FirstBank Reports 2016 First Quarter Financial Results

Colorado’s Largest Locally Owned Bank Increases First Quarter Net Income 9.7 Percent and Net Loans 9.4 Percent Compared to 2015

LAKEWOOD, Colo.--(BUSINESS WIRE)-- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported first quarter financial results for 2016.

As of March 31, FirstBank Holding Company's net income for the first three months of 2016 increased 9.7 percent to $43.9 million. The company’s total assets were $16.1 billion, an increase of 6.5 percent, and total deposits were $14.5 billion, up 7 percent from the same period last year. Investment securities were $5.6 billion, down 2.3 percent, and net loans totaled $8.9 billion, an increase of 9.4 percent compared to the first quarter of 2015.

"We’ve experienced substantial year-over-year growth in assets, deposits and loans across all three FirstBank markets,” said John Ikard, president and CEO of FirstBank Holding Company. “Our gains in Arizona and California, especially in assets and loans, are particularly encouraging, and we look to continue this trend through the rest of the year.”

FirstBank also reported the following financial results for the first quarter in Arizona and California:

Arizona

Across FirstBank’s 17 Phoenix-area branches, total deposits increased significantly from $269.3 million in 2015 to $351.7 million, a gain of 30.6 percent. Loans grew 27.4 percent from $539.1 million to $686.9 million, and assets increased 25.2 percent from $601.2 million to $752.7 million.

California

Among FirstBank’s five Palm Desert branches, deposits increased by 5.4 percent from $351 million in the first quarter of 2015 to $369.9 million in 2016, and loans increased from $239.7 million to $289.1 million, representing growth of 20.6 percent.

FirstBank offers a variety of checking and savings accounts, including its Anywhere Account with eSave, which automatically transfers 1 cent up to $99.99 to customers’ savings account each time they use a debit card, pay a bill electronically or transfer funds. FirstBank also offers 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 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 700,000 customers. Since 2000, FirstBank has contributed more than $50 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

View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006308/en/

FirstBank
Chandra Brin, 303-239-5051
[email protected]
or
Linhart Public Relations
Jake Kubié, 303-515-2414
[email protected]

Source: FirstBank Holding Company

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