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Jan 03, 2002

Year-End Earnings to Record High

First National Bank Alaska President and Chairman, D.H. Cuddy, reported that continued loan growth during fourth quarter 2001 generated a 19 percent increase in earnings over fourth quarter last year. The banks 2001 net income was the highest in the banks 80-year history, up 24 percent over the same time last year.

According to Cuddy, fourth quarter 2001 earnings were $10.9 million or $31.42 per share, up from $8.8 million or $24.46 per share for fourth quarter end 2000. Fueled by
strong fourth quarter earnings, 2001 net income increased to $38.8 million or $109.69 per share compared to $31.3 million and $85.7 respectively in 2000. Prior to 2001, record
earnings stood at $35.0 million for 1993.

Outstanding loans climbed to $915 million, an increase of $147 million since year-end 2000 when outstanding loans totaled $768 million. Total deposits also increased when
compared to the same time last year, $1.08 billion as of December 31, 2001 compared to $996 million as of December 31, 2000, an increase of $84 million. Total assets reached $1.79 billion at year-end 2001, compared to $1.67 billion at year-end 2000.

Thanks to the competent Alaskans who work for our bank we maintained a profitable margin in the face of challenges posed by changing interest rates and an uncertain
economy, said Cuddy. I am convinced our hard-working staff will continue to meet the challenges of the new year, ensuring the banks success over the long term.

First National Bank is the one Alaska bank that has served Alaskans for 80 years. The bank employs more than 750 Alaskans, operates 27 branches in 16 Alaska communities
and 18 ATMs in rural Alaska communities.

 

Contact: Marketing Department, (907) 777-3409