Year-Over-Year Double-Digit Growth in Assets,
Loans, and Deposits
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 second quarter of 2014.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income available to common
shareholders of $2.6 million for the period ending June 30, 2014, up
8.3% compared to net income available to common shareholders of $2.4
million reported for the same fiscal period last year. Net income
totaled $2.7 million for the period ending June 30, 2014, down compared
to net income of $2.8 million reported for the same fiscal period last
year.” Diluted earnings per share for the six months ended June 30, 2014
was $0.27, up 8.0% compared to diluted earnings per share of $0.25 for
the same fiscal period last year.
Net income available to common shareholders for the quarter ended June
30, 2014 totaled $1.3 million or a diluted earnings per common share of
$0.13, matching the level of net income available to common shareholders
and diluted earnings per common share for the same fiscal period last
year. Net income for the quarter ended June 30, 2014 was $1.3 million
compared to $1.4 million for the same fiscal period last year.
Total assets at June 30, 2014 were $930.8 million, an increase of $86.1
million, or 10.2%, compared to the same period in 2013. Total deposits
of $834.5 million increased $80.2 million, or 10.6%, compared to June
30, 2013 figures. During that same period, total net loans (including
loans held-for-sale) increased $51.9 million, or 11.0%, to $523.3
million. The total risk-based capital ratio was 16.08%, exceeding the
‘well-capitalized’ threshold of 10%.
Further commenting on the Company’s financial results, Walker stated,
“We are pleased that First Northern Community Bancorp continues to grow
its balance sheet and post consistent earnings in spite of the dramatic
decline in mortgage lending income. Fortunately that decline has been
mostly offset by net interest income driven by an increase in loan
growth and a reduction in expenses. Momentum in many of our local
markets is starting to accelerate, which is leading to an expansion in
business activities and loan demand. While competition for loans remains
fierce, our loan pipeline is stronger than it has been for several
years. Our strong capital base and liquidity position allow First
Northern Bank to meet the financing needs of local businesses and
investors with loans for expansion, capital improvement, and the
purchase or refinance of real estate.”
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. First
Northern’s Real Estate Mortgage Loan office is located in Davis, 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