First National Bank Alaska Announces Unaudited Results for First Quarter 2023
Deposits and repurchase agreements totaled
Interest and fees on loans increased
Noninterest income for the first quarter 2023 decreased
Total loans increased
“First National continues to do what we do best – making sound business decisions and strengthening relationships with people and businesses who appreciate working with a team of Alaskans who has their back,” said Board Chair and CEO/President
“To take advantage of the favorable pricing and terms of the facility, and to proactively mitigate the potential risk of normal seasonal and cyclical deposit outflows and maturity timing in our investment portfolio, the bank borrowed
The program allows banks to pledge securities at par, hold securities with unrealized market losses to maturity, and reduce the risk of impact on earnings and capital of early sales. The borrowing level was equivalent to the bank’s volume of securities maturing from the borrowing date through
Assets totaled
Shareholders’ equity was
ABOUT
Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.
In 2022, Alaska Business readers voted the bank the “Best of Alaska Business” in the Best Place to Work category for the seventh year in a row and Best Bank/Credit Union for a second time. American Banker recognized First National in 2022 as a “Best Bank to Work For” for the fifth year running. In the same year,
Financial Overview (Unaudited) | Quarter Ended ($ in thousands) | ||||||||||||||
Balance Sheet | |||||||||||||||
Total Assets | $ |
5,473,245 |
|
$ |
5,337,737 |
|
$ |
5,502,968 |
|
$ |
5,373,051 |
|
$ |
5,393,217 |
|
$ |
2,606,018 |
|
$ |
2,815,357 |
|
$ |
2,863,905 |
|
$ |
2,817,076 |
|
$ |
2,878,295 |
|
|
Total Loans | $ |
2,283,553 |
|
$ |
2,227,047 |
|
$ |
2,169,670 |
|
$ |
2,172,230 |
|
$ |
2,107,885 |
|
Total Deposits | $ |
3,989,843 |
|
$ |
4,224,857 |
|
$ |
4,383,798 |
|
$ |
4,161,642 |
|
$ |
4,135,870 |
|
Repurchase Agreements | $ |
671,532 |
|
$ |
670,974 |
|
$ |
696,779 |
|
$ |
748,316 |
|
$ |
758,052 |
|
Total Deposits and Repurchase Agreements | $ |
4,661,375 |
|
$ |
4,895,831 |
|
$ |
5,080,577 |
|
$ |
4,909,958 |
|
$ |
4,893,922 |
|
Unrealized gain (loss) on marketable securities, net of tax | $ |
(128,594 |
) |
$ |
(146,279 |
) |
$ |
(170,608 |
) |
$ |
(109,987 |
) |
$ |
(75,947 |
) |
Total Shareholders' Equity | $ |
428,555 |
|
$ |
407,550 |
|
$ |
389,118 |
|
$ |
444,218 |
|
$ |
474,019 |
|
Income Statement | |||||||||||||||
Net Interest and Loan Fee Income | $ |
37,771 |
|
$ |
38,194 |
|
$ |
36,987 |
|
$ |
35,489 |
|
$ |
34,700 |
|
Provision for Loan losses | $ |
600 |
|
$ |
(276 |
) |
$ |
(1,129 |
) |
$ |
472 |
|
$ |
(316 |
) |
Total Noninterest Income | $ |
5,484 |
|
$ |
5,916 |
|
$ |
6,335 |
|
$ |
6,736 |
|
$ |
5,620 |
|
Total Noninterest Expense | $ |
24,392 |
|
$ |
24,952 |
|
$ |
23,306 |
|
$ |
22,554 |
|
$ |
22,262 |
|
Provision for Income Taxes | $ |
4,809 |
|
$ |
5,063 |
|
$ |
5,490 |
|
$ |
4,826 |
|
$ |
4,538 |
|
Net Income | $ |
13,454 |
|
$ |
14,371 |
|
$ |
15,655 |
|
$ |
14,373 |
|
$ |
13,836 |
|
Earnings per common share | $ |
4.25 |
|
$ |
4.54 |
|
$ |
4.94 |
|
$ |
4.54 |
|
$ |
4.37 |
|
Dividend per common share | $ |
3.20 |
|
$ |
6.40 |
|
$ |
3.20 |
|
$ |
3.20 |
|
$ |
3.20 |
|
Financial Measures | |||||||||||||||
Return on Assets |
|
0.98 |
% |
|
1.04 |
% |
|
1.05 |
% |
|
1.03 |
% |
|
1.01 |
% |
Return on Equity |
|
12.87 |
% |
|
12.83 |
% |
|
12.56 |
% |
|
11.49 |
% |
|
10.76 |
% |
Net Interest Margin |
|
2.84 |
% |
|
2.66 |
% |
|
2.63 |
% |
|
2.62 |
% |
|
2.60 |
% |
Yield on Loans |
|
5.81 |
% |
|
5.22 |
% |
|
5.09 |
% |
|
4.97 |
% |
|
4.91 |
% |
Yield on Securities |
|
1.72 |
% |
|
1.40 |
% |
|
1.33 |
% |
|
1.29 |
% |
|
1.27 |
% |
Cost of Interest Bearing Deposits |
|
0.65 |
% |
|
0.21 |
% |
|
0.13 |
% |
|
0.09 |
% |
|
0.07 |
% |
Efficiency Ratio |
|
55.66 |
% |
|
54.34 |
% |
|
53.76 |
% |
|
53.91 |
% |
|
54.78 |
% |
Capital | |||||||||||||||
Shareholders' Equity/Total Assets |
|
7.83 |
% |
|
7.64 |
% |
|
7.07 |
% |
|
8.27 |
% |
|
8.79 |
% |
Tier 1 Leverage Ratio |
|
10.20 |
% |
|
9.64 |
% |
|
9.83 |
% |
|
10.03 |
% |
|
10.05 |
% |
Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
Tier 1 (Core) Capital | $ |
557,149 |
|
$ |
553,829 |
|
$ |
559,726 |
|
$ |
554,205 |
|
$ |
549,966 |
|
Credit Quality | |||||||||||||||
Noncurrent Loans and OREO | $ |
4,984 |
|
$ |
5,899 |
|
$ |
5,864 |
|
$ |
6,454 |
|
$ |
16,585 |
|
Noncurrent Loans and OREO/Total Assets |
|
0.09 |
% |
|
0.11 |
% |
|
0.11 |
% |
|
0.12 |
% |
|
0.31 |
% |
Noncurrent Loans and OREO/Tier 1 Capital |
|
0.89 |
% |
|
1.07 |
% |
|
1.05 |
% |
|
1.16 |
% |
|
3.02 |
% |
Allowance for Loan Losses | $ |
19,050 |
|
$ |
18,800 |
|
$ |
19,000 |
|
$ |
19,500 |
|
$ |
22,600 |
|
Allowance for Loan Losses/Total Loans |
|
0.83 |
% |
|
0.84 |
% |
|
0.88 |
% |
|
0.90 |
% |
|
1.07 |
% |
Net interest margin, yields, and efficiency ratios are tax effected. | |||||||||||||||
Financial measures are year-to-date. | |||||||||||||||
Per common share amounts are not in thousands. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005382/en/
Marketing Department, (907) 777-3409
https://www.FNBAlaska.com
Source: