First National Bank Alaska Announces Unaudited Results for Second Quarter 2022
“First National Bank Alaska continues to perform well in our Centennial year with net income and earnings per share outpacing 2021,” said
Assets totaled
Total deposits and repurchase agreements reached
Interest and fees on loans decreased
The blended yield on interest-earning assets decreased to
Total loans decreased
As of
Noninterest income for the first six months of 2022 decreased
Noninterest expenses for the first six months of 2022 decreased
Shareholders’ equity was
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 2021, American Banker recognized First National as a “Best Bank to Work For” for the fourth year in a row, and
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) | Quarter Ended ($ in thousands) | ||||||||||||||
Balance Sheet | |||||||||||||||
Total Assets | $ |
5,373,051 |
|
$ |
5,393,217 |
|
$ |
5,581,340 |
|
$ |
5,521,126 |
|
$ |
5,338,052 |
|
$ |
2,817,076 |
|
$ |
2,878,295 |
|
$ |
2,842,950 |
|
$ |
2,670,064 |
|
$ |
2,229,470 |
|
|
Total Loans | $ |
2,172,230 |
|
$ |
2,107,885 |
|
$ |
2,127,271 |
|
$ |
2,245,532 |
|
$ |
2,268,263 |
|
Total Deposits | $ |
4,161,642 |
|
$ |
4,135,870 |
|
$ |
4,216,924 |
|
$ |
4,102,624 |
|
$ |
3,910,717 |
|
Repurchase Agreements | $ |
748,316 |
|
$ |
758,052 |
|
$ |
781,700 |
|
$ |
826,611 |
|
$ |
830,245 |
|
Total Deposits and Repurchase Agreements | $ |
4,909,958 |
|
$ |
4,893,922 |
|
$ |
4,998,624 |
|
$ |
4,929,235 |
|
$ |
4,740,962 |
|
Unrealized gain (loss) on marketable securities, net of tax | $ |
(109,987 |
) |
$ |
(75,947 |
) |
$ |
8,266 |
|
$ |
25,014 |
|
$ |
31,338 |
|
Total Shareholders' Equity | $ |
444,218 |
|
$ |
474,019 |
|
$ |
554,530 |
|
$ |
565,069 |
|
$ |
577,266 |
|
Income Statement | |||||||||||||||
Net Interest and Loan Fee Income | $ |
35,489 |
|
$ |
34,700 |
|
$ |
38,758 |
|
$ |
34,669 |
|
$ |
35,466 |
|
Provision for Loan losses | $ |
472 |
|
$ |
(316 |
) |
$ |
(660 |
) |
$ |
357 |
|
$ |
1,033 |
|
Total Noninterest Income | $ |
6,736 |
|
$ |
5,620 |
|
$ |
6,183 |
|
$ |
6,322 |
|
$ |
6,787 |
|
Total Noninterest Expense | $ |
22,554 |
|
$ |
22,262 |
|
$ |
23,811 |
|
$ |
21,432 |
|
$ |
22,974 |
|
Provision for Income Taxes | $ |
4,826 |
|
$ |
4,538 |
|
$ |
5,447 |
|
$ |
4,807 |
|
$ |
4,547 |
|
Net Income | $ |
14,373 |
|
$ |
13,836 |
|
$ |
16,343 |
|
$ |
14,395 |
|
$ |
13,699 |
|
Earnings per common share | $ |
4.54 |
|
$ |
4.37 |
|
$ |
5.16 |
|
$ |
4.55 |
|
$ |
4.33 |
|
Dividend per common share | $ |
3.20 |
|
$ |
3.20 |
|
$ |
3.20 |
|
$ |
6.40 |
|
$ |
3.20 |
|
Financial Measures | |||||||||||||||
Return on Assets |
|
1.03 |
% |
|
1.01 |
% |
|
1.12 |
% |
|
1.11 |
% |
|
1.13 |
% |
Return on Equity |
|
11.49 |
% |
|
10.76 |
% |
|
10.23 |
% |
|
9.76 |
% |
|
9.57 |
% |
Net Interest Margin |
|
2.62 |
% |
|
2.60 |
% |
|
2.88 |
% |
|
2.89 |
% |
|
3.03 |
% |
Yield on Loans |
|
4.97 |
% |
|
4.91 |
% |
|
5.12 |
% |
|
4.99 |
% |
|
5.10 |
% |
Yield on Securities |
|
1.29 |
% |
|
1.27 |
% |
|
1.40 |
% |
|
1.45 |
% |
|
1.51 |
% |
Cost of Interest Bearing Deposits |
|
0.09 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
0.04 |
% |
Efficiency Ratio |
|
53.91 |
% |
|
54.78 |
% |
|
53.06 |
% |
|
53.23 |
% |
|
53.25 |
% |
Capital | |||||||||||||||
Shareholders' Equity/Total Assets |
|
8.27 |
% |
|
8.79 |
% |
|
9.94 |
% |
|
10.23 |
% |
|
10.81 |
% |
Tier 1 Leverage Ratio |
|
10.03 |
% |
|
10.05 |
% |
|
9.81 |
% |
|
9.97 |
% |
|
10.81 |
% |
Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
|
5.00 |
% |
Tier 1 (Core) Capital | $ |
554,205 |
|
$ |
549,966 |
|
$ |
546,264 |
|
$ |
540,055 |
|
$ |
545,928 |
|
Credit Quality | |||||||||||||||
Noncurrent Loans and OREO | $ |
6,454 |
|
$ |
16,585 |
|
$ |
18,217 |
|
$ |
17,611 |
|
$ |
11,446 |
|
Noncurrent Loans and OREO/Total Assets |
|
0.12 |
% |
|
0.31 |
% |
|
0.33 |
% |
|
0.32 |
% |
|
0.21 |
% |
Noncurrent Loans and OREO/Tier 1 Capital |
|
1.16 |
% |
|
3.02 |
% |
|
3.33 |
% |
|
3.26 |
% |
|
2.10 |
% |
Allowance for Loan Losses | $ |
19,500 |
|
$ |
22,600 |
|
$ |
22,900 |
|
$ |
23,500 |
|
$ |
23,500 |
|
Allowance for Loan Losses/Total Loans |
|
0.90 |
% |
|
1.07 |
% |
|
1.08 |
% |
|
1.05 |
% |
|
1.04 |
% |
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/20220803006023/en/
https://www.FNBAlaska.com
Source: