Oct 25, 2019
Unaudited results announced for third quarter 2019
(ANCHORAGE) First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for third quarter 2019 was $14.8 million, or $4.68 per share. This compares to net income of $15.9 million, or $5.02 per share, for the same period in 2018.
Unaudited year-to-date net income was $41.5 million, or $13.07 per share. This compares to net income of $41.7 million, or $13.14 per share, during the same period in 2018. Return on assets was 1.47% and return on equity was 10.49%, decreasing from 1.51% and 11.29%, respectively, during the same period in 2018. The efficiency ratio was 52.82% compared to 51.08% during third quarter 2018.
Net interest and loan fee income for third quarter 2019 was $38.6 million, an increase of 5.8% from third quarter 2018. Provision for loan losses continued to be low due to a high-quality loan portfolio. Noninterest income for third quarter 2019, excluding realized investment gains and losses, increased 1.1% from third quarter 2018. In third quarter 2018, pre-tax realized losses from sale of securities of $1.3 million were recorded to improve portfolio performance and offset other taxable gains. Noninterest expenses for third quarter 2019, excluding property sales, increased 1.0% compared to third quarter 2018. In third quarter 2018, pre-tax net gains of $4.8 million were recorded from sales of property no longer used for bank purposes.
Balance sheet changes for the quarter ended September 30, 2019 included:
· Total assets increased $82.4 million to $3.85 billion,
· Gross loans increased $17.4 million to $2.02 billion,
· Deposits and repurchase agreements increased $69.4 million to $3.28 billion, and
· Total shareholders’ equity increased $11.1 million to $545.7 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) is filed by the 30th of the month following quarter-end and is subsequently posted at www.FNBAlaska.com > Financial Reports and at www.OTCMarkets.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 2019, Alaska Business readers voted the bank the “Best of Alaska Business” in the Best Place to Work category for the fourth year in a row. In 2019, American Banker recognized First National as a “Best Bank to Work For” for the second year in a row. In 2018, MSN.com named First National the most admired company in the state and the bank 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