FirstBank Reports 2013 Third Quarter Financial Results

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Nov 05, 2013, 02:26 ET

LAKEWOOD, Colo., Nov. 5, 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 third quarter financial results.

As of September 30, 2013, the company's total deposits were $11.85 billion, up 7 percent compared to the third quarter of 2012. Total assets were $13.16 billion, also up 7 percent from the same time last year. Total loans grew 18 percent from the third quarter in 2012 to $6.95 billion ending September 30, 2013.

FirstBank Holding Company's net income for the first nine months of 2013 decreased less than one percent from $121.32 million in the third quarter last year to $120.63 million as of September 30, 2013.

"We're pleased that we continue to build on strong expectations for 2013 and experience sustained growth in FirstBank's core deposits and assets," said John Ikard, CEO of FirstBank Holding Company. "A substantial increase in loans also continues to be a trend in almost all of our markets, including both residential and commercial loans. We're pleased with the demand and hope to continue this momentum as we close out 2013."

FirstBank also reported the following state-specific financial results:

Arizona
As of September 30, 2013, total deposits for FirstBank's Arizona branches were $196 million, up 25.5 percent from $156.2 million compared to the same time a year ago. Loans also increased 65.3 percent to $319.2 million from $193.1 million in 2012. FirstBank opened its first Arizona location in 2007 and continues growth in the state.

California
Total deposits for FirstBank California were $281.4 million, up 8.1 percent compared to $260.4 million in the third quarter 2012. Total loans were $215.4 million ending September 30, 2013, a 1.8 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 management and employees own a majority of its stock. For more information, go to www.efirstbank.com.

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