First National Bank Alaska Announced Unaudited Results for Fourth Quarter and Year-to-Date 2020
First National Bank Alaska (OTCQX:FBAK) reported unaudited net income for Q4 2020 of $13.3 million, down from $14.2 million in Q4 2019. The year-to-date net income increased to $57.5 million compared to $55.6 million in 2019. Total interest and loan fee income decreased by 6.2% year-over-year due to lower yields. Noninterest income rose 17.7%, driven by stronger mortgage loan origination. Total assets grew to $4.70 billion, while total loans reached $2.21 billion. The bank originated 2,464 SBA PPP loans totaling $344.7 million, aiding local businesses amid the pandemic.
- Year-to-date net income increased to $57.5 million, up from $55.6 million in 2019.
- Noninterest income rose 17.7% due to improved mortgage loan origination.
- Total assets increased by $887.1 million during 2020, reaching $4.70 billion.
- Total loans increased by $199.7 million to $2.21 billion by year-end.
- Strong participation in the SBA PPP, originating 2,464 loans totaling $344.7 million.
- Q4 2020 net income decreased to $13.3 million from $14.2 million in Q4 2019.
- Total interest and loan fee income fell 6.2% from the previous year.
- Return on assets decreased from 1.47% in 2019 to 1.33% in 2020.
- Return on equity declined to 9.97% from 10.48% in 2019.
- Noninterest expenses increased by 8.6% year-over-year.
First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for fourth quarter 2020 was
Total interest and loan fee income for fourth quarter 2020 was
Noninterest income for fourth quarter 2020, excluding realized net investment gains, increased
Total assets increased
“The bank’s strong performance during a challenging year is a tribute to every single member of the First National team,” said Betsy Lawer, First National Board Chair and CEO. “From leadership that was able to pivot quickly with strategies to meet rapidly changing economic and social conditions to the amazing efforts of employees who moved mountains to implement tactics to support those strategies, First National was able to provide financial services when Alaskans needed them most. All while protecting the health and safety of our customers and employees. As we enter our 100th year of operations in 2021, I’m proud of our team and what the bank accomplished in 2020.”
Return on equity in 2020 decreased to
As it has for nearly 100 years, First National demonstrated support for Alaskans during the COVID-19 pandemic by the bank’s continued participation in the Small Business Administration Paycheck Protection Program. During 2020, the bank originated 2,464 SBA PPP loans, totaling
Deposits and repurchase agreements increased
First National proactively met the financial challenges of Alaskans during the pandemic through modifications of existing loan terms. Loan modifications as of December 31, 2020 totaled
At December 31, 2020 delinquent loans from 30 to 89 days were
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 2020, Alaska Business readers voted the bank the “Best of Alaska Business” in the Best Place to Work category for the fifth year in a row. American Banker recognized First National as a “Best Bank to Work For” for the third year in a row in 2020, and Anchorage Daily News readers voted the bank one of the state’s top two financial institutions in the ADN “Best of Alaska” Awards in 2020. First National has also been recognized as the most admired company in the state by MSN.com and 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.
| Financial Overview (Unaudited) | Quarter Ended ($ in thousands) | |||||||||
| 12/31/2020 | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | ||||||
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| Financial Measures | ||||||||||
| Return on Assets | 1.33 |
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1.40 |
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1.43 |
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1.49 |
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1.47 |
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| Return on Equity | 9.97 |
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10.27 |
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10.06 |
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10.07 |
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10.48 |
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| Net Interest Margin | 3.45 |
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3.56 |
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3.72 |
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3.76 |
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3.74 |
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| Efficiency Ratio | 53.28 |
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FAQ
What was First National Bank Alaska's net income for Q4 2020?
First National Bank Alaska reported a net income of $13.3 million for Q4 2020.
How did First National Bank Alaska perform in 2020 compared to 2019?
Year-to-date net income increased from $55.6 million in 2019 to $57.5 million in 2020.
What were the total assets of First National Bank Alaska at the end of 2020?
Total assets reached $4.70 billion as of December 31, 2020.
How many SBA PPP loans did First National Bank Alaska originate in 2020?
The bank originated 2,464 SBA PPP loans totaling $344.7 million in 2020.
What was the return on equity for First National Bank Alaska in 2020?
The return on equity decreased to 9.97% in 2020 from 10.48% in 2019.
FIRST NB ALASKA
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