FirstBank, the nation’s third largest privately held bank with numerous banking locations in Arizona, recently announced its third quarter 2017 financial results.
Across FirstBank’s 15 Phoenix-area branches, total deposits grew by 13 percent, from $381.2 million at the same time in 2016 to $439.4 million at the end of 2017’s third quarter. Loans grew 4.3 percent from $738.4 million to $771.8 million, and assets increased 3.4 percent from $797.6 million to $825.4 million.
On a combined basis as of September 30 in Arizona, California and Colorado, FirstBank measured notable growth in income, assets, and deposits.
- Net income increased 14 percent to $159.4 million.
- Total assets grew to $17.4 billion, an increase of 4.4 percent.
- Total deposits increased to $15.6 billion, up 4.2 percent.
- Net loan balance exceeded $10 billion for the first time in company history, an increase of 7.7 percent over the same period last year.
“We are excited about the results our team has produced in 2017,” said FirstBank CEO Jim Reuter. “Passing $10 billion in loans is a particularly important milestone for our Bank as it underscores our commitment to the customers and communities we serve. It’s also a direct reflection of our banking for good philosophy that when we support our communities, we can succeed, and vice versa.”
FirstBank was also recognized in the third quarter as the 2017 as a Finalist for the Corporate Philanthropy Awards presented by the Phoenix Business Journal, and as the Top Company in Financial Services by ColoradoBiz Magazine.
FirstBank offers a variety of checking and savings accounts, mortgages, home equity loans and a full range of commercial loans and business accounts and services. For more information, visit www.efirstbank.com.
