First National Bank Alaska announces unaudited results for second quarter 2023
ANCHORAGE, Alaska, July 31, 2023 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the second quarter of 2023 was
Assets totaled
Total loans increased
Deposits and repurchase agreements totaled
Interest and fees on loans increased
Year-to-date noninterest income totaled
“First National has unique advantages in meeting the uncertainties of Alaska economic development,” said Betsy Lawer, Board Chair and CEO/President. “More than a century of experience gives us the foresight to see the opportunities and challenges ahead, the resources to respond to those challenges, and the flexibility and innovation to overcome the unexpected. We’re ready and able to help Alaskans shape a brighter tomorrow.”
The bank borrowed
Shareholders’ equity was
ABOUT FIRST NATIONAL BANK ALASKA
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s 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 FNBAlaska.com and at OTCMarkets.com.
Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.
In 2023, Alaska Business readers voted the bank the “Best of Alaska Business” in the Best Place to Work category for the eighth year in a row, Best Bank/Credit Union for the third time running, and Best Corporate Citizen for a fourth time. American Banker recognized First National in 2022 as a “Best Bank to Work For” for the fifth year running. In the same year, Anchorage Daily News readers voted the bank one of the state’s top three financial institutions for the fourth year in a row in the ADN “Best of Alaska” Awards.
First National Bank Alaska is a Member FDIC and Equal Housing Lender.
Financial Overview (Unaudited) | Quarter Ended ($ in thousands) | ||||||||||||||
6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | |||||||||||
Balance Sheet | |||||||||||||||
Total Assets | $ | 5,505,931 | $ | 5,473,245 | $ | 5,337,737 | $ | 5,502,968 | $ | 5,373,051 | |||||
Total Securities | $ | 2,413,791 | $ | 2,606,018 | $ | 2,815,357 | $ | 2,863,905 | $ | 2,817,076 | |||||
Total Loans | $ | 2,294,558 | $ | 2,283,553 | $ | 2,227,047 | $ | 2,169,670 | $ | 2,172,230 | |||||
Total Deposits | $ | 3,874,988 | $ | 3,989,843 | $ | 4,224,857 | $ | 4,383,798 | $ | 4,161,642 | |||||
Repurchase Agreements | $ | 642,114 | $ | 671,532 | $ | 670,974 | $ | 696,779 | $ | 748,316 | |||||
Total Deposits and Repurchase Agreements | $ | 4,517,102 | $ | 4,661,375 | $ | 4,895,831 | $ | 5,080,577 | $ | 4,909,958 | |||||
Total Borrowing | $ | 530,000 | $ | 350,000 | $ | - | $ | - | $ | - | |||||
Unrealized gain (loss) on marketable securities, net of tax | $ | (137,198 | ) | $ | (128,594 | ) | $ | (146,279 | ) | $ | (170,608 | ) | $ | (109,987 | ) |
Total Shareholders' Equity | $ | 424,274 | $ | 428,555 | $ | 407,550 | $ | 389,118 | $ | 444,218 | |||||
IncomeStatement | |||||||||||||||
Net Interest and Loan Fee Income | $ | 37,011 | $ | 37,771 | $ | 38,194 | $ | 36,987 | $ | 35,489 | |||||
Provision for Loan losses | $ | (349 | ) | $ | 600 | $ | (276 | ) | $ | (1,129 | ) | $ | 472 | ||
Total Noninterest Income | $ | 6,646 | $ | 5,484 | $ | 5,916 | $ | 6,335 | $ | 6,736 | |||||
Total Noninterest Expense | $ | 24,210 | $ | 24,392 | $ | 24,952 | $ | 23,306 | $ | 22,554 | |||||
Provision for Income Taxes | $ | 5,339 | $ | 4,809 | $ | 5,063 | $ | 5,490 | $ | 4,826 | |||||
Net Income | $ | 14,457 | $ | 13,454 | $ | 14,371 | $ | 15,655 | $ | 14,373 | |||||
Earnings per common share | $ | 4.57 | $ | 4.25 | $ | 4.54 | $ | 4.94 | $ | 4.54 | |||||
Dividend per common share | $ | 3.20 | $ | 3.20 | $ | 6.40 | $ | 3.20 | $ | 3.20 | |||||
Financial Measures | |||||||||||||||
Return on Assets | 1.01 | % | 0.98 | % | 1.04 | % | 1.05 | % | 1.03 | % | |||||
Return on Equity | 13.29 | % | 12.87 | % | 12.83 | % | 12.56 | % | 11.49 | % | |||||
Net Interest Margin | 2.77 | % | 2.84 | % | 2.66 | % | 2.63 | % | 2.62 | % | |||||
Yield on Loans | 5.95 | % | 5.81 | % | 5.22 | % | 5.09 | % | 4.97 | % | |||||
Yield on Securities | 1.67 | % | 1.72 | % | 1.40 | % | 1.33 | % | 1.29 | % | |||||
Cost of Interest Bearing Deposits | 0.79 | % | 0.65 | % | 0.21 | % | 0.13 | % | 0.09 | % | |||||
Efficiency Ratio | 55.45 | % | 55.66 | % | 54.34 | % | 53.76 | % | 53.91 | % | |||||
Capital | |||||||||||||||
Shareholders' Equity/Total Assets | 7.71 | % | 7.83 | % | 7.64 | % | 7.07 | % | 8.27 | % | |||||
Tier 1 Leverage Ratio | 10.01 | % | 10.20 | % | 9.64 | % | 9.83 | % | 10.03 | % | |||||
Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||
Tier 1 (Core) Capital | $ | 561,472 | $ | 557,149 | $ | 553,829 | $ | 559,726 | $ | 554,205 | |||||
Credit Quality | |||||||||||||||
Noncurrent Loans and OREO | $ | 4,843 | $ | 4,984 | $ | 5,899 | $ | 5,864 | $ | 6,454 | |||||
Noncurrent Loans and OREO/Total Assets | 0.09 | % | 0.09 | % | 0.11 | % | 0.11 | % | 0.12 | % | |||||
Noncurrent Loans and OREO/Tier 1 Capital | 0.86 | % | 0.89 | % | 1.07 | % | 1.05 | % | 1.16 | % | |||||
Allowance for Loan Losses | $ | 18,850 | $ | 19,050 | $ | 18,800 | $ | 19,000 | $ | 19,500 | |||||
Allowance for Loan Losses/Total Loans | 0.82 | % | 0.83 | % | 0.84 | % | 0.88 | % | 0.90 | % | |||||
Net interest margin, yields, and efficiency ratios are tax effected | |||||||||||||||
Financial measures are year-to-date. | |||||||||||||||
Per common share amounts are not in thousands. |
CONTACT: Marketing Department, (907) 777-3409