First National Bank Alaska announces unaudited results for first quarter 2025
Rhea-AI Summary
Positive
- Net income increased 31% YoY to $17.7 million ($5.60 per share)
- Strong loan growth with $137.1 million increase in Q1 2025
- Excellent loan quality with only 0.16% nonperforming loans
- Net interest margin improved significantly to 3.63% from 2.76%
- Strong efficiency ratio at 49.70%, better than peer groups
- Book value per share increased to $168.98 from $163.11
Negative
- Total assets decreased by $322.9 million due to Federal Reserve Bank Term Funding Program repayments
- Interest and loan fee income decreased 5.9% YoY to $56.0 million
- Deposits showed normal seasonal outflow, declining from $4.4B to $4.3B QoQ
News Market Reaction
On the day this news was published, FBAK declined 0.10%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ANCHORAGE, Alaska, May 07, 2025 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the first quarter of 2025 was
“The momentum we gained in 2024 propelled the bank to a very strong first quarter performance,” said First National Board Chair and CEO/President Betsy Lawer. “Our unrivaled 600-plus employees are delivering dynamic improvements to services across the bank. By focusing on improving our customer experiences whether in person or online, we are creating efficiencies in our operations, enhancing cybersecurity awareness and reducing the impact of fraud on the bank and our customers. Our balance sheet remains well positioned to support opportunities for Alaskans.”
Loans totaled
First quarter total interest and loan fee income was
Assets totaled
Deposits and repurchase agreements totaled
Total interest expense for the quarter decreased
Noninterest income for first quarter 2025 was
Shareholders’ equity was
ABOUT FIRST NATIONAL BANK ALASKA
Alaska’s community bank since 1922, First National Bank Alaska 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 2025, Forbes selected First National as the sixth best bank on their America’s Best Banks list, and Newsweek recognized the bank as one of the nation’s Best Regional Banks and Credit Unions. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.
For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
CONTACT: Marketing, 907-777-3451
| Quarter Ended ($ in thousands) | |||||||||||||||
| Financial Overview (Unaudited) | |||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||
| Balance Sheet | |||||||||||||||
| Total Assets | $ | 4,890,081 | $ | 4,997,767 | $ | 5,557,306 | $ | 5,116,066 | $ | 5,212,976 | |||||
| Total Securities | $ | 1,882,332 | $ | 1,928,625 | $ | 2,602,519 | $ | 2,197,788 | $ | 2,404,078 | |||||
| Total Loans | $ | 2,607,081 | $ | 2,469,935 | $ | 2,445,596 | $ | 2,391,593 | $ | 2,369,282 | |||||
| Total Deposits | $ | 3,580,147 | $ | 3,679,155 | $ | 3,728,181 | $ | 3,698,631 | $ | 3,665,066 | |||||
| Repurchase Agreements | $ | 716,908 | $ | 743,193 | $ | 647,043 | $ | 615,096 | $ | 571,463 | |||||
| Total Deposits and Repurchase Agreements | $ | 4,297,055 | $ | 4,422,348 | $ | 4,375,224 | $ | 4,313,727 | $ | 4,236,529 | |||||
| Total Borrowing under the Federal Reserve Bank Term Funding Program | $ | - | $ | - | $ | 249,868 | $ | 249,868 | $ | 430,000 | |||||
| Unrealized loss on marketable securities, net of tax | $ | (49,465 | ) | $ | (62,985 | ) | $ | (52,020 | ) | $ | (86,857 | ) | $ | (95,809 | ) |
| Total Shareholders' Equity | $ | 535,148 | $ | 516,562 | $ | 527,864 | $ | 485,167 | $ | 470,702 | |||||
| Income Statement | |||||||||||||||
| Total Interest And Loan Fee Income | $ | 56,005 | $ | 63,439 | $ | 64,615 | $ | 56,773 | $ | 59,493 | |||||
| Total Interest Expense | $ | 11,956 | $ | 18,591 | $ | 21,319 | $ | 16,521 | $ | 21,168 | |||||
| Provision for Credit Losses | $ | 1,535 | $ | (118 | ) | $ | (432 | ) | $ | 318 | $ | 953 | |||
| Total Noninterest Income | $ | 6,768 | $ | 7,011 | $ | 7,293 | $ | 7,389 | $ | 6,540 | |||||
| Total Noninterest Expense | $ | 25,334 | $ | 27,696 | $ | 25,928 | $ | 25,637 | $ | 25,085 | |||||
| Provision for Income Taxes | $ | 6,214 | $ | 4,350 | $ | 7,099 | $ | 6,039 | $ | 5,351 | |||||
| Net Income | $ | 17,734 | $ | 19,931 | $ | 17,994 | $ | 15,647 | $ | 13,476 | |||||
| Earnings per common share | $ | 5.60 | $ | 6.29 | $ | 5.68 | $ | 4.94 | $ | 4.26 | |||||
| Dividend per common share | $ | 4.00 | $ | 6.40 | $ | 3.20 | $ | 3.20 | $ | 3.20 | |||||
| Financial Measures | |||||||||||||||
| Return on Assets | 1.42 | % | 1.22 | % | 1.15 | % | 1.08 | % | 0.95 | % | |||||
| Return on Equity | 13.49 | % | 13.60 | % | 12.90 | % | 12.30 | % | 11.52 | % | |||||
| Net Interest Margin | 3.63 | % | 3.12 | % | 3.04 | % | 2.98 | % | 2.76 | % | |||||
| Interest Income to Average Earning Assets | 4.61 | % | 4.57 | % | 4.51 | % | 4.40 | % | 4.28 | % | |||||
| Interest Expense to Average Earning Assets | 0.98 | % | 1.45 | % | 1.47 | % | 1.42 | % | 1.52 | % | |||||
| Efficiency Ratio | 49.70 | % | 53.51 | % | 53.59 | % | 54.94 | % | 56.00 | % | |||||
| Capital | |||||||||||||||
| Shareholders' Equity/Total Assets | 10.94 | % | 10.34 | % | 9.50 | % | 9.48 | % | 9.03 | % | |||||
| Tier 1 Leverage Ratio | 0.98 | % | 1.45 | % | 1.47 | % | 1.42 | % | 1.52 | % | |||||
| Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||
| Tier 1 (Core) Capital | $ | 584,613 | $ | 579,547 | $ | 579,884 | $ | 572,024 | $ | 566,511 | |||||
| Credit Quality | |||||||||||||||
| Nonperforming Loans and OREO | $ | 4,243 | $ | 4,313 | $ | 4,186 | $ | 4,731 | $ | 28,634 | |||||
| Nonperforming Loans and OREO/Total Loans | 0.16 | % | 0.17 | % | 0.17 | % | 0.20 | % | 1.21 | % | |||||
| Nonperforming Loans and OREO/Tier 1 Capital | 0.73 | % | 0.74 | % | 0.72 | % | 0.83 | % | 5.05 | % | |||||
| Allowance for Loan Losses | $ | 19,500 | $ | 18,025 | $ | 18,550 | $ | 19,000 | $ | 18,800 | |||||
| Allowance for Loan Losses/Total Loans | 0.75 | % | 0.73 | % | 0.76 | % | 0.79 | % | 0.79 | % | |||||
| Net interest margin, yields, and efficiency ratios are tax effected. | |||||||||||||||
| Financial measures are year-to-date. | |||||||||||||||
| Per common share amounts are not in thousands. | |||||||||||||||
FAQ
What was First National Bank Alaska's (FBAK) earnings per share in Q1 2025?
How much did FBAK's loan portfolio grow in Q1 2025?
What is First National Bank Alaska's (FBAK) current loan quality status?
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What is First National Bank Alaska's (FBAK) current capital position?
