Vail Valley: FirstBank earnings grow in the first quarter
Vail, CO, Colorado
FirstBank Holding Company, a Colorado-based bank holding company with branches in Vail, Avon and Eagle, has reported its 2009 first quarter financial results. The company’s net income grew to $38.8 million during the first quarter, up 18 percent from the the same period of 2008. The company’s earnings per share rose to $298.50, also up 18 percent.
FirstBank of Avon’s total assets as of March 31 increased to $388 million, up 4 percent from the same period last year. FirstBank of Vail’s total assets as of March 31 were $340.4 million.
Total assets were $9.48 billion as of March 31, up 5 percent compared to a year ago. Total deposits increased to $8.66 billion, up 8 percent from a year ago, while total loans grew by 17 percent to $4.05 billion. The year-to-date return on average shareholder equity was 25.1 percent.
As other financial institutions recover from soured assets and investments, FirstBank’s commitment to loan quality and our ability to grow deposits has paved the way for growth, continued financial health and enhanced customer service,” said John A. Ikard, president and CEO of FirstBank Holding Company.
Ikard said FirstBank does not originate, hold or purchase any subprime mortgage loans or securities, a fact that has helped the company avoid credit losses that have recently damaged some U.S. and international financial institutions. In addition, some customers have been attracted to FirstBank’s relatively unique charter structure. While most banks can only insure up to $250,000 per depositor through the Federal Deposit Insurance Corporation (FDIC), FirstBank’s 26 separate charters makes it possible for customers to have deposits insured up to $6.5 million.
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FirstBank has 119 locations in Colorado, seven in Arizona and five in California. and has more than 600,000 customers. For more information, go to http://www.efirstbank.com.