Unaudited preliminary results for fourth quarter
First National Bank Alaska's fourth quarter 2010 net income was $10.6 million or $32.04 per share, said Chief Financial Officer Jason Roth. This compares to $7.0 million or $11.01 per share during the fourth quarter in 2009. Year-end net income of $40.4 million or $121.61 per share compares with $37.2 million or $111.45 per share for 2009.
"While the demand for loans remains flat in the face of Alaska's uncertain economy, the bank enjoyed improved performance during the year in two key areas: our ability to limit significant loan losses, as well as reduced expenses related to foreclosed properties in 2010." Roth said.
Established in 1922, First National is Alaska's largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska. More information about First National is available at www.FNBAlaska.com. Equal housing lender and member FDIC.
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