First National Bank Alaska Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2018
February 12, 2019 at 05:42 pm
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First National Bank Alaska reported unaudited earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported net interest and loan fee income for fourth quarter 2018 was $34.4 million, an increase of 5.8% from fourth quarter 2017, positively impacted by rising yields on earning assets and continued low provision for loan losses attributed to the high-quality loan portfolio. Net income was $12.4 million or $3.92 per share. This compares to net income of $4.2 million or $1.32 per share for the same period in 2017.
Full year 2018, the company reported net income was $54.1 million, or $17.07 per share. Comparatively, net income for 2017 was $36.4 million, or $14.85 per share.
First National Bank Alaska (the Bank) is a full-service commercial bank. Its principal activities include the receiving and lending of money. Additionally, the Bank provides trust banking services, escrow and contract collection services, bank card services, and safe deposit box facilities. These services are for businesses, industry, and individuals primarily within the state of Alaska. Its banking services are provided from over approximately 27 branches throughout Alaska. Its products include checking accounts, savings accounts, money market deposits, safe deposit services, certificate of deposit (CD) and individual retirement account (IRA), convenience banking, and online and mobile banking. It provides Mastercard Debit Cards, Mastercard Credit Cards, merchant services, cash flow solutions, escrow servicing, wealth management, business newsletter, treasury management, and workshop webinars. It provides federal housing administration loans and veterans administration loan program.