Loans, Deposits and Assets Increase During Thrid QuarterFirst National Bank Alaska outstanding loans, total deposits and assets showed strong growth during the third quarter while low interest rates continued to negatively affect the banks earnings, reported Jason Roth, Senior Vice President, Financial Division.
Outstanding loans climbed to $1.07 billion, an increase of $70 million over the same quarter last year when outstanding loans totaled $1 billion. Total deposits also showed an increase when compared to the same time last year, $1.46 billion as of September 30, 2004 compared to $1.38 billion on September 30, 2003, an increase of $85 million. Assets reached $2.23 billion.
Third quarter earnings were down 13% when compared to the same time last year, from $11.53 million at third quarter end 2003 to $9.99 million at quarter end 2004. Year-to-date earnings also dipped, from $32.32 million as of September 30, 2003 to $28.95 million at the same time in 2004; a decrease of 10%.
On the one hand, we expected continued low rates to negatively affect our earnings by compressing the margin, said Roth. But on the other hand, were expanding our successful relationships with Alaskans eager to take advantage of the low rates to improve their homes and businesses. We believe this kind of growth makes the best investment in our future and in Alaskas future.
Weiss Ratings, an independent bank safety and soundness rating firm, places Alaskan-owned and operated First National Bank Alaska on its list of the top ten safest and soundest banks in the United States. The bank was recently recognized by Alaska Business Monthly as one of only eight Alaska businesses to be ranked on the magazines Top 49ers list since the lists inception 20 years ago. The bank employs some 750 Alaskans, and operates 27 branches in 16 Alaska communities.
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