FirstBank Ends 2022 Well Positioned to Navigate Industry Challenges
Bank continues to “Give it Forward” with community-based initiatives
LAKEWOOD, Colo., Feb. 07, 2023 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” recently released fourth-quarter results. At the end of December 2022, FirstBank reported the following year-over-year results:
- Net loan balance rose 18.3 percent to $16.1 billion
- Total deposits decreased by 4 percent to $25.5 billion
- Total assets decreased by 3.6 percent to $27.8 billion
- Net income decreased by 7.7 percent to $285.7 million
“Despite slight decreases year-over-year, 2022 represented the second best year for net income in FirstBank’s 60 year history with $285.7 million. Asset and credit quality also remains strong and delinquencies low,” said Jim Reuter, CEO of FirstBank. “We anticipated a ‘leveling off’ of deposit and lending activity with interest rate hikes and other economic factors. While the outlook for 2023 appears uncertain, we’ve analyzed multiple financial scenarios to ensure FirstBank is well positioned into the future. We’re confident we’ll continue to meet our customer’s needs as the Federal Reserve works to tame inflation.”
FirstBank, which has experienced well over a decade of record financial growth starting before the Great Recession, has been recognized by industry-leading publications as one of the best performing banks in the nation. The company didn’t originate subprime loans and has been applauded for its approach to lending, risk management and strategic decision-making.
“Over the course of FirstBank’s 60 years in business, we’ve focused on doing what’s right for customers, communities and employees, and that’s helped us become a financially resilient institution. We’ve come out of every economic downturn stronger than before, and we feel confident in our abilities to navigate the uncertainties in 2023,” added Reuter.
In addition, FirstBank recognized the effect of inflation and rising gas prices, so it recently surprised commuters across fuel stations in Denver, Colorado Springs, Boulder, Greeley, and Frisco with $30,000 in free fuel in support of Colorado Gives Day. FirstBank has served as the presenting partner of Colorado Gives Day since 2010, helping raise more than $415 million for Colorado nonprofits.
The bank also added one new director, Matthew J. Ritter, co-founder and principal of Pinnacle Real Estate Advisors LLC, to its board. Ritter’s extensive commercial real estate and entrepreneurial background will be valuable as FirstBank continues to grow its business products and services.
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking and has grown to be one of the largest privately held banks in the United States, maintaining nearly $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 $80 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.
A PDF infographic accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/2365b2a3-c93e-4e03-a446-921e28df2550