First National Bank Alaska Q1 profit rises on higher net interest margin

FIRST NATIONAL BANK ALASKA

FIRST NATIONAL BANK ALASKA

FBAK

0.00


Overview

  • Alaska community bank's Q1 net income and EPS rose yr/yr on higher net interest margin

  • Company's assets and loans grew, supported by strong deposit growth and retained earnings

  • Noninterest expenses rose 10% due to higher salaries, headcount, and healthcare costs


Outlook

  • Company did not provide specific guidance for the current or future periods


Result Drivers

  • NET INTEREST MARGIN - Co said higher yields on earning assets and lower interest expense drove net interest margin improvement

  • LOAN AND ASSET GROWTH - Growth in loans and assets was supported by strong deposit inflows and retained earnings

  • CREDIT LOSS BENEFIT - Provision for credit losses was a benefit in Q1, compared to an expense in prior year


Company press release: ID:nGNX34B51t


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 EPS

$6.68

Q1 Net Income

$21.17 mln

Q1 Net Interest Margin

3.98%

Q1 Provision For Loan Losses

-$274,000

Q1 ROE

14.78%


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