FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced the achievement of a major milestone — deposit balances surpassed $20 billion for the first time in company history. The bank enters the second half of the year in a strong financial position and plans to continue monitoring the unfolding COVID-19 situation while supporting its customers, communities and employees.
The bank finished the quarter with strong growth across key metrics over the prior year. Total assets increased 17.22 percent to $22.57 billion and total deposits grew 16.72 percent to $20.17 billion. Net loans also rose to $12.69 billion, up 16.86 percent from last year.
“Our strong financial position will enable us to provide services and support for the countless individuals and businesses that have been negatively affected by the recent pandemic,” said FirstBank CEO Jim Reuter. “Our ‘banking for good’ philosophy will continue to guide FirstBank’s decisions as we navigate the challenges ahead.”
Arizona’s FirstBank branches contributed to the regional bank’s overall growth. Across Arizona branches, total assets increased 9.4 percent to $983.5 million and total deposits grew 23.3 percent to $691.0 million. Net loans also rose 9.8 percent to $932.5 million.
“FirstBank’s growth demonstrates our ability to meet the needs of our customers, and it reinforces our flexibility to work with them when times are tough,” said Joel Johnson, FirstBank East Valley Market President. “It’s been a hard year for most of Arizona, as the negative effects of this pandemic are prevalent in just about every aspect of life. But it’s clear that this community continues to push forward, which is a testament to its resilience and resolve.”
FirstBank has been able to continue providing banking services throughout the COVID-19 health crisis by implementing numerous safety measures, and expanding its online and mobile services. Additional support measures for FirstBank employees included an extended enrollment period for our health insurance coverage as well as the institution of Emergency Sick Leave and Extended Family Leave.
The bank’s community crisis response included providing over $650,000 towards COVID economic recovery and emergency relief efforts. This included supporting essential workers at several Fry’s Food Stores in the Valley, as well as families and staff at Family Promise of Greater Phoenix. FirstBank also expanded their annual efforts behind Arizona Gives Day, working with the Alliance of Arizona Nonprofits to establish and fundraise a Nonprofit Emergency Relief Fund. In addition, FirstBank originated over 13,000 SBA Paycheck Protection Program (PPP) loans totaling nearly $1.1 billion. In Arizona, over 300 businesses received SBA PPP loans from FirstBank, translating to more than $35 million.
“We made a promise to do our best to assist our customers, communities, and employees during these unprecedented times — and we’re proud to have made good on that promise,” Reuter concluded.
To learn more about FirstBank’s ongoing coronavirus efforts, please visit: www.efirstbankblog.com/coronavirus.