Welcome to our dedicated page for First National news (Ticker: FBAK), a resource for investors and traders seeking the latest updates and insights on First National stock.
First National Bank Alaska (OTCQX: FBAK) is a premier financial institution that has been serving Alaska's community since 1922. With more than a century of experience, the bank operates with a robust network of ATMs and 28 locations spread across 19 communities, providing comprehensive banking services to meet the financial needs of Alaskans and customers nationwide.
In the fourth quarter of 2023, First National Bank Alaska reported a net income of $16.6 million, or $5.24 per share, marking an increase from $14.4 million, or $4.54 per share, for the same period in 2022. The bank's total assets surged to $5.7 billion as of December 31, 2023, driven by borrowing under the Federal Reserve Bank Term Funding Program. Despite a net deposit outflow, the bank maintains a significant portion of its pandemic-period deposit growth.
The bank's loan portfolio saw a year-over-year increase, and improved asset yields contributed to a rise in interest and fee income. Nonperforming loans decreased, demonstrating healthy credit quality. The allowance for credit losses stood at $17.8 million, underscoring the bank's prudent risk management.
First National Bank Alaska continues to be recognized for its exemplary workplace culture, earning accolades such as “Best Bank to Work For” by American Banker and “Best of Alaska Business” by Alaska Business readers. The bank also maintains strong community involvement, securing titles like Best Corporate Citizen and Best Bank/Credit Union.
Shareholders’ equity increased to $464.8 million as of year-end 2023, buoyed by a decrease in the unrealized loss position of the securities portfolio. The bank's return on equity stood at 13.97%, and its Tier 1 leverage capital ratio of 9.85% remains well above regulatory standards.
First National Bank Alaska continues to uphold its mission of providing financial services that enhance the economic well-being of Alaskans. The bank’s commitment to innovation, flexibility, and customer-focused service has solidified its status as a pivotal financial institution in the state and beyond.
On January 26, 2023, First National Bank Alaska (OTCQX:FBAK) announced a cash dividend of $3.20 per share, scheduled for payment on March 15, 2023. This dividend will be distributed to shareholders on record as of March 1, 2023, reflecting the bank's commitment to returning value to its investors.
On November 17, 2022, First National Bank Alaska declared a special cash dividend of $3.20 per share, payable on December 15, 2022. This dividend will be distributed to shareholders of record as of December 1, 2022. The decision reflects the bank's commitment to returning value to its shareholders.
First National Bank Alaska (OTCQX:FBAK) reported a third-quarter 2022 net income of $15.7 million, or $4.94 per share, up from $14.4 million, or $4.55 per share in Q3 2021. Year-to-date net income reached $43.9 million, compared to $42.1 million a year prior. Total assets stood at $5.5 billion, with total loans increasing to $2.2 billion. However, return on assets dropped to 1.05% from 1.11%, driven by lower loan interest income and higher interest expenses. Shareholders’ equity declined by $165.4 million due to market value adjustments, resulting in a book value per share of $122.87.
The Board of Directors of First National Bank Alaska announced a cash dividend of $3.20 per share on October 27, 2022. This dividend is payable on December 15, 2022, to shareholders of record as of December 1, 2022. This declaration reflects the bank's commitment to returning value to its shareholders.
First National Bank Alaska (OTCQX:FBAK) reported strong financial results for Q2 2022, with a net income of $14.4 million, or $4.54 per share, up from $13.7 million in Q2 2021. Year-to-date net income reached $28.2 million, also surpassing last year's figures. Total loans increased by $45 million to $2.2 billion, driven by real estate loans. However, total assets decreased by $208.3 million and return on assets fell to 1.03%. Shareholders' equity dropped to $444.2 million, primarily due to a decrease in market value of securities amid rising interest rates.
First National Bank Alaska has declared a cash dividend of $3.20 per share at its Board of Directors Meeting on July 28, 2022. The dividend will be payable on September 15, 2022, to shareholders who are on record as of September 1, 2022.
First National Bank Alaska (OTCQX:FBAK) reported a net income of $13.8 million or $4.37 per share for Q1 2022, slightly down from $14.0 million or $4.41 per share in Q1 2021. Assets decreased by $188.1 million to $5.4 billion, influenced by seasonal deposit outflows. Total deposits rose to $4.9 billion, up from $4.3 billion year-over-year. The return on assets was 1.01%, down from 1.18% in the previous year. Noninterest income fell 9.3% while expenses decreased 1.4%. Shareholders' equity dropped to $474 million, reflecting a decrease in market value of securities amid rising interest rates.
On April 27, 2022, the Board of Directors of First National Bank Alaska declared a cash dividend of $3.20 per share. This dividend is payable on June 15, 2022, to shareholders of record as of June 1, 2022. This announcement reflects the bank's commitment to returning value to its shareholders amidst its ongoing operations.
First National Bank Alaska (OTCQX:FBAK) reported a fourth-quarter 2021 net income of $16.3 million ($5.16 per share), up from $13.3 million ($4.19) in 2020. Year-to-date net income was $58.4 million ($18.45 per share), slightly increased from $57.5 million in 2020. Total assets rose to $5.6 billion, an increase of $886 million. Deposits reached $5.0 billion, boosted by SBA PPP loan proceeds. Total loans decreased by $84 million year-over-year, while noninterest income dipped 11.2% due to reduced mortgage origination. Return on equity improved to 10.23%.
On January 27, 2022, First National Bank Alaska (OTCQX:FBAK) declared a cash dividend of $3.20 per share. This dividend is payable on March 15, 2022, to shareholders of record as of March 1, 2022. The decision reflects the bank's commitment to returning value to its shareholders amidst ongoing performance in the financial sector.
FAQ
What is the current stock price of First National (FBAK)?
What is the market cap of First National (FBAK)?
What is First National Bank Alaska's stock symbol?
How did First National Bank Alaska perform in the fourth quarter of 2023?
What are the total assets of First National Bank Alaska as of December 31, 2023?
How does First National Bank Alaska support its community?
What are the recent achievements of First National Bank Alaska?
What is the bank's financial condition as of the latest reports?
How has First National Bank Alaska's loan portfolio performed?
What is the bank's approach to risk management?
How does First National Bank Alaska ensure liquidity for operations and growth?
What recognition has First National Bank Alaska received for its workplace environment?
