First National Bank Alaska’s (OTCBB:FBAK) net income for third quarter 2012 was $11.1 million or $34.23 per share. This compares to $9.6 million or $28.85 per share for the same quarter in 2011. Year-to-date net income of $30.7 million or $93.67 per share compares with $26.6 million or $80.14 per share through the third quarter 2011.
The increase in third quarter net income was due in large part to net recoveries of interest and provision for loan losses. Interest income for third quarter was improved by the recognition of $1.0 million collected on non-accrual loans that were paid off during the quarter. Additionally, third quarter provision for loan losses was a net recovery of $0.7 million, compared with a net charge of $0.1 million recorded during the same quarter 2011. Management maintains an allowance for loan losses adequate to cover the current estimate of probable losses.
Year-to-date net income for 2012 improved due to credit quality improvements that increased interest income through recoveries on nonaccrual loans and reduced the provision requirements for loan losses. The year-to-date average yield on earning assets decreased 24 basis points to 3.78% from 4.02% for the comparable period in 2011. Year-to-date average cost of interest bearing liabilities improved by 6 basis points to 0.16% from 0.22%. The reduced yield on earning assets was more than offset by the growth in volume in average earning assets of $178 million year over year.
Alaskan-owned and operated since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 30 branches in 18 communities throughout the state. 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 an equal housing lender and member of FDIC.
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