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FirstBank Reports Third Quarter Results, Emphasizing Community Commitment and Strategic Market Shift

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

Bank increased its deposit market share, becoming Colorado’s second-largest bank by deposits

LAKEWOOD, Colo., Nov. 20, 2024 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2024 third-quarter summary of the company’s holdings and activities. At the end of September, the bank reported the following quarter-over-quarter results:

  • Net income through the third quarter of 2024 increased to $157.7 million
  • Total deposits decreased by 0.8% to $23.9 billion
  • Net loan balance decreased by 1.2% to $16.1 billion
  • Total assets increased by 0.4% to $27.4 billion

FirstBank climbed to Colorado’s second largest bank by deposits, according to a recent FDIC report, and was recognized as a “2024 Most Admired Company” by Arizona Business Magazine and BestCompaniesAZ for the eighth consecutive year.

“FirstBank continues to demonstrate a solid financial performance quarter-after-quarter and year-after-year by helping local businesses grow, strengthening communities and focusing on award-winning service,” said Kevin Classen. “This has enabled us to not only increase our market share in Colorado, but continue to be recognized as a top company despite a high interest rate environment and other industry challenges.”

As part of its commitment to the community, FirstBank donated $60,000 through its Go Green campaign to support planet-helping causes, including honey bee health, water conservation and reforestation. The bank also celebrated Hispanic Heritage Month by hosting ‘FirstBank Fiestas,’ a series of free bilingual events for community members and local businesses in Colorado and Arizona.

At the end of the quarter, FirstBank also announced the sale of its four California branch locations to California Bank & Trust (CB&T), a division of Zions Bancorporation. The decision was driven by FirstBank’s strategic focus on consolidating its operations and resources to concentrate on growth opportunities in Colorado and Arizona, where it sees greater potential for expansion. The transaction is expected to close early next year.

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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