First National Bank Alaska’s (OTCBB:FBAK) net income for second quarter 2013 was $7.7 million or $23.79 per share. This compares to $9.3 million or $28.45 per share for the same quarter in 2012. The decrease in second quarter net income was due to lower securities investment income as maturing higher-yielding securities continue to be replaced by lower-yielding securities. The year-to-date average yield on earning assets decreased 32 basis points to 3.35% from 3.67% for the same period in 2012.
Year-to-date income of $16.2 million is in line with midyear management expectations. Comparable net income in the prior period of $19.5 million included nonrecurring interest income related to loans returning to performing asset quality.
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. Forbes named the bank one of the nation’s 100 Most Trustworthy Companies in 2012 and 2013. Visit FNBAlaska.com for more information about Alaska’s largest locally-owned bank and access to efficient and secure online banking services.
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