ANCHORAGE, Alaska--(BUSINESS WIRE)--First National Bank Alaska’s (OTCBB:FBAK) net income for fourth quarter 2017 was $4.2 million or $13.19 per share. This compares to $9.4 million or $29.62 per share for the same quarter in 2016. For the year, net income as of December 31, 2017 was $36.4 million or $114.87 per share compared to $41.4 million or $130.35 per share for 2016.
Adjusting for transactions related to the Tax Cuts and Jobs Act (TCJA), fourth quarter net income was $10.4 million or $33.05 per share and net income for the year was $42.7 million, or $134.73 per share. Revaluation of net deferred tax assets and tax credit investments, and larger charitable contributions related to the TCJA totaled $5.2 million. Additionally, as portions of the investment portfolio were repositioned to take advantage of future lower tax rates, the bank realized investment losses of $1.1 million.
During 2017, net interest and loan fee income grew $5.9 million or 4.8 percent as loan growth continued to change the bank’s mix of earning assets. While noninterest income decreased over the year, operating expenses remained flat, improving the bank’s Efficiency Ratio down to 55.05 percent.
Annual balance sheet changes as of December 31, 2017 over prior year end:
Total assets grew $43.3 million to $3.65 billion
Gross loans increased by $137.6 million to $1.82 billion
Deposits increased by $19.24 million to $3.12 billion
Total shareholders’ equity increased $4.1 million to $496.9 million
“Our employees and our bank once again met the challenge of a changing economy in 2017,” said Betsy Lawer, Board Chair and CEO. “First National’s local, experienced bankers continued to provide the superior service our customers have come to expect. That service, coupled with First National’s growing array of mobile and online services customers want and need, led to a year of growth and sustained support of the communities we serve.”
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council as required of all banking institutions. The bank’s latest Consolidated Report of Condition and Income (Call Report) was filed January 31, 2018 and is posted along with other financial reports for 2017 at 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. In 2017, Alaska Business magazine readers voted the bank the “Best of Alaska Business” in five categories, including the Best Place to Work for the second year in a row and best Customer Service, Corporate Citizen, Family-Owned Business and Alaska Ad Campaign. In January 2018, Microsoft News named First National the most-admired company in the state.