First National Bank Alaska?s net income for second quarter
2012 was $9.3 million or $28.45 per share. This compares to
$8.5 million or $25.48 per share for the same quarter in
2011. Year-todate net income of $19.5 million or $59.48 per
share compares with $17.0 million or $51.3 per share
through the first half of 2011.
The increase in second quarter net income was due primarily
to net recoveries in provision for loan losses. The second
quarter provision for loan losses was a net recovery of
$0.1 million, compared with a net charge of $0.8 million
recorded during the same quarter 2011. Management maintains
an allowance for loan losses adequate to cover the current
estimate of probable losses.
Year-to-date net income for 2012 improved due to modestly
improving net interest margin and continuing credit quality
improvement, which reduced the provision requirements for
loan losses. The year-to-date average yield on earning
assets decreased 27 basis points to 3.83% from 4.10% for
the comparable period in 2011. Year-to-date average cost of
interest bearing liabilities improved by 7 basis points to
0.16% from 0.23%. The reduced yield on earning assets was
more than offset by the growth in volume in average earning
assets of $190 million year over year.
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.