ANCHORAGE, Alaska--(BUSINESS WIRE)--First National Bank Alaska’s (OTCQX:FBAK) unaudited net income for first quarter 2020 was $14.1 million, or $4.47 per share. This compares to net income of $13.5 million, or $4.27 per share, for the same period in 2019.
Net interest and loan fee income for first quarter 2020 was $34.5 million, an increase of 4.8% from first quarter 2019. Provision for loan losses remained low. Noninterest income for first quarter 2020, excluding realized investment gains and losses, increased 6.9% from first quarter 2019. Noninterest expenses for first quarter 2020 increased 6.9% when compared to first quarter 2019.
Return assets in 2020 was 1.49%, an increase from 1.45%, and return on equity was 10.07%, a decrease from 10.56%. The efficiency ratio was 52.98% compared to 52.17% in 2019. The net interest margin improved to 3.76% compared to 3.65% in 2019. While the yield on interest earning assets decreased to 4.01% from 4.10%, the cost of funds on earning assets decreased faster to 0.25% from 0.45%, when compared to 2019.
Balance sheet changes for the quarter ended March 31, 2020 included:
- Total assets increased $51.1 million to $3.86 billion,
- Gross loans decreased $7.8 million to $2.00 billion,
- Deposits and repurchase agreements increased $6.6 million to $3.25 billion, and
- Total shareholders’ equity increased $28.1 million to $575.8 million.
“The world has certainly changed since the end of the first quarter,” said First National Board Chair and CEO Betsy Lawer. “These extraordinary times have led to an extraordinary response by all Alaskans in the face of rapid global change.”
“Part of that amazing response has been the phenomenal effort of the First National team. While keeping the health and safety of employees and customers our top priority, our team across the state has adapted and adjusted to provide Alaskans essential financial services and worked around the clock to obtain SBA Payroll Protection Plan loans before the allocated funding ran out. With nearly a century of experience to guide us, we look forward to helping Alaskans as we all rise up to the challenges of moving forward in this new environment.”
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.