FirstBank Maintains Robust Growth at the Start of 2022
Bank Continues to Support Down Payment Assistance Program and Contributes $250,000 to the Boulder County Wildfire Fund
LAKEWOOD, Colo., May 09, 2022 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2022 first quarter summary on the company’s holdings and activities. The bank recorded year-over-year increases in assets, deposits and income, including a net income increase of 29.8 percent to $79.1 million.
At the end of March, the bank’s total assets also climbed to $28.9 billion, up 11.4 percent from the same period in 2021. Total deposits were $27.1 billion, exceeding last year’s first quarter deposits by 15.5 percent, and net loan balances rose by 5.3 percent to $14.1 billion.
“We’re extremely pleased with our company’s strong financial performance,” said Jim Reuter, CEO of FirstBank. “It indicates FirstBank is well positioned heading into a rising rate environment. As the market starts to normalize back to pre-pandemic conditions, we feel confident our company will continue its upward trajectory well into 2022.”
At the start of the year, FirstBank and the Colorado Housing Finance Authority (CHFA) allocated $750,000, on top of an initial $1 million contribution, to the Providing Access to Homeownership (PATH) Grant Program. The program was designed to help provide down payment assistance to first-time homebuyers who identify as Black or African American, a historically underrepresented homeownership group. To date, the program has helped 50 families purchase their first home.
The bank also contributed $250,000 to the Boulder County Wildfire Fund in response to the Marshall and Middle Fork fires. In conjunction with this donation, FirstBank distributed dozens of care packages, consisting of vouchers for groceries and other essentials, to displaced customers and community members, and raised nearly $65,000 for impacted employees.
“Our commitment to supporting the community and creating a more equitable environment remains a top priority, whether it’s helping people navigate challenging times or helping families create generational wealth through homeownership,” added Reuter. “A rising tide lifts all boats, and we’re focused on bringing our mission of ‘banking for good’ to life as we head into 2022 and beyond.”
For more information about FirstBank, visit www.efirstbank.com.
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 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 nearly $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/480881db-f488-4838-97a0-6240d270fa0f