FirstBank Reports Third Quarter 2010 Financial Results

Oct 25, 2010, 13:07 ET from FirstBank Holding Company

LAKEWOOD, Colo., Oct. 25 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported its 2010 third quarter financial results. As of September 30, 2010, the company held total assets of $10.4 billion, up 6 percent compared to the same period last year.  Total deposits were $9.35 billion, an increase of 5 percent from September 30, 2009.  Loans increased 3 percent to $4.3 billion.

FirstBank Holding Company's net income for the first nine months was $111.3 million, up from $109.9 million last year.  Earnings per share were $864, and return on average shareholder equity was 19.1 percent.  

"2010 is proving to be another very good year for FirstBank. In the third quarter we continued to see asset, core deposit and loan growth, and we again generated a healthy return for our shareholders," said John Ikard, president and CEO of FirstBank Holding Company. "Thanks to the work of our talented team, FirstBank is maintaining a steady trajectory of growth."

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

Arizona

FirstBank operates eight locations in Arizona.  As of September 30, 2010, total assets for FirstBank's Arizona locations were $131.4 million, up from $128.9 million compared to the same time a year ago. FirstBank opened its first Arizona location in 2007.

California

Total assets for FirstBank in California grew to $360.6 million, up 17 percent compared to September 30, 2009.  The bank operates five branches in the greater Palm Desert, Calif. area.  

FirstBank operates 120 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.

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SOURCE FirstBank Holding Company



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