First Northern Community Bancorp – Second Quarter Earnings Report
Jul 30, 2015
OTC Disclosure News Service
–
First Northern Community Bancorp (the “Company,” ticker symbol
FNRN:OTCQB), holding company for First Northern Bank (“First Northern”
or the “Bank”), today announced earnings through the second quarter of
2015. Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income of $3.3 million for the
six-month period ending June 30, 2015, up 22.2% compared to net income
of $2.7 million reported for the same fiscal period last year. Net
income available to common shareholders totaled $3.2 million for the
period ending June 30, 2015, up 23.1% compared to net income available
to common shareholders of $2.6 million reported for the same fiscal
period last year. Diluted earnings per share for the six months ended
June 30, 2015 was $0.32, up 23.1% compared to diluted earnings per share
of $0.26 for the same fiscal period last year.”
Net income for the quarter ended June 30, 2015 was $1.8 million, up
38.5% compared to net income of $1.3 million reported for the same
fiscal period last year. Net income available to common shareholders for
the quarter ended June 30, 2015 totaled $1.7 million, up 30.8% compared
to net income available to common shareholders of $1.3 million reported
for the same fiscal period last year. Diluted earnings per share for the
three months ended June 30, 2015 was $0.17, up 30.8% compared to diluted
earnings per share of $0.13 for the same fiscal period last year.
Total assets at June 30, 2015 were $1.0 billion, an increase of $71.3
million, or 7.7%, compared to the same period in 2014. Total deposits of
$898.4 million increased $63.9 million, or 7.7%, compared to June 30,
2014 figures. During the same period, total net loans (including loans
held-for-sale) increased $47.7 million, or 9.1%, to $571.0 million. The
Company continues to be “well capitalized” and exceeds the 10% threshold
at June 30, 2015.
Further commenting on the Company’s financial results, Walker stated,
“We are pleased with our healthy second quarter financial performance;
small business and commercial loan interest income in addition to
mortgage loan earnings, were the drivers of the strong increase over the
previous year. Our talented bankers continue to expand our client
relationships. Their efforts not only grow our market share, but our
overall balance sheet as well. We are excited to announce that First
Northern is now a $1 billion community bank. With the improving economy,
businesses are once again expanding their operations and are seeking
financing options. This is a welcome position to be in for sure, however
in this low interest rate environment, competition is fierce so pricing
can take its toll on margins. That being said, we are prudently managing
the risk-return with each opportunity to ensure our asset quality
remains strong.”
First Northern Bank, an independent community bank headquartered in
Solano County since 1910, serves Solano, Yolo, Sacramento, Placer,
Contra Costa County and the west slope of El Dorado County. First
Northern has nine full service branches located in Dixon, Davis, West
Sacramento, Fairfield, Vacaville, Winters, Woodland, Roseville, and
Auburn, and has a full service Trust Department in Sacramento. The Bank
also offers 24/7 real estate mortgage loans, SBA loans, and non-FDIC
insured Investment Brokerage Services at each branch location. First
Northern’s Real Estate Mortgage Loan office is located in Davis, and
real estate loan representatives are available to meet customers at any
of the Bank’s branches by appointment. The Bank specializes in
relationship banking and employs experts in the area of small business,
commercial, agribusiness, and real estate lending, as well as wealth
management, and is rated as a “Superior” 5-Star Bank by BauerFinancial
Inc. (www.bauerfinancial.com).
The Bank can be found on the Web at www.thatsmybank.com,
on Facebook
and on LinkedIn.
Forward-Looking Statements
This press release may include certain “forward-looking statements”
about First Northern Community Bancorp (the “Company”). These
forward-looking statements are based on management’s current
expectations and are subject to certain risks, uncertainties and changes
in circumstances. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. More detailed information
about these risk factors is contained in the Company’s most recent
reports filed with the Securities and Exchange Commission on Forms 10-K,
10-Q and 8-K, each as it may be amended from time to time, which
identify important risk factors that could cause actual results to
differ materially from those contained in the forward-looking
statements. The financial information contained in this release should
be read in conjunction with the consolidated financial statements and
notes thereto included in the Company’s most recent reports on Form 10-K
and Form 10-Q. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances arising
after the date on which they are made. For further information regarding
the Company, please read the Company’s reports filed with the SEC and
available at www.sec.gov.
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