First National Bank Alaska Unaudited Results Announced for First Quarter 2013
ANCHORAGE, Alaska--(BUSINESS WIRE)-- First National Bank Alaska's (OTCBB:FBAK) net income for first quarter 2013 was $8.4 million or $26.02 per share. This compares to $10.2 million or $31.02 per share for the same quarter in 2012.
The decrease in first quarter net income was due in large part to $1.7 million in interest income recognized March 2012 on loans returned to performing status. The year-to-date average yield on earning assets decreased 26 basis points to 3.33% from the adjusted yield of 3.59% for the same period in 2012.
Non interest sources of income decreased 11% comparatively and noninterest expenses decreased 4.4%. The impact of reduced bankcard revenues from increased competition and regulatory impact was lessened by strong volumes in mortgage loan origination and loan servicing income.
Alaskan-owned and operated since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 30 branches in 18 communities throughout the state. Forbes named the bank one of the nation's Top 100 Most Trustworthy Companies in 2012 and 2013. Visit FNBAlaska.com for more information about Alaska's largest locally-owned bank and access to efficient and secure online banking services.
First National Bank Alaska
Cheri Gillian, 907-777-3441
KEYWORDS: United States North America Alaska
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