Welcome to our dedicated page for First Northern news (Ticker: FNRN), a resource for investors and traders seeking the latest updates and insights on First Northern stock.
Overview
First Northern Community Bank has been a steadfast part of its community since its establishment in 1910. With a dedication to personalized banking and an emphasis on superior personal service, the institution has consistently met the financial needs of its customers. As a full-service community bank, it offers a wide range of financial solutions which include commercial loans, real estate financing, personal banking, and specialized investment services. The bank not only provides traditional banking operations but also maintains specialized departments that focus on regional market demands.
Core Business Areas
At its core, First Northern excels in offering a diversified portfolio of financial products and services. The bank is structured around several key business areas designed to address both the everyday and specialized financial needs of its clientele:
- Commercial and Consumer Loans: The bank provides a spectrum of loan products including commercial, SBA, real estate, agribusiness, and consumer loans that cater to diverse market segments.
- Mortgage and Lending Services: With a dedicated office in Davis, First Northern offers robust mortgage lending services alongside other financing options tailored for homebuyers and real estate professionals.
- Investment and Brokerage Services: Operating from offices in Davis and Auburn, the bank extends an array of investment and brokerage solutions, emphasizing clarity, trust, and customer-centered advisory.
- Asset Management and Trust: In Sacramento, its asset management and trust department provides specialized services that help individuals and institutions manage their assets securely and efficiently.
Regional Footprint and Community Focus
First Northern Community Bank is deeply integrated within several counties including Solano, Yolo, Sacramento, Placer, and Contra Costa. Its regional presence underscores a targeted approach that is intrinsically linked to the local economic landscapes. By maintaining offices in strategic locations and emphasizing a commitment to reinvestment in local communities, the bank ensures that its financial solutions are closely aligned with the evolving needs of its customers.
Specialized Departments and Services
The bank differentiates itself with specialized departments that cater to niche financial requirements. The mortgage loan office in Davis is instrumental in addressing the real estate financing needs of both individuals and businesses. Meanwhile, the asset management and trust department in Sacramento and the investment & brokerage offices in Davis and Auburn showcase its expertise in non-FDIC insured investment products. This specialization empowers the bank to offer comprehensive financial planning and risk management solutions, ensuring that clients receive detailed guidance tailored to their unique situations.
Market Position and Value Proposition
Situated within a competitive landscape of community banks, First Northern distinguishes itself through a blend of historical legacy and modern financial practices. Its long-standing commitment to personalized service is reflected in every aspect of its operations—from customized loan products to specialized services in trust and asset management. Rather than relying on generic, one-size-fits-all solutions, the bank carefully curates its financial offerings to align with the distinct requirements of the communities it serves.
Service Philosophy and Operational Excellence
The operating philosophy of First Northern Community Bank revolves around a deep-rooted belief in community reinvestment and superior personal service. Whether dealing with business, professional, or personal banking needs, the institution places significant importance on building long-term relationships with its clients. This approach not only fosters trust but also ensures that clients have access to financial solutions that are both pragmatic and innovative.
Informative and Transparent Communication
Throughout its history, First Northern has underscored the importance of transparency and expert guidance. The bank’s approach to client communication is designed to demystify complex financial concepts and empower customers with the information needed to make informed decisions. This educational perspective is particularly valuable for clients navigating the intertwined realms of commercial and personal finance.
Conclusion
In summary, First Northern Community Bank is a comprehensive financial institution with deep community ties and a diversified business model. By combining traditional banking values with specialized financial services, the bank effectively addresses a wide array of needs, thereby remaining a critical component of the local economic landscape. Its balanced blend of personalized service, expertise in financial products, and a multifaceted operational structure cements its role as a trusted resource for individuals and businesses alike.
First Northern Community Bancorp (FNRN) reported 2024 annual net income of $20.0 million ($1.24 per diluted share), down 7.5% from $21.6 million in 2023. Q4 2024 net income was $5.8 million ($0.37 per diluted share), a 15.1% decrease from Q4 2023, primarily due to reduced reversal of credit loss provisions.
Total assets reached $1.89 billion (up 1.1% YoY), with deposits at $1.70 billion (up 0.5%) and net loans at $1.047 billion (down 0.5%). Interest income increased by $4.5 million (6.1%), while non-interest expenses decreased by $849,000 (1.9%). The company maintained a low total cost of funds at 0.84% for the year.
Stockholders' equity grew to $176.3 million, up 10.7% YoY, with book value per share increasing from $9.80 to $11.06. The Board approved a 5% stock dividend payable March 25, 2025.
First Northern Community Bancorp (OTCQX: FNRN) reported Q3 2024 net income of $5.5 million ($0.36 per diluted share), up 18.8% from Q3 2023. Nine-month net income was $14.2 million ($0.92 per diluted share), down 3.3% year-over-year. Total assets reached $1.93 billion, up 1.5% YoY. Total deposits decreased 0.8% to $1.73 billion, while net loans increased 0.5% to $1.042 billion. The company saw successful resolution of a non-performing loan, reducing nonaccrual loans by 41% to $4.0 million. Book value per share increased 10.9% to $11.92 compared to Q2 2024.
First Northern Community Bancorp (OTCQX: FNRN) reported a net income of $4.4 million for Q2 2024, or $0.29 per diluted share, down 3.1% from $4.6 million, or $0.30 per diluted share, in Q2 2023. For the six months ended June 30, 2024, net income was $8.7 million, or $0.57 per diluted share, a 13.5% decline compared to $10.1 million, or $0.66 per diluted share, for the same period in 2023.
Key factors for the year-over-year decline include a substantial paydown on a non-performing agricultural loan and a bargain purchase gain in Q1 2023. Total assets decreased by 1.3% to $1.89 billion, and total deposits fell by 2.9% to $1.71 billion. However, net loans increased by 3.0% to $1.05 billion due to growth in commercial real estate and residential mortgages.
The company remains well-capitalized with a risk-based capital ratio exceeding 10%. CEO Jeremiah Smith highlighted a 16 basis points improvement in the net interest margin and an 8.3% reduction in non-interest expenses. The book value per share rose to $10.75, up 3.0% from March 31, 2024.
First Northern Community Bancorp (OTCQX: FNRN), the holding company for First Northern Bank, has announced new leadership for its Board of Directors. Sean Quinn has been elected Chairman for a three-year term, and Rick Martinez has been elected Vice Chairman for a one-year term at the 2024 Organization Meeting. Combined, Quinn and Martinez bring over 20 years of directorship experience to their new roles.
Sean Quinn joined the Board in 2016 and will serve on several key committees, including Audit, Compensation, Loan, Nominating and Corporate Governance, and Profit Sharing. He has extensive experience, having served as the City Manager for Fairfield and holding various roles in economic development and business management.
Rick Martinez, who joined the Board in 2011 and was previously the Chairman from 2018 to 2022, has been re-elected as Vice Chairman. Martinez is a partner in Triad Farms and has over 30 years of experience in financial management for farming operations. He is involved in various agricultural and natural resource associations.
First Northern Community Bancorp reported a net income of $4.3 million for the first quarter of 2024, down 22.1% from the same period in 2023. Total assets decreased by 0.9%, while total deposits decreased by 2.4%. However, total net loans increased by 7.5%. The company remained well capitalized, exceeding the 10% total risk-based capital ratio threshold. The President & CEO highlighted growth in average loans and interest income, cost management, and shareholder value improvement.
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