PHOENIX, Ariz., July 29, 2019 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” today announced its second quarter 2019 financial results. The bank, which operates 15 branches across the Valley, posted significant growth across key categories, resulting in notable year-over-year gains in Arizona.
- FirstBank’s Phoenix-area branches saw total deposits increase year-over-year from $486.5 million to $560.4 million, a gain of 15.2 percent.
- Loans grew to $849.0 million as compared to $831.5 million in Q2 2018, an increase of 2.1 percent.
- Assets increased 1.8 percent from $882.6 million to $898.8 million.
In its second quarter, FirstBank served as the presenting sponsor for the seventh annual Arizona Gives Day, a statewide, 24-hour, online giving campaign. The annual day of giving helped raise a record $3.6 million for more than 700 local nonprofit organizations. To encourage the public to participate, FirstBank employees posed as servers at two local restaurants as part of their annual “Give it Forward” campaign to promote Arizona Gives Day. When the bill arrived, patrons learned that their server’s true identity and that their tab was being paid for by FirstBank – all to encourage goodwill and donations for Arizona Gives Day. FirstBank covered the tabs of dozens of diners, covering about $2,500 worth of receipts. FirstBank also sponsored a series of incentive prizes to help encourage nonprofits to reach out to potential donors.
“It’s amazing to watch Arizona Gives Day continue to grow each year, from raising $900,000 in 2013 to $3.6 million in 2019,” said Bryce Lloyd, Phoenix Market President for FirstBank. “Arizona continues to support the people and places we call home, and that is what ‘banking for good’ is all about.”
As of June 30, 2019, FirstBank’s national total assets, total deposits, net loans and net income increased, compared to Q2 of 2018. Total assets grew by 5.4 percent to $19.25 billion and total deposits increased by 5.3 percent to $17.28 billion. Net loans rose to $10.86 billion, an increase of 4.5 percent, and net income posted a 2.6 percent increase to $134.7 million.
“The growth FirstBank has sustained over the first half of 2019, as well as over the past 12 years, continues to demonstrate the value of doing right by our customers, communities and employees,” said FirstBank CEO Jim Reuter. “We would not be where we are today without the 3,000 incredible employees who bring our ‘banking for good’ commitment to life every day for our individual, business and nonprofit customers in communities across Arizona, Colorado and California.”
Additionally, FirstBank has been recognized by the Phoenix Business Journal for being a top workplace in Arizona, citing its commitment to community and the creation of a positive and nurturing environment for employees.
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
###
Member FDIC
Attachment