Unaudited results announced for fourth quarter 2015
First National Bank Alaska’s (OTCBB:FBAK) net income for fourth quarter 2015 was $9.3 million or $29.14 per share. This compares to $7.4 million or $23.15 per share for the same quarter in 2014. Quarter over quarter, net interest and loan fee income increased 9.2%, after provision for loan losses; primarily due to increase in earning assets. Total noninterest income decreased 6.2%, while total noninterest expenses declined 4.3%, extending a trend of bankcard income/expense balancing resulting from a strategic revenue-sharing partnership.
Year to date net income as of December 31, 2015 was $36.1 million or $113.02 per share compared to $32.6 million or $101.37 per share for 2014. For the year, net interest and loan fee income increased $8.8 million or 8.6% after provision for loan losses. Noninterest income decreased $1.7 million or 6.0% and operating expenses increased $2.0 million or 2.4%.
Other annual balance sheet changes as of December 31, 2015 over prior year end:
- Total assets increased $257.3 million to $3.57 billion
- Gross loans increased $172.4 million to $1.55 billion
- Customer deposits increased $240.0 million to $3.07 billion
- Total shareholders’ equity increased $16.7 million to $488.6 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) as of December 31, 2015 is posted along with other financial reports for 2015 on our website www.FNBAlaska.com > About FNBA > Financial Reports.
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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