FIRST NTHN COMMUNTY BNCRP - FNRN STOCK NEWS

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.

First Northern Bank promotes Libby Feyh to Chief Human Resources Officer, recognizing her 25 years of HR leadership experience and commitment to employee development and well-being.

First Northern Bank (FNRN) appoints Brett Hamilton as Executive Vice President and Chief Credit Officer, bringing over 25 years of banking experience to oversee credit risk strategies and portfolio management.

First Northern Community Bancorp (FNRN) announces a stock repurchase program for its outstanding common stock, allowing for up to 6% of shares to be repurchased. The program starts on May 1, 2024, and will last until April 30, 2026, with approximately $8.4M in consideration if all eligible shares are repurchased.

First Northern Community Bancorp (FNRN) reported a 35.7% increase in annual net income to $21.6 million, or $1.41 per diluted share, for 2023 compared to the previous year. The company also declared a 5% stock dividend and announced a record net interest income of $66.5 million. Total assets increased to $1.87 billion, while total deposits decreased to $1.69 billion. The company's net loans grew to $1.1 billion, primarily driven by growth in commercial real estate and residential mortgage loans. The Board of Directors approved the stock dividend payable on March 25, 2024.

First Northern Community Bancorp (FNRN) intends to upgrade its stock trading platform from the OTCQB Venture Market to the OTCQX Best Market.

T. 'Joe' Danelson, the Executive Vice President/Chief Credit Officer of First Northern Bank, is retiring effective March 31, 2024. During his tenure, he played a crucial role in growing the company's total loans from $540 million to over $1 billion. The bank has engaged McDermott & Bull for an executive search to fill the vacant position.