FirstBank Sees Increases in Deposits and Net Income in Q3

LAKEWOOD, Colo., Nov. 01, 2023 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2023 third-quarter summary on the company’s holdings and activities. At the end of September, the bank reported the following quarter-over-quarter results:

• Net income increased from $178.1 million to $240.5 million 
• Total deposits increased from $24.3 billion to $24.4 billion 
• Net loan balance decreased 1.2% to $16.2 billion
• Total assets remained unchanged at $28.1 billion

“FirstBank has remained focused on growing core deposits and ensuring credit quality is strong as we navigate uncertain market conditions,” said Jim Reuter, CEO of FirstBank. “We have a longstanding history of being successful in all economic environments, and as a result, 2023 is shaping up to be a good year for the bank.”

In Q3, FirstBank announced various leadership appointments, including the company’s former President of Commercial Lending, John Markovich, being promoted to Chief Credit Officer. 

The bank also received multiple accolades, demonstrating its commitment to “banking for good.” It was recognized as one of the “2023 Most Admired Companies'' by Arizona Business Magazine. In addition, Shannon Jones, FirstBank’s Chief People Officer, was presented with the Denver Businesses Journal’s "2023 Outstanding Women in Business” Award. 

About FirstBankFirstBank 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 variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, 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.

Media Contact:Chandra Brin303.235.1402[email protected]

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