This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First National Bank Alaska Announces Unaudited Results For Third Quarter

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 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.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs