FirstBank Focuses on Long-Term Success in the First Quarter of 2023
Bank celebrates 60 years in business and receives top customer satisfaction ranking for the third year in a row
LAKEWOOD, Colo., May 10, 2023 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” released its first-quarter results. The bank reported the following quarterly results, representing performance from Dec. 31, 2022 to March 31, 2023:
- Net loan balance increased 1.9 percent to $16.4 billion.
- Total deposits decreased 2 percent to $25 billion.
- Total assets increased 3.6 percent to $28.8 billion.
- Net income was $110.3 million.
“As a privately held company that’s been around for over 60 years, we continue to make decisions that set us up for a sustainable future,” said Jim Reuter, CEO of FirstBank. “We have experienced many economic cycles over the past several decades, and given our ample sources of liquidity, strong loan performance, credit quality and diversified customer base, we feel confident in our ability to overcome whatever lays ahead.”
FirstBank’s model works to serve a variety of consumers, businesses and nonprofit organizations across Colorado, Arizona and Palm Desert, California.
During the first quarter, FirstBank also demonstrated a strong commitment to its communities by launching Coachella Valley Giving Day (CV Giving Day), a new 24-hour online giving event that benefits charities in the greater Palm Springs area. This adds to its existing line-up of Colorado Gives Day and Arizona Gives Day, which has raised more than $450 million in total for local nonprofits.
Additionally, FirstBank reached a major milestone on February 28, celebrating 60 years in business, and it received the top customer satisfaction ranking in the Southwest, according to a recent study. This is the third year in a row the bank earned the study’s top rating across six states.
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 over $28 billion in assets and 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 $80 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 Brin
303.235.1402
Chandra.Brin@efirstbank.com
