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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 Community Bancorp ha riportato un reddito netto di 4,3 milioni di dollari per il primo trimestre del 2024, in calo del 22,1% rispetto allo stesso periodo del 2023. Gli attivi totali sono diminuiti dello 0,9%, mentre i depositi totali si sono ridotti del 2,4%. Tuttavia, i prestiti netti totali sono aumentati del 7,5%. La società è rimasta ben capitalizzata, superando la soglia del rapporto di capitale basato sul rischio totale del 10%. Il Presidente e CEO ha evidenziato la crescita nei prestiti medi e nei redditi da interessi, la gestione dei costi e il miglioramento del valore per gli azionisti.
First Northern Community Bancorp reportó ingresos netos de 4,3 millones de dólares para el primer trimestre de 2024, una disminución del 22,1% en comparación con el mismo periodo de 2023. Los activos totales disminuyeron en un 0,9%, mientras que los depósitos totales decrecieron en un 2,4%. Sin embargo, los préstamos netos totales aumentaron en un 7,5%. La compañía se mantuvo bien capitalizada, superando el umbral del ratio de capital de riesgo total del 10%. El Presidente y CEO resaltó el crecimiento en préstamos promedio e ingresos por intereses, la gestión de costes y la mejora del valor para los accionistas.
First Northern Community Bancorp는 2024년 첫 분기에 430만 달러의 순이익을 보고했으며, 이는 2023년 같은 기간보다 22.1% 감소한 수치입니다. 총 자산은 0.9% 감소했고, 총 예금은 2.4% 감소했습니다. 그러나 총 순대출은 7.5% 증가했습니다. 회사는 총 위험기준 자본비율 10%의 기준을 초과하여 잘 자본화되어 있습니다. 대표이사 겸 CEO는 평균 대출 증가와 이자 소득, 비용 관리, 주주 가치 개선을 강조했습니다.
First Northern Community Bancorp a déclaré un bénéfice net de 4,3 millions de dollars pour le premier trimestre de 2024, en baisse de 22,1% par rapport à la même période en 2023. L'actif total a diminué de 0,9%, tandis que les dépôts totaux ont diminué de 2,4%. Cependant, les prêts nets totaux ont augmenté de 7,5%. L'entreprise est restée bien capitalisée, dépassant le seuil de ratio de capital basé sur le risque total de 10%. Le président-directeur général a souligné la croissance des prêts moyens et des revenus d'intérêts, la gestion des coûts et l'amélioration de la valeur pour les actionnaires.
First Northern Community Bancorp verzeichnete im ersten Quartal 2024 einen Nettoertrag von 4,3 Millionen Dollar, was einem Rückgang von 22,1% gegenüber dem gleichen Zeitraum in 2023 entspricht. Die Gesamtaktiva verringerten sich um 0,9%, während die Gesamteinlagen um 2,4% sanken. Die Gesamtnettokredite stiegen jedoch um 7,5%. Das Unternehmen blieb gut kapitalisiert und überschritt die Schwelle von 10% für die gesamtrisikobasierte Kapitalquote. Der Präsident und CEO hob das Wachstum bei durchschnittlichen Krediten und Zinserträgen, Kostenmanagement und die Verbesserung des Aktionärswerts hervor.
Positive
Net income of $4.3 million for the first quarter of 2024.
Total net loans increased by 7.5%.
Remained well capitalized, exceeding the 10% total risk-based capital ratio threshold.
Growth in average loans and interest income.
Cost management resulted in a decrease in total non-interest expenses.
Negative
Net income down 22.1% compared to the same period in 2023.
Total assets decreased by 0.9%.
Total deposits decreased by 2.4%.
DIXON, Calif.--(BUSINESS WIRE)--
FirstNorthern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $4.3 million, or $0.28 per diluted share, for the three months ended March 31, 2024, down 22.1% compared to net income of $5.5 million, or $0.36 per diluted share, for the three months ended March 31, 2023.
Net income for the three months ended March 31, 2023, included the bargain purchase gain resulting from our acquisition of three branches completed in the first quarter of 2023. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the three months ended March 31, 2023, or $0.07 per share.
Total assets as of March 31, 2024, were $1.89 billion, a decrease of $16.2 million, or 0.9%, compared to March 31, 2023. Total deposits as of March 31, 2024, were $1.71 billion, a decrease of $42.2 million, or 2.4%, compared to March 31, 2023. Total net loans (including loans held-for-sale) as of March 31, 2024, were $1.05 billion, an increase of $72.7 million, or 7.5%, compared to total net loans (including loans held-for-sale) of $974.6 million as of March 31, 2023. The increase in net loans was primarily driven by growth in commercial real estate, residential mortgage and commercial loans partially offset by net reductions in agricultural loans.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2024.
Commenting on the Company’s financial results, First Northern’s President & Chief Executive Officer Jeremiah Smith stated, “We are pleased with our performance in the first quarter with average loans increasing by 8.8% which drove an increase in interest income on loans of 18.4% compared to the same period last year. We continued to effectively manage our overall cost of deposits with 44% of our quarterly average funding derived from non-interest-bearing transaction accounts enabling the Company to keep our cost of funds at a remarkably low 0.76% for the quarter. Our focus on improving operating efficiency continues, resulting in a year-over-year decrease in total non-interest expenses, despite an inflationary environment, primarily attributed to a 2.0% decline in salaries and benefits expense compared to the same period in 2023. We remain committed to improving shareholder value, and as of March 31, 2024, our book value per share rose to $10.44, largely due to earnings retention.”
On March 25, 2024, the Company paid a 5% stock dividend to all shareholders of record as of February 29, 2024. (Per share data in this press release has been adjusted for this stock dividend.)
FINANCIAL HIGHLIGHTS As of March 31, 2024 (Unaudited) (thousands)
ASSETS
Cash and Cash Equivalents
$
186,909
Investment Securities
558,441
Total Loans (including loans held-for-sale)
1,047,296
Other Assets
94,478
Total Assets
1,887,124
LIABILITIES AND CAPITAL
Total Deposits
1,708,872
Other Liabilities
15,903
Stockholders’ Equity
162,349
Total Liabilities and Capital
1,887,124
CONSOLIDATED INCOME STATEMENT (YTD)
Interest Income
18,543
Interest Expense
(3,181
)
Net Interest Income
15,362
Recapture of Provision for Credit Losses
300
Non-interest Income
1,507
Non-interest Expense
(11,227
)
Provision for Income Tax
(1,666
)
Net Income
4,276
OTHER
Book Value per Share
10.44
Basic Income per Share (Year-to-date)
0.28
Diluted Income per Share (Year-to-date)
0.28
Consolidated ROAA (Year-to-date)
0.92
%
Consolidated ROAE (Year-to-date)
10.69
%
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, Glenn, and Contra Costa 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. The Bank also has a commercial lending office in Walnut Creek. 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” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended December 31, 2023 (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 aboutthe Company’s performance and strategic initiative, 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 www.sec.gov.
Jeremiah Z. Smith
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California (707) 678-3041
Source: First Northern Community Bancorp
FAQ
What was First Northern Community Bancorp's net income for the first quarter of 2024?
First Northern Community Bancorp reported a net income of $4.3 million for the first quarter of 2024.
How did the net income for the first quarter of 2024 compare to the same period in 2023?
The net income for the first quarter of 2024 was down 22.1% compared to the same period in 2023.
What was the total assets decrease from March 31, 2023, to March 31, 2024?
Total assets decreased by 0.9% from March 31, 2023, to March 31, 2024.
What was the total deposits decrease from March 31, 2023, to March 31, 2024?
Total deposits decreased by 2.4% from March 31, 2023, to March 31, 2024.
Did First Northern Community Bancorp remain well capitalized as of March 31, 2024?
Yes, the company remained well capitalized, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2024.
