FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2023 third-quarter summary of the company’s holdings and activities. At the end of September, the bank reported the following quarter-over-quarter results:
• Net income increased from $178.1 million to $240.5 million.
• Total deposits increased from $24.3 billion to $24.4 billion.
• Net loan balance decreased by 1.2% to $16.2 billion.
• Total assets remained unchanged at $28.1 billion.
“We take pride in the achievements of the past quarter, which reflect FirstBank’s ability to successfully navigate slowing market conditions,” said Joel Johnson, FirstBank East Valley Market President. “Our commitment to supporting the communities we serve and driving economic growth in Arizona remains steadfast, and we are enthusiastic about finishing the year on a strong note.”
In Q3, FirstBank announced its partnership with the Phoenix Suns to kick off the return of its FirstBank Empowerment Awards. This season-long initiative aims to strengthen marginalized communities by providing financial grants and marketing support to minority-owned businesses across the Valley.
The bank also received multiple accolades, demonstrating its commitment to “banking for good.” It was recognized as one of the “2023 Most Admired Companies” by Arizona Business Magazine, and the bank was named a finalist for the Greater Arizona BBB Torch Awards for Ethics.