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First Northern Community Bancorp (NASDAQ: FNRN), the parent company of First Northern Bank, is a full-service community bank with a rich history dating back to its establishment in 1910. Headquartered in California, the bank has maintained its commitment to personalized banking services and reinvestment in the communities it serves. Operating in Solano, Yolo, Sacramento, Placer, and Contra Costa counties, First Northern Bank has positioned itself as a trusted financial partner for individuals, businesses, and professionals in these regions.
Core Banking Services
First Northern Bank offers a comprehensive suite of traditional banking services tailored to meet the diverse needs of its customers. These include a wide range of deposit products, such as checking and savings accounts, as well as specialized lending solutions. The bank provides commercial, SBA, real estate, agribusiness, and consumer loans, catering to both personal and business financial requirements. Its dedication to superior customer service ensures that clients receive personalized attention and customized financial solutions.
Specialized Financial Services
In addition to its core banking operations, First Northern Bank offers a variety of specialized financial services. These include mortgage lending through its dedicated office in Davis and asset management and trust services based in Sacramento. The bank also provides investment and brokerage services through its offices in Davis and Auburn, offering a full array of non-FDIC-insured products. This diversification enables First Northern Bank to address the complex financial needs of its clients while maintaining its role as a community-focused institution.
Commitment to Community
First Northern Bank's longstanding commitment to community reinvestment is a cornerstone of its business model. By supporting local economic development and fostering relationships with businesses, professionals, and residents, the bank reinforces its role as a vital part of the communities it serves. Its regional focus allows it to understand and address the unique financial challenges and opportunities within its service areas.
Market Position and Differentiation
Operating in a competitive financial landscape, First Northern Bank differentiates itself through its personalized approach, deep community ties, and diverse service offerings. While larger banks and fintech companies may offer similar products, First Northern's emphasis on superior customer service and local expertise sets it apart. By combining traditional banking values with modern financial solutions, the bank continues to meet the evolving needs of its customers while staying true to its mission.
Strategic Infrastructure
First Northern Bank's infrastructure supports its ability to deliver high-quality financial services. Its mortgage loan office, asset management and trust department, and investment and brokerage services are strategically located to maximize accessibility and convenience for its clients. This physical presence, combined with its commitment to technological advancements, ensures that the bank remains a reliable and forward-thinking financial institution.
First Northern Bank exemplifies the enduring value of community banking, balancing tradition with innovation to serve its customers effectively. Its diverse range of services, strong regional presence, and unwavering commitment to personalized service make it a significant player in its market segment.
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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