LAKEWOOD, Colo., Feb. 18, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced strong fourth quarter results after a 12-year streak of steady growth.
The bank, which also hit a record high in loan originations during Q4 2019, continued year-over-year increases across several key categories:
- Total assets grew by 7.5 percent to $19.97 billion
- Total deposits increased by 7.5 percent to $17.93 billion
- Net loans rose 6.7 percent to $11.39 billion
- Net income remained consistent at $270.80 million
“Twelve years of unprecedented growth is a tremendous achievement,” said FirstBank CEO Jim Reuter. “Our employees’ hard work, dedication, and commitment to our customers and communities is key to our success. We want to build on these accomplishments, and continue to prioritize long-term financial stability that enables us to carry out our mission of banking for good.”
During the fourth quarter, FirstBank also celebrated the 10-year anniversary of Colorado Gives Day. As part of the annual day of giving, FirstBank employees went undercover at animal hospitals across the state and paid over $40,000 in bills to inspire recipients to “give it forward.” The bank also launched a series of nonprofit features, social media campaigns and TV ads using real-life crowd-funders to challenge Coloradans to give their money to better causes. As a result, Colorado donors gave a record-breaking $39.6 million to over 2,500 nonprofits during the 24-hour online giving campaign. In total, FirstBank has helped Colorado Gives Day raise more than $250 million for Colorado charities since inception.
FirstBank’s Arizona and California branches also announced strong fourth quarter results:
Arizona
FirstBank’s Phoenix-area branches saw deposits increase from $500.3 million to $589.6 million, up 17.8 percent. Loans grew to $889.1 million, compared to $840.5 million in Q4 2018. And assets rose to $939 million from $891.1 million the prior year.
California
Among FirstBank’s Palm Desert branches, total deposits grew 8.7 percent from $391.5 million to $425.6 million. Loans decreased from $319.3 million to $280.6 million, as did assets from $328.4 million to $290.4 million.
About 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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