First National Bank Alaska’s (OTCBB:FBAK) net income for second quarter 2010 was $9.8 million or $29.41 per share, said Chief Financial Officer Jason Roth. This compares to $10.1 million or $30.28 per share for the same quarter in 2009. Year-to-date net income of $19.2 million or $57.73 per share compares with $19.6 million or $58.58 per share through the first six months of 2009.
“Second quarter income was down due to lower interest rates in the current economic environment, driving down interest and loan fee income. However, the impact of this was largely offset by improvements in the loan portfolio, which resulted in a $1.6 million reduction in the provision for loan losses,” Roth said.
At the regularly scheduled meeting of the Board of Directors of First National Bank Alaska held on July 22, 2010, the Directors present unanimously declared a cash dividend of $25.00 per share, payable on September 15, 2010, to shareholders of record as of September 1, 2010. Furthermore, the Directors present unanimously declared, subject to approval of the Comptroller of the Currency, a cash dividend of $100.00, payable on October 15, 2010, to shareholders of record as of October 1, 2010; a cash dividend of $25.00 per share, payable on December 15, 2010, to shareholders of record as of December 1, 2010; and a cash dividend of $12.50 per share, payable on March 15, 2011, to shareholders of record as of March 1, 2011.
Application has been made to the Comptroller of the Currency for approval of the dividends payable in October and December of this year, and in March of next year.Established in 1922, First National is Alaska’s largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska. More information about First National is available at www.FNBAlaska.com .