FirstBank Reports 2012 Third Quarter Financial Results

LAKEWOOD, Colo.--(BUSINESS WIRE)--FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported its 2012 third quarter financial results.

“Our third quarter results represent a truly outstanding quarter for loans and solid growth in deposits”

As of Sept. 30, 2012, the company’s total deposits were $11.1 billion, up 8 percent compared to the same period last year. Total loans grew 20 percent from $4.9 billion to $5.9 billion during that same time.

FirstBank Holding Company’s net income remained virtually unchanged from 2011 and was $121.32 million, compared to $122.12 million at the same time last year.

“Our third quarter results represent a truly outstanding quarter for loans and solid growth in deposits,” said John Ikard, CEO of FirstBank Holding Company. “In nearly all of our markets, we’ve experienced double-digit increases in lending, with substantial loan increases in the California and Arizona markets. We also have plans to open more locations and continue to expand our customer base in the fourth quarter 2012 and throughout 2013.”

FirstBank also reported the following state-specific financial results:

Arizona

As of Sept. 30, 2012, total deposits for FirstBank’s Arizona branches were $156.8 million, up 12 percent from $140 million compared to the same time a year ago. Loans also increased 40 percent to $195.4 million from $139.6 million. FirstBank opened its first Arizona location in 2007 and now operates 11 branches in Arizona.

California

Total deposits for FirstBank California were $259.1 million, up .5 percent compared to $257.9 million in the third quarter 2011. Total loans were $214.9 million ending Sept. 30, 2012, a 59 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, serving more than 600,000 customers. Since 2000, FirstBank has contributed more than $30 million and thousands of volunteer hours to charitable organizations.

FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

Member FDIC