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Jul 11, 2002

First National Bank Second Quarter Earnings Up

First National Bank Alaska second quarter earnings were up 20% when compared to the same time last year, reported D.H. Cuddy, President and Chairman. Total loans outstanding and total deposits also increased.

According to Jason Roth, Senior Vice President, Financial Division, second quarter 2002 earnings were $10.8 million or $31.16 per share, up from $9.0 million or $24.95 per share for the second quarter end 2001. Outstanding loans grew to $939 million at the end of second quarter 2002; an increase of $91 million since second quarter 2001 when outstanding loans totaled $848 million. Total deposits also showed an increase when compared to the same time last year, $1.16 billion as of June 30, 2002 compared to $980 million on June 30, 2001, an increase of $180 million. Assets grew to $1.9 billion.

Now more than ever, weve seen Alaskans looking for the peace of mind offered by our banks nationally ranked record of safety and soundness and the unique benefits that come only from doing business with Alaskans. Our bank has enjoyed continued loan demand and growing deposit activity with more Alaskans seeking tried and trusted local resources, said Roth. During the quarter, our earnings were also favorably impacted by improvement in the banks
net interest income as well as a non-recurring gain recognized in conjunction with our acquisition
of the former First Federal Bank.

First National Bank is celebrating its 80th year helping Alaskans succeed. The bank employs over 750 Alaskans, operates 27 branches in 16 Alaska communities and 18 ATMs in rural Alaska communities.


Contact: Marketing Department, (907) 777-3409