Valley in Brief: Vail Valley FirstBank branches report growth
LAKEWOOD — FirstBank, Colorado’s second-largest bank and one of the nation’s largest privately held banks, recently reported first quarter financial results for 2017.
As of March 31, FirstBank’s net income increased 10.6 percent to $48 million compared to the same period in 2016. Total assets grew to $17.3 billion, an increase of 7.8 percent, and total deposits increased to $15.6 billion, up 8.1 percent. Net loans totaled $9.6 billion, an increase of 8.5 percent.
At the FirstBank branches in Vail and Avon, assets grew 7.6 percent from $781.3 million to $840.7 million in 2016. Total deposits increased 8.5 percent to $856.6 million and loans increased from $766.2 million to $825.9 million, an increase of 7.8 percent.
“The first quarter of the year was successful and noteworthy for a number of reasons,” said Jim Reuter, CEO of FirstBank. “In addition to significant growth across the board, we also launched our new ‘banking for good’ brand campaign that reflects our commitment to customer service and corporate citizenship, and will serve as a guide for our company for many years to come.”
FirstBank also reported the first quarter results at its Arizona and California branches.
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Across FirstBank’s Phoenix-area branches, total deposits increased from $347 million in 2016 to $436 million, a gain of 25.6 percent. Loans grew 14.4 percent from $680 million to $778 million, and assets increased 11.8 percent from $746 million to $834 million.
Among FirstBank’s branches in the Palm Desert, California, area, total deposits increased from $372 million in 2016 to $381 million, a gain of 2.3 percent. Loans grew 5 percent from $285 million to $299 million, and assets increased 4.7 percent from $296 million to $310 million.
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 750,000 customers. A majority of its stock is owned by management and employees. For more information, go to http://www.efirstbank.com.