May 08, 2019
Unaudited results announced for first quarter 2019
(ANCHORAGE) First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for first quarter 2019 was $13.5 million, or $4.27 per share. This compares to net income of $13.2 million, or $4.15 per share for the same period in 2018.
Net interest and loan fee income for first quarter 2019 was $32.9 million, increasing 3.6% from first quarter 2018. This increase was favorably affected by rising yields on earning assets and continued low provision for loan losses attributed to the high-quality loan portfolio.
Return on assets was 1.45% and return on equity was 10.56%, decreasing from 1.46% and 10.69%, respectively, during the same period in 2018. The efficiency ratio improved to 52.17% compared to 53.06% during the same period in 2018.
Balance sheet changes for the quarter ended March 31, 2019:
• Total assets decreased $46.7 million to $3.71 billion
• Gross loans increased by $31.2 million to $1.97 billion
• Deposits and repurchase agreements decreased $63.2 million to $3.17 billion
• Total shareholders’ equity increased $11.9 million to $518.72 million
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. Our latest Consolidated Report of Condition and Income (Call Report) was filed April 30, 2019, and is posted at www.FNBAlaska.com > Financial Reports and at www.OTCMarketc.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, and by providing banking services to meet their needs across the nation and around the world. In 2018, Alaska Business readers voted the bank the “Best of Alaska Business” in the Best Place to Work category for the third year in a row and as best Corporate Citizen for the second, and American Banker recognized First National as a “Best Bank to Work For”. In January 2018, MSN.com named First National the most admired company in the state. In October 2018, First National received the Rita Sholton Large Business of the Year Award from the Alaska Chamber.
Visit FNBAlaska.com for more information about Alaska’s largest locally-owned bank and access to efficient and secure online banking services. First National Bank Alaska is a Member FDIC and Equal Housing Lender.
Contact: Marketing Department, (907) 777-3409