Positive Momentum Continues
DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (the “Company,” ticker symbol FNRN.OB),
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 third quarter of 2010. Owen “John” Onsum,
President and Chief Executive Officer, stated, “The Company reported
year-to-date net income of $1,717,000 or $0.11 per diluted common share,
as of September 30, 2010, which represents an increase of 10.3% compared
to net income of $1,560,000, or $0.11 per diluted common share earned in
the same fiscal period last year.” Net income for the quarter ended
September 30, 2010 was $757,000 or $0.06 per diluted common share, an
improvement of 43.4%, compared to $531,000 or $0.03 per diluted common
share for the same fiscal period last year.
Total assets at September 30, 2010 were $727.3 million, a decrease of
$2.7 million, or 0.37% compared to the same period in 2009. Total
deposits of $630.8 million increased $600,000 or 0.10% compared to
September 30, 2009 figures. During that same period, total net loans
(including loans held-for-sale) decreased $30.3 million, or 6.24%, to
$455.3 million. Total risk-based capital was approximately 16.0%, far
exceeding the ‘well-capitalized’ threshold of 10%.
Commenting on the Company’s third quarter performance, Onsum said,
“Everyone at First Northern is working diligently to help our customers
and our communities through the remainder of this economic trough. Loan
write-downs and the expenses associated with loan collections have
improved, and we continue to see genuine gains from our ongoing cost
cutting initiatives. Comparing the first nine months of 2010 to the same
period last year, ‘Other Operating Expense’ is down $1,601,000. This
category includes such items as salaries & benefits, occupancy &
equipment, stationary & supplies, and advertising. We will continue to
do what we do best as our commitment to superior service has proven time
and time again, in all economic cycles that banking is a people
business. Much of our success comes from the continued referrals we
receive from our satisfied customer base.”
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, its 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