First National Bank Alaska's (OTCBB:FBAK) net income for first quarter 2010 was $9.4 million or $28.32 per share, said Chief Financial Officer Jason Roth. This compares to $9.5 million or $28.31 per share for the same quarter in 2009.
"The bank maintained earning levels in the current environment by effectively managing interest margins and adequately provisioning for loan losses thereby reducing the unfavorable impact either of these factors might have had on earnings during the quarter," Roth said.
Shareholders approved a stock repurchase program at the bank's April 27, 2010 annual meeting. Under the program, First National will repurchase shares of its outstanding common stock from time-to-time in the open market as well as through privately negotiated transactions. Repurchases will be funded from available capital and all repurchased shares will be retired and available to reissue for general corporate purposes.
The specific timing and amount of repurchases will vary based on market conditions, securities law limitations and other factors and may be suspended or discontinued at any time without prior notice. The repurchase program will expire when the bank has repurchased stock representing an aggregate purchase price of $100 million, upon termination by the Board of Directors, or upon expiration of regulatory approval on April 7, 2011.
Established in 1922, First National is Alaska's largest Alaskan-owned and operated bank, with ATM's and 30 branches in 18 communities throughout Alaska. More information about First National is available at