FirstBank, a privately held bank based in Lakewood, is now Colorado’s second-largest bank by deposits, according to a recent FDIC report. FirstBank recently announced its third-quarter results for 2024.
As of September, the bank reported the following quarter-over-quarter results: Net income through the third quarter of 2024 increased to $157.7 million, while total deposits decreased by 0.8% to $23.9 billion. Net loan balance decreased by 1.2% to $16.1 billion, while total assets increased by 0.4% to $27.4 billion.
FirstBank was also recently recognized as a “2024 Most Admired Company” by Arizona Business Magazine and BestCompaniesAZ for the eighth consecutive year.
“FirstBank continues to demonstrate a solid financial performance quarter-after-quarter and year-after-year by helping local businesses grow, strengthening communities and focusing on award-winning service,” said CEO Kevin Classen. “This has enabled us to not only increase our market share in Colorado, but continue to be recognized as a top company despite a high interest rate environment and other industry challenges.”
At the end of the quarter, FirstBank announced the sale of its four California branch locations to California Bank & Trust, a division of Zions Bancorp. This decision was part of FirstBank’s strategic focus on consolidating operations to prioritize growth opportunities in Colorado and Arizona. The transaction is expected to close early next year.
