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First National Bank Alaska reported stable net income of $13.476 million for Q1 2024, with assets at $5.2 billion. The bank experienced a decrease in assets due to repayments on the Federal Reserve Bank Term Funding Program and deposit outflow. Despite an increase in total loans, nonperforming loans rose compared to the previous year. Interest and loan fee income increased by 26.6%, with a higher interest rate environment impacting interest expense. Shareholders' equity increased to $470.7 million, and the bank maintained well-capitalized standards. Efficiency remained strong, while noninterest income increased, and noninterest expenses grew below inflation.
First National Bank Alaska declared a cash dividend of $3.20 per share at the Board of Directors meeting on May 1, 2024, payable on June 15, 2024, to shareholders of record as of June 1, 2024.
