FirstBank closes out year with record income and growth
FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced year-over-year double-digit percentage increases in assets, deposits, and income in the fourth quarter of 2021. Across FirstBank’s Arizona branches, assets totaled nearly $1.2 billion, up 21.4 percent. Total deposits were $1.1 billion, up 42.5 percent from the same time last year, while net loans increased 23 percent year-over-year to $1.1 billion.
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“Last year was another challenging one, but FirstBank is fortunate to have a lot of milestones and recognitions to celebrate,” said Joel Johnson, FirstBank East Valley Market President. “We attribute that success to our dedicated employees and customers. It’s encouraging to see the growth that we were able to attain at the end of 2021, and we’re eager to keep that momentum as we head into 2022.”
Wrapping up 2021, FirstBank awarded 10 businesses $5,000 in prize money and $1,000 to be donated to a nonprofit of their choosing through its Good Business Contest. The winning businesses demonstrated a positive impact on their customers, communities, and employees despite the challenges of the pandemic. Three of the ten businesses awarded were based in Arizona including Envision Painting, Ground Control Craft Food & Drink, and Social Spin Laundromat.
Additionally, FirstBank received the Phoenix Business Journal’s Corporate Philanthropy 2021 award which highlighted the organization’s year-round philanthropic efforts strengthening communities around the valley. In the same quarter, FirstBank was also selected as AZ Big Media’s Most Admired Company for their strong leadership, community involvement, and dedication to their employees and customers.
At the end of December, FirstBank’s assets across all markets totaled $28.9 billion, up 17.9 percent. Total deposits were $26.6 billion, up 21.6 percent from the same time last year. Net income grew by 30.2 percent to $309.4 million, while net loans increased 4.9 percent year-over-year to $13.6 billion.
“Among many accomplishments, our team provided more than 5,800 mortgages and over 1,600 real estate loans to customers in 2021 – an exceptional level of production,” said FirstBank CEO, Jim Reuter. “We are starting the new year in a strong position, largely due to the hard work that has been shown by our dedicated team members.”
For more information about FirstBank, visit www.efirstbank.com.