LAKEWOOD, Colo., Nov. 08, 2022 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced sustained growth in income, assets, and deposits as part of its third quarter summary on the company’s holding and activities.
At the end of September, FirstBank reported the following results year-over-year:
- Net loan balance rose 16.6 percent to $15.7 billion
- Total deposits climbed 5.2 percent to $26.4 billion
- Total assets grew 3.9 percent to $28.5 billion
- Net income increased 15.2 percent to $256.3 million
“Despite rising interest rates and inflation, we are experiencing continued growth across all key financial measures,” said Jim Reuter, FirstBank CEO. “We are on track to end the year strong and are well positioned to navigate economic challenges, which is no doubt a result of creating an award-winning customer experience and the hard work and talent of our dedicated team members.”
Through a recent consumer survey by American Banker, FirstBank was ranked among the top 20 banks, fintechs and credit unions nationwide for its customer experience and satisfaction ratings.
The bank also helped 150 Black and African-American families become homeowners through its Providing Access to Homeownership (PATH) grant program, and launched its “Empower All” initiative, a collection of online financial education resources, videos, and in-person events that are available in English and Spanish. Both initiatives further FirstBank’s commitment to helping all communities, especially those who are underserved, become more financially confident.
“Connecting with and supporting the community is a core part of FirstBank’s mission, and these initiatives increase access to financial resources for those who can truly benefit,” Reuter added.
Additionally, the bank added two new directors, Christopher Davis-Massey, Chief Operating Officer for City Street Investments, and Veena Dandapani, Chief Client Services Officer for Pagaya Technologies, to its board. Both Davis-Massey and Dandapani bring vast knowledge and industry expertise to help lead FirstBank into the future.
For more information about FirstBank, visit www.efirstbank.com.
About FirstBank
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking and has grown to be one of the largest privately held banks in the United States, maintaining more than $28 billion in assets and 100 branch locations across Colorado, Arizona and California. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing nearly $80 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 employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
Media Contacts
Chandra Brin
303.235.1402
Chandra.Brin@efirstbank.com
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