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First National Bank Alaska Announces Unaudited Preliminary Results for Fourth Quarter

^{Published on 2011-01-24 11:55:16 - Market Wire}
 

ANCHORAGE, Alaska--([ BUSINESS WIRE ])--First National Bank Alaska's (OTCBB:FBAK) fourth quarter 2010 net income was $10.6 million or $32.04 per share, said Chief Financial Officer Jason Roth. This compares to $7.0 million or $11.01 per share during the fourth quarter in 2009. Year-end net income of $40.4 million or $121.61 per share compares with $37.2 million or $111.45 per share for 2009.

"While the demand for loans remains flat in the face of Alaska's uncertain economy, the bank enjoyed improved performance during the year in two key areas: our ability to limit significant loan losses, as well as reduced expenses related to foreclosed properties in 2010"

"While the demand for loans remains flat in the face of Alaska's uncertain economy, the bank enjoyed improved performance during the year in two key areas: our ability to limit significant loan losses, as well as reduced expenses related to foreclosed properties in 2010," Roth said.

Established in 1922, First National is Alaska's largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska. More information about First National is available at [ www.FNBAlaska.com ]. Equal housing lender and member FDIC.