FirstBank Focuses on Sustainable Strategies in the First Quarter of 2024

LAKEWOOD, Colo., May 09, 2024 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2024 first-quarter summary on the company’s holdings and activities. At the end of March, the bank reported the following quarter-over-quarter results:

• Net income through the first quarter of 2024 was $49.9 million
• Total deposits increased by 1.2% to $24.6 billion
• Net loan balance increased by 0.6% to $16.3 billion
• Total assets decreased by 2.5% to $27.5 billion

In the first quarter of 2024, Jim Reuter announced his retirement as CEO but will continue to serve on FirstBank’s Board of Directors. The Board elected FirstBank President Kevin Classen as the incoming CEO, Kelly Kaminskas was appointed Chief Operating Officer and Adam Sands was named Chief Banking Officer.

“FirstBank has a very strong financial foundation thanks to Jim and our predecessors,” said Kevin Classen, CEO of FirstBank. “Our key performance metrics remain steady, and we have a 60-plus-year history of sustainable growth we plan to build on. This year, we’re focused on doing what we do best – prudent decision-making, ensuring great credit quality and increased capitalization. We also remain focused on bolstering local communities, and delivering innovative and needed products and services to customers.”

FirstBank opened its first Spanish Banking Center in Glenwood Springs to provide enhanced financial resources and banking services to Spanish-speaking families and business owners throughout the Roaring Fork Valley. The Glenwood Springs location joined FirstBank’s growing list of Multicultural Banking Centers, where customers can receive banking services in their preferred language and with an understanding of their culture.

Additionally, the bank partnered with Desert Community Foundation to run another successful Coachella Valley (CV) Giving Day, raising more than $886,000 for local nonprofits — double the amount raised last year.

About FirstBankFirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the top performing and largest privately held banks in the United States, maintaining over 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 more than $90 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. Member FDIC.

Media Contact:Chandra Brin303.235.1402[email protected]

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