Strong Loan, Deposit & Asset Growth
Diluted Earnings per Share Up 21.7% from Prior
Year
DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (the “Company”) (OTCQB:FNRN), holding
company for First Northern Bank (“First Northern” or the “Bank”), today
announced earnings through the fourth quarter of 2014. Louise Walker,
President and Chief Executive Officer, stated, “The Company reported
year-to-date net income of $5.9 million as of December 31, 2014, up 9.3%
compared to net income of $5.4 million reported for the same fiscal
period last year. Net income available to common shareholders totaled
$5.7 million for the period ending December 31, 2014, up 21.3% compared
to net income available to common shareholders of $4.7 million reported
for the same fiscal period last year. Diluted earnings per share for the
year ended December 31, 2014 was $0.56, up 21.7% compared to diluted
earnings per share of $0.46 for the same fiscal period last year.”
Net income available to common shareholders for the quarter ended
December 31, 2014 totaled $1.6 million, up 45.5% compared to net income
available to common shareholders of $1.1 million reported for the same
fiscal period last year. Diluted earnings per share for the three months
ended December 31, 2014 was $0.15, up 50.0% compared to diluted earnings
per share of $0.10 for the same fiscal period last year. Net income for
the quarter ended December 31, 2014 was $1.6 million, up 33.3% compared
to net income of $1.2 million reported for the same fiscal period last
year.
Total assets at December 31, 2014 were $957.9 million, an increase of
$60.2 million, or 6.7%, compared to year-end 2013. Total deposits of
$857.1 million increased $53.3 million, or 6.6%, compared to year-end
2013. During 2014, total net loans (including loans held-for-sale)
increased $30.4 million, or 6.0%, to $538.5 million. The total
risk-based capital ratio at December 31, 2014 was 16.28%, exceeding the
“well capitalized” threshold of 10%.
At its regular meeting on January 22, 2015, the Board of Directors of
the Company declared a 4% stock dividend, payable March 31, 2015 to
shareholders of record as of February 27, 2015. All income per share
amounts have been adjusted to give retroactive effect to the stock
dividend.
Further commenting on the Company’s financial results, Walker stated,
“We are pleased to report another productive quarter, as demonstrated by
the sustained momentum in our performance during the last three months
of 2014. The dramatic decline in mortgage originations throughout the
year impacted our non-interest income, yet we were able to offset the
effect primarily with an increase in interest income stemming from
continued commercial and small business loan growth and a decrease in
our operating expense. We attribute our successful year to many factors,
but when it comes down to it, we understand that community banking is
about people and relationships. We frequently receive letters from
customers that express how refreshing it is to do business with First
Northern Bank’s friendly and knowledgeable employees and experienced
relationship managers. Our business continues to grow through the
unending referrals we receive from our satisfied customers.”
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