Unaudited results announced for fourth quarter 2014First National Bank Alaskas (FBAK) net income for fourth quarter 2014 was $7.4 million or $23.15 per share. This compares to $7.8 million or $24.29 per share for the same quarter in 2013. Quarter over quarter, net interest and loan fee income after provision for loan losses increased 5.9% and non interest income increased 4.7%. Operating expenses increased 13.3%, outpacing the combined revenue improvements.
Year to date net income as of December 31, 2014 was $32.6 million or $101.37 per share compared to $32.3 million or $99.80 per share for 2013. For the year, net interest and loan fee income after provision for loan losses increased $2.6 million or 2.6%, noninterest income decreased $2.3 million or 7.7%, and operating expenses plus provision for income taxes increased minimally.
Other annual balance sheet changes as of December 31, 2014 over prior year end:
Total assets grew $209.4 million to $3.31 billion
Gross loans increased by $85.6 million to $1.38 billion
Deposits grew by $189.1 million to $2.83 billion
Total shareholders equity increased $19.3 million to $471.8 million
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council as required of all banking institutions. Our latest Consolidated Report of Condition and Income (Call Report) was filed January 30, 2015 and is posted along with other financial reports for 2014 on our website www.FNBAlaska.com
Alaskan-owned and operated since 1922, First National proudly meets the financial needs of Alaskans with ATMs and branches in 18 communities throughout the state. Visit www.FNBAlaska.com for more information about Alaska's largest locally-owned bank and access to efficient and secure online banking services.
Contact: Cheri Gillian (907) 777-3441
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