FirstBank posts big gains

LAKEWOOD – Net income for FirstBank Holding Co. climbed to $95.1 million for the nine months of the year, up 29 percent over the comparable period in 2007.

Lakewood-based FirstBank Holding Co. operates more than 115 branches in Colorado, with nine banks in Northern Colorado. During the third quarter, FirstBank reported net income of $27.8 million, up 7.3 percent from the comparable quarter of 2007. Total assets held were $9.28 billion as of Sept. 30, up 9 percent compared to the same period last year. Total deposits increased to $7.92 billion, up 5 percent from a year ago, and loans grew by 20 percent to $3.8 billion.

FirstBank President and CEO John Ikard said in a statement the performance was partly due to the fact that FirstBank does not originate, hold or purchase any subprime mortgage loans or securities.

“Despite historic upheaval in the U.S. banking industry, FirstBank continues to post strong profits and deliver outstanding value for our customers and shareholders,” Ikard said.

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