First National Bank Alaska announces unaudited results for second quarter 2024
First National Bank Alaska (OTCQX:FBAK) reported strong Q2 2024 results, with net income of $15.6 million ($4.94 per share), up from $14.5 million in Q2 2023. The bank saw improved interest margins, strong loan growth, and enhanced earning asset mix. Total loans increased by $97.0 million year-over-year, while nonperforming loans decreased slightly. The bank's net interest margin rose to 2.98% from 2.77% in Q2 2023. Noninterest income grew by 11.2%, and the efficiency ratio remained strong at 54.94%. Despite a decrease in total assets due to BTFP repayments, the bank's Tier 1 leverage capital ratio stood at 11.12%, well above regulatory requirements. Book value per share increased to $153.20 from $133.97 year-over-year.
Il First National Bank Alaska (OTCQX:FBAK) ha riportato risultati solidi per il secondo trimestre 2024, con un reddito netto di 15,6 milioni di dollari (4,94 dollari per azione), in aumento rispetto ai 14,5 milioni di dollari nel secondo trimestre 2023. La banca ha registrato margini di interesse migliorati, una forte crescita dei prestiti e un mix di attività redditizie potenziato. I prestiti totali sono aumentati di 97,0 milioni di dollari su base annua, mentre i prestiti non performanti sono diminuiti leggermente. Il margine di interesse netto della banca è salito al 2,98% rispetto al 2,77% nel secondo trimestre 2023. I proventi da attività non interessate sono cresciuti dell'11,2%, mentre il rapporto di efficienza è rimasto solido al 54,94%. Nonostante una diminuzione del totale degli attivi a causa dei rimborsi BTFP, il rapporto di capitale di leva di Tier 1 si è attestato al 11,12%, ben al di sopra dei requisiti normativi. Il valore contabile per azione è aumentato a 153,20 dollari rispetto ai 133,97 dollari su base annua.
El First National Bank Alaska (OTCQX:FBAK) reportó resultados sólidos para el segundo trimestre de 2024, con un ingreso neto de 15,6 millones de dólares (4,94 dólares por acción), un aumento respecto a los 14,5 millones de dólares en el segundo trimestre de 2023. El banco vio márgenes de interés mejorados, un sólido crecimiento de préstamos y una mejor mezcla de activos generadores de ingresos. Los préstamos totales aumentaron en 97,0 millones de dólares en comparación con el año anterior, mientras que los préstamos en morosidad disminuyeron ligeramente. El margen de interés neto del banco subió al 2,98% desde el 2,77% en el segundo trimestre de 2023. Los ingresos no por intereses crecieron un 11,2%, y el ratio de eficiencia se mantuvo fuerte en 54,94%. A pesar de la disminución de los activos totales debido a los reembolsos de BTFP, el ratio de capital de apalancamiento de Tier 1 se situó en el 11,12%, muy por encima de los requisitos regulatorios. El valor contable por acción aumentó a 153,20 dólares desde 133,97 dólares en comparación con el año anterior.
퍼스트 내셔널 은행 알래스카(OTCQX:FBAK)는 2024년 2분기 강력한 실적을 보고했으며, 순이익은 1560만 달러 (주당 4.94달러)로, 2023년 2분기 1450만 달러에서 증가했습니다. 은행은 개선된 이자 마진, 강력한 대출 성장, 및 향상된 수익 자산 구성을 경험했습니다. 총 대출은 전년 대비 9700만 달러 증가했으며, 부실 대출은 소폭 감소했습니다. 은행의 순이자 마진은 2.98%로, 2023년 2분기 2.77%에서 증가했습니다. 비이자 수익은 11.2% 증가했고, 효율성 비율은 54.94%로 강력하게 유지되었습니다. BTFP 상환으로 인해 총 자산이 감소했음에도 불구하고, 1등급 레버리지 자본 비율은 11.12%로, 법정 요구사항을 훨씬 초과했습니다. 주당 장부 가치는 133.97달러에서 153.20달러로 증가했습니다.
La First National Bank Alaska (OTCQX:FBAK) a rapporté des résultats solides pour le deuxième trimestre 2024, avec un revenu net de 15,6 millions de dollars (4,94 dollars par action), en hausse par rapport à 14,5 millions de dollars au deuxième trimestre 2023. La banque a constaté des marges d'intérêts améliorées, une forte croissance des prêts et un meilleur mix d'actifs générateurs de revenus. Les prêts totaux ont augmenté de 97,0 millions de dollars d'une année sur l'autre, tandis que les prêts non performants ont légèrement diminué. La marge d'intérêt nette de la banque est passée à 2,98% contre 2,77% au deuxième trimestre 2023. Les revenus non d'intérêts ont augmenté de 11,2%, et le ratio d'efficacité est resté solide à 54,94%. Malgré une diminution des actifs totaux en raison des remboursements BTFP, le ratio de capital de levier de Tier 1 s'élevait à 11,12%, bien au-dessus des exigences réglementaires. La valeur comptable par action a augmenté à 153,20 dollars par rapport à 133,97 dollars d'année en année.
Die First National Bank Alaska (OTCQX:FBAK) berichtete über starke Ergebnisse im 2. Quartal 2024 mit einem Netto Einkommen von 15,6 Millionen Dollar (4,94 Dollar pro Aktie), was gegenüber 14,5 Millionen Dollar im 2. Quartal 2023 gestiegen ist. Die Bank verzeichnete verbesserte Zinsmargen, starkes Kreditwachstum und eine optimierte Mischung aus Ertragsanlagen. Die Gesamtdarlehen stiegen im Vergleich zum Vorjahr um 97,0 Millionen Dollar, während sich die notleidenden Kredite leicht verringerten. Die Nettzinsmarge der Bank stieg auf 2,98% von 2,77% im 2. Quartal 2023. Die nichtzinsbezogenen Einnahmen stiegen um 11,2%, und die Effizienzquote blieb mit 54,94% stark. Trotz eines Rückgangs der Gesamaktiva aufgrund von BTFP-Rückzahlungen lag die Tier 1 Leverage-Capital-Ratio bei 11,12%, was weit über den regulatorischen Anforderungen liegt. Der Buchwert pro Aktie stieg von 133,97 Dollar auf 153,20 Dollar im Jahresvergleich.
- Net income increased to $15.6 million ($4.94 per share) in Q2 2024, up from $14.5 million in Q2 2023
- Total loans grew by $97.0 million compared to June 30, 2023
- Net interest margin improved to 2.98% from 2.77% year-over-year
- Noninterest income increased by 11.2% compared to Q2 2023
- Book value per share rose to $153.20 from $133.97 year-over-year
- Tier 1 leverage capital ratio of 11.12% remains well above regulatory requirements
- Total assets decreased by $389.9 million since June 30, 2023, primarily due to BTFP repayments
- Deposits and repurchase agreements decreased by $203.4 million since June 30, 2023
- Interest expense increased due to rising cost of interest-bearing deposits
- Noninterest expenses increased by 4.9% compared to the same period last year
- Return on equity decreased to 12.30% from 13.29% year-over-year
ANCHORAGE, Alaska, Aug. 06, 2024 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the second quarter of 2024 was
“I am pleased to report quarterly performance demonstrating improved net income, expanding interest margins, and strong loan growth with enhanced earning asset mix,” said First National Board Chair and CEO/President Betsy Lawer. “On top of these strong community bank performance fundamentals, loan quality remains high, noninterest income is growing and operating expenses are well-managed. First National’s balance sheet reflects a state economy putting resources back to work and forging a path to the future. The bank’s continued success is a direct result of the efforts taken every day by more than 600 bank employees across Alaska. These employees are committed to the success of their fellow Alaskans.”
Total loans increased
Total interest and loan fee income quarter-to-date was
Assets totaled
Deposits and repurchase agreements totaled
Interest expense increased
Net interest margin on June 30, 2024 was
Noninterest income for the second quarter of 2024 was
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 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. In 2023, American Banker recognized First National as a “Best Bank to Work For” for the sixth consecutive year. The bank was also voted “Best of Alaska” in 2023 in the Anchorage Daily News awards for the fifth year in a row, earning the top spot, the Platinum Award in the Bank/Financial category.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
CONTACT: Marketing, 907-777-3409
| Quarter Ended ($ in thousands) | ||||||||||||||||
| Financial Overview (Unaudited) | ||||||||||||||||
| 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||
| Balance Sheet | ||||||||||||||||
| Total Assets | $ | 5,116,066 | $ | 5,212,976 | $ | 5,730,835 | $ | 5,559,883 | $ | 5,505,931 | ||||||
| Total Securities | $ | 2,197,788 | $ | 2,404,078 | $ | 2,384,951 | $ | 2,331,129 | $ | 2,413,791 | ||||||
| Total Loans | $ | 2,391,593 | $ | 2,369,282 | $ | 2,273,311 | $ | 2,318,454 | $ | 2,294,558 | ||||||
| Total Deposits | $ | 3,698,631 | $ | 3,665,066 | $ | 3,780,018 | $ | 3,911,091 | $ | 3,874,988 | ||||||
| Repurchase Agreements | $ | 615,096 | $ | 571,463 | $ | 629,280 | $ | 626,082 | $ | 642,114 | ||||||
| Total Deposits and Repurchase Agreements | $ | 4,313,727 | $ | 4,236,529 | $ | 4,409,298 | $ | 4,537,173 | $ | 4,517,102 | ||||||
| Total Borrowing under the Federal Reserve Bank Term Funding Program | $ | 249,868 | $ | 430,000 | $ | 780,000 | $ | 530,000 | $ | 530,000 | ||||||
| Unrealized gain (loss) on marketable securities, net of tax | $ | (86,857 | ) | $ | (95,809 | ) | $ | (98,378 | ) | $ | (143,514 | ) | $ | (137,198 | ) | |
| Total Shareholders' Equity | $ | 485,167 | $ | 470,702 | $ | 464,791 | $ | 423,343 | $ | 424,274 | ||||||
| Income Statement | ||||||||||||||||
| Net Interest and Loan Fee Income | $ | 40,252 | $ | 38,325 | $ | 40,958 | $ | 38,739 | $ | 37,011 | ||||||
| Provision for Loan losses | $ | 318 | $ | 953 | $ | (344 | ) | $ | (387 | ) | $ | (574 | ) | |||
| Total Noninterest Income | $ | 7,389 | $ | 6,540 | $ | 6,522 | $ | 6,774 | $ | 6,646 | ||||||
| Total Noninterest Expense | $ | 25,637 | $ | 25,085 | $ | 24,651 | $ | 24,465 | $ | 24,435 | ||||||
| Provision for Income Taxes | $ | 6,039 | $ | 5,351 | $ | 6,593 | $ | 5,916 | $ | 5,339 | ||||||
| Net Income | $ | 15,647 | $ | 13,476 | $ | 16,580 | $ | 15,519 | $ | 14,457 | ||||||
| Earnings per common share | $ | 4.94 | $ | 4.26 | $ | 5.23 | $ | 4.90 | $ | 4.57 | ||||||
| Dividend per common share | $ | 3.20 | $ | 3.20 | $ | 6.40 | $ | 3.20 | $ | 3.20 | ||||||
| Financial Measures | ||||||||||||||||
| Return on Assets | 1.08 | % | 0.95 | % | 1.07 | % | 1.04 | % | 1.01 | % | ||||||
| Return on Equity | 12.30 | % | 11.52 | % | 13.97 | % | 13.76 | % | 13.29 | % | ||||||
| Net Interest Margin | 2.98 | % | 2.76 | % | 2.82 | % | 2.78 | % | 2.77 | % | ||||||
| Yield on Loans | 6.55 | % | 6.40 | % | 6.25 | % | 6.08 | % | 5.95 | % | ||||||
| Yield on Securities | 2.33 | % | 2.36 | % | 1.66 | % | 1.65 | % | 1.67 | % | ||||||
| Cost of Interest Bearing Deposits | 1.60 | % | 1.55 | % | 1.02 | % | 0.92 | % | 0.79 | % | ||||||
| Efficiency Ratio | 54.94 | % | 56.00 | % | 54.28 | % | 55.16 | % | 55.45 | % | ||||||
| Capital | ||||||||||||||||
| Shareholders' Equity/Total Assets | 9.48 | % | 9.03 | % | 8.11 | % | 7.61 | % | 7.71 | % | ||||||
| Tier 1 Leverage Ratio | 11.12 | % | 9.96 | % | 9.85 | % | 9.98 | % | 10.01 | % | ||||||
| Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | ||||||
| Tier 1 (Core) Capital | $ | 572,024 | $ | 566,511 | $ | 563,169 | $ | 566,857 | $ | 561,472 | ||||||
| Credit Quality | ||||||||||||||||
| Noncurrent Loans and OREO | $ | 4,731 | $ | 28,634 | $ | 4,659 | $ | 5,227 | $ | 4,843 | ||||||
| Noncurrent Loans and OREO/Total Assets | 0.09 | % | 0.55 | % | 0.08 | % | 0.09 | % | 0.09 | % | ||||||
| Noncurrent Loans and OREO/Tier 1 Capital | 0.83 | % | 5.05 | % | 0.83 | % | 0.92 | % | 0.86 | % | ||||||
| Allowance for Loan Losses | $ | 19,000 | $ | 18,800 | $ | 17,750 | $ | 18,475 | $ | 18,850 | ||||||
| Allowance for Loan Losses/Total Loans | 0.79 | % | 0.79 | % | 0.78 | % | 0.80 | % | 0.82 | % | ||||||
| Net interest margin, yields, and efficiency ratios are tax effected. | ||||||||||||||||
| Financial measures are year-to-date. | ||||||||||||||||
| Per common share amounts are not in thousands. | ||||||||||||||||
FAQ
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