FirstBank Reports 2013 Second Quarter Financial Results

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Jul 30, 2013, 02:37 ET

LAKEWOOD, Colo., July 30, 2013 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado and the second largest bank by deposits, today reported its 2013 second quarter financial results.

As of June 30, 2013, the company's total deposits were $11.66 billion, up 7 percent compared to the second quarter of 2012. Total assets were $13.02 billion, up 6 percent from the same time last year. Total loans grew 19 percent from $5.59 billion to $6.69 billion during that same time.

FirstBank Holding Company's net income for the first six months of 2013 decreased 4 percent from $81.58 million in the second quarter last year to $78.53 million as of June 30, 2013.

"Our continued growth and strong second quarter results put us on-track to exceed our own expectations for 2013," said John Ikard, CEO of FirstBank Holding Company. "Strong growth in loans and assets continue to be a trend in all of our markets. We're pleased with these results and hope to continue this momentum during the second half of the year."

FirstBank also reported the following state-specific financial results:

Arizona
As of June 30, 2013, total deposits for FirstBank's Arizona branches were $184.4 million, up 21.9 percent from $151.3 million compared to the same time a year ago. Loans also increased 68.2 percent to $291 million from $173 million. FirstBank opened its first Arizona location in 2007 and now operates 12 branches in the state.

California
Total deposits for FirstBank California were $273.7 million, up 2.7 percent compared to $266.5 million in the second quarter 2012. Total loans were $251.9 million ending June 30, 2013, a 23.2 percent increase from the same time a year ago. The bank operates five branches in the greater Palm Desert, Calif. area.

About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado and the second largest bank by deposits, serving more than 600,000 customers. Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations.

FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

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