Unaudited preliminary results announced for first quarterNet income for first quarter was $10.7 million or $31.81 per share for First National Bank Alaska, said Jason Roth, Chief Financial Officer. This compares to $12.5 million and $36.23 respectively for the same quarter in 2008.
The bank continues to support Alaska businesses, Roth said. The year-over-year reduction in net income reflects the absence of two non-recurring items that occurred in 2008. The first, Roth explained, was a $2.3 million net gain recorded in conjunction with VISA, Inc., going public and the second was a $1.0 million reduction in the banks allowance for loan losses.
Established in 1922, First National is Alaskas largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska. More information about First National is available at www.FNBAlaska.com.
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