Diluted Earnings per Share Up 16.2% from Prior
Year
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 third quarter of 2014.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income available to common
shareholders of $4.2 million for the nine-month period ending September
30, 2014, up 16.7% compared to net income available to common
shareholders of $3.6 million reported for the same fiscal period last
year. Net income totaled $4.3 million for the period ending September
30, 2014, up 2.4% compared to net income of $4.2 million reported for
the same fiscal period last year.” Diluted earnings per share for the
nine months ended September 30, 2014 was $0.43, up 16.2% compared to
diluted earnings per share of $0.37 for the same fiscal period last year.
Net income available to common shareholders for the quarter ended
September 30, 2014 totaled $1.5 million, up 25.0% compared to net income
available to common shareholders of $1.2 million reported for the same
fiscal period last year. Diluted earnings per share for the three months
ended September 30, 2014 was $0.16, up 33.3% compared to diluted
earnings per share of $0.12 for the same fiscal period last year. Net
income for the quarter ended September 30, 2014 was $1.6 million, up
14.3% compared to net income of $1.4 million reported for the same
fiscal period last year.
Total assets at September 30, 2014 were $954.1 million, an increase of
$78.1 million, or 8.9%, compared to the same period in 2013. Total
deposits of $855.8 million increased $72.3 million, or 9.2%, compared to
September 30, 2013 totals. During that same period, total net loans
(including loans held-for-sale) increased $27.1 million, or 5.4%, to
$526.1 million. The total risk-based capital ratio at September 30, 2014
was 16.41%, exceeding the “well capitalized” threshold of 10%.
Further commenting on the Company’s financial results, Walker stated,
“The Company’s third quarter results demonstrated strength in the
fundamental drivers of our long-term growth strategies. While mortgage
loan revenues declined through the third quarter of 2014 due to fewer
loan originations, the cost savings initiatives we set in motion years
ago and our continued growth in interest income from commercial loans
have the Company well prepared for opportunities as well as
contingencies. Low-cost deposits (the Bank’s core funding) have
increased 10.2% over a year ago; at September 30, 2014, these low-cost
deposits represented 90% of total deposits. Credit quality continued to
trend positively; with a decline in non-performing loans, and
delinquency ratios that remained stable. The Company’s net interest
margin at September 30, 2014 while holding steady, remains a challenge
due to the low interest rate environment and higher cash balances; that
being said, First Northern Community Bancorp is well positioned for the
future.”
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
Louise A. Walker, 707-678-3041
President
& Chief Executive Officer
Source: First Northern Community Bancorp