First National Bank Alaska (OTCQX:FBAK) reported strong Q1 2025 results with net income of $17.7 million ($5.60 per share), up from $13.5 million ($4.26 per share) in Q1 2024. Loans increased by $137.1 million to $2.6 billion, with excellent loan quality shown by low nonperforming loans at 0.16%. The bank's net interest margin improved to 3.63% from 2.76% year-over-year, while deposits and repurchase agreements totaled $4.3 billion. The efficiency ratio remained strong at 49.70%, outperforming peer groups. Shareholders' equity rose to $535.1 million, with book value per share increasing to $168.98. The bank maintains a well-capitalized position with a Tier 1 leverage ratio of 11.72%.
First National Bank Alaska (OTCQX:FBAK) ha riportato risultati solidi nel primo trimestre 2025 con un utile netto di 17,7 milioni di dollari (5,60 dollari per azione), in aumento rispetto ai 13,5 milioni di dollari (4,26 dollari per azione) del primo trimestre 2024. I prestiti sono cresciuti di 137,1 milioni di dollari raggiungendo 2,6 miliardi, con un'eccellente qualit脿 del credito evidenziata da prestiti non performanti bassi allo 0,16%. Il margine di interesse netto 猫 migliorato al 3,63% rispetto al 2,76% dell'anno precedente, mentre depositi e accordi di riacquisto hanno raggiunto 4,3 miliardi di dollari. Il rapporto di efficienza 猫 rimasto solido al 49,70%, superando i gruppi di pari. Il patrimonio netto degli azionisti 猫 salito a 535,1 milioni di dollari, con un valore contabile per azione aumentato a 168,98 dollari. La banca mantiene una posizione ben capitalizzata con un rapporto di leva Tier 1 dell'11,72%.
First National Bank Alaska (OTCQX:FBAK) report贸 s贸lidos resultados en el primer trimestre de 2025 con un ingreso neto de 17.7 millones de d贸lares (5.60 d贸lares por acci贸n), aumentando desde 13.5 millones de d贸lares (4.26 d贸lares por acci贸n) en el primer trimestre de 2024. Los pr茅stamos aumentaron en 137.1 millones de d贸lares hasta 2.6 mil millones, mostrando una excelente calidad crediticia con pr茅stamos morosos bajos del 0.16%. El margen neto de inter茅s mejor贸 a 3.63% desde 2.76% interanual, mientras que los dep贸sitos y acuerdos de recompra totalizaron 4.3 mil millones de d贸lares. El ratio de eficiencia se mantuvo fuerte en 49.70%, superando a sus pares. El patrimonio neto de los accionistas creci贸 a 535.1 millones de d贸lares, con un valor contable por acci贸n que aument贸 a 168.98 d贸lares. El banco mantiene una posici贸n bien capitalizada con un ratio de apalancamiento Tier 1 del 11.72%.
First National Bank Alaska (OTCQX:FBAK) a publi茅 de solides r茅sultats pour le premier trimestre 2025 avec un revenu net de 17,7 millions de dollars (5,60 dollars par action), en hausse par rapport 脿 13,5 millions de dollars (4,26 dollars par action) au premier trimestre 2024. Les pr锚ts ont augment茅 de 137,1 millions de dollars pour atteindre 2,6 milliards, avec une excellente qualit茅 des pr锚ts d茅montr茅e par un faible taux de pr锚ts non performants de 0,16%. La marge nette d'int茅r锚t s'est am茅lior茅e 脿 3,63% contre 2,76% l'ann茅e pr茅c茅dente, tandis que les d茅p么ts et accords de rachat totalisaient 4,3 milliards de dollars. Le ratio d'efficacit茅 est rest茅 solide 脿 49,70%, surpassant les groupes comparables. Les capitaux propres des actionnaires ont augment茅 脿 535,1 millions de dollars, la valeur comptable par action passant 脿 168,98 dollars. La banque maintient une position bien capitalis茅e avec un ratio de levier Tier 1 de 11,72%.
First National Bank Alaska (OTCQX:FBAK) meldete starke Ergebnisse f眉r das erste Quartal 2025 mit einem Nettoeinkommen von 17,7 Millionen US-Dollar (5,60 US-Dollar pro Aktie), gegen眉ber 13,5 Millionen US-Dollar (4,26 US-Dollar pro Aktie) im ersten Quartal 2024. Die Kredite stiegen um 137,1 Millionen US-Dollar auf 2,6 Milliarden US-Dollar, wobei die ausgezeichnete Kreditqualit盲t durch niedrige notleidende Kredite von 0,16% belegt wurde. Die Nettozinsmarge verbesserte sich auf 3,63% gegen眉ber 2,76% im Vorjahresvergleich, w盲hrend Einlagen und R眉ckkaufvereinbarungen insgesamt 4,3 Milliarden US-Dollar betrugen. Die Effizienzquote blieb mit 49,70% stark und 眉bertraf die Vergleichsgruppen. Das Eigenkapital der Aktion盲re stieg auf 535,1 Millionen US-Dollar, der Buchwert je Aktie erh枚hte sich auf 168,98 US-Dollar. Die Bank h盲lt eine gut kapitalisierte Position mit einer Tier-1-Leverage-Ratio von 11,72%.
Positive
Net income increased 31% YoY to $17.7 million ($5.60 per share)
Strong loan growth with $137.1 million increase in Q1 2025
Excellent loan quality with only 0.16% nonperforming loans
Net interest margin improved significantly to 3.63% from 2.76%
Strong efficiency ratio at 49.70%, better than peer groups
Book value per share increased to $168.98 from $163.11
Negative
Total assets decreased by $322.9 million due to Federal Reserve Bank Term Funding Program repayments
Interest and loan fee income decreased 5.9% YoY to $56.0 million
Deposits showed normal seasonal outflow, declining from $4.4B to $4.3B QoQ
ANCHORAGE, Alaska, May 07, 2025 (GLOBE NEWSWIRE) -- First National Bank Alaska鈥檚 (OTCQX:FBAK) net income for the first quarter of 2025 was $17.7 million, or $5.60 per share. This compares to a net income of $13.5 million, or $4.26 per share, for the same period in 2024.
鈥淭he momentum we gained in 2024 propelled the bank to a very strong first quarter performance,鈥� said First National Board Chair and CEO/President Betsy Lawer. 鈥淥ur unrivaled 600-plus employees are delivering dynamic improvements to services across the bank. By focusing on improving our customer experiences whether in person or online, we are creating efficiencies in our operations, enhancing cybersecurity awareness and reducing the impact of fraud on the bank and our customers. Our balance sheet remains well positioned to support opportunities for Alaskans.鈥�
Loans totaled $2.6 billion as of March 31, 2025, an increase of $137.1 million during first quarter 2025, and an increase of $237.8 million compared to the same period in 2024. First quarter loan quality was strong with nonperforming loans of $4.2 million, 0.16% of outstanding loans compared to $4.3 million and 0.17% as of Dec. 31, 2024. The provision for credit losses totaled $1.5 million as of March 31, 2025, compared to $0.9 million as of March 31, 2024. The allowance for credit losses as of March 31, 2025 totaled $19.5 million, or 0.75% of total loans.
First quarter total interest and loan fee income was $56.0 million, a 5.9% decrease from $59.5 million for the first quarter ended March 31, 2024. The bank repaid all borrowings in 2024 reducing earning assets. Interest income to average earning assets increased to 4.61% compared to 4.28% as of March 31, 2024.
Assets totaled $4.9 billion as of March 31, 2025, decreasing $322.9 million primarily due to the repayments under the Federal Reserve Bank Term Funding Program during 2024. Return on assets as of March 31, 2025, increased to 1.42%, forty-seven basis points higher than first quarter 2024, on strong first quarter net income performance.
Deposits and repurchase agreements totaled $4.3 billion as of March 31, 2025, compared to $4.2 billion as of March 31, 2024, and $4.4 billion as of Dec. 31, 2024. First quarter activity represented normal seasonal outflow.
Total interest expense for the quarter decreased $9.2 million compared to the quarter ended March 31, 2024 without interest incurred on borrowed funds.听Interest expense to average earning assets decreased to 98 basis points compared to 1.52% as of March 31, 2024. Net interest margin through March 31, 2025, was 3.63% compared to 2.76% for the year ended March 31, 2024.
Noninterest income for first quarter 2025 was $6.8 million, an increase of 3.5% compared to first quarter 2024. Quarterly improvement occurred in fiduciary, mortgage loan servicing, and bankcard activities. Noninterest expenses for the first quarter of 2025 increased 1.0% compared to the same period in 2024. The efficiency ratio for March 31, 2025, was 49.70% and remains better than First National鈥檚 peer groups, both in Alaska and across the nation.
Shareholders鈥� equity was $535.1 million as of March 31, 2025, compared to $516.6 million as of Dec. 31, 2024. This $18.5 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of March 31, 2025, was 13.49% compared to 13.60% as of Dec. 31, 2024. Book value per share increased to $168.98, compared to $163.11 as of Dec. 31, 2024. The bank鈥檚 March 31, 2025, Tier 1 leverage capital ratio of 11.72% remains above well-capitalized standards.
ABOUT FIRST NATIONAL BANK ALASKA
Alaska鈥檚 community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.
In 2025, Forbes selected First National as the sixth best bank on their America鈥檚 Best Banks list, and Newsweek recognized the bank as one of the nation鈥檚 Best Regional Banks and Credit Unions. In 2024, Alaska Business readers voted First National 鈥淏est of Alaska Business鈥� in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time, and Best Customer Service. The bank was also voted 鈥淏est of Alaska鈥� in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a 鈥淏est Bank to Work For鈥� in 2024, for the seventh consecutive year.
For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
CONTACT: Marketing, 907-777-3451
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Quarter Ended ($ in thousands)
Financial Overview (Unaudited)
听
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Balance Sheet
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听
听
听
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Total Assets
$
4,890,081
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$
4,997,767
听
$
5,557,306
听
$
5,116,066
听
$
5,212,976
听
Total Securities
$
1,882,332
听
$
1,928,625
听
$
2,602,519
听
$
2,197,788
听
$
2,404,078
听
Total Loans
$
2,607,081
听
$
2,469,935
听
$
2,445,596
听
$
2,391,593
听
$
2,369,282
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Total Deposits
$
3,580,147
听
$
3,679,155
听
$
3,728,181
听
$
3,698,631
听
$
3,665,066
听
Repurchase Agreements
$
716,908
听
$
743,193
听
$
647,043
听
$
615,096
听
$
571,463
听
Total Deposits and Repurchase Agreements
$
4,297,055
听
$
4,422,348
听
$
4,375,224
听
$
4,313,727
听
$
4,236,529
听
Total Borrowing under the Federal Reserve Bank Term Funding Program
$
-
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$
-
听
$
249,868
听
$
249,868
听
$
430,000
听
Unrealized loss on marketable securities, net of tax
$
(49,465
)
$
(62,985
)
$
(52,020
)
$
(86,857
)
$
(95,809
)
Total Shareholders' Equity
$
535,148
听
$
516,562
听
$
527,864
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$
485,167
听
$
470,702
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听
听
听
听
听
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Income Statement
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Total Interest And Loan Fee Income
$
56,005
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$
63,439
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$
64,615
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$
56,773
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$
59,493
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Total Interest Expense
$
11,956
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$
18,591
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$
21,319
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$
16,521
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$
21,168
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Provision for Credit Losses
$
1,535
听
$
(118
)
$
(432
)
$
318
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$
953
听
Total Noninterest Income
$
6,768
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$
7,011
听
$
7,293
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$
7,389
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$
6,540
听
Total Noninterest Expense
$
25,334
听
$
27,696
听
$
25,928
听
$
25,637
听
$
25,085
听
Provision for Income Taxes
$
6,214
听
$
4,350
听
$
7,099
听
$
6,039
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$
5,351
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Net Income
$
17,734
听
$
19,931
听
$
17,994
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$
15,647
听
$
13,476
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Earnings per common share
$
5.60
听
$
6.29
听
$
5.68
听
$
4.94
听
$
4.26
听
Dividend per common share
$
4.00
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$
6.40
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$
3.20
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$
3.20
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$
3.20
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Financial Measures
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Return on Assets
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1.42
%
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1.22
%
听
1.15
%
听
1.08
%
听
0.95
%
Return on Equity
听
13.49
%
听
13.60
%
听
12.90
%
听
12.30
%
听
11.52
%
Net Interest Margin
听
3.63
%
听
3.12
%
听
3.04
%
听
2.98
%
听
2.76
%
Interest Income to Average Earning Assets
听
4.61
%
听
4.57
%
听
4.51
%
听
4.40
%
听
4.28
%
Interest Expense to Average Earning Assets
听
0.98
%
听
1.45
%
听
1.47
%
听
1.42
%
听
1.52
%
Efficiency Ratio
听
49.70
%
听
53.51
%
听
53.59
%
听
54.94
%
听
56.00
%
听
听
听
听
听
听
Capital
听
听
听
听
听
Shareholders' Equity/Total Assets
听
10.94
%
听
10.34
%
听
9.50
%
听
9.48
%
听
9.03
%
Tier 1 Leverage Ratio
听
0.98
%
听
1.45
%
听
1.47
%
听
1.42
%
听
1.52
%
Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio
听
5.00
%
听
5.00
%
听
5.00
%
听
5.00
%
听
5.00
%
Tier 1 (Core) Capital
$
584,613
听
$
579,547
听
$
579,884
听
$
572,024
听
$
566,511
听
听
听
听
听
听
听
Credit Quality
听
听
听
听
听
Nonperforming Loans and OREO
$
4,243
听
$
4,313
听
$
4,186
听
$
4,731
听
$
28,634
听
Nonperforming Loans and OREO/Total Loans
听
0.16
%
听
0.17
%
听
0.17
%
听
0.20
%
听
1.21
%
Nonperforming Loans and OREO/Tier 1 Capital
听
0.73
%
听
0.74
%
听
0.72
%
听
0.83
%
听
5.05
%
Allowance for Loan Losses
$
19,500
听
$
18,025
听
$
18,550
听
$
19,000
听
$
18,800
听
Allowance for Loan Losses/Total Loans
听
0.75
%
听
0.73
%
听
0.76
%
听
0.79
%
听
0.79
%
听
听
听
听
听
听
Net interest margin, yields, and efficiency ratios are tax effected.
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Financial measures are year-to-date.
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Per common share amounts are not in thousands.
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FAQ
What was First National Bank Alaska's (FBAK) earnings per share in Q1 2025?
First National Bank Alaska reported earnings of $5.60 per share in Q1 2025, up from $4.26 per share in Q1 2024.
How much did FBAK's loan portfolio grow in Q1 2025?
FBAK's loans increased by $137.1 million during Q1 2025, reaching a total of $2.6 billion.
What is First National Bank Alaska's (FBAK) current loan quality status?
FBAK maintains strong loan quality with nonperforming loans at just 0.16% of outstanding loans, totaling $4.2 million as of Q1 2025.
How did FBAK's net interest margin perform in Q1 2025?
FBAK's net interest margin improved to 3.63% in Q1 2025, compared to 2.76% in the same period of 2024.
What is First National Bank Alaska's (FBAK) current capital position?
FBAK maintains a well-capitalized position with a Tier 1 leverage ratio of 11.72% and shareholders' equity of $535.1 million as of Q1 2025.
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