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First National Bank Alaska Announces Unaudited Results For Fourth Quarter 2013

Stocks in this article: FBAK

First National Bank Alaska’s (OTCBB:FBAK) net income for fourth quarter 2013 was $7.8 million or $24.29 per share. This compares to $9.4 million or $28.82 per share for the same quarter in 2012. Year to date net income of $32.3 million compares to prior period net income of $40.0 million.

Fourth quarter and year to date pretax income and dividends on investment securities were lower by $0.7 million and $5.4 million, respectively, on reduced earnings for the securities portfolio which is conservatively invested. The year to date average yield on earning assets decreased 27 basis points to 3.41% from 3.68% for the same period in 2012. Growth in the deposit base was used to fund growth in loans to the extent of demand; remaining levels were invested in securities that are subject to the prolonged low interest rate environment.

Year to date net loan recoveries during 2013 of $9 thousand were $1.0 million less than those recovered in 2012. Nonaccrual loans and loan delinquencies were at their lowest levels since 2005. Nonaccrual loans decreased $17.8 million during 2013 to $6.3 million, 0.51% of total loans.

Noninterest income was lower by $1.6 million and $7.1 million, respectively, during the fourth quarter and year to date 2013 from 2012 levels. Reduced income was recorded in bankcard fees along with lower mortgage loan origination and servicing income in 2013 on expected lower refinancing and servicing volumes. Noninterest expense increased $156 thousand and decreased $1.2 million, respectively, for quarter four and year to date 2013 when compared with prior periods.

“Our bank performed well in 2013 despite the challenging low interest rate environment and the expense of complying with the growing regulatory burden,” said President Betsy Lawer. “First National remains one of the best capitalized community banks in our national peer group and is in a strong position to make every good loan to Alaskans and Alaska businesses.”

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