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Apr 04, 2002

Increased Earnings And Loan Growth Mark First Quarter

First National Bank Alaska first quarter earnings were up 17% when compared to the same time last year, reported Jason Roth, Senior Vice President, Financial Division. Total loans outstanding and total deposits also increased.

According to Roth, first quarter 2002 earnings were $10.3 million or $29.79 per share, up from $8.8 million or $24.34 per share at first quarter end 2001. Outstanding loans grew to $920 million at the end of first quarter 2002, an increase of $132 million since first quarter 2001 when
outstanding loans totaled $788 million. Total deposits also showed an increase when compared to the same time last year, $1.07 billion as of March 31, 2002 compared to $962 million on March 31, 2001, an increase of $103 million. Assets grew to $1.83 billion.

According to Roth, Loan demand did not slow down as it often does during the winter months. We continue to see strong loan growth throughout the state, including an increase in investor loans we originate and service in Alaska. But perhaps more importantly, deposits also held
strong, indicating activity and stability around the state.

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