Market Overview

First National Bank Alaska Announces Unaudited Results Announced for Fourth Quarter 2019

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First National Bank Alaska's (OTCQX:FBAK) unaudited net income for fourth quarter 2019 was $14.2 million, or $4.49 per share. This compares to net income of $12.4 million, or $3.92 per share, for the same period in 2018.

Net interest and loan fee income for fourth quarter 2019 was $35.6 million, an increase of 3.5% from fourth quarter 2018. Provision for loan losses remains low due to the high-quality loan portfolio. Noninterest income for fourth quarter 2019, excluding realized investment gains and losses, increased 2.4% from fourth quarter 2018. Noninterest expenses for fourth quarter 2019 decreased 0.1% when compared to fourth quarter 2018.

Unaudited year-to-date net income was $55.6 million, or $17.56 per share. This compares to net income of $54.1 million, or $17.07 per share, for 2018. Return on assets in 2019 was 1.47%, an increase from 1.46%, and return on equity was 10.48%, a decrease from 10.93%. The efficiency ratio was 53.26% compared to 52.96% in 2018. The net interest margin improved to 3.74% compared to 3.68% in 2018. The yield on interest earning assets increased to 4.15% from 3.99%, while the cost of funds on earning assets increased to 0.41% from 0.31%, when compared to 2018.

"The bank's performance in 2019 is a reflection of the dedicated effort from our employees across the state and puts an exclamation mark on the value of being a best place to work. Our belief in Alaska and the opportunities to succeed here drive us to continually enhance and expand our services to customers while operating more efficiently and effectively," said Board Chair and CEO Betsy Lawer.

Balance sheet changes for the quarter ended December 31, 2019 included:

  • Total assets decreased $36.8 million to $3.81 billion,
  • Gross loans decreased $6.0 million to $2.01 billion,
  • Deposits and repurchase agreements decreased $35.2 million to $3.25 billion, and
  • Total shareholders' equity increased $1.9 million to $547.7 million.

Balance sheet changes for the year ended December 31, 2019 included:

  • Total assets increased $54.8 million to $3.81 billion,
  • Gross loans increased $56.7 million to $2.01 billion,
  • Deposits and repurchase agreements increased $17.9 million to $3.25 billion, and
  • Total shareholders' equity increased $40.8 million to $547.7 million.

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 2019, Alaska Business readers voted the bank the "Best of Alaska Business" in the Best Place to Work category for the fourth year in a row and American Banker recognized First National as a "Best Bank to Work For" for the second year in a row. The same year, Anchorage Daily News readers voted the bank one of the state's top three financial institutions in the ADN "Best of Alaska" Awards. First National was also 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.

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