News and Press Releases
Jan 03, 2003
Record Earnings Highlight 80 Years Of Service
First National Bank Alaska President and Chairman, D.H. Cuddy, reported year-end earnings reached $42.8 million or $124.07 per share, the largest in the local banks 80-year history; a 10% increase in earnings over year-end 2001. According to Cuddy, 2002 fourth quarter earnings were $11.3 million or $32.67 per share, up from $10.9 million or $24.46 per share for fourth quarter end 2001.Total deposits increased $170 million over the same time last year, $1.25 billion as of December 31, 2002 compared to $1.08 billion as of December 31, 2001. Outstanding loans also reached the billion mark for the first time, growing to $1.05 billion, an increase of $135 million since year-end 2001 when outstanding loans totaled $915 million. The banks total assets, which topped $2 billion for the first time third quarter end 2001, remained steady at $2.05 billion.
Our banks success reflects not only the hard work and dedication of our Alaskan management and employees, said Cuddy, it also reflects the commitment of our Alaskan customers to the success of our great state. When our customers are successful, we are successful.
First National Bank has remained an Alaskan owned and operated bank since it first
opened in downtown Anchorage, Alaska in 1922. Today, the bank employs nearly 750
Alaskans, operates 27 branches in 16 Alaska communities and 18 ATMs in rural Alaska
communities. First National Bank Alaska is an equal housing lender and member FDIC.
Contact: Marketing Department, (907) 777-3409