FirstBank Reports 2010 Year-End Financial Results

LAKEWOOD, Colo., Jan. 24, 2011 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported its year-end 2010 financial results. The company's net income grew to $148.9 million during 2010, up 2 percent compared to year-end 2009. During the fourth quarter alone, FirstBank reported net income of $37.6 million, up 1 percent from the fourth quarter of 2009.  

For the 2010 calendar year, FirstBank recorded increases for all its key financial measures. Total assets held were $10.5 billion as of Dec. 31, 2010, up 4 percent compared to the similar time a year ago. Total deposits increased to $9.5 billion, up 3 percent from a year ago, and loans grew by 6 percent to $4.5 billion. Earnings per share came in at $1,157, up 2 percent from 2009, and the year-to-date return on average shareholder equity was 18.8 percent.  

"2010 was another great year for FirstBank, and our year-end results are testament to that fact," said John A. Ikard, president and CEO of FirstBank Holding Company. "We continued to increase our assets and deposits and again delivered strong returns to our shareholders, all while navigating what has become an ever-changing economy. As we head into 2011, our organization is strong and well capitalized."

FirstBank also reported the following financial results for FirstBank locations operated outside of Colorado:

Arizona: FirstBank operates eight locations in Arizona.  As of Dec. 31, 2010 total assets for FirstBank's Arizona locations were $155.9 million, up 17 percent from a comparable time a year ago. FirstBank first opened in Arizona in 2007.

California: Total assets for FirstBank's California branches were $317.2 million at the close of 2010.  The bank operates five branches in the greater Palm Desert, Calif., area.  

About FirstBank

FirstBank operates 119 locations in Colorado, eight in Arizona and five in California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers.  The company is unique in that a majority of its stock is owned by management and employees.  For more information, go to www.efirstbank.com.

Member FDIC

SOURCE FirstBank Holding Company