First National Bank Alaska announces unaudited results for third quarter 2023
- None.
- None.
ANCHORAGE, Ala., Oct. 30, 2023 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the third quarter of 2023 was
“First National’s steady, consistent performance in the third quarter highlights the bank’s strength and resilience as we head toward year-end,“ said Betsy Lawer, First National Board Chair and CEO/President. “With more than a century of experience and resources to bring into play, our dedicated employees are ready to answer our customers’ call as they continue to meet challenges and opportunities in Alaska – and beyond.”
Assets totaled
Total loans increased
Deposits and repurchase agreements totaled
Interest and fees on loans increased
Year-to-date noninterest income totaled
The bank continues to hold
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. In the same year, Anchorage Daily News readers voted the bank the state’s top financial institution in the ADN “Best of Alaska” Awards. American Banker recognized First National in 2022 as a “Best Bank to Work For” for the fifth year running.
First National Bank Alaska is a Member FDIC and Equal Housing Lender.
| Financial Overview (Unaudited) | Quarter Ended ($ in thousands) | ||||||||||||||||||
| 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||
| Balance Sheet | |||||||||||||||||||
| Total Assets | $ | 5,559,883 | $ | 5,505,931 | $ | 5,473,245 | $ | 5,337,737 | $ | 5,502,968 | |||||||||
| Total Securities | $ | 2,331,129 | $ | 2,413,791 | $ | 2,606,018 | $ | 2,815,357 | $ | 2,863,905 | |||||||||
| Total Loans | $ | 2,318,454 | $ | 2,294,558 | $ | 2,283,553 | $ | 2,227,047 | $ | 2,169,670 | |||||||||
| Total Deposits | $ | 3,911,091 | $ | 3,874,988 | $ | 3,989,843 | $ | 4,224,857 | $ | 4,383,798 | |||||||||
| Repurchase Agreements | $ | 626,082 | $ | 642,114 | $ | 671,532 | $ | 670,974 | $ | 696,779 | |||||||||
| Total Deposits and Repurchase Agreements | $ | 4,537,173 | $ | 4,517,102 | $ | 4,661,375 | $ | 4,895,831 | $ | 5,080,577 | |||||||||
| Total Borrowing | $ | 530,000 | $ | 530,000 | $ | 350,000 | $ | - | $ | - | |||||||||
| Unrealized gain (loss) on marketable securities, net of tax | $ | (143,514 | ) | $ | (137,198 | ) | $ | (128,594 | ) | $ | (146,279 | ) | $ | (170,608 | ) | ||||
| Total Shareholders' Equity | $ | 423,343 | $ | 424,274 | $ | 428,555 | $ | 407,550 | $ | 389,118 | |||||||||
| Income Statement | |||||||||||||||||||
| Net Interest and Loan Fee Income | $ | 38,739 | $ | 37,011 | $ | 37,771 | $ | 38,194 | $ | 36,987 | |||||||||
| Provision for Loan losses | $ | (387 | ) | $ | (574 | ) | $ | 375 | $ | (276 | ) | $ | (1,129 | ) | |||||
| Total Noninterest Income | $ | 6,774 | $ | 6,646 | $ | 5,484 | $ | 5,916 | $ | 6,335 | |||||||||
| Total Noninterest Expense | $ | 24,465 | $ | 24,435 | $ | 24,617 | $ | 24,952 | $ | 23,306 | |||||||||
| Provision for Income Taxes | $ | 5,916 | $ | 5,339 | $ | 4,809 | $ | 5,063 | $ | 5,490 | |||||||||
| Net Income | $ | 15,519 | $ | 14,457 | $ | 13,454 | $ | 14,371 | $ | 15,655 | |||||||||
| Earnings per common share | $ | 4.90 | $ | 4.57 | $ | 4.25 | $ | 4.54 | $ | 4.94 | |||||||||
| Dividend per common share | $ | 3.20 | $ | 3.20 | $ | 3.20 | $ | 6.40 | $ | 3.20 | |||||||||
| Financial Measures | |||||||||||||||||||
| Return on Assets | 1.04 | % | 1.01 | % | 0.98 | % | 1.04 | % | 1.05 | % | |||||||||
| Return on Equity | 13.76 | % | 13.29 | % | 12.87 | % | 12.83 | % | 12.56 | % | |||||||||
| Net Interest Margin | 2.78 | % | 2.77 | % | 2.84 | % | 2.66 | % | 2.63 | % | |||||||||
| Yield on Loans | 6.08 | % | 5.95 | % | 5.81 | % | 5.22 | % | 5.09 | % | |||||||||
| Yield on Securities | 1.65 | % | 1.67 | % | 1.72 | % | 1.40 | % | 1.33 | % | |||||||||
| Cost of Interest Bearing Deposits | 0.92 | % | 0.79 | % | 0.65 | % | 0.21 | % | 0.13 | % | |||||||||
| Efficiency Ratio | 55.16 | % | 55.45 | % | 55.66 | % | 54.34 | % | 53.76 | % | |||||||||
| Capital | |||||||||||||||||||
| Shareholders' Equity/Total Assets | 7.61 | % | 7.71 | % | 7.83 | % | 7.64 | % | 7.07 | % | |||||||||
| Tier 1 Leverage Ratio | 9.98 | % | 10.01 | % | 10.20 | % | 9.64 | % | 9.83 | % | |||||||||
| Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||||||
| Tier 1 (Core) Capital | $ | 566,857 | $ | 561,472 | $ | 557,149 | $ | 553,829 | $ | 559,726 | |||||||||
| Credit Quality | |||||||||||||||||||
| Noncurrent Loans and OREO | $ | 5,227 | $ | 4,843 | $ | 4,984 | $ | 5,899 | $ | 5,864 | |||||||||
| Noncurrent Loans and OREO/Total Assets | 0.09 | % | 0.09 | % | 0.09 | % | 0.11 | % | 0.11 | % | |||||||||
| Noncurrent Loans and OREO/Tier 1 Capital | 0.92 | % | 0.86 | % | 0.89 | % | 1.07 | % | 1.05 | % | |||||||||
| Allowance for Loan Losses | $ | 18,475 | $ | 18,850 | $ | 19,050 | $ | 18,800 | $ | 19,000 | |||||||||
| Allowance for Loan Losses/Total Loans | 0.80 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.88 | % | |||||||||
| 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: | Cheri Gillian |
| 907-777-3409 | |
| www.FNBAlaska.com |
FAQ
What was First National Bank Alaska's net income for Q3 2023?
How does the net income for Q3 2023 compare to the same period in 2022?
What was the year-to-date net income for First National Bank Alaska?
What were the total assets of First National Bank Alaska as of September 30, 2023?
How much did the assets increase since December 31, 2022?
