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First National Bank Alaska’s (OTCBB:FBAK) net income for first quarter 2014 was $7.5 million or $23.24 per share. This compares to $8.4 million or $26.02 per share for the same quarter in 2013.
First quarter pretax interest and loan fee income increased $0.5 million over the same period in 2013 due to growth in the loan portfolio. The year-to-date average yield on earning assets decreased 7 basis points to 3.38% from the adjusted yield of 3.45% for the same period in 2013.
Noninterest income was lower by $0.7 million during the first quarter 2014 from 2013 levels. Mortgage origination and servicing income for 2014 decreased by $0.9 million compared to the same period in 2013. Lower mortgage originations appear to be consistent with industry-wide performance. Noninterest expense increased $0.9 million for the first quarter of 2014, driven mainly by an increase in salary and employee benefits expense of $1.1 million compared to prior year largely due to rising health care costs.
“First National’s ability to meet the continuing challenges of lower interest margins, increased regulatory expenses and ever-rising healthcare costs are due in large part to the financial strength of our bank,” said President Betsy Lawer. “This strength, backed by the local expertise our bankers have developed in the communities where they live and work, continue to be the cornerstones of our stability.”
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.