FirstBank Reports 2012 Year-End Financial Results
Bank Records Increases in All Its Key Financial Measures
LAKEWOOD, Colo.--(BUSINESS WIRE)-- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today reported its year-end 2012 financial results.
The company's net income grew to $161.6 million during 2012, up 1.7 percent compared to year-end 2011.
For the 2012 calendar year, FirstBank recorded increases for all its key financial measures. Total assets held were $12.8 billion as of Dec. 31, 2012, up 11 percent compared to the similar time a year ago. Total deposits increased 10 percent to $11.5 billion and loans grew by a remarkable 21 percent to $6.1 billion as of Dec. 31, 2012.
"2012 was a successful year for our company," said John A. Ikard, president and CEO of FirstBank Holding Company. "Despite changing dynamics of the banking industry, we experienced strong financial growth in all our markets. We also continued to expand geographically by opening new locations, including our first branch in Glenwood Springs, Colorado. It was another great year for FirstBank."
FirstBank also reported the following financial results for its locations operated outside of Colorado:
Arizona : As of Dec. 31, 2012, deposits for FirstBank's Arizona locations were $174.6 million, up 27.4 percent from a comparable time a year ago. Loans also increased 61.9 percent to $238.6 million from $147.4 million. FirstBank opened its first Arizona location in 2007 and has expanded to 11 branches in Arizona over the last five years.
California : At the close of 2012, deposits for FirstBank's California branches were $265.1 million, a 1.1 percent increase compared to $262.2 million during year-end 2011. Loans grew by 58.5 percent to $227.4 million from $143.5 million. The bank operates five branches in the greater Palm Desert area.
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, 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.
KEYWORDS: United States North America Arizona California Colorado
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