14.1% Year-Over-Year Increase in Total Net
Loans is Indicative of Improving Local Economy
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 2014.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income of $1.4 million for the period
ending March 31, 2014, matching the level of net income reported for the
same fiscal period last year.” Net income available to common
shareholders totaled $1.3 million as of March 31, 2014 up 8.3% compared
to net income available to common shareholders at March 31, 2013,
totaling $1.2 million. Diluted earnings per share for the three months
ended March 31, 2014 was $0.14, up 16.7% compared to diluted earnings
per share of $0.12 reported for the same fiscal period a year ago.
Total assets at March 31, 2014 were $933.0 million, an increase of $80.4
million, or 9.4%, compared to the same period in 2013. Total deposits of
$839.1 million increased $77.4 million, or 10.2%, compared to March 31,
2013 figures. During that same period, total net loans (including loans
held-for-sale) increased $62.5 million, or 14.1%, to $506.0 million. The
total risk-based capital ratio was 16.12%, exceeding the
“well-capitalized” threshold of 10%.
Further commenting on the Company’s financial results, Walker stated,
“Our first quarter 2014 financial results represent a very positive
start to the year. While mortgage lending income was down 74% at March
31, 2014 compared to one year ago, we are pleased with our increase in
net interest income as a result of quality small- to medium-sized
business loan growth. Other factors contributing to our solid earnings
reflect an improving local economy, strong deposit acquisition, a
growing customer base, and improved operating efficiency. Banks of all
sizes are facing higher costs, expansive regulatory requirements and
compressed net interest margins as a result of the current economic and
operating environment. That being said, we believe that First Northern
Community Bancorp is well positioned to prosper as market conditions
normalize. The Company has maintained an emphasis on developing a strong
base of core deposits and striving to provide value to our clients
through fairly priced products and services. Developing a strong deposit
base provides a platform for our Company to effectively meet customer
loan demand in the communities we serve.”
First Northern Bank, an independent community bank headquartered in
Solano County since 1910, serves Solano, Yolo, Sacramento, Placer,
Contra Costa County and the west slope of El Dorado County. First
Northern has nine full service branches located in Dixon, Davis, West
Sacramento, Fairfield, Vacaville, Winters, Woodland, 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 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