Building a Strong & Healthy Company in
a Struggling Economy
DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (the “Company”) (OTCBB:FNRN), holding
company for First Northern Bank (“First Northern” or the “Bank”) and
celebrating its first 100 years in business, today announced financial
results for the second quarter of 2010. Owen “John” Onsum, President and
Chief Executive Officer, stated, “The Company reported year-to-date net
income as of June 30, 2010 of $960,000 or $0.05 per diluted common
share, compared to net income of $1,029,000, or $0.08 per diluted common
share earned in the same fiscal period last year.” Net income for the
quarter ended June 30, 2010 was $599,000 or $0.04 per diluted common
share, compared to $576,000 or $0.04 per diluted common share for the
same fiscal period last year.
Total assets at June 30, 2010 were $736.2 million, an increase of $21.2
million, or 2.97% compared to the same period in 2009. Total deposits of
$640.9 million increased $24.3 million or 3.94% compared to June 30,
2009 figures. During that same period, total net loans (including loans
held-for-sale) decreased $36.7 million, or 7.48%, to $453.9 million.
Total risk-based capital was 15.55%, far exceeding the
‘well-capitalized’ threshold of 10%.
Commenting on the second quarter of 2010, Onsum said, “Our continued
positive results show that our employees have been successful in their
concerted efforts to control expenses and expand our customer
relationships. In the first six months of 2010, our Other Operating
Expenses are down $1,446,000 from the same period in 2009. Areas
contributing most to this savings include: Salaries & Benefits,
Occupancy & Equipment, Stationary & Supplies, as well as an improvement
in loan write downs and charge-offs. Our commitment to remaining focused
on our core business of relationship banking, reinvesting in our
communities, and improving asset quality is allowing the Company to
attract new customers and build a strong and healthy business in a
struggling economy. While the experts agree that an economic recovery
will be slow and prolonged, we believe that staying true to our core
values and not straying from our time-tested community banking model
should ensure First Northern Community Bancorp emerges as an even
stronger competitor in the local financial marketplace.”
First Northern Bank, an independent community bank headquartered in
Solano County since 1910, serves Solano, Yolo, Sacramento, Placer and
the west slope of El Dorado County. First Northern has 11 branches
located in Dixon, Davis, West Sacramento, Fairfield, Vacaville (2),
Winters, Woodland, Downtown Sacramento, Roseville, and Auburn, and has a
full service Trust Department in Sacramento. First Northern Bank also
offers 24/7 real estate mortgage loans, SBA loans, and non-FDIC insured
Investment and Brokerage Services at each branch location. Real Estate
Mortgage Loan offices are located in Davis, Roseville and Folsom, 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. February 1, 2010, marked First Northern Bank’s centennial
milestone, it’s first 100 years of serving the community. The Bank can
be found on the Web at www.thatsmybank.com.
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 these 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.
Source: First Northern Community Bancorp
Contact:
First Northern Community Bancorp & First Northern Bank
Owen J.
Onsum, 707-678-3041
President & CEO