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 2017. Louise Walker, President and Chief Executive Officer, stated, “The Company reported net income of $2.5 million for the three months ended March 31, 2017, up 47.1% compared to net income of $1.7 million reported for the same period last year. These results include a pre-tax gain of $1.2 million related to the sale-leaseback of land and building that is partially occupied by our Auburn Branch. Diluted earnings per share for the three months ended March 31, 2017 was $0.22, up 37.5% compared to diluted earnings per share of $0.16 for the same period last year.”
Total assets at March 31, 2017 were $1.17 billion, an increase of $110.6 million, or 10.5%, compared to March 31, 2016. Total deposits of $1.06 billion increased $101.8 million, or 10.6%, compared to March 31, 2016. During the same period, total net loans (including loans held-for-sale) increased $34.5 million, or 5.6%, to $654.7 million. The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at March 31, 2017.
Further commenting on the Company’s financial results, Walker stated, “We are very pleased with our first quarter financial results. This strong start to the year, particularly in the commercial and mortgage loan portfolios, as well as the Wealth Management Division, generated increases in interest income and non-interest income for the Company. We believe the Company-wide emphasis we have placed on clearly articulating First Northern Bank’s competitive advantages has increased new and existing customers’ awareness of why they should choose to do business with us. Our Company’s differentiators are critical in the highly competitive financial services landscape in which we operate.”
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 County, 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 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 10 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank for the earnings period ended December 31, 2016 (www.veribanc.com). The Bank can be found on the Web at www.thatsmybank.com, on Facebook and on LinkedIn.
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 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.