LAKEWOOD, Colo., April 25, 2011 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported its 2011 first quarter financial results.
As of March 31, 2011, the company's total deposits were $9.84 billion, up 5 percent compared to the same period last year. Total loans grew from $4.27 billion to $4.63 billion, an 8 percent increase since the first quarter of 2010.
FirstBank Holding Company's net income for the first quarter increased 15 percent to $40.48 million, compared to $35.16 million at the same time last year. First quarter earnings per share were $315, up 16 percent from $273.
"We started 2011 with another quarter of solid results as FirstBank continued to grow in all key financial measures and again increased returns for shareholders," said John Ikard, President and CEO of FirstBank Holding Company. "FirstBank is healthy, well-positioned, and will remain disciplined as we continue to grow deposits and loans and deepen our customer relationships."
FirstBank also reported the following state-specific financial results:
FirstBank operates eight locations in Arizona. As of March 31, 2011, total deposits for FirstBank's Arizona branches were $117.1 million, up from $87.9 million compared to the same time a year ago. Loans also increased 63 percent to $121.9 million from $74.7 million. FirstBank opened its first Arizona location in 2007.
Total deposits for FirstBank California were $258.6 million and total loans reached $133.5 million for the quarter ending March 31, 2011. The bank operates five branches in the greater Palm Desert, Calif. area.
FirstBank operates 113 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.
SOURCE FirstBank Holding Company