News and Press Releases

Jul 07, 2003

Loans, Deposits Increase; Earnings Remain Strong

Total deposits and outstanding loans at First National Bank Alaska continued to increase during second quarter 2003, said D.H. Cuddy, President and Chairman. Loans were up more than 11% over the same quarter last year, and deposits increased 14% from the same period in 2002.

Second quarter earnings were $10.39 million or $30.13 per share, down slightly from $10.75 million or $31.16 per share at second quarter end 2002. Year to date earnings were $20.79 million or $60.31 per share, which represented a one percent decrease over year to date earnings for the same period last year.

Outstanding loans grew to $1.04 billion at the end of second quarter 2003; an increase of $106.7 million from the same time last year. Deposits totaled $1.32 billion at June 30, 2003 an increase of $163.0 million when compared to the same time last year.

Earnings remain very strong given that year to date earnings are virtually equal to year to date earnings at the same time in 2002 and last year was a banner earnings year for this bank, said Jason Roth, Senior Vice President Financial Division. Its important to remember that during second quarter last year, bank earnings were favorably impacted by a $2.4 million one-time gain recognized in connection with our acquisition of the former First Federal Bank. This year, the increased volume of our banks commercial loan, mortgage and mortgage refinance originations nearly made up for the difference in earnings caused by the absence of that extraordinary gain.

Weiss Ratings, an independent bank safety and soundness rating firm, has once again named First National Bank Alaska among the top ten most secure financial institutions in America for the 22nd consecutive quarter. The bank employs more than 750 Alaskans, operates 27 branches in 16 Alaska communities and 18 ATMs in rural Alaska communities.


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