First National Bank Alaska’s (OTCBB:FBAK) net income for second quarter 2014 was $8.4 million or $25.97 per share. This compares to $7.7 million or $23.79 per share for the same quarter in 2013. The improvement in quarterly income is mainly due to improvements in loan interest and loan fee income which increased $1.2 million over the same period in 2013, an increase generated by growth in the bank’s loan portfolio. The loan portfolio growth led management to fund an additional $0.5 million in loan loss reserve to fortify the reserve against unexpected future losses.
Non-interest income continues to be lower than second quarter 2013 by $0.7 million due to market decreases in mortgage loan origination. Non-interest expense improved by $0.9 million compared to the same period in 2013 as a result of efficiencies gained which reduced bankcard related expenses.
Year to date income as of June 2014 was $15.9 million, $0.3 million less than the same period in 2013. The year-to-date average yield on earning assets decreased 5 basis points to 3.41% from 3.46% for the same period in 2013.
Other notable changes as of June 2014 compared to the same period in 2013:
- Total assets grew by $215.6 million to $3.16 billion
- Gross loans increased by $60.5 million to $1.33 billion
- Deposits grew by $197.5 million to $2.68 billion
- Total Risk-Based Capital Ratio of 23.27%
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.