First National Bank Alaska reports recurring developments tied to its Alaska-focused community banking franchise and its OTCQX-traded common shares under the symbol FBAK. Company news commonly covers unaudited quarterly results, net income, earnings per share, return measures, book value, shareholders’ equity, capital ratios and efficiency trends.
Updates also include board-declared cash dividends, loan and deposit growth, net interest margin, securities-portfolio effects on equity, and recognition tied to bank performance and community reinvestment. The bank describes itself as Alaska’s community bank since 1922, serving customers through branches, ATMs and banking services across the state.
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First National Bank Alaska (OTCQX:FBAK) reported a net income of $13.5 million or $4.25 per share for Q1 2023, a slight decrease from $13.8 million or $4.37 per share in Q1 2022. Total deposits and repurchase agreements stood at $4.7 billion, down from $4.9 billion year-over-year, indicating anticipated deposit outflows as pandemic restrictions ease. Interest and fees on loans rose $6.9 million, while interest on investment securities grew $3.3 million. The bank borrowed $350 million under the Federal Reserve's Term Funding Program to manage seasonal deposit outflows. Total assets increased to $5.5 billion, with a return on assets of 0.98%, down from 1.01% a year prior. Shareholders’ equity rose to $428.6 million, up from $407.6 million as of December 31, 2022.
First National Bank Alaska (OTCQX:FBAK) reported a fourth quarter net income of $14.4 million or $4.54 per share, down from $16.3 million or $5.16 per share in 2021. Year-to-date net income for 2022 was $58.2 million, slightly lower than $58.4 million in 2021. Total assets decreased by $243.6 million to $5.3 billion as of December 31, 2022. The bank experienced an increase in total loans by $99.8 million to $2.2 billion, while deposits also saw a year-to-date decrease of $102.8 million. Return on assets was 1.04%, down from 1.12% the previous year.