First National Bank Alaska Announces Unaudited Results for Fourth Quarter 2022
“Our bank extended its strong performance in our Centennial year, despite the challenging interest rate environment,” said
Assets totaled
-
Total loans increased
to$99.8 million with strong growth in real estate loans.$2.2 billion - Fixed income securities declined in market value due to the steep increase in market interest rates.
-
Deposits and repurchase agreements totaled
as of$4.9 billion December 31, 2022 , decreasing year-to-date, following two prior fiscal periods of historical deposit growth.$102.8 million
Return on assets through
Interest and fees on loans decreased
The
As of
Noninterest income for the fourth quarter 2022 of
Noninterest expenses for the full year of 2022 increased
Notwithstanding continued strong operating results, the balance sheet is impacted by accounting adjustments related to the market value of securities held for investment and classified as available for sale. As the
With these interest rate changes, shareholders’ equity was
First National’s
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,
Visit FNBAlaska.com for more information about Alaska’s largest locally owned bank and access to efficient and secure online banking services.
Financial Overview (Unaudited) | ||||||||||||||||||||
Dollars in thousands, except per share and share data | ||||||||||||||||||||
Three months ended | Year ended | |||||||||||||||||||
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|
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||||||||||||||
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||
Income Statement | ||||||||||||||||||||
Net Interest and Loan Fee Income | $ |
38,194 |
|
$ |
36,987 |
|
$ |
38,758 |
|
$ |
145,370 |
|
$ |
145,601 |
|
|||||
Provision for Loan losses | $ |
(276 |
) |
$ |
(1,129 |
) |
$ |
(660 |
) |
$ |
(1,249 |
) |
$ |
2,427 |
|
|||||
Total Noninterest Income | $ |
5,916 |
|
$ |
6,335 |
|
$ |
6,183 |
|
$ |
24,607 |
|
$ |
25,490 |
|
|||||
Total Noninterest Expense | $ |
24,952 |
|
$ |
23,306 |
|
$ |
23,811 |
|
$ |
93,074 |
|
$ |
90,786 |
|
|||||
Provision for Income Taxes | $ |
5,063 |
|
$ |
5,490 |
|
$ |
5,447 |
|
$ |
19,917 |
|
$ |
19,464 |
|
|||||
Net Income | $ |
14,371 |
|
$ |
15,655 |
|
$ |
16,343 |
|
$ |
58,235 |
|
$ |
58,414 |
|
|||||
Earnings per common share | $ |
4.54 |
|
$ |
4.94 |
|
$ |
5.16 |
|
$ |
18.39 |
|
$ |
18.45 |
|
|||||
Dividend per common share | $ |
6.40 |
|
$ |
3.20 |
|
$ |
3.20 |
|
$ |
16.00 |
|
$ |
16.00 |
|
|||||
Financial Overview (Unaudited) | Quarter Ended | |||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Total Assets | $ |
5,337,737 |
|
$ |
5,502,968 |
|
$ |
5,373,051 |
|
$ |
5,393,217 |
|
$ |
5,581,340 |
|
|||||
$ |
2,815,357 |
|
$ |
2,863,905 |
|
$ |
2,817,076 |
|
$ |
2,878,295 |
|
$ |
2,842,950 |
|
||||||
Total Loans | $ |
2,227,047 |
|
$ |
2,169,670 |
|
$ |
2,172,230 |
|
$ |
2,107,885 |
|
$ |
2,127,271 |
|
|||||
Total Deposits | $ |
4,224,857 |
|
$ |
4,383,798 |
|
$ |
4,161,642 |
|
$ |
4,135,870 |
|
$ |
4,216,924 |
|
|||||
Repurchase Agreements | $ |
670,974 |
|
$ |
696,779 |
|
$ |
748,316 |
|
$ |
758,052 |
|
$ |
781,700 |
|
|||||
Total Deposits and Repurchase Agreements | $ |
4,895,831 |
|
$ |
5,080,577 |
|
$ |
4,909,958 |
|
$ |
4,893,922 |
|
$ |
4,998,624 |
|
|||||
Unrealized gain (loss) on marketable securities, net of tax | $ |
(146,279 |
) |
$ |
(170,608 |
) |
$ |
(109,987 |
) |
$ |
(75,947 |
) |
$ |
8,266 |
|
|||||
Total Shareholders' Equity | $ |
407,550 |
|
$ |
389,118 |
|
$ |
444,218 |
|
$ |
474,019 |
|
$ |
554,530 |
|
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Financial Measures | ||||||||||||||||||||
Return on Assets |
|
1.04 |
% |
|
1.05 |
% |
|
1.03 |
% |
|
1.01 |
% |
|
1.12 |
% |
|||||
Return on Equity |
|
12.83 |
% |
|
12.56 |
% |
|
11.49 |
% |
|
10.76 |
% |
|
10.23 |
% |
|||||
Net Interest Margin |
|
2.66 |
% |
|
2.63 |
% |
|
2.62 |
% |
|
2.60 |
% |
|
2.88 |
% |
|||||
Yield on Loans |
|
5.22 |
% |
|
5.09 |
% |
|
4.97 |
% |
|
4.91 |
% |
|
5.12 |
% |
|||||
Yield on Securities |
|
1.40 |
% |
|
1.33 |
% |
|
1.29 |
% |
|
1.27 |
% |
|
1.40 |
% |
|||||
Cost of Interest Bearing Deposits |
|
0.21 |
% |
|
0.13 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.05 |
% |
|||||
Efficiency Ratio |
|
54.34 |
% |
|
53.76 |
% |
|
53.91 |
% |
|
54.78 |
% |
|
53.06 |
% |
|||||
Capital | ||||||||||||||||||||
Shareholders' Equity/Total Assets |
|
7.64 |
% |
|
7.07 |
% |
|
8.27 |
% |
|
8.79 |
% |
|
9.94 |
% |
|||||
Tier 1 Leverage Ratio |
|
9.64 |
% |
|
9.83 |
% |
|
10.03 |
% |
|
10.05 |
% |
|
9.81 |
% |
|||||
Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|||||
Tier 1 (Core) Capital | $ |
553,829 |
|
$ |
559,726 |
|
$ |
554,205 |
|
$ |
549,966 |
|
$ |
546,264 |
|
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Credit Quality | ||||||||||||||||||||
Noncurrent Loans and OREO | $ |
5,899 |
|
$ |
5,864 |
|
$ |
6,454 |
|
$ |
16,585 |
|
$ |
18,217 |
|
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Noncurrent Loans and OREO/Total Assets |
|
0.11 |
% |
|
0.11 |
% |
|
0.12 |
% |
|
0.31 |
% |
|
0.33 |
% |
|||||
Noncurrent Loans and OREO/Tier 1 Capital |
|
1.07 |
% |
|
1.05 |
% |
|
1.16 |
% |
|
3.02 |
% |
|
3.33 |
% |
|||||
Allowance for Loan Losses | $ |
18,800 |
|
$ |
19,000 |
|
$ |
19,500 |
|
$ |
22,600 |
|
$ |
22,900 |
|
|||||
Allowance for Loan Losses/Total Loans |
|
0.84 |
% |
|
0.88 |
% |
|
0.90 |
% |
|
1.07 |
% |
|
1.08 |
% |
|||||
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/20230209005797/en/
Secretary to the Board of Directors
907-777-3409
www.FNBAlaska.com
Source: