Earnings Momentum Continues
DIXON, Calif.--(BUSINESS WIRE)--
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 first quarter of 2013.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income as of March 31, 2013 of $1.4
million, up 27.3% compared to net income of $1.1 million reported for
the same fiscal period last year.” Net income available to common
shareholders totaled $1.2 million as of March 31, 2013 up 50.0% compared
to net income available to common shareholders at March 31, 2012
totaling $0.8 million. Diluted earnings per share for the three months
ended March 31, 2013 was $0.12, up 33.3% compared to diluted earnings
per share of $0.09 reported for the same fiscal period a year ago.
Total assets at March 31, 2013 were $852.6 million, an increase of $59.1
million, or 7.5%, compared to the same period in 2012. Total deposits of
$761.7 million increased $71.5 million, or 10.4%, compared to March 31,
2012 figures. During that same period, total net loans (including loans
held-for-sale) increased $24.0 million, or 5.7%, to $443.5 million.
Total risk-based capital was 16.35%, far exceeding the
‘well-capitalized’ threshold of 10%.
Commenting on the Company’s financial results, Walker stated, “With our
vastly improved asset quality, our earnings momentum continues from our
sound financial services operation. We have built a strong balance sheet
that provides us a platform from which we can leverage the progress
we’ve made. We have prudently managed our concentration of long term
fixed rate loans and investments to minimize the risk associated with
the eventual rise in interest rates, we have excess liquidity, and our
capital base is among the strongest in the industry.”
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. On April 19, 2013, the Bank expanded
into Contra Costa County with a Commercial Loan Office.
First Northern has 10 full service branches located in Dixon, Davis,
West Sacramento, Fairfield, Vacaville, Winters, Woodland, Downtown
Sacramento, 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. Real Estate Mortgage Loan offices are located
in Davis and Roseville, 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.
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 & First Northern Bank
Louise
A. Walker, 707-678-3041
President & Chief Executive Officer
Source: First Northern Community Bancorp