First National Bank Alaska Unaudited Results Announced for Second Quarter 2019
First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for second quarter 2019 was $13.1 million, or $4.12 per share. This compares to net income of $12.6 million, or $3.97 per share for the same period in 2018.
Net interest and loan fee income for second quarter 2019 was $33.5 million, an increase of 4.1% from second quarter 2018. Provision for loan losses continued to be low. While the year-over-year performance of specific noninterest income components was mixed, overall, noninterest income for second quarter was lower by 1.1% compared to second quarter 2018. Noninterest expenses for second quarter 2019 increased 1.3% compared to second quarter 2018.
Unaudited year-to-date net income was $26.6 million, or $8.39 per share. This compares to net income of $25.8 million, or $8.12 per share, during the same period in 2018. Return on assets was 1.43%, increased from 1.42%, and return on equity was 10.22%, decreased from 10.47%, during the same period in 2018. The efficiency ratio improved to 53.71% compared to 54.64% during second quarter 2018.
Balance sheet changes for the quarter ended June 30, 2019:
- Total assets increased $56.0 million to $3.76 billion
- Gross loans increased $14.1 million to exceed $2.0 billion – a milestone in the bank’s history
- Deposits and repurchase agreements increased $46.9 million to $3.21 billion
- Total shareholders’ equity increased $15.9 million to $534.7 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.OTCMarketc.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. In 2018, American Banker recognized First National as a “Best Bank to Work For” and MSN.com named First National the most admired company in the state. In October 2018, First National 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.