Operating Revenues are Strong
DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (the “Company,” ticker symbol
FNRN)(OTCBB:FNRN), holding company for First Northern Bank (“First
Northern” or the “Bank”), today announced its consolidated financial
results as of and for the three and six month periods ended June 30,
2011. Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income as of June 30, 2011 of
$1,561,000, up 63% compared to net income of $960,000 reported for the
same fiscal period last year. Net income available to common
shareholders totaled $1,061,000 as of June 30, 2011 up 128% compared to
net income available to common shareholders at June 30, 2010 totaling
$465,000. Diluted earnings per share for the six months ended June 30,
2011 was $0.12, up 140% from the diluted income per share of $0.05
reported for the same fiscal period a year ago. Net income for the
quarter ended June 30, 2011 was $795,000 compared to $599,000 for the
same fiscal period last year. Net income available to common
shareholders for the quarter ended June 30, 2011 totaled $544,000 or
$0.06 per diluted common share, compared to $350,000 or $0.04 per
diluted common share for the same fiscal period last year.”
Consolidated total assets at June 30, 2011 were $747.0 million, an
increase of $10.8 million, or 1.5% compared to the same period in 2010.
Consolidated total deposits of $650.4 million increased $9.5 million or
1.5% compared to June 30, 2010 figures. During that same period, total
net loans (including loans held-for-sale) decreased $21.8 million, or
4.8%, to $432.1 million. Total risk-based capital was 16.9% far
exceeding the ‘well-capitalized’ threshold of 10%.
Commenting on the Company’s consolidated results for the three and six
month periods ended June 30, 2011, Walker said, “First Northern
Community Bancorp has posted its sixth consecutive positive earnings
quarter and strongest six-month start since the beginning of the
financial crisis.” “Operating revenues are strong, yet our profits
continue to be impacted by loan write-downs and loan loss provisions.
Loan demand remains depressed, but we are pleased that our concerted
efforts to reduce non-interest expense and improve non-interest income
are helping to offset the decline in interest income.”
About First Northern Bank
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 & 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. 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 Bank
Contact:
FIRST NORTHERN COMMUNITY BANCORP & FIRST NORTHERN BANK
Louise
A. Walker, 707-678-3041
President & CEO