ANCHORAGE, Alaska--(BUSINESS WIRE)--First National Bank Alaska (OTC PINK:FBAK) held its annual Shareholder Meeting on April 24, 2018 at 6:30 p.m. in Anchorage, Alaska. Shareholders elected all nominated directors: Betsy Lawer, Lucy Mahan, Doug Longacre, Jane Klopfer, Tom Barrett, Perry Eaton, Margy Johnson, Loren Lounsbury and Tom Tougas. Shareholders also approved an amendment to the bank’s Articles of Association which results in a forward stock split at a ratio of 10:1, as well as other amendments to the Articles of Association. The Board of Directors will set the effective date for the split at its May meeting.
Unaudited net income for first quarter 2018 was $13.2 million, or $41.53 per share. This compares to net income of $9.6 million, or $30.32 per share for the same period in 2017. Pretax income was $17.1 million, an increase of 19.13 percent from the same period in 2017.
Return on assets was 1.46 percent and return on equity was 10.69 percent, increasing from 1.08 percent and 7.76 percent, respectively, in the same period in 2017. Net interest and loan fee income for first quarter 2018 was $31.8 million, an increase of 6.04 percent from the first quarter March 31, 2017 as loan growth continues to change the bank’s mix of earning assets.
Noninterest income of $5.7 million was 5.77 percent lower than first quarter 2017. Declines in bankcard income and deposit account service charges were partially offset by an increase in mortgage loan servicing income. Operating expenses increased 0.44 percent from first quarter 2017. These changes improved the efficiency ratio to 53.06 percent from 54.88 percent during the same period in 2017.
Balance sheet changes for the quarter ended March 31, 2018:
- Total assets decreased $34.4 million to $3.62 billion
- Gross loans increased by $48.1 million to $1.86 billion
- Deposits and repurchase agreements decreased by $21.5 million on seasonal outflows
- Total shareholders’ equity decreased $8.1 million to $488.7 million on other comprehensive losses driven by changes in market value of securities
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) was filed April 30, 2018 and is posted along with other financial reports at www.FNBAlaska.com > 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 Monthly 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, MSN.com named First National the most-admired company in the state.
Visit FNBAlaska.com for more information about Alaska’s largest locally-owned bank and access to efficient and secure online banking services.