Third Quarter Earnings Increase, Outstanding Loans Top $1 BillionFirst National Bank Alaska third quarter earnings were up 10% over the same time last year reported D.H. Cuddy, President and Chairman. Loans, deposits and assets also showed strong growth, with outstanding loans surpassing $1 billion.
According to Jason Roth, Senior Vice President, Financial Division, third quarter 2003 earnings were $11.5 million or $33.44 per share, up from $10.5 million or $30.45 per share at third quarter end 2002. Year-to-date earnings reached $32.3 million at the end of the period, compared to $31.5 million at third quarter end 2002.
Outstanding loans grew to $1.05 billion at the end of third quarter 2003, an increase of $88 million over the same period in 2002 when outstanding loans totaled $966 million. Total deposits also showed an increase of $155 million when compared to the same time last year, $1.38 billion as of September 30, 2003 compared to $1.22 billion on September 30, 2002. Assets grew to $2.16 billion.
Continued deposit growth and the increased volume of commercial loan, mortgage and mortgage refinance originations continues to improve our banks net interest income, accounting for sustained strong earnings through September 30, 2003, Roth said.
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 ranked #9 on Alaska Business Monthly magazines 2002 Top 49ers list. The bank employs over 750 Alaskans, and operates 27 branches in 16 Alaska communities.
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