FirstBank’s Second Quarter Results Showcase Stability and Commitment to Long-Term Growth
August 08 2024 - 11:30AM
FirstBank, one of the nation’s largest privately held banks with a
focus on “banking for good,” announced its 2024 second-quarter
summary of the company’s holdings and activities. At the end of
June, the bank reported the following quarter-over-quarter
results.
- Net income through the second quarter of 2024 increased to
$96.5 million
- Total deposits decreased by 2% to $24.1 billion
- Net loan balance remained at $16.3 billion
- Total assets decreased by 0.7% to $27.3 billion
FirstBank was named No. 1 in customer satisfaction in the
Southwest Region by J.D. Power’s 2024 Retail Banking Satisfaction
Study for the fourth consecutive year.
“Heading into the second half of 2024, FirstBank remains focused
on long-term growth, helping small businesses grow, and providing
outstanding customer service,” said Kevin Classen, CEO of
FirstBank. “In Q2, we also approved $79 million in loans for
affordable housing projects and new developments, which will create
an additional 265 units of housing for local families and
individuals. This, combined with our top ranking in customer
satisfaction, underscores our commitment to supporting local
businesses, community developments, and affordable housing
initiatives that enable economic growth. We’re proud to make a
difference in the areas we serve.”
As part of its commitment to making homeownership more
attainable, FirstBank has made considerable contributions to new
affordable housing developments. The company recently financed $55
million in loans for Willoughby Corner, one of the largest
net-zero-ready affordable housing developments in Colorado. Since
2020, the bank has financed over $500 million in affordable
housing.
In addition, FirstBank announced the return of its ‘Go Green’
campaign, where for each consumer checking account opened, the bank
will donate to causes that help save bees, conserve water, and
plant trees. In the first month, the campaign helped FirstBank open
more than 4,000 new accounts and raise nearly $17,000.
About FirstBankFirstBank began providing
banking services in 1963. Today, it’s known as an industry leader
in digital banking. It has grown to be one of the top performing
and largest privately held banks in the United States, maintaining
over 100 branch locations across Colorado, Arizona, and California.
FirstBank offers a variety of consumer deposit accounts, home
equity loans, mortgages, rental property loans, and a full range of
commercial banking services, including business financing,
commercial real estate loans, treasury management, and more. Since
2000, FirstBank has been recognized as a top corporate
philanthropist, contributing more than $90 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 employees a financial stake in the bank’s
success through its Employee Stock Ownership Program. For more
information, visit www.efirstbank.com. Member FDIC.
Media ContactChandra
Brin303.235.1402Chandra.Brin@efirstbank.com