September 7, 2021

FirstBank California Market Reports Growth in Deposits, Loans, and Assets

By Bob Marra

FirstBank reported double digit growth in the second quarter of 2021. Across FirstBank’s California branches, deposits grew 28.4 percent from $481.8 million to $618.6 million from the same period last year. California loans increased 10.3 percent from $283.8 million to $313 million, year-over-year.

“As we roll into the back half of the year, we couldn’t be happier with our overall results,” remarked Jake Wuest, FirstBank California Market President. “Not only have we supported small businesses, nonprofits, and communities, we have built valuable customer relationships and established new customer accounts which are evidence of our growing market profile.”

Across all of FirstBank’s markets, total assets grew to $26.8 billion, an 18.8 percent increase from the same period last year, while deposits jumped to $24.4 billion, a 20.9 percent increase from 2020. FirstBank’s net loans also increased by 4.1 percent to $13.2 billion, year-over-year.

“We care about the health of our communities and the financial health of our customers, which represents a big part of our ‘banking for good’ mission,” said Jim Reuter, CEO of FirstBank. “By focusing on what matters to us and our stakeholders, it’s enabled our organization to experience strong year-over-year growth. We’re anticipating this trend to continue throughout 2021.”

In June, FirstBank announced a new campaign encouraging customers to help in a planet-saving cause. For every FirstBank Bloom Package opened through August 31, the bank planted five trees in partnership with global reforestation nonprofit, One Tree Planted, with the goal of planting 50,000 trees throughout Colorado, Arizona, and California. The bank, which is known to partner with local housing nonprofits to bring creative options to first-time buyers and underserved communities, also launched its Empowering Homeownership program in Q2 2021, showcasing how it helps diverse customers overcome the odds to become successful homeowners.

To learn about FirstBank’s tree-planting campaign or to help in the cause, go to www.efirstbank.com/green. To learn about FirstBank’s Empowering Homeownership initiative, go to www.efirstbank.com/empower.

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