Net Income of $2 Million for Quarter
Total Net Loans Up 9.1% 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 2016.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported year-to-date net income of $5.8 million for the nine
months ended September 30, 2016, up 13.7% compared to net income of $5.1
million reported for the same period last year. Diluted earnings per
share for the nine months ended September 30, 2016 was $0.54, up 14.9%
compared to diluted earnings per share of $0.47 for the same period last
year.”
Net income for the quarter ended September 30, 2016 was $2.0 million, up
11.1% compared to net income of $1.8 million reported for the same
period last year. Diluted earnings per share for the three months ended
September 30, 2016 was $0.19, up 11.8% compared to diluted earnings per
share of $0.17 for the same period last year.
Total assets at September 30, 2016 were $1.12 billion, an increase of
$81.4 million, or 7.8%, compared to September 30, 2015. Total deposits
of $1.02 billion increased $85.2 million, or 9.2%, compared to September
30, 2015. During the same period, total net loans (including loans
held-for-sale) increased $53.7 million, or 9.1%, to $646.4 million. The
Company continued to be “well capitalized” under regulatory definitions,
exceeding the 10% total risk-based capital ratio threshold at September
30, 2016.
Further commenting on the Company’s financial results, Walker stated,
“Loan demand has remained strong as owners and corporations expand their
facilities and operations. First Northern’s small business,
agribusiness, and commercial lenders have helped many businesses
throughout the Bank’s service area with their growth initiatives.
Healthy and growing businesses create jobs and tax revenues, which in
turn, help our communities become more vibrant. First Northern Bank
takes its role as a key part of the local economic engine very
seriously, and is proud to be the #1 local small business lender in the
greater Sacramento and Solano County regions.”
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, Sacramento, Roseville and Auburn. 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 December 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 and its subsidiaries (the
“Company”). These forward-looking statements are based on management’s
current expectations, including but not limited to statements about loan
demand and market conditions, 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 and 10-Q, 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, and any reports on Form 8-K. 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/20161026006413/en/
First Northern Community Bancorp & First Northern Bank
Louise
A. Walker, 707-678-3041
President & Chief Executive Officer
Source: First Northern Community Bancorp