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Apr 11, 2003

Steady Earnings, Increased Deposits and Loan Growth

First National Bank Alaska first quarter earnings virtually matched bank earnings reported the same time last year, said D.H. Cuddy, Chairman and President. Total deposits and outstanding loans also increased.

According to Cuddy, first quarter 2003 earnings were $10.4 million or $30.18 per share, up slightly from $10.3 million or $29.79 per share at first quarter end 2002. Total deposits showed an increase when compared to the same time last year, $1.25 billion as of March 31, 2003 compared to $1.07 billion on March 31, 2002, an increase of $180 million. Outstanding loans grew to $965 million at the end of first quarter 2003, an increase of $45 million since first quarter 2002 when outstanding loans totaled $920 million. Assets remained steady at $2 billion.

Because of favorable interest rates, we continue to see brisk demand from Alaskans for mortgage loans refinanced and serviced in Alaska, said Jason Roth, Senior Vice President Financial Division. However, income was negatively impacted in the first quarter of 2003 by a $1.1 million charge to the estimated fair value of mortgage loan servicing rights for mortgage loans prior to 2001 which were subsequently refinanced.

Weiss Ratings, Inc. has named First National Bank Alaska among the top ten most secure financial institutions in America for the 20th consecutive quarter.

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