FirstBank’s Second Quarter Results Showcase Stability and Commitment to Long-Term Growth
Bank ranked No. 1 in customer satisfaction for the fourth consecutive year, continues to invest in affordable housing and environmentally friendly initiatives
LAKEWOOD, Colo., Aug. 08, 2024 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2024 second-quarter summary of the company’s holdings and activities. At the end of June, the bank reported the following quarter-over-quarter results.
- Net income through the second quarter of 2024 increased to $96.5 million
- Total deposits decreased by 2% to $24.1 billion
- Net loan balance remained at $16.3 billion
- Total assets decreased by 0.7% to $27.3 billion
FirstBank was named No. 1 in customer satisfaction in the Southwest Region by J.D. Power’s 2024 Retail Banking Satisfaction Study for the fourth consecutive year.
“Heading into the second half of 2024, FirstBank remains focused on long-term growth, helping small businesses grow, and providing outstanding customer service,” said Kevin Classen, CEO of FirstBank. “In Q2, we also approved $79 million in loans for affordable housing projects and new developments, which will create an additional 265 units of housing for local families and individuals. This, combined with our top ranking in customer satisfaction, underscores our commitment to supporting local businesses, community developments, and affordable housing initiatives that enable economic growth. We’re proud to make a difference in the areas we serve.”
As part of its commitment to making homeownership more attainable, FirstBank has made considerable contributions to new affordable housing developments. The company recently financed $55 million in loans for Willoughby Corner, one of the largest net-zero-ready affordable housing developments in Colorado. Since 2020, the bank has financed over $500 million in affordable housing.
In addition, FirstBank announced the return of its ‘Go Green’ campaign, where for each consumer checking account opened, the bank will donate to causes that help save bees, conserve water, and plant trees. In the first month, the campaign helped FirstBank open more than 4,000 new accounts and raise nearly $17,000.
About FirstBank
FirstBank 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.
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