FirstBank Reports 2016 Second Quarter Financial Results

Colorado’s Largest Locally Owned Bank Increases Second Quarter Net Income 6.2 Percent and Net Loans 8.9 Percent Compared to 2015

LAKEWOOD, Colo.--(BUSINESS WIRE)-- Today, FirstBank Holding Company, the Lakewood-based holding company for Colorado’s second largest bank, reported second quarter financial results for 2016.

As of June 30, the company’s net income improved 6.2 percent to $91 million. Total assets grew to $16.2 billion, an increase of 7 percent, and total deposits increased to $14.5 billion, up 7.4 percent. Net loans totaled $9.1 billion, an increase of 8.9 percent compared to the same period last year.

Additionally, in June, FirstBank opened its new corporate headquarters in Lakewood after two years of construction. The 127,000-square-foot office addition is part of a $50 million investment in the company’s corporate headquarters, and features a number of amenities, including a fully-equipped fitness center, central courtyard and collaborative workspaces.

“Our move into the new headquarters is the result of strong financial progress and our continued investment in mobile banking and other technology solutions for customers,” said John Ikard, president and CEO of FirstBank Holding Company. “We look forward to continuing the growth we’ve experienced through the rest of the year.”

FirstBank also reported the following second quarter results in Arizona and California:

Arizona

Across FirstBank’s 17 Phoenix-area branches, total deposits increased significantly from $293.2 million in 2015 to $358.2 million, a gain of 22.2 percent. Loans grew 22.9 percent from $585 million to $719.1 million, and assets increased 21.2 percent from $647.8 million to $785.1 million.

California

Among FirstBank’s five Palm Desert branches, deposits increased by .2 percent from $356.7 million in the second quarter of 2015 to $357.5 million in 2016. Loans increased from $241.1 million to $281 million, growing by 16.5 percent, and assets increased 15.6 percent from $252.8 million to $292.3 million in 2016.

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.

Member FDIC

Equal Housing Lender

View source version on businesswire.com: http://www.businesswire.com/news/home/20160726006225/en/

FirstBank
Chandra Brin, 303-235-1402
[email protected]
or
Linhart Public Relations
Dani Row, 303-951-2588
[email protected]

Source: FirstBank

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