LAKEWOOD, Colo.--(BUSINESS WIRE)--Today, FirstBank, Colorado’s second largest bank and one of the nation’s largest privately held banks, reported third quarter financial results for 2016.
As of September 30, the company’s net income improved 7 percent to $139.8 million. Total assets grew to $16.6 billion, an increase of 10.4 percent, and total deposits increased to $14.9 billion, up 10.3 percent. Net loans totaled $9.3 billion, an increase of 9.1 percent compared to the same period last year.
Additionally, in the third quarter, FirstBank added card management features to the online banking service and is about to introduce Touch ID login capability for mobile banking.
“Not only are we growing, but we’re investing in new technologies that make banking with us easier and safer,” said John Ikard, CEO of FirstBank. “Online and mobile banking are our fastest growing delivery channels for customer service, and it’s important we continue to evolve with our customers’ needs and aspirations.”
FirstBank also reported the following third quarter results in Arizona and California:
Arizona
Across FirstBank’s Phoenix-area branches, total deposits significantly increased from $302.1 million in 2015 to $387.7 million, a gain of 28.3 percent. Loans grew 23.8 percent from $607.2 million to $751.9 million, and assets increased 20.9 percent from $671 million to $811.2 million.
California
Among FirstBank’s five Palm Desert branches, deposits increased by .2 percent from $356.7 million in the second quarter of 2015 to $357.5 million in 2016. Loans increased from $256.3 million to $291.2 million, growing by 13.6 percent, and assets increased 15.6 percent from $252.8 million to $292.3 million in 2016.
FirstBank offers a variety of checking and savings accounts, including its Anywhere Account with eSave, which automatically transfers 1 cent up to $99.99 to customers’ savings account each time they use a debit card, pay a bill electronically or transfer funds. FirstBank also offers mortgages, home equity loans and a full range of commercial loans and business accounts and services. For more information, visit www.efirstbank.com.
About FirstBank
FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 700,000 customers. Since 2000, FirstBank has contributed more than $55 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.
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