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.

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“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.