Double-digit Growth in Net Income and Earnings per Share
Total Net Loans Up 14.6% 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 first quarter of 2016.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income of $1.7 million for the period
ending March 31, 2016, up 13.3% compared to net income of $1.5 million
reported for the same fiscal period last year. Basic and diluted
earnings per share for the three months ended March 31, 2016 was $0.16,
up 14.3% compared to basic and diluted earnings per share of $0.14 for
the same fiscal period last year.”
Total assets at March 31, 2016 were $1.06 billion, an increase of $60.7
million, or 6.1%, compared to the same period in 2015. Total deposits of
$958.9 million increased $65.4 million, or 7.3%, compared to the same
period in 2015. During the same period, total net loans (including loans
held-for-sale) increased $79.1 million, or 14.6%, to $620.2 million. The
Company continues to be “well capitalized” under regulatory definitions,
exceeding the 10% threshold at March 31, 2016.
Further commenting on the Company’s financial results, Walker stated,
“Our strong financial foundation, customer-focused strategy and an
improving economy have allowed First Northern to focus on areas that we
believe will result in continued healthy growth for our company. The
$1.7 million we earned in the first three months of 2016 stemmed from
loan growth, credit improvement, and expense management. We continue to
steadily invest in technology, and make infrastructure improvements that
are helping us better serve our clients and grow our business. First
Northern Bank continues to be the #1 locally owned small business lender
in our markets. We take pride in helping to fuel the local region by
helping small- to medium-sized businesses grow, add jobs, and help
families prosper.”
About First Northern Bank
First Northern Bank is an independent community bank that specializes in
relationship banking. The Bank, headquartered in Solano County since
1910, serves Solano, Yolo, Sacramento, Placer, Contra Costa County and
the west slope of El Dorado County. Experts are available in
small-business, commercial, real estate and agribusiness lending, as
well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC
insured Investment and Brokerage Services are available at every branch
location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville,
Winters, Woodland, Roseville and Auburn. In May, First Northern will
re-open its Sacramento branch in the Point West area. The Bank has a
full-service Trust Department in Sacramento and a commercial lending
office in Walnut Creek. Real estate mortgage and small-business loan
officers are available by appointment in any of the Bank’s branches.
First Northern is rated as a Veribanc “Blue Ribbon” Bank for the
earnings period of Dec. 31, 2015 (www.veribanc.com).
The Bank can be found on the Web at www.thatsmybank.com,
on Facebook
and on LinkedIn.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426006984/en/
First Northern Community Bancorp & First Northern Bank
Louise
A. Walker, 707-678-3041
President & Chief Executive Officer
Source: First Northern Community Bancorp