Latest news with #JeremiahZ.Smith
Globe and Mail
30-07-2025
- Business
- Globe and Mail
First Northern Community Bancorp Reports Second Quarter 2025 Net Income of $5.5 Million
First Northern Community Bancorp (the 'Company', OTCQX: FNRN), holding company for First Northern Bank ('First Northern' or the 'Bank'), today reported net income of $9.1 million, or $0.58 per diluted share, for the six months ended June 30, 2025, up 5.0% compared to net income of $8.7 million, or $0.54 per diluted share, for the six months ended June 30, 2024. 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 ( and ( For additional information, please visit 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
Business Wire
30-07-2025
- Business
- Business Wire
First Northern Community Bancorp Reports Second Quarter 2025 Net Income of $5.5 Million
DIXON, Calif.--(BUSINESS WIRE)--First Northern Community Bancorp (the 'Company', OTCQX: FNRN), holding company for First Northern Bank ('First Northern' or the 'Bank'), today reported net income of $9.1 million, or $0.58 per diluted share, for the six months ended June 30, 2025, up 5.0% compared to net income of $8.7 million, or $0.54 per diluted share, for the six months ended June 30, 2024. 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 Expand 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 % Expand 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 % Expand 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 % Expand 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: (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 ( and ( For additional information, please visit 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
Business Wire
30-04-2025
- Business
- Business Wire
First Northern Community Bancorp Reports First Quarter 2025 Net Income of $3.7 Million
BUSINESS WIRE)--First Northern Community Bancorp (the 'Company', OTCQX: FNRN), holding company for First Northern Bank ('First Northern' or the 'Bank'), today reported net income of $3.7 million, or $0.23 per diluted share, for the three months ended March 31, 2025, down 14.2% compared to net income of $4.3 million, or $0.26 per diluted share, for the three months ended March 31, 2024. Total assets as of March 31, 2025, were $1.88 billion, a decrease of $11.4 million, or 0.6%, compared to March 31, 2024. Total net loans (including loans held-for-sale) as of March 31, 2025, were $1.04 billion, a decrease of $6.1 million, or 0.6%, compared to total net loans (including loans held-for-sale) of $1.05 billion as of March 31, 2024. The decrease in net loans was primarily driven by net reductions in commercial real estate and agricultural loans, which were partially offset by growth in commercial loans. Total deposits as of March 31, 2025, were $1.67 billion, a decrease of $34.1 million, or 2.0%, compared to March 31, 2024. The Company continued to be 'well capitalized' under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2025. Commenting on the Company's first quarter financial results, First Northern Bank's President & Chief Executive Officer, Jeremiah Z. Smith, stated, 'First quarter results reported continued momentum in improving our net margin, which increased from 3.49% for the three months ended March 31, 2024, to 3.64% for the three months ended March 31, 2025, an improvement of 15 basis points, or 4.3%. This improvement was partially due to increased yields on our securities portfolio and disciplined pricing on our interest-bearing deposits, which, when combined with our high levels of non-interest-bearing deposits, continued to keep our cost of funds low. Our improvement in net margin was offset by an increase in loan loss provision due to a specific reserve of $2.8 million, which was recorded during the first quarter. This was partially offset by a decrease in total reserve required due to a decrease in calculated loss rates as of March 31, 2025. As a result, the Company recorded provision expense of $850,000 for the quarter compared to a release of provision of $300,000 for the same period last year.' Commenting further, President & CEO Smith stated: 'We remain committed to improving shareholder value, with stockholders' equity improving from $176.3 million on December 31, 2024, to $187.8 million on March 31, 2025 - an increase of $11.5 million, or 6.5% primarily due to net income of $3.7 million and a decrease in accumulated other comprehensive loss of $8.9 million. This growth in stockholders' equity contributed to an increase in book value per share, which rose from $11.06 at the end of 2024 to $11.81 at the end of the first quarter of 2025 - an increase of $0.75, or 6.8%.' On March 25, 2025, the Company paid a 5% stock dividend to all shareholders of record as of February 28, 2025. Per share data in this press release has been adjusted for this stock dividend. FIRST QUARTER HIGHLIGHTS (UNAUDITED) Performance and operating highlights for the Company for the periods noted below included the following: 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, except per share data) March 31, 2025 March 31, 2024 $ Change % Change Selected operating data: Net interest income $ 15,943 $ 15,362 $ 581 3.78 % Provision for (reversal of) credit losses 850 (300 ) 1,150 (383.33 )% Non-interest income 1,453 1,507 (54 ) (3.58 )% Non-interest expense 11,590 11,227 363 3.23 % Pre-tax income 4,956 5,942 (986 ) (16.59 )% Provision for income taxes 1,285 1,666 (381 ) (22.87 )% Net income $ 3,671 $ 4,276 $ (605 ) (14.15 )% Expand Balance Sheet Summary (Unaudited) (in thousands) March 31, 2025 December 31, 2024 $ Change % Change Selected financial condition data: Total assets $ 1,875,700 $ 1,891,722 $ (16,022) (0.85)% Cash and cash equivalents 111,717 119,448 (7,731) (6.47)% Total loans, net (including loans held-for-sale) 1,041,210 1,046,852 (5,642) (0.54)% Total investments 637,168 633,853 3,315 0.52% Total liabilities 1,687,895 1,715,390 (27,495) (1.60)% Total deposits 1,674,807 1,700,089 (25,282) (1.49)% Total shareholders' equity 187,805 176,332 11,473 6.51% Expand 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: 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 December 31, 2024 ( and ( For additional information, please visit 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
Yahoo
29-01-2025
- Business
- Yahoo
First Northern Community Bancorp Reports Year End 2024 Net Income of $20.0 Million
DIXON, Calif., January 30, 2025--(BUSINESS WIRE)--First Northern Community Bancorp (the "Company", OTCQX: FNRN), holding company for First Northern Bank ("First Northern" or the "Bank"), today reported 2024 annual net income of $20.0 million, or $1.24 per diluted share, a decrease of 7.5% when compared to net income of $21.6 million or $1.34 per diluted share for 2023. Net income for the year ended December 31, 2023 included the bargain purchase gain resulting from the Bank's acquisition of three branches. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the year ended December 31, 2023. Net income for the quarter ended December 31, 2024, was $5.8 million, or $0.37 per diluted share, down 15.1% compared to net income of $6.9 million, or $0.43 per diluted share, for the quarter ended December 31, 2023. The decrease in net income on a quarter-over-quarter basis was primarily driven by a reduction in reversal of provision for credit losses. There was a reversal of provision for credit losses of $450,000 for the quarter ended December 31, 2024, compared to a reversal of provision for credit losses of $2.0 million for the quarter ended December 31, 2023. The decline in reversal of provision for credit losses was due to the payoff of a non-performing agricultural loan relationship in the quarter ended December 31, 2023, which resulted in recoveries of previously charged-off principal totaling $2.6 million. This recovery was not repeated in the quarter ended December 31, 2024. Total assets as of December 31, 2024, were $1.89 billion, an increase of $19.9 million, or 1.1%, compared to December 31, 2023. Total deposits as of December 31, 2024, were $1.70 billion, an increase of $7.6 million, or 0.5%, compared to December 31, 2023. Total net loans (including loans held-for-sale) as of December 31, 2024, were $1.047 billion, a decrease of $5.6 million, or 0.5%, compared to total net loans (including loans held-for-sale) of $1.052 billion as of December 31, 2023. The decrease in net loans was primarily driven by net reductions in agricultural and residential construction loans, which was partially offset by growth in commercial loans. The Company continued to be "well capitalized" under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of December 31, 2024. Commenting on the Company's year-end 2024 financial results, First Northern Bank's President & Chief Executive Officer, Jeremiah Z. Smith, stated, "We are pleased to end the year with notable growth in interest income and a continued focus on disciplined cost management in an inflationary environment. Compared to 2023, total interest and dividend income increased by $4.5 million, or 6.1%, while total non-interest expenses decreased by $849,000, or 1.9%. Additionally, although total interest expense rose year-over-year due to the prevailing interest rate environment, our deposit costs were carefully managed. As a result, our total cost of funds remained low at just 0.84% for the year." Commenting further, President & CEO Smith stated: "We remain committed to improving shareholder value, with total stockholders' equity of $176.3 million at year-end 2024 - an increase of $17.1 million, or 10.7%, compared to $159.2 million at year-end 2023. This growth in stockholders' equity contributed to an increase in book value per share, which rose from $9.80 at the end of 2023 to $11.06 at the end of 2024 - an increase of $1.26, or 12.9%." The Company also reported that, at their regular meeting on January 23, 2025, the Board of Directors approved the payment of a 5% stock dividend payable March 25, 2025, to shareholders of record as of February 28, 2025. All income per share amounts have been adjusted to give retroactive effect to the stock dividend. FINANCIAL HIGHLIGHTS As of December 31, 2024 (Unaudited) (in thousands, except per share amounts) CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2024 ASSETS Cash and Cash Equivalents $ 119,448 Investment Securities 633,853 Total Loans (including loans held-for-sale) 1,046,852 Other Assets 91,569 Total Assets $ 1,891,722 LIABILITIES AND CAPITAL Total Deposits 1,700,089 Other Liabilities 15,301 Stockholders' Equity 176,332 Total Liabilities and Capital $ 1,891,722 CONDENSED CONSOLIDATED INCOME STATEMENT Twelve Months Ended December 31, 2024 Interest Income $ 78,652 Interest Expense 14,292 Net Interest Income 64,360 Reversal of Provision for Credit Losses (250 ) Net Interest Income after Reversal of Provision for Credit Losses 64,610 Non-interest Income 6,019 Non-interest Expense 42,789 Income before Provision for Income Taxes 27,840 Provision for Income Tax 7,806 Net Income $ 20,034 PER SHARE INFO AND FINANCIAL RETURN METRICS Book Value per Share $ 11.06 Basic Income per Share (Quarter-to-date) $ 0.37 Diluted Income per Share (Quarter-to-date) $ 0.37 Basic Income per Share (Year-to-date) $ 1.26 Diluted Income per Share (Year-to-date) $ 1.24 Consolidated ROAA (Year-to-date) 1.06 % Consolidated ROAE (Year-to-date) 11.95 % 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 June 30, 2024 ( and ( For additional information, please visit 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 strategic initiatives, 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, 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 View source version on Contacts Jeremiah Z. SmithPresident & Chief Executive OfficerFirst Northern Community Bancorp & First Northern BankP.O. Box 547Dixon, California(707) 678-3041 Sign in to access your portfolio
Associated Press
29-01-2025
- Business
- Associated Press
First Northern Community Bancorp Reports Year End 2024 Net Income of $20.0 Million
First Northern Community Bancorp (the 'Company', OTCQX: FNRN), holding company for First Northern Bank ('First Northern' or the 'Bank'), today reported 2024 annual net income of $20.0 million, or $1.24 per diluted share, a decrease of 7.5% when compared to net income of $21.6 million or $1.34 per diluted share for 2023. Net income for the year ended December 31, 2023 included the bargain purchase gain resulting from the Bank's acquisition of three branches. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the year ended December 31, 2023. Net income for the quarter ended December 31, 2024, was $5.8 million, or $0.37 per diluted share, down 15.1% compared to net income of $6.9 million, or $0.43 per diluted share, for the quarter ended December 31, 2023. The decrease in net income on a quarter-over-quarter basis was primarily driven by a reduction in reversal of provision for credit losses. There was a reversal of provision for credit losses of $450,000 for the quarter ended December 31, 2024, compared to a reversal of provision for credit losses of $2.0 million for the quarter ended December 31, 2023. The decline in reversal of provision for credit losses was due to the payoff of a non-performing agricultural loan relationship in the quarter ended December 31, 2023, which resulted in recoveries of previously charged-off principal totaling $2.6 million. This recovery was not repeated in the quarter ended December 31, 2024. Total assets as of December 31, 2024, were $1.89 billion, an increase of $19.9 million, or 1.1%, compared to December 31, 2023. Total deposits as of December 31, 2024, were $1.70 billion, an increase of $7.6 million, or 0.5%, compared to December 31, 2023. Total net loans (including loans held-for-sale) as of December 31, 2024, were $1.047 billion, a decrease of $5.6 million, or 0.5%, compared to total net loans (including loans held-for-sale) of $1.052 billion as of December 31, 2023. The decrease in net loans was primarily driven by net reductions in agricultural and residential construction loans, which was partially offset by growth in commercial loans. The Company continued to be 'well capitalized' under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of December 31, 2024. Commenting on the Company's year-end 2024 financial results, First Northern Bank's President & Chief Executive Officer, Jeremiah Z. Smith, stated, 'We are pleased to end the year with notable growth in interest income and a continued focus on disciplined cost management in an inflationary environment. Compared to 2023, total interest and dividend income increased by $4.5 million, or 6.1%, while total non-interest expenses decreased by $849,000, or 1.9%. Additionally, although total interest expense rose year-over-year due to the prevailing interest rate environment, our deposit costs were carefully managed. As a result, our total cost of funds remained low at just 0.84% for the year.' Commenting further, President & CEO Smith stated: 'We remain committed to improving shareholder value, with total stockholders' equity of $176.3 million at year-end 2024 - an increase of $17.1 million, or 10.7%, compared to $159.2 million at year-end 2023. This growth in stockholders' equity contributed to an increase in book value per share, which rose from $9.80 at the end of 2023 to $11.06 at the end of 2024 - an increase of $1.26, or 12.9%.' The Company also reported that, at their regular meeting on January 23, 2025, the Board of Directors approved the payment of a 5% stock dividend payable March 25, 2025, to shareholders of record as of February 28, 2025. All income per share amounts have been adjusted to give retroactive effect to the stock dividend. FINANCIAL HIGHLIGHTS As of December 31, 2024 (Unaudited) (in thousands, except per share amounts) CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2024 ASSETS Cash and Cash Equivalents $ 119,448 Investment Securities 633,853 Total Loans (including loans held-for-sale) 1,046,852 Other Assets 91,569 Total Assets $ 1,891,722 LIABILITIES AND CAPITAL Total Deposits 1,700,089 Other Liabilities 15,301 Stockholders' Equity 176,332 Total Liabilities and Capital $ 1,891,722 CONDENSED CONSOLIDATED INCOME STATEMENT Twelve Months Ended December 31, 2024 Interest Income $ 78,652 Interest Expense 14,292 Net Interest Income 64,360 Reversal of Provision for Credit Losses (250 ) Net Interest Income after Reversal of Provision for Credit Losses 64,610 Non-interest Income 6,019 Non-interest Expense 42,789 Income before Provision for Income Taxes 27,840 Provision for Income Tax 7,806 Net Income $ 20,034 PER SHARE INFO AND FINANCIAL RETURN METRICS Book Value per Share $ 11.06 Basic Income per Share (Quarter-to-date) $ 0.37 Diluted Income per Share (Quarter-to-date) $ 0.37 Basic Income per Share (Year-to-date) $ 1.26 Diluted Income per Share (Year-to-date) $ 1.24 Consolidated ROAA (Year-to-date) 1.06 % Consolidated ROAE (Year-to-date) 11.95 % 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 June 30, 2024 ( and ( For additional information, please visit 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 strategic initiatives, 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, 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 President & Chief Executive Officer First Northern Community Bancorp & First Northern Bank P.O. Box 547 Dixon, California (707) 678-3041 Copyright Business Wire 2025. PUB: 01/29/2025 08:09 PM/DISC: 01/29/2025 08:09 PM
