FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2022 first quarter summary of the company’s holdings and activities. At the end of March, the bank’s California Market’s (four desert branches) total deposits were $725 million, exceeding last year’s first quarter deposits by 28 percent, and net loan balances rose by 31 percent to $367 million.
“Wrapping up the first quarter of 2022, we’re proud of the growth we’ve experienced,” said Jake Wuest, FirstBank California Market President. “We attribute this success to our dedicated employees and customers, as their support has made each accomplishment possible. We are looking forward to reaching new milestones in the months ahead.”
Across all markets, FirstBank recorded year-over-year increases in assets, deposits, and income, including a net income increase of 29.8 percent to $79.1 million. Total assets grew 11.4 percent to $28.9 billion, while total deposits increased 15.5 percent to $27.1 billion. The net loan balance rose to $14.1 billion, increasing 5.3 percent. FirstBank also provided $750K in down payment assistance.
“We’re extremely pleased with our company’s strong financial performance,” said Jim Reuter, CEO of FirstBank. “It indicates FirstBank is well-positioned heading into a rising rate environment. As the market starts to normalize back to pre-pandemic conditions, we feel confident our company will continue its upward trajectory well into 2022.”
For more information about FirstBank, visit www.efirstbank.com.