FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced milestone third-quarter results with double-digit growth in assets, deposits, and income over totals from the same period last year. Across FirstBank’s Arizona branches, assets grew by 14.3 percent from $975.9 million to $1.1 billion compared to the same period last year. Arizona loans increased by 15.7 percent from $925.1 million to $1.1 billion, and deposits increased by 41.5 percent, also surpassing the $1 billion mark.
“FirstBank in Arizona delivered a strong performance during the third quarter, and I am grateful to our customers, employees, and community members who have continued to show us trust during this growth,” said Humphrey Shin, FirstBank Phoenix Market President. “Maintaining that trust and commitment will continue to be a motivating factor for us as we look to finish the year strong.”
This quarter, FirstBank announced the results of its Bloom campaign in partnership with reforestation nonprofit One Tree Planted, where the bank planted trees for every FirstBank Bloom Package opened between June 1 and Aug. 31, resulting in over 50,000 trees planted across Arizona, Colorado, and California. Additionally, FirstBank strengthened its relationship with the Phoenix Mercury by presenting a $5,000 scholarship, with the help of Sophie Cunningham, to a local student for college education.
FirstBank’s assets across all markets at the end of September 2021 grew to $27.4 billion, up 16.3 percent from the same period in 2020, and total deposits jumped to $25.1 billion, exceeding last year’s third-quarter deposits by an even 20 percent. Net income grew by 29.6 percent year-over-year to $222.5 million, while net loans grew 4.4 percent year-over-year to $13.5 billion.
“Banking for good isn’t just a slogan for us, it’s a sincere motivation,” said FirstBank CEO Jim Reuter. “We’ve been pleased to help our community navigate the turbulence of the pandemic and look forward to coming out the other side stronger than before.”
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking and has grown to be one of the largest privately held banks in the United States, maintaining more than $27 billion in assets and 110 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 nearly $75 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.
