FirstBank’s Net Income Increases 25.7 Percent in Third Quarter
Double Digit Deposit Gains in Arizona and Inclusion in Best Companies List Highlight Third Quarter
PHOENIX, Ariz., Nov. 15, 2018 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with numerous banking locations in Arizona, reported third quarter financial results for 2018.
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As of September 30, the company’s net income improved 25.7 percent to $200.4 million compared to the third quarter of 2017. Total assets grew to $18.4 billion, a 6.0 percent increase from the same time last year. Total deposits increased to $16.6 billion, a 6.3 percent increase from 2017’s third quarter results. Net loans totaled $10.5 billion, an increase of 4.6 percent.
Across FirstBank’s 15 Phoenix-area branches:
- Total deposits increased significantly from $438.7 million in the third quarter of 2017 to $497.5 million, a gain of 13.4 percent
- Loans in Arizona remained nearly level with a 0.3 percent decrease, from $795.2 million to $792.7 million
- Assets increased by 3.8 percent from $847.2 million to $879.7 million
“Three quarters of double-digit deposit growth is something to be proud of, but ultimately our real strength and growth is thanks to our amazing employees,” said Joel Johnson, East Valley Market President of FirstBank. “Our dedicated employees are the reason why FirstBank has had 10 straight years of record earnings and such strong customer trust and loyalty.”
During the third quarter, FirstBank was recognized by AZ Business Magazine and Best Companies AZ as one of Arizona’s Most Admired Companies. The bank was selected out of nearly 200 businesses as a Most Admired Company for its leadership, financial performance, corporate philanthropy, banking innovations as well as its high employee engagement rates. It also was the only company to earn a Customer Opinion Spotlight Award, recognizing outstanding customer satisfaction.
“This award illustrates how FirstBank exercises ‘banking for good’ in all aspects of the company,” added Johnson.
About FirstBank
FirstBank, the nation’s third largest privately held bank, operates more than 115 locations in Arizona, Colorado and California, serving over 750,000 customers. The bank offers a variety of checking and savings accounts, mortgages, home equity loans and a full range of commercial loans and business accounts and services. Since 2000, the company has been recognized as a top corporate philanthropist and has contributed more than $60 million and thousands of volunteer hours to charitable organizations. FirstBank is also unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.
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Chandra Brin FirstBank 303-235-1402 chandra.brin@efirstbank.com Josh Weiss 10 to 1 Public Relations 480-786-0743 josh@10to1pr.com
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