Nov 01, 2018
Unaudited results announced for third quarter 2018
(ANCHORAGE) First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for third quarter 2018 was $15.9 million, or $5.02 per share. This compares to net income of $11.7 million, or $3.69 per share for the same period in 2017. Pre-tax income was $21.1 million for the quarter compared to $17.8 million for the third quarter in 2017.
Return on assets was 1.51 percent and return on equity was 11.29 percent, increasing from 1.19 percent and 8.56 percent, respectively, during the same period in 2017. Net interest and loan fee income for third quarter 2018 was $33.4 million, an increase of 5.6 percent from third quarter 2017. The efficiency ratio improved to 51.62 percent compared to 53.62 percent during the same period in 2017. Net gains on the sale of property no longer used for bank purposes, combined with improved net interest income and effective expense management, contributed to the improved quarterly income. Realized losses on the sale of investments were recorded under a repositioning strategy to improve total performance on securities and offset taxable gains. Pre-tax net gains from property sales and pre-tax realized losses from the sale of investments for the quarter were $4.8 million and $1.3 million, respectively.
Balance sheet changes for the quarter ended September 30, 2018:
Total assets increased $109.42 million to $3.76 billion
Gross loans decreased by $2.11 million to $1.91 billion
Deposits and repurchase agreements increased $102.82 million to $3.25 billion
Total shareholders’ equity increased $3.28 million to $492.98 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 October 30, 2018, and will be posted along with other financial reports at www.FNBAlaska.com > 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. 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 year in a row.
In January 2018, MSN.com named First National the most-admired company in the state and, in September, it was named one of the Best Banks to Work For by American Banker.
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