FIRSTBANK HITS RECORD NET LOAN BALANCE IN THIRD QUARTER 2017

LAKEWOOD, Colo, Oct. 25, 2017 -- FirstBank, one of the nation’s largest privately held banks with more than 115 locations in Colorado, Arizona and California, today announced its third quarter 2017 financial results.

As of September 30, FirstBank measured notable growth in income, assets, loans and deposits.

• Net loan balance exceeded $10 billion for the first time in company history, an increase of 7.7 percent over the same period last year.
• Net income increased 14 percent to $159.4 million.
• Total assets grew to $17.4 billion, an increase of 4.4 percent.
• Total deposits increased to $15.6 billion, up 4.2 percent.

“We are excited about the results our team has produced in 2017,” said FirstBank CEO Jim Reuter. “Passing $10 billion in loans is a particularly important milestone for our Bank as it underscores our commitment to the customers and communities we serve. It’s also a direct reflection of our banking for good philosophy that when we support our communities, we can succeed, and vice versa.”

FirstBank was also recognized in the third quarter as the 2017 Top Company in Financial Services by ColoradoBiz Magazine.

Arizona

Across FirstBank’s 15 Phoenix-area branches:

•  Total deposits grew by 13 percent, from $381.2 million at the same time in 2016 to $439.4 million at the end of 2017’s third quarter.
•  Loans grew 4.3 percent from $738.4 million to $771.8 million, and assets increased 3.4 percent from $797.6 million to $825.4 million.

California

Among FirstBank’s four Palm Desert branches:

•  Deposits increased by 6.7 percent from $364.8 million in the third quarter of 2016 to $390.8 million in 2017.
•  Loans increased from $290.1 million to $312.8 million, growing by 7.3 percent, and assets increased 6.9 percent from $301.1 million to $323.3 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 www.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.

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Member FDIC

 Equal Housing Lender

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f2d64e9a-a8f0-42cd-957c-bae6c3a248e3

Chandra Brin
FirstBank
303-2351402
[email protected]