News and Press Releases

Oct 03, 2002

Third Quarter Earnings Up, Assets Hit Historical High

First National Bank Alaska third quarter earnings were up 3% when compared to third quarter 2001, driving year-to-date earnings up 13% over the same time last year, reported D.H. Cuddy, President and Chairman. Cuddy also reported that for the first time in the bank's 80-year history in Alaska, total assets reached the $2 billion mark.

According to Jason Roth, Senior Vice President, Financial Division, third quarter 2002 earnings were $10.5 million or $30.46 per share, up from $10.2 million or $29.17 per share for the third quarter end 2001. Year-to-date earnings climbed to $31.5 million at the end of the quarter, up $3.6 million since third quarter end 2001 when year-to-date earnings were $27.9 million. Assets grew to $2.0 billion.

Outstanding loans grew to $966 million at the end of third quarter 2002; an increase of $71 million since third quarter 2001 when outstanding loans totaled $895 million. Total deposits also showed an increase when compared to the same time last year, $1.2 billion as of September 30, 2002 compared to $1.0 billion on September 30, 2001, an increase of $200 million.

Historically low interest rates have lead to the one of the busiest loan markets weve seen in recent years. Our banks mortgage loan origination volume alone is up 170% over
last year, said Roth. Were also seeing new deposit dollars from Alaskan depositors seeking a safe place for their investments. And for the first time in history, First National
is a $2 billion Alaska bank.

Weiss Ratings, an independent bank safety and soundness rating firm, lists the Alaskanowned bank as one of the top ten safest and soundest banks in the United States. The
bank was recently moved up to #8 on Alaska Business Monthlys 2001 Top 49ers list.

First National Bank is celebrating its 80th year helping Alaskans succeed, employs over 750 Alaskans, and operates 27 branches in 16 Alaska communities and 18 ATMs in rural
Alaska communities.

 

Contact: Marketing Department, (907) 777-3409