Unaudited results show net income up over previous yearNet income for the fourth quarter was $8.7 million, bringing First National Bank Alaska's total 2008 net income to $42.9 million, said Jason Roth, Chief Financial Officer. This compares to $10.2 million for the same quarter last year and $38.0 million total net for fiscal 2007. Outstanding loans increased $40 million during the year. Total assets of the bank increased $128 million during the year to $2.437 billion.
"While the banking industry continues to face many challenges, First National remains confident and strong. We will continue to succeed, as we have always done, through solid relationships with our Alaskan customers and by acquiring new customers, Roth said. "We will maintain our focus on people -- our employees and the communities we serve, as well as our shareholders and customers."
In October the bank elected not to participate in the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program and issue debt. "However, to demonstrate our commitment to our customers," Roth said, "we are participating in the portion of the program that provides that our customers' deposits are insured without limit when held in noninterest-bearing transaction accounts. That insurance will remain effective for the year 2009.
Current economic challenges notwithstanding, the locally owned bank is positioned for continued success. "We believe we have the right strategies in place to maintain our long record of success, and the right people to execute them," Roth said.
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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