ANCHORAGE, Alaska -- (Business Wire)
First National Bank Alaska’s (OTCBB:FBAK) net income for second
quarter 2013 was $7.7 million or $23.79 per share. This compares to $9.3
million or $28.45 per share for the same quarter in 2012. The decrease
in second quarter net income was due to lower securities investment
income as maturing higher-yielding securities continue to be replaced by
lower-yielding securities. The year-to-date average yield on earning
assets decreased 32 basis points to 3.35% from 3.67% for the same period
in 2012.
Year-to-date income of $16.2 million is in line with midyear
management expectations.Comparable net income in the prior
period of $19.5 million included nonrecurring interest income related to
loans returning to performing asset quality.
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 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.
Contacts:
First National Bank Alaska
Cheri Gillian, 907-777-3441
Source: First National Bank Alaska
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