ANCHORAGE, Alaska--(BUSINESS WIRE)--First National Bank Alaska’s (OTCBB:FBAK) net income for fourth quarter 2016 was $9.4 million or $29.62 per share. This compares to $9.3 million or $29.14 per share for the same quarter in 2015. Quarter over quarter, net interest and loan fee income after provision for loan losses increased 2.7% and noninterest income increased 6.4% while operating expenses increased 4.7%.
For the year, net income as of December 31, 2016 was $41.4 million or $130.35 per share compared to $36.1 million or $113.02 per share for 2015. Net interest and loan fee income after provision for loan losses increased $7.3 million or 6.5%. Noninterest income increased $1.3 million or 4.8% and operating expenses decreased $0.3 million or 0.4%. Return on Assets improved to 1.15% and Return on Equity grew to 8.21%, as compared to 1.04% and 7.47%, respectively, as of December 31, 2015.
Annual balance sheet changes as of December 31, 2016 over prior year end:
- Total assets grew $40.4 million to $3.61 billion
- Gross loans increased by $126.2 million to $1.68 billion
- Deposits grew by $34.2 million to $3.1 billion
- Total shareholders’ equity increased $4.2 million to $492.7 million
“I couldn’t be prouder of our employees’ and our bank’s performance during 2016. The economic times are challenging, but our dedicated Alaskan bankers across the state continue to focus on meeting and exceeding our customer’s expectations while executing our business plan. It’s a time-tested formula that provides customers with dynamic financial services and ensures First National has the resources necessary to support the Alaska communities we serve,” said Betsy Lawer, President and Board Chair.
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council as required of all banking institutions. Our latest Consolidated Report of Condition and Income (Call Report) was filed January 30, 2017 and will be posted along with other financial reports for 2016 on our website www.FNBAlaska.com > About FNBA > Financial Reports.
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. Visit www.FNBAlaska.com for more information about Alaska's largest locally-owned bank and access to efficient and secure online banking services.