First Northern Community Bancorp Reports Second Quarter 2025 Net Income of $5.5 Million
Net income for the quarter ended June 30, 2025, was $5.5 million, or $0.35 per diluted share, up 23.6% compared to net income of $4.4 million, or $0.27 per diluted share, for the quarter ended June 30, 2024.
Total assets as of June 30, 2025, were $1.87 billion, a decrease of $16.0 million, or 0.9%, compared to June 30, 2024. Total net loans (including loans held-for-sale) as of June 30, 2025, were $1.06 billion, an increase of $14.1 million, or 1.3%, compared to total net loans (including loans held-for-sale) of $1.05 billion as of June 30, 2024. The increase in net loans was primarily driven by growth in commercial loans, which was partially offset by net reductions in commercial real estate, agricultural, and residential mortgage loans. Total deposits as of June 30, 2025, were $1.66 billion, a decrease of $43.8 million, or 2.6%, compared to June 30, 2024.
The Company continued to be 'well capitalized' under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2025.
Commenting on the Company's second quarter financial results, First Northern Bank's President & Chief Executive Officer, Jeremiah Z. Smith, stated, 'We are pleased to report strong second quarter results, with net income increasing by 23.6% compared to the same quarter last year. Our net margin expanded to 3.85%, an increase of 19 basis points from 3.66%, driving a $1.0 million, or 6.1%, increase in net interest income when compared to the year prior. This improvement was due to higher yields on our loan and securities portfolios, along with disciplined deposit pricing that kept interest-bearing liability costs nearly flat during the quarter. We recorded no provision for credit losses in the quarter, due to the release of a $2.8 million specific reserve initially recorded during the first quarter of 2025. The release of specific provision was offset by an increase in pooled and unfunded reserves tied to loan growth and changes in economic forecasts.'
Commenting further, President & CEO Smith stated: 'We remain committed to improving shareholder value. During the first two quarters of the year, we repurchased 215,883 shares for total consideration of $2.2 million. Shareholders' equity improved from $187.8 million on March 31, 2025, to $194.9 million on June 30, 2025 - an increase of $7.1 million, or 3.8%, primarily driven by net income of $5.5 million and a $2.3 million improvement in accumulated other comprehensive loss for the quarter. As a result, book value per share increased $0.51 to $12.32 as of June 30, 2025, up 4.3% compared to March 31, 2025.'
Performance and operating highlights for the Company for the periods noted below included the following:
Three months ended
(in thousands, except per share and share data)
June 30,
2025
March 31,
2025
June 30,
2024
Return on average assets ('ROAA') (annualized)
1.18
%
0.79
%
0.95
%
Return on average equity ('ROAE') (annualized)
11.67
%
8.23
%
10.87
%
Pre-tax income
$
7,597
$
4,956
$
6,113
Net income
$
5,466
$
3,671
$
4,424
Net interest margin (annualized)
3.85
%
3.64
%
3.66
%
Cost of funds (annualized)
0.88
%
0.86
%
0.84
%
Efficiency ratio
58.91
%
66.62
%
58.98
%
Basic earnings per common share
$
0.35
$
0.23
$
0.28
Diluted earnings per common share
$
0.35
$
0.23
$
0.27
Weighted average basic common shares outstanding
15,606,764
15,650,176
15,949,825
Weighted average diluted common shares outstanding
15,811,754
15,879,822
16,149,929
Shares outstanding at end of period
15,818,328
15,897,929
16,178,149
Summary Results (Unaudited)
The following is a summary of the components of the Company's operating results for the periods indicated:
Three months ended
(in thousands)
June 30,
2025
March 31,
2025
$ Change
% Change
Selected operating data:
Net interest income
$
16,953
$
15,943
$
1,010
6.34
%
Provision for credit losses
—
850
(850
)
(100.00
)%
Non-interest income
1,537
1,453
84
5.78
%
Non-interest expense
10,893
11,590
(697
)
(6.01
)%
Pre-tax income
7,597
4,956
2,641
53.29
%
Provision for income taxes
2,131
1,285
846
65.84
%
Net income
$
5,466
$
3,671
$
1,795
48.90
%
Three months ended
(in thousands)
June 30,
2025
June 30,
2024
$ Change
% Change
Selected operating data:
Net interest income
$
16,953
$
15,978
$
975
6.10
%
Provision for credit losses
—
1,050
(1,050
)
(100.00
)%
Non-interest income
1,537
1,484
53
3.57
%
Non-interest expense
10,893
10,299
594
5.77
%
Pre-tax income
7,597
6,113
1,484
24.28
%
Provision for income taxes
2,131
1,689
442
26.17
%
Net income
$
5,466
$
4,424
$
1,042
23.55
%
Balance Sheet Summary (Unaudited)
(in thousands)
June 30,
2025
December 31,
2024
$ Change
% Change
Selected financial condition data:
Total assets
$
1,871,990
$
1,891,722
$
(19,732
)
(1.04
)%
Cash and cash equivalents
126,851
119,448
7,403
6.20
%
Total loans, net (including loans held-for-sale)
1,063,458
1,046,852
16,606
1.59
%
Total investments
593,550
633,853
(40,303
)
(6.36
)%
Total liabilities
1,677,105
1,715,390
(38,285
)
(2.23
)%
Total deposits
1,663,277
1,700,089
(36,812
)
(2.17
)%
Total shareholders' equity
194,885
176,332
18,553
10.52
%
Net Interest Income and Net Interest Margin (Unaudited)
The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:
Three months ended
June 30, 2025
March 31, 2025
June 30, 2024
Assets
Interest-earning assets:
Certificates of deposit
15,112
157
4.17
%
15,868
161
4.11
%
17,081
171
4.03
%
Interest-bearing due from
Banks
85,828
1,010
4.72
%
70,468
727
4.18
%
130,963
1,913
5.87
%
Investment securities,
Taxable
560,021
4,137
2.96
%
587,332
4,348
3.00
%
519,789
3,088
2.39
%
Investment securities,
non-taxable
49,497
391
3.17
%
50,403
393
3.16
%
38,055
261
2.76
%
Other interest-earning
assets
10,808
250
9.28
%
10,518
272
10.49
%
10,518
267
10.21
%
Total average interest-
earning assets
1,765,847
20,574
4.67
%
1,777,148
19,503
4.45
%
1,757,508
19,530
4.47
%
Non-interest-earning assets:
Cash and due from banks
30,777
34,338
39,630
Premises & equipment, net
7,866
9,145
9,642
Interest receivable and other assets
53,556
52,755
59,523
Total average assets
$
1,858,046
$
1,873,386
$
1,866,303
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing transaction
deposits
$
383,761
693
0.72
%
$
385,953
$
691
0.73
%
$
371,657
622
0.67
%
Savings and MMDA's
447,276
1,602
1.44
%
451,198
1,550
1.39
%
425,601
1,272
1.20
%
Time, $250,000 and under
88,024
889
4.05
%
99,503
973
3.97
%
123,303
1,356
4.42
%
Time, over $250,000
51,942
362
2.80
%
44,028
346
3.19
%
34,605
302
3.51
%
FHLB advances
6,593
75
4.56
%
—
—
—
—
—
—
Non-interest-bearing
liabilities:
Non-interest-bearing
demand deposits
679,144
697,972
732,153
Interest payable and
other liabilities
13,505
13,919
15,737
Total average liabilities
1,670,245
1,692,573
1,703,056
Total average stockholders'
equity
187,801
180,813
163,247
Total average liabilities and
stockholders' equity
$
1,858,046
$
1,873,386
$
1,866,303
Net interest income and net
interest margin
$
16,953
3.85
%
$
15,943
3.64
%
$
15,978
3.66
%
(1) For disclosure purposes, yield/rates are annualized by dividing the number of days in the reported period by 365.
About First Northern Bank
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, Colusa, and Glenn 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. Real estate mortgage and small-business loan officers are available by appointment at any of the Bank's 14 branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. Non-FDIC insured Investment and Brokerage Services are also available at every branch location. First Northern Bank is rated as a Veribanc 'Green-3 Star Blue Ribbon' Bank and a '5-Star Superior' Bank by Bauer Financial for the earnings period ended March 31, 2025 ( www.veribanc.com) and ( www.bauerfinancial.com). For additional information, please visit thatsmybank.com or call (707) 678-7742. Member FDIC. Equal Housing Lender.
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 the Company's performance and focus on improving shareholder value, 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, trade, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company's 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.
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