First National Bank Alaska announces unaudited results for fourth quarter and full year 2024
Rhea-AI Summary
First National Bank Alaska (OTCQX:FBAK) reported strong Q4 2024 financial results with net income of $19.9 million ($6.29 per share), up from $16.6 million ($5.24 per share) in Q4 2023. Loans grew to $2.5 billion, increasing by $196.6 million year-over-year, with strong loan quality showing nonperforming loans at just 0.17%. Interest and loan fee income rose 6.2% to $63.4 million, with loan yield increasing to 6.67%.
Total assets were $5.0 billion, with deposits and repurchase agreements at $4.4 billion. The net interest margin improved to 3.12% from 2.82% year-over-year. Noninterest income grew 7.5% to $7.0 million, while noninterest expenses increased 12.4% due to higher salaries and benefits. Shareholders' equity reached $516.6 million, with book value per share rising to $163.11.
Positive
- Net income increased 19.9% YoY to $19.9 million in Q4 2024
- Loan portfolio grew by $196.6 million YoY with strong 0.17% nonperforming loan ratio
- Interest and loan fee income rose 6.2% to $63.4 million
- Net interest margin improved to 3.12% from 2.82%
- Book value per share increased to $163.11 from $146.77
- Strong efficiency ratio of 53.51%, better than peer groups
Negative
- Noninterest expenses increased 12.4% due to higher labor and healthcare costs
- Total assets decreased by $559.5 million due to repayment of borrowed funds
- Return on equity slightly decreased to 13.60% from 13.97%
News Market Reaction
On the day this news was published, FBAK gained 0.68%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ANCHORAGE, Alaska, Feb. 19, 2025 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was
“Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”
Loans totaled
Fourth quarter total interest and loan fee income was
Assets totaled
Deposits and repurchase agreements totaled
Interest expense for the quarter decreased by
Noninterest income for fourth quarter 2024 was
Provision for income taxes was reduced
Shareholders’ equity was
ABOUT FIRST NATIONAL BANK ALASKA
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.
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 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. 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 running, 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 Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.
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: Corporate Communications, 907-777-3409
| Financial Overview (Unaudited) | |||||||||||||||||||
| ($ in thousands, except per common share amounts) | |||||||||||||||||||
| Three months ended | Year ended | ||||||||||||||||||
| Dec. 31, | Sep. 30, | Dec. 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Income Statement | |||||||||||||||||||
| Total Interest And Loan Fee Income | $ | 63,439 | $ | 64,615 | $ | 56,773 | $ | 59,493 | $ | 59,761 | |||||||||
| Total Interest Expense | $ | 18,591 | $ | 21,319 | $ | 16,521 | $ | 21,168 | $ | 18,803 | |||||||||
| Provision for Credit Losses | $ | (118 | ) | $ | (432 | ) | $ | (344 | ) | $ | 721 | $ | (930 | ) | |||||
| Total Noninterest Income | $ | 7,011 | $ | 7,293 | $ | 6,522 | $ | 28,233 | $ | 25,426 | |||||||||
| Total Noninterest Expense | $ | 27,696 | $ | 25,928 | $ | 24,651 | $ | 104,346 | $ | 98,168 | |||||||||
| Provision for Income Taxes | $ | 4,350 | $ | 7,099 | $ | 6,593 | $ | 22,839 | $ | 22,657 | |||||||||
| Net Income | $ | 19,931 | $ | 17,994 | $ | 16,580 | $ | 67,048 | $ | 60,010 | |||||||||
| Earnings per common share | $ | 6.29 | $ | 5.68 | $ | 5.24 | $ | 21.17 | $ | 18.96 | |||||||||
| Dividend per common share | $ | 6.40 | $ | 3.20 | $ | 6.40 | $ | 16.00 | $ | 16.00 | |||||||||
| Financial Overview (Unaudited) | Quarter Ended | ||||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||||||||||||||
| Balance Sheet | |||||||||||||||||||
| Total Assets | $ | 4,997,767 | $ | 5,557,306 | $ | 5,116,066 | $ | 5,212,976 | $ | 5,730,835 | |||||||||
| Total Securities | $ | 1,928,625 | $ | 2,602,519 | $ | 2,197,788 | $ | 2,404,078 | $ | 2,384,951 | |||||||||
| Total Loans | $ | 2,469,935 | $ | 2,445,596 | $ | 2,391,593 | $ | 2,369,282 | $ | 2,273,311 | |||||||||
| Total Deposits | $ | 3,679,155 | $ | 3,728,181 | $ | 3,698,631 | $ | 3,665,066 | $ | 3,780,018 | |||||||||
| Repurchase Agreements | $ | 743,193 | $ | 647,043 | $ | 615,096 | $ | 571,463 | $ | 629,280 | |||||||||
| Total Deposits and Repurchase Agreements | $ | 4,422,348 | $ | 4,375,224 | $ | 4,313,727 | $ | 4,236,529 | $ | 4,409,298 | |||||||||
| Total Borrowing under the Federal Reserve Bank Term Funding Program | $ | - | $ | 249,868 | $ | 249,868 | $ | 430,000 | $ | 780,000 | |||||||||
| Unrealized loss on marketable securities, net of tax | $ | (62,985 | ) | $ | (52,020 | ) | $ | (86,857 | ) | $ | (95,809 | ) | $ | (98,378 | ) | ||||
| Total Shareholders' Equity | $ | 516,562 | $ | 527,864 | $ | 485,167 | $ | 470,702 | $ | 464,791 | |||||||||
| Financial Measures | |||||||||||||||||||
| Return on Assets | 1.22 | % | 1.15 | % | 1.08 | % | 0.95 | % | 1.07 | % | |||||||||
| Return on Equity | 13.60 | % | 12.90 | % | 12.30 | % | 11.52 | % | 13.97 | % | |||||||||
| Net Interest Margin | 3.12 | % | 3.04 | % | 2.98 | % | 2.76 | % | 2.82 | % | |||||||||
| Yield on Loans | 6.67 | % | 6.65 | % | 6.55 | % | 6.40 | % | 6.25 | % | |||||||||
| Yield on Securities | 2.55 | % | 2.49 | % | 2.33 | % | 2.36 | % | 1.66 | % | |||||||||
| Cost of Interest Bearing Deposits | 1.57 | % | 1.62 | % | 1.60 | % | 1.55 | % | 1.02 | % | |||||||||
| Efficiency Ratio | 53.51 | % | 53.59 | % | 54.94 | % | 56.00 | % | 54.28 | % | |||||||||
| Capital | |||||||||||||||||||
| Shareholders' Equity/Total Assets | 10.34 | % | 9.50 | % | 9.48 | % | 9.03 | % | 8.11 | % | |||||||||
| Tier 1 Leverage Ratio | 10.54 | % | 10.39 | % | 11.12 | % | 9.96 | % | 9.85 | % | |||||||||
| Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||||||
| Tier 1 (Core) Capital | $ | 579,547 | $ | 579,884 | $ | 572,024 | $ | 566,511 | $ | 563,169 | |||||||||
| Credit Quality | |||||||||||||||||||
| Nonperforming Loans and OREO | $ | 4,313 | $ | 4,186 | $ | 4,731 | $ | 28,634 | $ | 4,659 | |||||||||
| Nonperforming Loans and OREO/Total Loans | 0.17 | % | 0.17 | % | 0.20 | % | 1.21 | % | 0.20 | % | |||||||||
| Nonperforming Loans and OREO/Tier 1 Capital | 0.74 | % | 0.72 | % | 0.83 | % | 5.05 | % | 0.83 | % | |||||||||
| Allowance for Credit Losses | $ | 18,025 | $ | 18,550 | $ | 19,000 | $ | 18,800 | $ | 17,750 | |||||||||
| Allowance for Credit Losses/Total Loans | 0.73 | % | 0.76 | % | 0.79 | % | 0.79 | % | 0.78 | % | |||||||||
| Net interest margin, yields, and efficiency ratios are tax effected. | |||||||||||||||||||
| Financial measures are year-to-date. | |||||||||||||||||||
FAQ
What was FBAK's Q4 2024 earnings per share?
How much did FBAK's loan portfolio grow in 2024?
What is FBAK's current loan quality status?
How did FBAK's net interest margin change in 2024?
What was FBAK's book value per share at the end of 2024?
