LAKEWOOD, Colo., Jan. 27, 2015 /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 year-end 2014 financial results.
The company's net income grew to $175.4 million during 2014, up 8.4 percent compared to year-end 2013.
For the 2014 calendar year, FirstBank recorded increases in all its key financial measures. Total assets held were $14.5 billion as of Dec. 31, 2014, up 8.6 percent compared to the same time last year. Total deposits increased 8 percent to $13.1 billion and loans grew by 10.5 percent to $7.9 billion as of Dec. 31, 2014.
"We're pleased to close out 2014 with another strong financial performance," said John Ikard, CEO of FirstBank Holding Company. "We continued to experience strong growth in our loan and deposit base and even added locations in Phoenix, Fort Collins and Denver. 2014 was a great year for the bank."
FirstBank also reported the following financial results for its locations operated outside of Colorado:
Arizona: As of Dec. 31, 2014, deposits for FirstBank's Arizona locations were $250.5 million, up 24.9 percent from a comparable time a year ago. Loans also increased 40.7 percent to $498.4 million from $354.2 million. FirstBank opened its first Arizona location in 2007 and has expanded to 15 branches since it entered the Arizona market.
California: At the close of 2014, deposits for FirstBank's California branches were $347.8 million, a 2.5 percent decrease compared to $356.9 million during year-end 2013. Loans grew by 8.1 percent to $241 million from $222.9 million. The bank operates five branches in the greater Palm Desert area.
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 $45 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.
SOURCE FirstBank Holding Company