2024 Annual Highlights

BUILDING

2024 ANNUAL HIGHLIGHTS

SETTING THINGS

IN MOTION

BY THE TIME YOU’RE reading this, the momentum we gained in 2024 has already gotten the bank off to a flying start. Recently, Forbes named First National the sixth best bank in the nation on its annual list of America’s Best Banks. Newsweek also recognized the bank as one of the nation’s Best Regional Banks and Credit Unions.

Each publication had their own criteria, including operational performance, growth, credit quality, profitability and stock performance – areas where we continue to excel.

First National’s unrivaled team of 600-plus employees helped deliver another year of strong financial performance with growth in loans throughout the year, and in customer

deposits during the fourth quarter, further strengthening our balance sheet.

Strategic repositioning in our securities portfolio, increased noninterest income and strong expense management led to record-high net income.

With this kind of energy moving us forward, I’m excited about where our experienced Board of Directors and recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow. That commitment was powerfully demonstrated at the bank’s annual, internal One Solution Conference in January – an essential gathering where we reflect on achievements, identify areas for improvement, and align our strategies to leverage the opportunities ahead.

National remains committed to the “First sound and secure banking practices that 2024 ANNUAL HIGHLIGHTS

i

have defined us since 1922 – making consistent and effective banking decisions, building strong relationships, and investing in great people.

”

Betsy Lawer

BOARD CHAIR AND CEO/PRESIDENT

Life takes twists and turns, and it’s important to regroup, reassess and restart when the unexpected happens. COVID and the Paycheck Protection Program happened, as did the more recent unexpected bank closures and unprecedented interest rate increases. No one would have had those in their strategic plan.

For more than a century, First National has leveraged momentous change and grown to a $5 billion bank. More than once, we had to break from our original plans, and seize opportunities as they were presented.

Our experience gives First National the foresight to see approaching opportunities and challenges, the resources to respond, and the flexibility to overcome the unexpected.

We proudly wield these advantages to stay true to the bank’s mission statement, written by my grandfather in the 1940s – take care of your customers, community and employees and you’ll earn a proper return for your shareholders.

ii FIRST NATIONAL BANK ALASKA

That’s why one of the achievements I’m most proud of is being recognized as the Best Place to Work in the Best of Alaska Business awards by Alaska Business magazine readers for nine years in a row. This sustained recognition speaks to the dedication of our employees and the culture we’ve built together.

First National remains committed to the sound and secure banking practices that have defined us since 1922 – making consistent and effective banking decisions, building strong relationships, and investing in great people.

customers, communities and shareholders. I’m grateful for our shared success. Thank you.

And I’m eager to see what’s ahead. We remain focused on investing in the Alaskans and communities that make our state such a wonderful place to live, work and play. I look forward to seeing how we can continue building momentum together.

Betsy Lawer Betsy Lawer

BOARD CHAIR AND CEO/PRESIDENT

During 2024, I celebrated my 50th anniversary working at the bank.

What an incredible journey it has been! I’ve had the privilege of working alongside amazing employees and serving our

or BANK CREDIT UNION

2021-2024

2016-2024

CUSTOMER SERVICE

2024

Alaska Business magazine Best of Alaska Business Awards

FINANCIAL

HIGHLIGHTS

IN 2024, FIRST NATIONAL Bank Alaska achieved two significant financial objectives, marking a year of strategic progress and strong performance. The bank successfully transitioned its balance sheet away from the protective borrowing leverage seen during the pandemic period, while greatly advancing the financial performance of the bank across all key metrics. As part of this strategic shift, borrowing from the Federal Reserve Bank was repaid with planned maturities in the securities portfolio. Total assets at December 31, 2024 totaled $5.0 billion.

The bank achieved record net income of $67.0 million, improving return on assets by 15 basis points to 1.22%, exceeding the peer group average of 1.06%. Return on equity also improved to 13.60%, exceeding the peer group average of 10.66%.

Earning asset performance improved on loan portfolio growth to $2.5 billion, an increase of $196.6 million during the year. Net interest margin improved to 3.12%, driven by a favorable shift in the earning asset mix, as the yield on earning assets rose to 4.57%.

Outstanding loan credit quality was demonstrated by impressive delinquency ratios: loans 30-90 days past due at 0.05%, no loans were more than 90 days past due, and nonaccrual loans stood at 0.17% as of December 31, 2024.

Deposits and securities sold under agreements to repurchase increased $13 million during the year, ending the recent annual outflows of deposits from the elevated levels of 2020/2021. Customers continue to demonstrate their migration to higher yielding products, elevating interest expense and pressure on interest margins.

Growth in noninterest income and outstanding operating expense management delivered an improved efficiency ratio of 53.5%, outperforming our peer group’s expense to revenue ratio of 60.0%. The bank’s effective tax rate decreased 2% to 25.4% on utilization of state tax-exempt investment tactics.

Bank employees totaled more than 610 as of December 31, 2024. Salary and benefit costs were managed to planned levels with continued focus on attractive and competitive pay and benefits packages.

First National remains committed to being an employer of choice in the state, a commitment recognized through its ninth in a row “Best Place to Work” award in 2024.

The bank’s strong performance in 2024 reflects not only our resiliency in the face of economic and industry challenges but also intentional preparation for continued strong performance momentum into 2025.

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY & RETURN ON EQUITY (dollars in billions)

TOTAL ASSETS & RETURN ON ASSETS (dollars in billions)

3%

$6

$5

$5 2%

$4

2024 ANNUAL HIGHLIGHTS

1

10%

$4 $3

$3 1%

$2

5%

$2 $1

$1 $0

15%

$6

2020

2021

Gross Loans

2022 Securities

Return On Assets (ROA) (%)

2023

2024

All Other Assets

0%

$0

2020

2021

2022

2023

2024

0%

Noninterest Bearing Deposits

Interest Bearing Deposits

Repos

Total Equity Capital

Advances and Other Liabilities

Return On Equity (ROE) (%)

2

(Dollars in thousands)

ASSETS

DECEMBER 31 2024 2023

Cash and available-for-sale securities Real estate loans to be sold Loans: Commercial and industrial Real estate Consumer and other Total Loans, Gross

$2,401,067 3,926

$3,308,365 6,193

502,923 1,947,543 19,469 2,469,935

488,774 1,764,184 20,353 2,273,311

Less: Allowance for loan losses Total Loans, Net

18,025 2,451,910

17,750 2,255,561

Premises and equipment Other assets Total Assets

49,000 50,532 91,864 110,184 $4,997,767 $5,730,835

LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Noninterest bearing deposits Total interest bearing deposits Total Deposits

$1,792,893 1,886,262 3,679,155

$1,932,290 1,847,728 3,780,018

Securities sold under agreements to repurchase Federal Reserve Bank advances Federal Home Loan Bank advances Other liabilities Total Liabilities

743,193 15,000 43,857 4,481,205

629,280 15,000 780,000 61,746 5,266,044

Shareholders’ Equity: Common stock, $10 par value

(Authorized shares: 2024 and 2023 - 4,000,000) (Issued shares: Dec 24 - 3,166,885; Dec 23 - 3,166,885)

31,669 40,000 507,878 (62,985) 516,562

Surplus Retained earnings Accumulated other comprehensive loss Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

EFFICIENCY RATIO*

National Peer Group

31,669 40,000 491,500 (98,378) 464,791

STATEMENTS OF INCOME (Dollars in thousands)

INTEREST INCOME

DECEMBER 31 2024 2023

Interest and fees on loans Interest and dividends on investment securities Interest on cash and cash equivalents Total Interest and Loan Fee Income

$160,191 66,320 17,809 244,320

$143,024 44,671 26,823 214,518

Total Interest Expense

77,599

60,039

Net Interest and Loan Fee Income Credit loss expense (benefit) Net Interest and Loan Fee Income After Provision for Credit Loss Expense

166,721 721

154,479 (930)

166,000

155,409

NONINTEREST INCOME Bankcard fees Service charges on deposit accounts Mortgage loan origination income Mortgage loan servicing income Gain (loss) on investment securities, net Other noninterest income Total Noninterest Income

10,759 6,159 793 2,437 417 7,668 28,233

10,693 5,487 757 2,107 (300) 6,682 25,426

Salaries and employee benefits Occupancy and equipment expense Bankcard expense Other noninterest expense Total Noninterest Expense

68,668 10,209 3,451 22,018 104,346

63,652 10,232 2,839 21,445 98,168

Income Before Taxes Provision for income taxes Net Income

89,887 22,839 $67,048

82,667 22,657 $60,010

Earnings Per Common Share (not in thousands)

$21.17

$18.95

$16.00

$16.00

NONINTEREST EXPENSE

Cash Dividends Paid Per Common Share (not in thousands)

$4,997,767 $5,730,835

Alaska Peer Group

QUARTERLY NET INCOME

First National Bank Alaska

(dollars in millions)

$20

70%

$16

65%

$12

60%

$8

55%

$4

50%

$0

3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 *Operating Expenses/Revenue (Lower ratio = higher efficiency)

3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24

FIRST NATIONAL BANK ALASKA

STATEMENTS OF CONDITION

COMMITMENT TO SAFETY AND SOUNDNESS Superior performance in the banking industry and maintaining shareholder confidence is built on strong risk management principles. The exceptional leadership of the bank’s Board of Directors and executive management team, guided by these principles, has kept First National one of the safest and strongest banks in the nation. Supporting outstanding financial performance, First National is committed to strong liquidity, interest rate risk, and capital management to ensure the soundness of the bank.

The on-hand liquidity ratio gauges the available resources to address unplanned cash flow events in a financial institution as a percentage of liabilities. First National maintained on-hand liquidity ratio in a range from 20% to 28% during 2024. The ratio exceeded minimums expected by bank regulators. Liquidity is provided by cash reserves and securities available for sale that are unpledged for operating purposes.

Interest rate risk management at First National guides exposure to changing interest rates and measures the changes in interest rate sensitivity as the balance sheet fluctuates. The bank values stability of earnings and ability to declare ongoing dividends and, accordingly, seeks to maintain an interest rate posture to protect stability and reduce negative impact of changing rates on bank net interest income performance.

Capital levels ultimately provide the foundation for banking longevity and soundness at First National. The bank total risk-based capital and tier 1 leverage ratios as of Dec. 31 2024, stood at 20.12% and 10.54% respectively, both exceeding regulatory minimums, bank policy levels, and state and national peer group levels.

For more than 103 years, First National has served Alaska communities by providing banking services with attention to the financial safety of our customer deposits, our employee workplace stability, and the protection of our shareholders’ long-term investment. The foundation is strong, the momentum continues, and our commitment remains steadfast.

ON-HAND LIQUIDITY TO TOTAL LIABILITIES (dollars in millions)

$2,000 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $0

40% 32% 24% 16% 8% 2020

2021

2022

On-Hand Liquidity

2023

2024

0%

On-Hand Liquidity Ratio

NET INTEREST INCOME (NII) AND YEAR-OVER-YEAR (YoY) CHANGE (dollars in millions)

$170 $165 $160 $155 $150 $145 $140 $135 $130

2020

2021

2022

NII in Dollars

2023

2024

% Change YoY

TIER 1 CAPITAL AND LEVERAGE 25% 20% 15% 10% 5%

2020

2021

2022

2023

FNBA-Tier 1 Risk Based Capital Ratio Peer-Tier 1 Risk Based Capital Ratio FNBA-Tier 1 Leverage Ratio Peer-Tier 1 Leverage Ratio

2024

8% 7% 6% 5% 4% 3% 2% 1% 0%

BUILDING

MOMENTUM

OVER THE PAST FEW years, the road to success for First National and its customers has had sharp twists and turns, plus a few detours and switchbacks.

To weather the storms and navigate unforeseen challenges to the financial industry and Alaska’s evolving economic landscape, First National refined its strategies and tactics while looking ahead for the next bend in the road. Once again, the bank’s directors, leadership team and our 600-plus employees rose to the challenge and prevailed.

By 2024, the financial climate stabilized, allowing First National to shift back to its core banking strategies.

With a continued commitment to purposeful

2024 ANNUAL HIGHLIGHTS

3

transformation, we strengthened our position as a community bank equipped with the resources and technology to meet the financial needs of our customers wherever their business takes them.

As the year progressed, we gained momentum – closing the year with $5 billion in assets and record net income.

Now, with roots more than a century deep, First National is continuing to pick up speed, ready to help our customers, employees and shareholders travel the road to a stronger Alaska.

We hope you come along for the ride.

4 FIRST NATIONAL BANK ALASKA

MAKE EVERY DAY COUNT With Alaska’s short construction season, contractors need a bank that can move quickly to meet their financial needs. That’s why Drake Construction and First National have worked together since 2002.

Owner Toby Drake (l.) and First National Loan Officer Katie Mallard, confer here at a job site in Kotzebue. Thanks to the bank’s One Solution comprehensive suite of financial services, Drake trusts First National with its commercial loans, deposit accounts, corporate credit cards, and merchant services — valuable financial tools that help keep the business moving forward.

TRASH WITH CLASS Golden Heart Waste Management owner John Thies (r.) first worked with First National Loan Officer Herbert Davis in 2008. They kept in touch over the years, and when Thies started his new Fairbanks business, Davis knew what John could do. A bank loan helped Golden Heart double its truck fleet. It’s a great example of what First National’s relationship banking is all about.

BUILDING

STRENGTH

WITH THE UNSEEN CHALLENGES of the pandemic mostly behind us, in 2024 First National brought focus from crisis management back to core banking activities, delivering a year of positive performance.

2024 ANNUAL HIGHLIGHTS

5

Alaska businesses continued to use funds deposited during the COVID years to support their local economies, leading to a slight but expected decrease in bank deposits.

Thanks to the proactive strategies developed by the bank’s leadership team, we were well-prepared to navigate this shift and drive core earnings growth, including a rebound in deposits in the fourth quarter.

These strategies included strengthening our One Solution suite of financial services to keep and enhance relationships (see page 8).

A YEAR OF POSITIVE PERFORMANCE

Successfully implementing these strategies helped lead to First National surpassing assets of $5 billion for the fourth year in a row and achieving $67.0 million in net income, setting a record for a second consecutive year. Our performance ratios continued to be well ahead of peer groups in Alaska and across the nation.

Maintaining our strong performance sets us up well to continue to provide the financial solutions Alaskans want and need to shape a brighter tomorrow in 2025 and beyond.

6 FIRST NATIONAL BANK ALASKA

SWEET SUCCESS When James Strong (r.) and his sister started making macarons at Sweet Caribou, they had no idea where it would lead. Today, Sweet Caribou is a thriving patisserie with a full menu of delicious, handcrafted macarons and healthy grab-and-go meals.

And First National has been investing in their success the whole way.

INNOVATIONS AND GROWTH

IN LENDING

BANK LEADERSHIP AND LENDING teams constantly look for new and innovative ways to expand services and reach, both operationally and geographically. In 2024, the efforts gained momentum, helping our customers seize opportunities and find success.

One key initiative was the launch of the First Express loan program, a game-changer for Alaska’s small businesses. As an industry leader, First National piloted this business loan, leveraging an enhanced digital process to approve and fund loans in an average of fewer than five business days. Through this

program, First National provided 54 businesses the financial flexibility they needed to act quickly and grow.

Looking to help customers expand outside Alaska, First National joined forces with major Lower 48 banks to participate in a loan for one of our largest customers in Alaska, helping them expand into the Southwestern United States. This participation collaboration is one example of how the remarkable talent and diligent efforts of our team helps Alaska businesses grow beyond the state, a capability typical of larger regional banks.

This hard work helped First National grow its loan portfolio by $200 million in 2024, keeping it above $2 billion for the sixth year in a row. As usual, loan quality matched quantity, with our average loan delinquency remaining below 0.20%.

More than a century’s worth of experience has brought us to where we are today. We’re ready for the opportunity to help our fellow Alaskans succeed and thrive for years to come.

“SAFEKEEP DEPOSITORS’

MONEY”

THIS SIMPLE PHRASE OPENS First National’s mission statement.

It’s no easy task to fight the criminals constantly searching for ways to take what’s not theirs. But it’s a high-priority battle for the bank, one we fight on several fronts.

advanced technologies, including AI, to identify and prevent increased fraud trends partially driven by AI, helping our Security, Information Security and Compliance departments recognize and fight fraud by working even smarter.

payment. When used in conjunction with other fraud-fighting services such as Check Block, ACH Block and real-time text alerts, customers can rest a little easier.

Cybersecurity plays a critical role in our fraud prevention strategy, especially as more customers rely on mobile and online banking services.

With artificial intelligence (AI) increasingly shaping the digital landscape, we use cutting-edge tools to stay ahead of criminals. New and updated software uses

Coordination of the bank’s fraud, cybersecurity, and enterprise-wide risk and control structure, while delivering the expected service and product quality, requires participation across the full First National team. To further support that coordination, First National continued to expand utilization of a cloud-based solution for managing internal controls and audit activities, providing enhanced visibility to the strength of internal controls, and opportunities to further improve operating efficiency, security, and customer experience.

But technology alone is not enough.

Education remains the best defense against fraud. That’s why regular security awareness training for employees and the dissemination of fraud prevention information to customers and the public at large is critical. Knowing what you’re fighting is essential in combating it.

Improvements to Positive Pay enhanced the performance of one of First National’s most powerful fraud prevention tools for customers, enabling businesses to match checks issued against checks presented for

THE WORK NEVER ENDS

The bank’s vigilance has paid off. In 2024, we saw measurable success in thwarting fraudulent activities — internal processes and customer use of bank fraud prevention tools prevented $4.3 million in losses due to fraudulent checks. First National has successfully recovered 81.9% of the check losses that were incurred.

That success spurs us on in 2025.

This year, the bank has already implemented an internal advanced password management software that fortifies our defenses. Because the fight against fraud never ends.

WHEREVER IT TAKES US

2024 ANNUAL HIGHLIGHTS

7

When Bering Straits Regional Housing Authority (BSRHA) President & CEO Jolene Lyon (top) expressed interest in moving from their non-Alaska bank, Nili Sundown (bottom l. with BSRHA Construction Manager Erik Noet), manager of our Kuskokwim Branch in Bethel, hopped on a plane to BSRHA headquarters in Nome. The housing authority could see we are the experts about the unique challenges of housing in rural areas. Today, the bank provides commercial lending, wealth management and treasury management services to BSRHA.

8

AND ONLY

LET’S TALK ABOUT SYNERGY – the interaction where different parts come together to create a total result greater than the sum of the individual parts. First National has made a concerted effort to bring together more than a century of experience and more than 600 employees across five divisions and 28 locations in 19 Alaska communities. The result? A powerful force dedicated to your financial success. We call it the One Solution.

Whatever financial services you seek, there’s a very good chance the search will end with First National. From deposits and lending, to treasury management, online and mobile banking, merchant services, escrow servicing, wealth management, home loans, fraud prevention and trust services — we’re your one-stop shop for financial solutions. Our local experts take the time to understand each customer, allowing us to anticipate and respond to immediate personal and business financial needs while uncovering new opportunities to help you grow and succeed. Our integrated approach enhances efficiency, reduces risk and lowers costs.

This collaborative approach enables Alaska businesses and First National to help each other thrive. In 2024, Treasury Management provided more than 720 new services to customers, who brought in $284 million in new deposits. The department also expanded its partnership with Information Technology to provide complex and ever-growing technological solutions for customers.

Merchant Services performance was a prime example of momentum surging into 2025 with total revenue at $2.3 million, a 25% increase in new merchant acquisitions volume, and 158 new accounts added during the year.

The success of our customers and our bank has always been built on strong relationships. We’re building on the accomplishments of 2024 to multiply that success. With all the opportunities we see in 2025, there’s just one thing to say: Full speed ahead!

FIRST NATIONAL BANK ALASKA

THE ONE

EXPANDING

BOUNDARIES

“We don’t

come to work to be simply average. ” Betsy Lawer

BOARD CHAIR AND CEO/PRESIDENT

THESE WORDS OF FIRST NATIONAL Board Chair and CEO/President Betsy Lawer inspire us to strive for our best each and every day as we work to provide Alaskans with the financial tools they need to succeed. Going beyond average is part of our DNA – a culture of collaboration built over 103 years. With more than 600 employees working together daily, we develop and implement customized solutions for our customers. Here are a few examples of how that close collaboration boosted our performance in 2024 and propelled us into the year to come.

2024 ANNUAL HIGHLIGHTS

9

HUMAN RESOURCES First National hires for careers, not just jobs.

This guiding principle is central to our Human Resources team’s approach. Continuous learning and development is essential, which led to the development and introduction of several new training plans across all bank divisions.

To maintain our competitive benefits structure, we enhanced our 401(k) plan, added a supplemental retirement plan for eligible employees and introduced an initiative to increase employee awareness of available benefits. The bank’s commitment to proactive wellness, as evidenced by the launch of a new wellness platform, helped the bank to control a regional trend of increased health care costs.

Recruitment of high-quality talent remains a priority supported by a dynamic employee referral program and an annual Career Expo open to employees and the public. These efforts play a big part in our extraordinary employee average tenure of more than nine years, and our ninth consecutive year as Best Place to Work in Alaska.

First National’s culture benefits our employees, sure, but our customers reap the rewards, too. A stable, satisfied workforce translates to exceptional customer service — a First National hallmark.

ESCROW SERVICING First National has long been known as one of the premier escrow service providers in Alaska and the Pacific Northwest, serving as one of the region’s largest private note servicers. For more than 50 years, our trusted, neutral third-party role has helped thousands of customers succeed.

Committed to innovation, our Escrow and Information Technology teams have worked closely over the past two years to identify a customizable system to enhance service. They found what they were looking for.

Set to launch in summer 2025, the new system includes a customer web portal, offering online account access to escrow accounts for both payers and payees. Additional features include electronic payment options, online account statements and more.

Completion of this complex, crossdivisional IT undertaking will significantly improve operations and the customer experience – a strategic investment for our escrow customers that will provide benefits for years to come, for customers and for the bank.

10 FIRST NATIONAL BANK ALASKA

CORPORATE COMMUNICATIONS One of the year’s most collaborative efforts was a major revamp of the bank’s website, led by the Corporate Communications team.

PUTTING PEOPLE FIRST That’s how Alaskans do business – putting people first. It’s how Peninsula Community Health Services (PCHS) provides high-quality, affordable health care in Kenai and Soldotna. They chose to bank with First National Bank Alaska because we share that philosophy and deliver tailored financial solutions to keep PCHS healthy and strong, from loans and deposits to corporate cards and treasury management.

Nearly every department contributed. The communications team partnered with a local third-party vendor for design, layout and new features.

INFORMATION TECHNOLOGY

The outcome? An improved user experience! A key improvement was the addition of a searchable FAQ database, streamlining support for common inquiries.

• Created a much-improved customer experience with the modernization of all customer statements and notices.

The dynamic new website launched in October 2024. With its modern layout, enhanced branding, selfservice support, ease of internal maintenance, and strong focus on community and customer relationships, employees and customers alike are praising the transformation.

Beyond its functionality, the revamped website will save the bank more than $100,000 annually in associated hosting and maintenance costs.

With its virtual hands reaching into all areas of bank operations, the experts in Information Technology (IT) continually drive innovation to meet customers’ changing and complex technological needs. To name just a few:

• Enhanced e-payment fraud prevention with one-time passcodes and text alerts, in addition to strengthened cybersecurity mentioned on page 7.

• Sustained timely network server software upgrades for a more stable and nimble network environment.

• Improved data aggregation capabilities and Positive Pay service.

There’s much more to come as we move into the year ahead. Imagine a single web portal at your fingertips where you can seamlessly access your financial accounts, from personal and business checking and savings to home loans, escrow accounts, credit cards and beyond. That’s Next Gen Digital – a game-changing initiative and the work is already underway.

ABOVE AVERAGE AND BEYOND Exceeding expectations isn’t easy, but our efforts have not gone unnoticed. In early 2025, Forbes selected First National as the sixth best bank on its America’s Best Banks list, while Newsweek recognized the bank among the nation’s Best Regional Banks and Credit Unions.

That’s just the start we need to keep this year way above average.

WEALTH MANAGEMENT

& TRUST

THE ONE SOLUTION APPROACH, combined with the experience of our highly credentialed experts, led to a banner year for First National’s Wealth Management & Trust (WM&T) team.

First National trust experts help clients take advantage of some of the nation’s most favorable trust provisions, ensuring estate and legacy plans benefit present and future generations.

With nearly eight decades of diversified investment, trust and fiduciary expertise under their belt, you’ll find no cookie-cutter investment approaches here.

First National is all about relationships and this one begins by working closely with customers to identify personalized solutions. From there, our team of experts helps guide customized investment strategies designed to align with each client’s unique priorities and financial goals.

The team’s commitment to ongoing education and professional development ensures officers and employees are on top of their field. WM&T also partnered with Corporate Communications to launch dynamic new branding, expanding awareness of our full suite of services for Alaskans. These efforts contributed to a 23% increase in assets under management (AUM).

23%

increase in AUM

With these achievements propelling us forward, we’re eager to build on this momentum in 2025, helping shape a better tomorrow, and beyond, for generations of Alaskans.

FROM LEFT TO RIGHT: Dave Cavitt, Owner and President, Furniture Enterprises of Alaska, with Zac Hays, Lending Unit Team Leader, and Morgan Neff, Wealth Management and Trust Director, First National Bank Alaska.

I have “Everyone collaborated with at First National has been a person of integrity.

”

Dave Cavitt OWNER, FURNITURE ENTERPRISES OF ALASKA

2024 ANNUAL HIGHLIGHTS

11

FIRST NATIONAL BANK ALASKA Investment products are not insured by the FDIC, are not deposits, and may lose value.

12 FIRST NATIONAL BANK ALASKA

PAYING IT

FORWARD

BIG HELP TO SMALL FRY In 2024, First National’s Board of Directors delivered a donation to Alaska SeaLife Center and their Small Fry preschool program, highlighting our emphasis on youth and education.

FIRST NATIONAL BOARD CHAIR and CEO/President Betsy Lawer learned the importance of community support from her father, D. H. Cuddy, who served as bank president for 64 years.

“His message was clear and consistent,” Lawer said.

“First National could only be as successful as the communities it serves and a partnership to ensure the success of both is essential. Our leadership team and employees continue to make this philosophy a fundamental part of our culture.”

Guided by this commitment, the bank invested nearly $1 million in Alaska communities in 2024. A total of $995,840 was given to a broad range of health, youth, educational, civic and arts organizations in the state through charitable gifts, activity and community sponsorships, and in-kind donations in 2024. This support included assistance to nonprofits across the state from Bethel Winter House to American Red Cross disaster response efforts and the Southeast Alaska Food Bank, helping to feed hungry Alaskans.

Community is at the heart of everything we do. Our employees are Alaskans, deeply engaged in the towns, cities and villages where they live and work. They serve on nonprofit boards, organize volunteer drives and donate their time and resources to help their neighbors succeed.

More than $995K in contributions to Alaskans

That’s why we’re particulary pleased that, for the eighth reporting period in a row, a span of 24 years, First National has earned an “Outstanding” rating, the highest possible, from the Office of the Comptroller of the Currency for its compliance with the Community Reinvestment Act. The act ensures banks meet the credit needs of their communities, especially in low- and moderate-income neighborhoods. From providing loans to building low-income housing to taking time to volunteer in our local neighborhoods and schools, First National continues to strive toward being an exceptional community partner.

Educational and youth organizations are a major focus of the bank’s support. In 2024, we were especially proud to donate $110,000 to Alaska Pacific University for their Shel ch’naq’hanilu Center. The center provides rural and Alaska Native students “a home away from home,” offering them opportunities to enjoy their rich cultures and traditions.

Investing in the organizations that uplift Alaskans is about more than just helping today – it’s about fostering long-term success. Paying it forward is an investment in Alaska’s future.

DIRECTORS

BOARD OF

2024 ANNUAL HIGHLIGHTS

13

14 FIRST NATIONAL BANK ALASKA

Admiral Tom Barrett, USCG, Ret. BUSINESS COMMUNITY MEMBER

Jane Klopfer BUSINESS COMMUNITY MEMBER

FROM THE TOP DOWN The steadfast guidance and unparalleled experience of First National’s Board of Directors and executive management team are the driving forces behind our strong start to 2025. This energy filters down to our entire team, fostering a culture that helps shape a brighter tomorrow for our employees, customers and shareholders.

GROUP PHOTO, FROM LEFT TO RIGHT: John Binkley, Chairman, Godspeed Inc.; Darren Franz, First National President – Lending Division; Janet Weiss, Business Community Member; Tom Tougas, Owner, Major Marine Tours; Lead Director Perry Eaton, Artist; Betsy Lawer, Chair and CEO/President; Lukas Stutzer, Co-founder/CEO, Helio Alaska, Inc.; Vice Chair Lucy Mahan, Owner, Transitional Counseling, LLC; Pat Pitney, President, University of Alaska; Doug Longacre, Former First National President, Business Community Member; Kim Reitmeier, President, Rural Health Solutions

EXECUTIVE & SENIOR

MANAGEMENT TEAM Darren Franz

Cheri Gillian

Ryan Strong

PRESIDENT – LENDING DIVISION CHIEF CREDIT OFFICER BANK DIRECTOR

SENIOR EXECUTIVE OFFICER CHIEF ADMINISTRATIVE OFFICER BOARD SECRETARY

SENIOR EXECUTIVE OFFICER CHIEF BANKING OFFICER

Karl Heinz

Dustin Hofeling

Tiffany Hoogerhyde

Elaine Kroll

EXECUTIVE VICE PRESIDENT SENIOR BRANCH ADMINISTRATION DIRECTOR

SENIOR VICE PRESIDENT IT SYSTEMS & SUPPORT DIRECTOR

SENIOR VICE PRESIDENT CONTROLLER

EXECUTIVE VICE PRESIDENT SENIOR BANKING DIRECTOR

Betsy Lawer BOARD CHAIR AND CEO/PRESIDENT

2024 ANNUAL HIGHLIGHTS

15

Steve Patin

Michele Schuh

EXECUTIVE VICE PRESIDENT ADMINISTRATIVE DIRECTOR

EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER

16 FIRST NATIONAL BANK ALASKA

Denise Brown Robinson

Rick Flake

Phil Griffin

SENIOR VICE PRESIDENT CORPORATE COMMUNICATIONS & CUSTOMER EXPERIENCE DIRECTOR

SENIOR VICE PRESIDENT CORPORATE SERVICES DIRECTOR

EXECUTIVE VICE PRESIDENT CHIEF INFORMATION OFFICER

Ligia Lutan

D’Ava Marsh

Morgan Neff

SENIOR VICE PRESIDENT SENIOR LENDING UNIT TEAM LEADER

SENIOR VICE PRESIDENT CENTRAL LOAN PROCESSING & SERVICING DIRECTOR

SENIOR VICE PRESIDENT WEALTH MANAGEMENT & TRUST DIRECTOR

Chad Steadman

Craig Thorn

Suzanne Whittle

EXECUTIVE VICE PRESIDENT SENIOR CORPORATE LENDING DIRECTOR

SENIOR VICE PRESIDENT DEPUTY BRANCH ADMINISTRATION DIRECTOR

SENIOR VICE PRESIDENT CHIEF COMPLIANCE OFFICER COMPLIANCE & BRANCH OPERATIONS SUPPORT DIRECTOR

LOCATIONS ANCHORAGE

HAINES

PALMER

907-777-4362

Haines Branch

Palmer Branch

Dimond Branch

8725 Old Seward Hwy. P.O. Box 100720 Anchorage, AK 99510-0720

Eastchester Branch

1821 Gambell Street P.O. Box 100720 Anchorage, AK 99510-0720

Metro Branch

360 K Street, Suite 100 P.O. Box 100720 Anchorage, AK 99510-0720

Muldoon Branch

1100 Muldoon Road P.O. Box 100720 Anchorage, AK 99510-0720

North Star Branch

5850 Westover Avenue JBER, AK 99506-1603

Northern Lights Branch

1210 W. Northern Lights Blvd.

P.O. Box 100720 Anchorage, AK 99510-0720

South Center Branch

201 W. 36th Avenue P.O. Box 100720 Anchorage, AK 99510-0720

U-Med Branch

3650 Piper Street, Suite 100 P.O. Box 100720 Anchorage, AK 99510-0720 BETHEL

123 Main Street P.O. Box 70 Haines, AK 99827-0070 907-766-6100 HEALY

Healy Branch

262 Equinox Loop P.O. Box 460 Healy, AK 99743-0460 907-683-7750 HOMER

Homer Branch

3655 Heath Street Homer, AK 99603-7667 907-235-5800 JUNEAU

Juneau Regional Branch 840 W. 10th Street Juneau, AK 99801-1824 907-586-5400

Valley Centre Branch

8990 Glacier Hwy. Juneau, AK 99801-8030 907-790-8000

303 W. Evergreen Avenue Palmer, AK 99645-6954 907-746-8900 SEWARD

Seward Branch

303 4th Avenue P.O. Box 69 Seward, AK 99664-0069 907-224-4200 SITKA

Sitka Branch

318 Lincoln Street Sitka, AK 99835-7545 907-747-7000 SOLDOTNA

Soldotna Branch

44501 Sterling Hwy. Soldotna, AK 99669-7938 907-260-6000 VALDEZ

Valdez Branch

KENAI

101 Egan Drive P.O. Box 37 Valdez, AK 99686-0037 907-834-4800

Kenai Branch

WASILLA

11408 Kenai Spur Hwy. Kenai, AK 99611-7799 907-283-6800 KETCHIKAN

Ketchikan

Wasilla Branch

775 E. Parks Hwy. Wasilla, AK 99654-8191 907-352-5900

Loan Production Office 1621 Tongass Avenue West Flight Bldg., Ste. 100 Ketchikan, AK 99901 907-220-1640

Corporate Headquarters

700 Front Street P.O. Box 286 Bethel, AK 99559-0286 907-543-7650 CORDOVA

KODIAK

Cordova Branch

Kodiak Branch

1751 Gambell Street P.O. Box 100720 Anchorage, AK 99510-0720

MISSION STATEMENT

CONNECT WITH US

Kuskokwim Branch

528 First Street P.O. Box 360 Cordova, AK 99574-0360 907-424-6700 EAGLE RIVER

Eagle River Branch

11412 Business Blvd.

Eagle River, AK 99577-7720 907-689-5200 FAIRBANKS

Golden Valley Branch

1300 Washington Drive P.O. Box 82487 Fairbanks, AK 99708-2487 907-459-7100

Johansen Branch

430 Merhar Avenue Fairbanks, AK 99701-3166 907-450-7300 GLENNALLEN

Glennallen Branch

218 Center Avenue Kodiak, AK 99615-6312 907-486-7900

The bank’s multi-part mission is to safekeep depositors’ money, provide all legitimate financial services to the community consistent with bank resources, furnish employees with competitive salaries and a pleasant working environment, and earn a proper return for shareholders. For more than a century, our commitment to the mission has served our customers, employees, communities and shareholders well.

101 W. 36th Avenue P.O. Box 100720 Anchorage, AK 99510-0720

Operations Center

@FNBAlaska

@FNBAlaska

@FNBAlaska FNBAlaska.com

Mile 187 Glenn Hwy., Suite C P.O. Box 85 Glennallen, AK 99588-0085 907-822-7350

EQUAL OPPORTUNITY EMPLOYER — VETS, DISABILITY EQUAL HOUSING LENDER | MEMBER FDIC | NMLS# 640297