FirstBank Reports 2014 Third Quarter Financial Results
LAKEWOOD, Colo., Nov. 4, 2014 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado and the second largest bank by deposits, today reported its 2014 third quarter financial results.
FirstBank Holding Company's net income for the first nine months of 2014 increased 4 percent to $125.57 million compared to $120.62 million as of September 30, 2013.
As of September 30, 2014, the company's total deposits were $12.60 billion, up 6 percent compared to the third quarter of 2013. Total assets were $14.05 billion, also up 6 percent from the same time last year. Total loans grew 11 percent from the third quarter in 2013 to $7.75 billion ending September 30, 2014.
"FirstBank has experienced healthy third quarter results and we're confident we'll end 2014 with a strong financial performance," said John Ikard, CEO of FirstBank Holding Company. "The bank continued to grow our loan and deposit base in all of our markets and we added more locations in Arizona and Fort Collins. We're hopeful we'll continue this momentum during the fourth quarter."
FirstBank also reported the following state-specific financial results:
Arizona
As of September 30, 2014, total deposits for FirstBank's Arizona branches were $240.4 million, up 22.7 percent from $196 million compared to the same time a year ago. Loans also increased 46.2 percent to $466.7 million from $319.2 million in 2013. FirstBank opened its first Arizona location in 2007 and has expanded to 14 locations in the state.
California
Total deposits for FirstBank California were $341.3 million, up 21.3 percent compared to $281.4 million in the third quarter 2013. Total loans were $235.1 ending September 30, 2014, a 9.1 percent increase from the same time a year ago. The bank operates five branches in the greater Palm Desert, Calif. area.
About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado and the second largest bank by deposits, serving more than 600,000 customers. Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations.
FirstBank is unique in that management and employees own a majority of its stock. For more information, go to www.efirstbank.com.
Member FDIC
SOURCE FirstBank Holding Company
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