Annual Net Income of $12.6 Million Sets New Company Record
5% Stock Dividend Declared
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 year ended 2018 net income totaling $12.6 million, or $1.02 per
diluted share, compared to net income of $8.7 million, or $0.71 per
diluted share for the year ended 2017, and net income totaling $3.3
million, or $0.27 per diluted share for the quarter ended December 31,
2018 compared to net income of $0.9 million, or $0.07 per diluted share
for the quarter ended December 31, 2017.
Total assets at December 31, 2018 were $1.25 billion, an increase of
$32.2 million, or 2.6%, compared to December 31, 2017. Total deposits
were $1.12 billion at year end 2018, an increase of $19.9 million, or
1.8%, compared to December 31, 2017. During 2018, total net loans
(including loans held-for-sale) increased $25.5 million, or 3.5%, to
$765.7 million. The Company continued to be “well capitalized” under
regulatory definitions, exceeding the 10% total risk-based capital ratio
threshold at December 31, 2018.
Commenting on the Company’s financial results, President & Chief
Executive Officer Louise Walker stated, “We are pleased to announce
First Northern Community Bancorp’s 2018 performance resulted in record
net earnings of $12.6 million, a 43.5% increase over the $8.7 million
earned in 2017. Several factors contributed to our success; namely
increases in net interest income, debit card income, investment &
brokerage services income—in addition, we benefited as most business did
to the lower corporate tax rate that went into effect in January 2018.
We also had a growing loan portfolio and continued to experience healthy
increases in low cost demand deposits.”
The Company also reported that the Board of Directors recently approved
the payment of a 5% stock dividend payable March 29, 2019 to
shareholders of record as of February 28, 2019. All income per share
amounts have been adjusted to give retroactive effect to the stock
dividend.
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. 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 also has a commercial lending office in Walnut Creek
and a mortgage loan office in Sonoma. Real estate mortgage and
small-business loan officers are available by appointment in any of the
Bank’s 10 branches. First Northern is rated as a Veribanc “Blue Ribbon”
Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings
period of September 30, 2018 (www.veribanc.com
and www.bauerfinancial.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 the impact of recent tax law changes, 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/20190129005979/en/
Louise A. Walker
President & Chief Executive Officer
First
Northern Community Bancorp & First Northern Bank
(707) 678-3041
Source: First Northern Community Bancorp