FirstBank’s 2nd-quarter net income soars 26.9%
FirstBank, one of the nation’s largest privately held banks with numerous banking locations in Arizona, reported second quarter financial results for 2018.
As of June 30, the company’s net income improved 26.9 percent to $131.3 million compared to the second quarter 2017. Total assets grew to $18.3 billion, a 5.5 percent increase from the same time last year. Total deposits increased to $16.4 billion, a 5.3 percent increase from 2017’s second-quarter results. Net loans totaled $10.4 billion, an increase of 5.6 percent.
Across FirstBank’s 15 Phoenix-area branches:
• Total deposits increased significantly from $439.9 million in the second quarter of 2017 to $486.5 million, a gain of 10.6 percent
• Loans in Arizona grew 8.2 percent, from $768.8 million to $831.5 million
• Assets increased 7.1 percent from $824.2 million to $882.6 million
“FirstBank is pleased to report another strong quarter and over 10-straight years of record earnings,” said Bryce Lloyd, Phoenix Market President of FirstBank. “We’re confident our growth can be attributed to three key things: meeting the evolving needs of our customers through quality service and banking innovation; making community involvement a key part of our culture, and most importantly, ensuring we have a happy workforce. Banking for good isn’t just our motto, it’s our mindset.”
During the second quarter, FirstBank was the premier partner for Arizona Gives Day, a statewide day of giving for Arizona nonprofits. FirstBank not only provided funds to boost donations, but also deployed a grassroots campaign to generate new donors. The bank’s employees surprised commuters by pumping thousands of dollars’ worth of free fuel, encouraging them to “give it forward” to charity of their choice on April 3. Arizona Gives Day raised a record $3.2 million for 905 nonprofits organizations statewide.
In addition to community support and financial performance, FirstBank reported high adoption rates and increasing usage with Zelle, the person-to-person digital payment network that allows customers to use their mobile device to send and receive money within minutes. Zelle transactions among FirstBank customers topped over $414 million since its launch in June 2017.
“When we launch new mobile services, it’s studied and deliberate,” said FirstBank CEO Jim Reuter. “We select partners that complement our proprietary technologies, and support our high standards of security and convenience. Our investments in new products and capabilities have one goal: to empower our customers with best-in-class tools, so they can easily manage their financial lives.”