First National Bank reports increased profits

Posted: Tuesday, July 11, 2000

ANCHORAGE (AP) -- First National Bank, Alaska's second-largest bank, posted second-quarter profits of $7.2 million, up 4 percent from the same three months of last year.

For the first six months of the year, profits reached $13.7 million, or down about 3 percent from a year ago.

As of June 30, the Anchorage-based bank had $1.54 billion in assets, about the same as a year earlier. Of those assets, $771 million were loans, up 12 percent. Deposits were down 1 percent, to $960 million.

Chairman and president D.H. Cuddy said the increase in loans was an investment in the future and that the bank had reduced operating expenses, which a year ago were boosted by preparations for Y2K.

First National Bank operates 27 branches in 16 Alaska communities.

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