02/14/13 - 8:50pm
Low interest rates were the driving factor — with positive and negative implications — in 2012 for Alaska’s financial institutions, industry officials said.
Fairbanks-based Mt. McKinley Bank rode the low rates to a record profit of $4.38 million on $328 million in total assets. The profit marks a year-over-year increase of 18.7 percent.
“We had a lot of refinance activity on home mortgage loans. Our net interest margin held up pretty well through 2012,” Mt. McKinley President and CEO Craig Ingham said.