FirstBank Records Outstanding Growth
FirstBank Records Growth in Assets, Loans, and Deposits
Staff & Wire Reports / MarraIntel.com
FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced incredible third-quarter results with double-digit growth in assets, deposits, and income over totals from the same period last year. Across FirstBank’s California branches, assets grew by 15.6 percent from $288.1 million to $333.1 million compared to the same period last year. California loans increased by 16.3 percent from $278.2 million to $323.6 million and deposits increased by 32.4 percent from $491.6 million to $650.8 million.
“We are thrilled by our third quarter performance and the significant increase in assets, loans, and deposits,” said Jake Wuest, FirstBank California Market President. “While we’re happy with FirstBank’s growth in the Coachella Valley, our main focus is continuing to support our customers, community, and employees at every turn. We believe this mindset will yield positive results for us, and this community.”
FirstBank recently 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 California, Colorado, and Arizona.
FirstBank’s assets across all markets at the end of September grew to $27.4 billion, up to 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 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.”
