FirstBank, one of the nation’s largest privately held banks with numerous banking locations in Arizona, reported first quarter financial results for 2018.
As of March 31, the company’s net income improved 32.4 percent to $64.31 million compared to the first quarter 2017. Total assets grew to $18.08 billion, a 4.4 percent increase from the same time last year. Total deposits increased to $16.27 billion, a 3.8 percent increase from 2017’s first quarter results. Net loans totaled $10.22 billion, an increase of 5.9 percent.
Across FirstBank’s 15 Phoenix-area branches, total deposits increased significantly from $422.1 million in the first quarter of 2017 to $469.1 million, a gain of 11.1 percent. Loans in Arizona grew 5.9 percent, from $774.5 million to $820.5 million, and assets increased 5.2 percent from $828.3 million to $871.1 million from the same time last year.
“FirstBank is proud to report another strong quarter which follows 10 straight years of record earnings,” said Bryce Lloyd, FirstBank’s President in Phoenix. “We believe our success comes from loyal customers and trusted employees who are wholly committed to providing friendly and personalized service to everyone who walks into a FirstBank branch.”
In early 2018, FirstBank launched a new campaign called Saving is in Style to change consumer perception about financial responsibility and encourage people to save money and celebrate thriftiness. The campaign includes advertising on television, digital platforms and outdoor billboards including the Phoenix-metro area.
“Spotlighting savings and encouraging folks to save money for a house or a vacation seems to be resonating with Phoenix residents,” added Lloyd. “FirstBank customers have boosted their deposits by more than 11 percent this quarter, the second highest increase among 10-regions in Arizona, Colorado and California.”
