First National Bank Alaska Announces Unaudited Results for Third Quarter 2013
ANCHORAGE, Alaska--(BUSINESS WIRE)--First National Bank Alaska’s (OTCBB:FBAK) net income for third quarter 2013 was $8.3 million or $25.70 per share. This compares to $11.1 million or $34.23 per share for the same quarter in 2012. Year-to-date income of $24.5 million compares to prior period net income of $30.7 million. Lower yield on investment securities continue to compress interest margins. Current year loan loss provisions are not benefiting from as large recoveries as in prior year periods.
The year-to-date average yield on earning assets decreased 15 basis points to 3.40% from 3.55% for the same period in 2012.
September 30, 2013, total assets grew to $3.136 billion on strong deposit growth, an increase of $196.2 million.
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 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.
Posted: October 30, 2013