, CEO of FirstBank. “We closed another successful quarter and remained strong in all financial measures. We’re also thrilled to bring customers a free, safe and quick mobile payment service, and receive recognition for customer and employee satisfaction.”

FirstBank also reported the following second quarter results in Arizona and California:

Arizona
Across FirstBank’s 15 Phoenix-area branches, total deposits increased significantly from $360.7 million in the second quarter of 2016 to $439.9 million, a gain of 18 percent. Loans grew 7.2 percent from $713.3 million to $768.8 million, and assets increased 5.5 percent from $778.7 million to $824.3 million.

California
Among FirstBank’s four Palm Desert branches, deposits increased by 8.1 percent from $360.2 million in the second quarter of 2016 to $391.8 million in 2017. Loans grew 9.7 percent from $280.9 million to $311 million, and assets increased 9.3 percent from $292 million to $322 million in 2017.

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. For more information, visit efirstbank.com.

About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 750,000 customers. Since 2000, FirstBank has contributed more than $57 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

Member FDIC

Equal Housing Lender

MEDIA CONTACT: Chandra Brin FirstBank Chandra.Brin@efirstbank.com 303-235-1402

Source: FirstBank