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FirstBank Reports Strong Q4 Results and a Record-Setting Colorado Gives Day

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

The bank continues to “Give It Forward” through Colorado Gives Day and expanded instant payment offerings

LAKEWOOD, Colo., Feb. 05, 2025 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2024 fourth-quarter summary of the company’s holdings and activities. The bank reported the following year-end and quarter-over-quarter results:

  • Net income for 2024 was $226.1 million
  • Total deposits increased by 0.4% in the fourth quarter to $24 billion
  • Net loan balance remained unchanged during Q4 at $16.1 billion
  • Total assets decreased by 0.7% to $27.2 billion from Sept. 30, 2024 to Dec. 31, 2024

In addition to growing both customer relationships and deposits in the fourth quarter, the bank reported over $3 billion in loan originations throughout the 2024 calendar year and recently expanded its instant payment offerings to include the FedNow Service. FirstBank now offers multiple instant payment options that are transmitted instantaneously and are available 24 hours a day, 365 days a year.

The bank and Colorado Gives Foundation also helped raise a record-setting $54.6 million for Colorado Gives Day this past December, benefiting more than 4,200 area nonprofits. To promote the online giving movement, FirstBank surprised several deserving individuals, who were encouraged to “Give It Forward” to their favorite Colorado Gives Day nonprofits.

“We’re committed to long-term, sustainable success, and sound financial management,” says Kevin Classen, CEO of FirstBank. “Our focus on smart, strategic growth not only ensures a stronger financial foundation, it allows us to reinvest in the well-being of our customers, communities, and employees, so everyone can thrive.”

As part of FirstBank’s commitment to increased affordable housing, the bank financed $23.8 million in Q4 to support Habitat for Humanity of Roaring Fork Valley’s efforts to make homeownership more accessible. The loan will help bring nearly 100 deed-restricted, for-sale units to Glenwood Springs.

FirstBank closed out 2024 as Colorado’s second-largest bank by deposits, capturing over 12% of the state’s deposit market share. It was also ranked among Forbes’ “World’s Best Banks” and “Best-in-State-Banks.”

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. 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.

Media Contact
Chandra Brin
303.235.1402
Chandra.Brin@efirstbank.com

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