1031 Corporation Parent Reports Strong 3rd Quarter

As reported yesterday in the Northern Colorado Business Report, - FirstBank Holding Company - the Lakewood-based holding company for the largest locally-owned banking organization in Colorado - reported increases in all its key financial measures for the nine months ending Sept. 30, 2009. Net income grew was up 15 percent to $109.88 million compared to the same period in 2008. The company's earnings increased by 17 percent from the comparable period a year ago.

Total assets were $9.84 billion and total deposits increased to $8.95 billion, up 6 percent and 13 percent respectively. Total loans grew 9 percent to $4.22 billion, and return on average shareholder equity was 22.1%.

"FirstBank has performed exceptionally well in 2009, and our third-quarter financial results show that we've been able to sustain the momentum we created during the first half of 2009," said John A. Ikard, president and CEO of FirstBank Holding Co. "Concentrating on our core business has allowed us to better serve our customers and deliver value to our shareholders."

Ikard noted that FirstBank does not originate, hold or purchase any subprime mortgage loans or securities, a fact that has helped the company avoid costly credit losses.

FirstBank also expanded its geographic footprint during the third quarter of 2009 by opening a new branch location in Surprise, Ariz. It operates 121 locations in Colorado, eight in Arizona and five in California, serving more than 600,000 customers.

1031 Corporation, a subsidiary of FirstBank offers nationwide Qualified Intermediary services and strategy consultation for tax-deferred, like-kind exchanges.