FirstBank Ends Q2 with Solid Financials, Multiple Accolades and a Planet-Friendly Initiative
Company Named a Top Performing Bank, a Top Workplace and Voted Colorado’s Best Bank
LAKEWOOD, Colo., Aug. 09, 2023 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2023 second-quarter summary on the company’s holdings and activities. At the end of June, the bank reported the following quarter-over-quarter results:
• Net income increased from $110.3 million to $178.1 million
• Net loan balance remained unchanged from last quarter at $16.4 billion
• Total deposits decreased 2.8% to $24.3 billion
• Total assets decreased 2.4% to $28.1 billion
“We’re expecting strong results this year despite lingering inflation and market conditions,” said Jim Reuter, CEO of FirstBank. “Our focus on innovation, sustainable growth and maintaining a conservative risk profile continues to position FirstBank well for future growth.”
A recent American Banker study, which analyzed regional banks across several financial metrics using year-end 2022 data, identified FirstBank as one of the nation’s “10 Top-Performing Banks With $10 to $50 billion in Assets”. The bank also received numerous accolades in the second quarter including “2023 Best Bank” by ColoradoBiz Magazine and The Denver Post’s “Top Workplace” for the 12th consecutive year.
In addition, FirstBank introduced a brand new payment rail, Real-Time Payments (RTP)®, which makes funds immediately available and reduces cash flow challenges presented by other payment methods. The new system offers 24/7 processing capabilities, payment transparency, and more.
“We have a longstanding philosophy that if you do good things for your customers, communities and employees, good things will happen. I think a large part of our financial strength can be attributed to doing what’s right for our stakeholders.”
At the beginning of June, the bank launched a Go Green Checking Campaign, inviting current and prospective customers to open any checking account to support one of three environment-friendly causes: Reforestation, Water Conservation, and Bee Health. Within the first five weeks of the campaign, the bank opened more than 5,200 new accounts, resulting in nearly $16,000 donated towards planet-conscious nonprofits. More information can be found at efirstbank.com/green.
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 full range of commercial banking services, including business financing, commercial real estate loans, treasury management and a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $85 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 efirstbank.com.
Member FDIC.
Media Contacts
Chandra Brin
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