Third Quarter Net Income of $3.5 Million
Net Loans Up 9.9% from Third Quarter of 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
reported net income of $9.2 million, or $0.79 per diluted share, for the
nine months ended September 30, 2018 compared to net income of $7.9
million, or $0.67 per diluted share, for the nine months ended September
30, 2017.
Net income for the three months ended September 30, 2018 was $3.5
million, or $0.30 per diluted share, compared to net income of $2.8
million, or $0.24 per diluted share, for the three months ended
September 30, 2017.
Total assets at September 30, 2018 were $1.24 billion, an increase of
$51.0 million, or 4.3%, compared to September 30, 2017. Total deposits
at September 30, 2018 were $1.12 billion, an increase of $43.8 million,
or 4.1%, compared to September 30, 2017. During the same period, total
net loans (including loans held-for-sale) increased $68.9 million, or
9.9%, to $763.8 million. The Company continued to be “well capitalized”
under regulatory definitions, exceeding the 10% total risk-based capital
ratio threshold at September 30, 2018.
Commenting on the Company’s financial results, President & Chief
Executive Officer Louise Walker stated, “Our strong financial
performance has set a new record in net income for both year-to-date and
quarter-to-date performance. This performance was the result of solid
franchise momentum, growth in loans and core deposits, strong interest
income, an uptick in our investment & brokerage services and debit card
fee income, as well as the benefits of lower tax rates as a result of
the Tax Cuts and Jobs Act. Building upon the client growth we have
achieved and managing expenses remain our fundamental objectives and key
to successfully achieving the earnings target set for ourselves in 2018
and beyond. We are proud of our diversified franchise. We have the right
team in place and are investing to make our technology platform one that
can evolve to meet the ever-changing needs of our valued business and
consumer customers. We remain focused on delivering sustainable,
profitable returns for our shareholders, and we believe our year-to-date
2018 achievements and financial performance will position us to achieve
continued growth.”
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, and Contra Costa
Counties, as well as the west slope of El Dorado County. In June, the
Bank opened a Residential Mortgage Loan Office in Sonoma. 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 commercial lending office in Walnut Creek. Real
estate mortgage and small-business loan officers are available by
appointment in any of the Bank’s 10 branches. First Northern recently
launched Lightning Loans, its new digital channel for small businesses
to apply for and receive a $2,500 to $50,000 loan or line of credit in
minutes. The Bank is rated as a Veribanc “Blue Ribbon” Bank and a
“5-Star Superior” Bank by Bauer Financial for the earnings period ended
June 30, 2018 (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 and other public statements 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 objectives, future performance and earnings, growth and
competitive advantages, 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: https://www.businesswire.com/news/home/20181029005830/en/
First Northern Community Bancorp & First Northern Bank
Louise
A. Walker, 707-678-3041
President & Chief Executive Officer
Source: First Northern Community Bancorp