Healthy Gains in Net Income – Board Declares 2%
Stock Dividend
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 fourth quarter of 2012.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported net income for full-year 2012 of $4.6 million, up 70.4%
compared to net income of $2.7 million for full-year 2011.” Net income
available to common shareholders totaled $3.5 million for 2012, up
169.2% compared to net income available to common shareholders for 2011
of $1.3 million. Diluted earnings per share for the year ended December
31, 2012 was $0.37, up 164.3% compared to diluted income per share of
$0.14 reported for 2011.
Net income for the quarter ended December 31, 2012 was $1.1 million
compared to $155,000 for fourth quarter 2011. Net income available to
common shareholders for the quarter ended December 31, 2012 totaled
$858,000 or $0.09 per diluted common share, compared to a loss of
$137,000 or -$0.01 per diluted common share for fourth quarter 2011.
Total assets at December 31, 2012 were $831.5 million, an increase of
$50.3 million, or 6.4%, compared to the same period in 2011. Total
deposits of $730.8 million increased $51.8 million, or 7.6%, compared to
December 31, 2011 figures. During that same period, total net loans
(including loans held-for-sale) increased $9.4 million, or 2.2%, to
$445.0 million. Total risk-based capital was 18.19%, far exceeding the
‘well-capitalized’ threshold of 10%.
At their regular meeting on January 24, 2013, the Board of Directors of
the Company declared a 2% stock dividend, payable March 29, 2013 to
shareholders of record as of February 28, 2013. All income per share
amounts have been adjusted to give retroactive effect to the stock
dividend.
Commenting on the Company’s financial results, Walker stated, “2012 was
a year of genuine progress for First Northern Community Bancorp;
progress was made across all business lines, resulting in solid growth
and much improved annual net earnings. We are particularly pleased with
our year over year improvement in our asset quality; problem assets,
non-performing loans and past due loans have all seen marked
improvement, returning to pre-financial crisis levels. While the
region’s loan demand remained constrained and loan payoffs persisted,
the Company’s lending team worked diligently to bring new business
relationships to First Northern Bank. Our reputation for employing
knowledgeable and friendly bankers who possess an honest desire to
understand their customers’ unique financial needs continues to be a
differentiator for our Company. As we have done for the past 103 years,
we will work hard to deepen our existing client relationships and
attract quality new relationships. In an increasingly competitive
industry, small to medium-sized businesses are looking for more
dedicated and experienced service professionals to partner with as their
trusted advisor over the long haul.”
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 10 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. 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 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, national and local 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 any
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 any 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