The state of Alaska is home to 7 banks that are insured by the Federal Deposit Insurance Corporation and that operate within the state. Of this amount, 5 of these banks are headquartered in the state and therefore can be considered Alaska-based banks. Banks operating within the state had in total $10 billion of assets, $8 billion of deposits and $5 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Alaska, residential mortgages made up 4% of the assets managed by these banks. In addition to this, these banks in total employ 1,355 people within the state. This represents 0.2% of the population.

Density of Banks in Alaska

Banks in Alaska currently have a total of 115 branches located within the state. This equates to 1.6 branches per 10,000 people in Alaska.  Comparing the banks in Alaska to banks operating in other states on this measure, Alaska ranks 48th out of 52 states and territories in terms of branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Alaska had on average 0.0 branches per 100 square miles. Therefore, Alaska ranks 52nd out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Alaska

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  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Alaska is ranked 30th out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of Alaska are on average lower the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Alaska is ranked 32nd out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of Alaska are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in Alaska is ranked 31st out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average above the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Alaska are ranked 43rd out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric is a good way to compare the quality of the assets of a bank as well as the performance of the assets. Banks operating in the state of Alaska are on average better than the national average when it comes to nonperforming assets. The level of nonperformance is what is important as a higher figure indicates a lower quality or a lower performing asset base. In total, banks in Alaska are ranked 28th out of the 52 states and main territories in the country on this metric.

5 Largest Banks in Alaska

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Based on the latest available data, Wells Fargo Bank is the largest bank operating in Alaska based on its deposit share. Wells Fargo Bank currently has a 45% share of deposits within the state. Below is summary information on the top 5 largest banks in Alaska.

Wells Fargo Bank

Wells Fargo Bank currently has the largest share of deposits within the state and has $7.5 billion of deposits. In addition to this the bank also has 40 offices within the state, which represents 1% of its total domestic offices.

  • Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104
  • Website: www.wellsfargo.com

First National Bank Alaska

First National Bank Alaska currently has the second largest share of deposits within the state and has $3.9 billion of deposits. The bank also has 27 offices within the state, which represents 100% of its total domestic offices.

Northrim Bank

Northrim Bank currently has the third largest share of deposits within the state and has $2.2 billion of deposits. The bank also has 17 offices within the state, which represents 100% of its total domestic offices.

Keybank 

Keybank currently has the fourth largest share of deposits within the state and has $1.5 billion of deposits. Further, the bank also has 12 offices within the state, which represents 1% of its total domestic offices.

  • Main Office Address: 127 Public Sq Cleveland, OH 44114
  • Website: www.key.com

First Bank

First Bank currently has the fifth largest share of deposits within the state and has $0.7 billion of deposits. In addition, the bank also has 9 offices within the state, which represents 100% of its total domestic offices.