Vail Valley: FirstBank’s income grows
Vail, CO Colorado
VAIL ” FirstBank Holding Company, the Colorado-based company that operates branches throughout the Vail Valley, reported Wednesday that its net income grew to $38.8 million during the first quarter, up 18 percent from the comparable time a year ago.
The company’s earnings per share surged 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 comparable time a year ago, and FirstBank of Vail’s total assets as of March 31 were $340.4 million.
“Our business continues to perform exceptionally well, despite some economic headwinds,” said John A. Ikard, president and CEO of FirstBank Holding Company. “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.”
FirstBank does not originate, hold or purchase any subprime mortgage loans or securities, a fact that has helped the company avoid costly credit losses that have recently damaged some U.S. and international financial institutions, Ikard said.
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FirstBank recorded increases for all its key financial measures during the first three months of 2009. Total assets held 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.
FirstBank operates 119 locations in Colorado, seven in Arizona and five in California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers. A majority of its stock is owned by management and employees. For more information, go to http://www.efirstbank.com.