Net Income of $2.3 Million for Quarter
Fourth Quarter Diluted Earnings per Share Up 25%
4% Stock Dividend Declared
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 fourth quarter of 2016.
Louise Walker, President and Chief Executive Officer, stated, “The
Company reported net income of $8.1 million for the twelve months ended
December 31, 2016, up 17.4% compared to net income of $6.9 million
reported for the same period last year. Diluted earnings per share for
the twelve months ended December 31, 2016 was $0.73, up 17.7% compared
to diluted earnings per share of $0.62 for the same period last year.”
Net income for the quarter ended December 31, 2016 was $2.3 million, up
27.8% compared to net income of $1.8 million reported for the same
period last year. Diluted earnings per share for the three months ended
December 31, 2016 was $0.20, up 25.0% compared to diluted earnings per
share of $0.16 for the same period last year.
Total assets at December 31, 2016 were $1.17 billion, an increase of
$122.1 million, or 11.7%, compared to December 31, 2015. Total deposits
of $1.06 billion increased $115.6 million, or 12.2%, compared to
December 31, 2015. During the same period, total net loans (including
loans held-for-sale) increased $66.9 million, or 11.0%, to $673.1
million. The Company continued to be “well capitalized” under regulatory
definitions, exceeding the 10% total risk-based capital ratio threshold
at December 31, 2016.
At its regular meeting on January 26, 2017, the Board of Directors of
the Company declared a 4% stock dividend, payable March 31, 2017 to
shareholders of record as of February 28, 2017. 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, “I
am pleased to report First Northern Community Bancorp has delivered
another solid year in 2016. Our financial results were a culmination of
strong organic growth across all business lines, our healthy asset
quality, our discipline to control expenses, and our reputation in the
business community, allowing us to attract new clients in an
ever-competitive marketplace. That being said, we continue to invest in
our franchise, namely our technology infrastructure and branch
modernizations, both strategies we believe are essential for our future
success.”
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 September 30, 2016 (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
market conditions and current expectations about strategic focus and
investments, 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/20170130006243/en/
First Northern Community Bancorp & First Northern Bank
Louise
A. Walker, 707-678-3041
President & Chief Executive Officer
Source: First Northern Community Bancorp