FirstBank Concludes 2023 with Increases in Net Income and Total Assets
Bank recognized for financial performance and charitable contributions
LAKEWOOD, Colo., Feb. 06, 2024 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2023 fourth-quarter summary on the company’s holdings and activities. At the end of December, the bank reported the following quarter-over-quarter results:
- Net income increased from $240.5 million to $293.5 million
- Net loan balance remained unchanged from the previous quarter at $16.2 billion
- Total deposits decreased from $24.4 billion to $24.3 billion
- Total assets increased from $28.1 billion to $28.2 billion
“FirstBank continues to remain well-positioned for future growth thanks to our focus on long-term, sustainable strategies,” said Jim Reuter, CEO of FirstBank. “Our net income increased 22 percent from the previous quarter, and credit quality remains strong. We’re confident in our ability to navigate evolving market conditions in 2024 and beyond.”
In the fourth quarter, FirstBank and Colorado Gives Foundation successfully raised more than $54.2 million for 3,600-plus area nonprofits during Colorado Gives Day, an annual one-day online giving movement benefiting thousands of nonprofits. The bank has helped raise more than $450 million for state charities since Colorado Gives Day’s inception in 2010.
FirstBank also received recognition for its financial performance and charitable contributions, including earning a spot on the “Top 50 Companies to Watch in 2024” by Arizona Business Magazine and Denver Business Journal’s “2023 Partners in Philanthropy—Alliance Award.”
To learn more about FirstBank, visit efirstbank.com.
About FirstBank
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the largest privately held banks in the United States, maintaining more than $28 billion in assets and 100 branch locations across Colorado, Arizona, and California. FirstBank offers a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $85 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com. Member FDIC.
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