First National Bank Alaska announces unaudited results for first quarter 2026
Rhea-AI Summary
First National Bank Alaska (OTCQX:FBAK) reported unaudited Q1 2026 results: net income $21.2M ($6.68 per share) versus $17.7M ($5.60) a year earlier. Assets were $5.08B and loans $2.81B. Net interest margin rose to 3.98%, and Tier 1 leverage remained strong at 11.90%.
Allowance for credit losses was $21.4M (0.76% of loans); nonperforming loans were $12.2M (0.43%). Noninterest expenses increased 10.1% due to higher salaries and headcount.
Positive
- Net income increased to $21.2M (+19% YoY)
- EPS rose to $6.68 from $5.60 YoY
- Loans totaled $2.81B, up $203.7M YoY
- Net interest margin improved to 3.98%
- Tier 1 leverage ratio remains strong at 11.90%
- Shareholders' equity grew to $576.4M, +$41.3M YTD
Negative
- Noninterest expenses rose 10.1% (higher salaries, headcount, healthcare)
- Nonperforming loans increased to $12.2M from $4.2M YoY
- Total securities declined to $1.861B from $1.989B QoQ
News Market Reaction – FBAK
In the May 7 session, FBAK declined 0.68%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ANCHORAGE, Alaska, May 06, 2026 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the first quarter of 2026 was
“First National’s strong financial performance in the first quarter reflects continued growth, supported by outstanding financial management and improving core earnings from a stronger asset mix and expanding margins,” said First National Board Chair and CEO/President Betsy Lawer. “This success was reflected in the equity market, as our stock reached new highs and surpassed
Assets totaled
Loans totaled
Interest and fees on loans in the first quarter totaled
Deposits and repurchase agreements totaled
Net interest margin increased to
Noninterest operating income for the first quarter of 2026 was
Noninterest expenses for the first quarter of 2026 rose by
The efficiency ratio for March 31, 2026, was
Shareholders’ equity was
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.
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 24 years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.
In 2026, for the second year in a row, Forbes selected First National as one of America’s Best Banks, this year ranking the bank as the second best in the nation. Newsweek recognized the bank as one of the nation’s 2026 Best Regional Banks and Credit Unions for the second year in a row. In 2025, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the 10th year in a row, Best Bank/Credit Union for the fifth time, and Best Customer Service for the second year in a row. In 2025, American Banker recognized First National as a “Best Bank to Work For” for the eighth year in a row. The bank was also voted “Best of Alaska” in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the seventh consecutive year.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and is recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
Contact Corporate Communications
907-777-3409
| Financial Overview (Unaudited) | Quarter Ended ($ in thousands) | |||||||||||||||||||
| 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | ||||||||||||||||
| Balance Sheet | ||||||||||||||||||||
| Total Assets | $ | 5,083,974 | $ | 5,099,945 | $ | 5,243,993 | $ | 4,923,803 | $ | 4,890,081 | ||||||||||
| Total Securities | $ | 1,861,127 | $ | 1,989,022 | $ | 2,002,118 | $ | 1,859,645 | $ | 1,882,332 | ||||||||||
| Total Loans | $ | 2,810,797 | $ | 2,711,964 | $ | 2,590,699 | $ | 2,591,713 | $ | 2,607,081 | ||||||||||
| Total Deposits | $ | 3,710,395 | $ | 3,734,714 | $ | 3,808,022 | $ | 3,586,204 | $ | 3,580,147 | ||||||||||
| Repurchase Agreements | $ | 738,789 | $ | 739,103 | $ | 804,589 | $ | 731,808 | $ | 716,908 | ||||||||||
| Total Deposits and Repurchase Agreements | $ | 4,449,184 | $ | 4,473,817 | $ | 4,612,611 | $ | 4,318,012 | $ | 4,297,055 | ||||||||||
| Unrealized (Gain) Loss on Marketable Securities, Net of Tax | $ | (25,812 | ) | $ | (24,502 | ) | $ | (31,296 | ) | $ | (40,193 | ) | $ | (49,465 | ) | |||||
| Total Shareholders' Equity | $ | 576,437 | $ | 569,246 | $ | 567,724 | $ | 550,135 | $ | 535,148 | ||||||||||
| Income Statement | ||||||||||||||||||||
| Interest and Fees on Loans | $ | 45,111 | $ | 44,730 | $ | 44,116 | $ | 43,212 | $ | 41,150 | ||||||||||
| Interest and Dividends on Investment Securities | $ | 12,882 | $ | 14,451 | $ | 12,229 | $ | 10,818 | $ | 11,150 | ||||||||||
| Interest on Cash and Cash Equivalents | $ | 1,937 | $ | 3,828 | $ | 4,381 | $ | 2,969 | $ | 3,563 | ||||||||||
| Total Interest and Loan Fee Income | $ | 59,930 | $ | 63,009 | $ | 60,726 | $ | 56,999 | $ | 55,863 | ||||||||||
| Total Interest Expense | $ | 10,948 | $ | 11,853 | $ | 12,155 | $ | 11,842 | $ | 11,956 | ||||||||||
| Provision (Benefit) for Credit Losses | $ | (274 | ) | $ | 2,209 | $ | 436 | $ | 631 | $ | 1,535 | |||||||||
| Total Noninterest Operating Income | $ | 6,981 | $ | 7,203 | $ | 7,596 | $ | 7,363 | $ | 6,910 | ||||||||||
| Net Gains (loss) on Investment Securities | $ | (48 | ) | $ | – | $ | – | $ | – | $ | – | |||||||||
| Total Noninterest Expense | $ | 27,883 | $ | 29,725 | $ | 26,802 | $ | 27,083 | $ | 25,334 | ||||||||||
| Provision for Income Taxes | $ | 7,137 | $ | 6,362 | $ | 7,570 | $ | 6,423 | $ | 6,214 | ||||||||||
| Net Income | $ | 21,169 | $ | 20,063 | $ | 21,359 | $ | 18,383 | $ | 17,734 | ||||||||||
| Earnings per Common Share | $ | 6.68 | $ | 6.33 | $ | 6.75 | $ | 5.80 | $ | 5.60 | ||||||||||
| Dividend per Common Share | $ | 4.00 | $ | 8.00 | $ | 4.00 | $ | 4.00 | $ | 4.00 | ||||||||||
| Financial Measures | ||||||||||||||||||||
| Return on Assets | 1.67 | % | 1.53 | % | 1.53 | % | 1.46 | % | 1.42 | % | ||||||||||
| Return on Equity | 14.78 | % | 14.16 | % | 14.13 | % | 13.53 | % | 13.49 | % | ||||||||||
| Net Interest Margin | 3.98 | % | 3.82 | % | 3.76 | % | 3.69 | % | 3.63 | % | ||||||||||
| Interest Income to Average Earning Assets | 4.87 | % | 4.78 | % | 4.74 | % | 4.67 | % | 4.61 | % | ||||||||||
| Interest Expense to Average Earning Assets | 0.89 | % | 0.96 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Efficiency Ratio | 49.81 | % | 49.86 | % | 49.52 | % | 50.58 | % | 49.70 | % | ||||||||||
| Capital | ||||||||||||||||||||
| Shareholders' Equity/Total Assets | 11.34 | % | 11.16 | % | 10.83 | % | 11.17 | % | 10.94 | % | ||||||||||
| Tier 1 Leverage Ratio | 11.90 | % | 11.27 | % | 11.70 | % | 11.95 | % | 11.72 | % | ||||||||||
| Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | ||||||||||
| Tier 1 (Core) Capital | $ | 602,249 | $ | 593,748 | $ | 599,020 | $ | 590,328 | $ | 584,613 | ||||||||||
| Credit Quality | ||||||||||||||||||||
| Nonperforming Loans and OREO | $ | 12,209 | $ | 10,636 | $ | 10,847 | $ | 9,802 | $ | 4,243 | ||||||||||
| Nonperforming Loans and OREO/Total Loans | 0.43 | % | 0.39 | % | 0.42 | % | 0.38 | % | 0.16 | % | ||||||||||
| Nonperforming Loans and OREO/Tier 1 Capital | 2.03 | % | 1.79 | % | 1.81 | % | 1.66 | % | 0.73 | % | ||||||||||
| Allowance for Credit Losses | $ | 21,400 | $ | 21,450 | $ | 20,100 | $ | 20,025 | $ | 19,500 | ||||||||||
| Allowance for Credit Losses/Total Loans | 0.76 | % | 0.79 | % | 0.78 | % | 0.77 | % | 0.75 | % | ||||||||||
| Net interest margin, yields, and efficiency ratios are tax effected. | ||||||||||||||||||||
| Financial measures are year-to-date. | ||||||||||||||||||||
| Per common share amounts are not in thousands. | ||||||||||||||||||||
