DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (the “Company,” ticker symbol FNRN),
holding company for First Northern Bank (“First Northern” or the
“Bank”), today announced financial results for the third quarter of
2011. Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income as of September 30, 2011 of
$2,509,000, up 46% compared to net income of $1,717,000 reported for the
same fiscal period last year. Net income available to common
shareholders totaled $1,402,000 as of September 30, 2011 up 43% compared
to net income available to common shareholders at September 30, 2010
totaling $974,000. Diluted earnings per share for the nine months ended
September 30, 2011 was $0.15, up 36% from the diluted income per share
of $0.11 reported for the same fiscal period a year ago.
Net income for the quarter ended September 30, 2011 was $948,000
compared to $757,000 for the same fiscal period last year. Net income
available to common shareholders for the quarter ended September 30,
2011 totaled $341,000 or $0.04 per diluted common share, compared to
$509,000 or $0.06 per diluted common share for the same fiscal period
last year. Net income available to common shareholders for the quarter
and nine months ended September 30, 2011 was impacted by a one time
charge totaling $381,100 due to the early recognition of the remaining
discount on preferred stock sold to the US Treasury as part of the
Capital Purchase Program (CPP) under the Troubled Asset Relief Program.
The Company opted to redeem the preferred shares earlier than originally
anticipated and was required to recognize the remaining discount as a
charge against retained earnings during the third quarter of 2011. The
CPP preferred shares were redeemed using the partial proceeds from the
Company’s sale of a new series of preferred stock during the third
quarter of 2011 to the US Treasury under the US Treasury’s Small
Business Lending Fund program.
Total assets at September 30, 2011 were $766.7 million, an increase of
$39.4 million, or 5.4% compared to the same period in 2010. Total
deposits of $662.8 million increased $32.0 million or 5.1% compared to
September 30, 2010 figures, including an 11% increase in demand deposits
over this period. During that same period, total net loans (including
loans held-for-sale) decreased $23.9 million, or 5.3%, to $431.4
million. Total risk-based capital was approximately 17.5%, far exceeding
the ‘well-capitalized’ threshold of 10%.
Commenting on the third quarter of 2011, Walker said, “First Northern
Community Bancorp has delivered another positive earnings quarter, its
seventh consecutive quarter of profitability since the start of the
financial crisis.” “While loan growth continues to be impacted by
provisions for potential future loan losses, loan write-downs, as well
as loan payoffs, we are experiencing a strong uptick in good lending
opportunities from credit-worthy borrowers. Additionally, the Company’s
loan delinquencies and non-performing assets are at their lowest levels
since 2007. We are cautiously optimistic that these represent signs that
the economy and our consumer and business customers’ financial
conditions are improving. First Northern Community Bancorp is pleased to
announce it has no plans to charge a monthly Debit Card fee, and we
consider our Free Checking for consumers and businesses another real
differentiator in the 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 & 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.
First Northern Community Bancorp
Louise A. Walker, 707-678-3041
President
& CEO
Source: First Northern Community Bancorp