First National Bank Alaska’s (OTCBB:FBAK) net income for first quarter 2012 was $10.2 million or $31.02 per share. This compares to $8.6 million or $25.82 per share for the same quarter in 2011.The increase in first quarter net income was due primarily to recognition of $1.7 million of interest collected on non-accrual loans that returned to performing status.The first quarter average yield on earning assets decreased 9 basis points to 3.84% from 3.93% for the comparable period in 2011. The average yield on earning assets without the impact of the $1.7 million recognition was 3.59%.The current economic environment continues to depress interest rates.The first quarter provision for loan losses was a net recovery of $0.3 million, compared with a net charge of $0.8 million recorded during the first quarter 2011.Management maintains an allowance for loan losses adequate to cover the current estimate of probable losses. The allowance for loan losses was $12.3 million, or 1.08% of total loans, as of March 31, 2012.A level unchanged from December 31, 2011.Management continues to closely monitor market conditions for potential future adjustments.Established in 1922, First National is Alaska’s largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska. More information about First National is available at www.FNBAlaska.com.