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 $7.4 million, or $0.60 per diluted share, for the six months ended June 30, 2019, compared to net income of $5.7 million, or $0.47 per diluted share, for the six months ended June 30, 2018.
Net income for the quarter ended June 30, 2019 was $3.4 million, or $0.28 per diluted share, compared to net income of $3.0 million, or $0.24 per diluted share for the quarter ended June 30, 2018.
Total assets at June 30, 2019 were $1.23 billion, an increase of $45.7 million, or 3.9%, compared to June 30, 2018. Total deposits at June 30, 2019 were $1.09 billion, an increase of $20.1 million, or 1.9%, compared to June 30, 2018. Total net loans (including loans held-for-sale) at June 30, 2019 were $732.8 million, an increase of $0.5 million, or 0.1%, compared to June 30, 2018. The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at June 30, 2019.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We are pleased to report First Northern Community Bancorp had a strong second quarter performance with $3.4 million in net income, up 13.4% over the same three-month period in 2018. Year-to-date net income as of June 30, 2019 was up 28.9% over the same period last year. We are growing our relationship management teams with top local talent and look forward to attracting more and more small to medium sized businesses throughout our service area with First Northern’s brand of banking. We are enthusiastically preparing for the grand opening of our 11th full-service branch at 2901 Sunrise Boulevard in Rancho Cordova. Tenant improvements are underway, and we expect to be moved in later this summer.”
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 for the earnings period ended March 31, 2019 (www.veribanc.com). The Bank can be found on the Web at 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 opening of a new branch office, 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.
