ANCHORAGE, Alaska -- (Business Wire)
First National Bank Alaska’s(OTCBB:FBAK) net income
for fourth quarter 2012 was $9.4 million or $28.82 per share. This
compares to $8.3 million or $25.02 per share for the same quarter in
2011. Year-to-date net income of $40.0 million or $122.51 per share
compares with $34.8 million or $105.17 per share through the fourth
quarter 2011.
The increase in fourth quarter net income was due in large part to
reduction in non-interest expenses by $3.5 million or 15% compared to
the same quarter in 2011. Interest income for fourth quarter was $0.9
million lower compared to the same quarter in 2011.Improvements
in loan interest income were offset by larger declines in investment
interest income.
Year-to-date net income for 2012 improved due to credit quality
improvements which have both increased interest income through
recoveries on nonaccrual loans and reduced the provision requirements
for loan losses. The year-to-date average yield on earning assets
decreased 31 basis points to 3.41% from 3.72% for the comparable period
in 2011.Year-to-date average cost of interest bearing
liabilities improved by 3 basis points to 0.14% from 0.17%.
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. Visit FNBAlaska.com
for more information about Alaska's largest locally-owned bank and
access to efficient and secure online banking services.
Contacts:
First National Bank Alaska
Cheri Gillian, 907-777-3441
Source: First National Bank Alaska
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