First Northern Community Bancorp Reports Second Quarter 2024 Net Income of $4.4 Million
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) ha riportato un utile netto di 4,4 milioni di dollari per il secondo trimestre 2024, ovvero 0,29 dollari per azione diluita, in calo del 3,1% rispetto a 4,6 milioni di dollari, o 0,30 dollari per azione diluita, nel secondo trimestre 2023. Per i sei mesi conclusi il 30 giugno 2024, l'utile netto è stato di 8,7 milioni di dollari, o 0,57 dollari per azione diluita, con una diminuzione del 13,5% rispetto a 10,1 milioni di dollari, o 0,66 dollari per azione diluita, per lo stesso periodo del 2023.
I principali fattori che hanno contribuito alla diminuzione anno su anno includono un significativo rimborso su un prestito agricolo in sofferenza e un guadagno da acquisto vantaggioso nel primo trimestre 2023. Il totale degli attivi è diminuito dell'1,3% a 1,89 miliardi di dollari, e i depositi totali sono scesi del 2,9% a 1,71 miliardi di dollari. Tuttavia, i prestiti netti sono aumentati del 3,0% a 1,05 miliardi di dollari grazie alla crescita nel settore immobiliare commerciale e nei mutui residenziali.
L'azienda rimane ben capitalizzata con un rapporto di capitale basato sul rischio superiore al 10%. Il CEO Jeremiah Smith ha sottolineato un miglioramento di 16 punti base nel margine di interesse netto e una riduzione dell'8,3% delle spese non legate agli interessi. Il valore contabile per azione è salito a 10,75 dollari, in aumento del 3,0% rispetto al 31 marzo 2024.
First Northern Community Bancorp (OTCQX: FNRN) reportó un ingreso neto de 4.4 millones de dólares para el segundo trimestre de 2024, o 0.29 dólares por acción diluida, una caída del 3.1% respecto a los 4.6 millones de dólares, o 0.30 dólares por acción diluida, en el segundo trimestre de 2023. Para los seis meses que finalizaron el 30 de junio de 2024, el ingreso neto fue de 8.7 millones de dólares, o 0.57 dólares por acción diluida, una disminución del 13.5% en comparación con los 10.1 millones de dólares, o 0.66 dólares por acción diluida, para el mismo período en 2023.
Los factores clave para la disminución interanual incluyen un pago sustancial de un préstamo agrícola no productivo y una ganancia de compra a precio de ganga en el primer trimestre de 2023. Los activos totales disminuyeron en un 1.3% a 1.89 mil millones de dólares, y los depósitos totales cayeron un 2.9% a 1.71 mil millones de dólares. Sin embargo, los préstamos netos aumentaron un 3.0% a 1.05 mil millones de dólares gracias al crecimiento en недвижимости comerciales y hipotecas residenciales.
La empresa sigue bien capitalizada, con un ratio de capital basado en riesgo superior al 10%. El CEO Jeremiah Smith destacó una mejora de 16 puntos básicos en el margen de interés neto y una reducción del 8.3% en los gastos no relacionados con intereses. El valor contable por acción aumentó a 10.75 dólares, un 3.0% más que a fecha del 31 de marzo de 2024.
퍼스트 노던 커뮤니티 뱅콥 (OTCQX: FNRN)는 2024년 2분기 순이익이 440만 달러로, 희석주당 0.29달러를 기록했다고 보고했습니다. 이는 2023년 2분기 460만 달러, 희석주당 0.30달러에 비해 3.1% 감소한 수치입니다. 2024년 6월 30일 종료된 6개월 동안의 순이익은 870만 달러, 희석주당 0.57달러로, 2023년 같은 기간의 1010만 달러, 희석주당 0.66달러에 비해 13.5% 감소했습니다.
전년 대비 감소의 주요 요인으로는 부실 농업 대출 상환액의 대폭 감소와 2023년 1분기의 저가 매수 이익이 포함됩니다. 총 자산은 1.3% 감소하여 18억 9천만 달러가 되었고, 총 예금은 2.9% 감소하여 17억 1천만 달러로 줄었습니다. 그러나 상업용 부동산 및 주택 모기지의 성장 덕분에 순대출은 3.0% 증가하여 10억 5천만 달러에 달했습니다.
회사는 위험 기반 자본 비율이 10%를 초과하여 자본이 건전하며, CEO 제레미아 스미스는 순이자 마진의 16bp 향상과 비이자 비용의 8.3% 감소를 강조했습니다. 주당 장부 가치는 10.75달러로, 2024년 3월 31일 대비 3.0% 증가했습니다.
First Northern Community Bancorp (OTCQX: FNRN) a annoncé un résultat net de 4,4 millions de dollars pour le deuxième trimestre 2024, soit 0,29 dollar par action diluée, en baisse de 3,1 % par rapport à 4,6 millions de dollars, ou 0,30 dollar par action diluée, au deuxième trimestre 2023. Pour les six mois clos le 30 juin 2024, le résultat net était de 8,7 millions de dollars, ou 0,57 dollar par action diluée, soit une baisse de 13,5 % par rapport à 10,1 millions de dollars, ou 0,66 dollar par action diluée, pour la même période en 2023.
Les principaux facteurs de cette baisse d'une année sur l'autre comprennent un remboursement substantiel sur un prêt agricole non performant et un gain d'achat à prix réduit au 1er trimestre 2023. Les actifs totaux ont diminué de 1,3 % pour atteindre 1,89 milliard de dollars, et les dépôts totaux ont chuté de 2,9 % pour atteindre 1,71 milliard de dollars. Cependant, les prêts nets ont augmenté de 3,0 % pour atteindre 1,05 milliard de dollars grâce à la croissance dans l'immobilier commercial et les hypothèques résidentielles.
L'entreprise reste bien capitalisée, avec un ratio de capital basé sur le risque supérieur à 10 %. Le PDG Jeremiah Smith a souligné une amélioration de 16 points de base du rendement net d'intérêts et une réduction de 8,3 % des charges non liées aux intérêts. La valeur comptable par action a augmenté à 10,75 dollars, en hausse de 3,0 % par rapport au 31 mars 2024.
First Northern Community Bancorp (OTCQX: FNRN) meldete ein Nettoergebnis von 4,4 Millionen Dollar für das 2. Quartal 2024, was 0,29 Dollar pro verwässerter Aktie entspricht und einen Rückgang von 3,1% im Vergleich zu 4,6 Millionen Dollar, oder 0,30 Dollar pro verwässerter Aktie, im 2. Quartal 2023 darstellt. Für die sechs Monate bis zum 30. Juni 2024 betrug der Gewinn 8,7 Millionen Dollar, oder 0,57 Dollar pro verwässerter Aktie, was einem Rückgang von 13,5% im Vergleich zu 10,1 Millionen Dollar oder 0,66 Dollar pro verwässerter Aktie im gleichen Zeitraum 2023 entspricht.
Wesentliche Faktoren für den Rückgang im Jahresvergleich sind eine signifikante Tilgung eines notleidenden Agrarkredits und ein Vorteil aus einem Schnäppchenkäufen im 1. Quartal 2023. Die Gesamtaktiva verringerten sich um 1,3% auf 1,89 Milliarden Dollar, während die Gesamteinlagen um 2,9% auf 1,71 Milliarden Dollar zurückgingen. Die Nettokredite stiegen jedoch um 3,0% auf 1,05 Milliarden Dollar, was auf das Wachstum im gewerblichen Immobilienbereich und bei Wohnhypotheken zurückzuführen ist.
Das Unternehmen bleibt gut kapitalisiert, mit einer risikobasierten Kapitalquote von über 10%. Der CEO Jeremiah Smith hob eine Verbesserung der Nettozinsspanne um 16 Basispunkte und eine Reduzierung der nichtzinstragenden Aufwendungen um 8,3% hervor. Der Buchwert pro Aktie stieg auf 10,75 Dollar und damit um 3,0% im Vergleich zum 31. März 2024.
- None.
- None.
Net income for the quarter ended June 30, 2024, was
Comparing our 2024 results to prior year, net income for the six months ended June 30, 2023, included a substantial paydown on a non-performing agricultural loan relationship, the recognition of a bargain purchase gain from our branch acquisition completed in the first quarter, as well as a substantial charge off that, when coupled with our strong quarterly loan growth, resulted in provision for loan loss of
Total assets as of June 30, 2024, were
The Company continued to be “well capitalized” under regulatory definitions, exceeding the
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 second quarter with our net interest margin improving from
CEO Smith further stated, “We continue to focus on improving our operating efficiency, resulting in a quarter-over-quarter decrease in total non-interest expenses of
FINANCIAL HIGHLIGHTS |
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As of June 30, 2024 (Unaudited) |
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(thousands) |
|||
CONDENSED CONSOLIDATED BALANCE SHEET |
|||
JUNE 30, 2024 |
|||
|
|||
ASSETS |
|||
Cash and Cash Equivalents |
$ |
181,783 |
|
Investment Securities |
|
561,074 |
|
Total Loans (including loans held-for-sale) |
|
1,049,415 |
|
Other Assets |
|
95,743 |
|
Total Assets |
$ |
1,888,015 |
|
|
|
|
|
LIABILITIES AND CAPITAL |
|
|
|
Total Deposits |
|
1,707,059 |
|
Other Liabilities |
|
15,229 |
|
Stockholders’ Equity |
|
165,727 |
|
Total Liabilities and Capital |
$ |
1,888,015 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED INCOME STATEMENT |
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Six Months Ended June 30, 2024 |
|||
|
|||
Interest Income |
$ |
38,073 |
|
Interest Expense |
|
(6,733 |
) |
Net Interest Income |
|
31,340 |
|
Provision for Credit Losses |
|
(750 |
) |
Non-interest Income |
|
2,991 |
|
Non-interest Expense |
|
(21,526 |
) |
Provision for Income Tax |
|
(3,355 |
) |
Net Income |
$ |
8,700 |
|
|
|
|
|
|
|
|
|
PER SHARE INFO AND FINANCIAL RETURN METRICS |
|||
Book Value per Share |
$ |
10.75 |
|
Basic Income per Share (Quarter-to-date) |
$ |
0.29 |
|
Diluted Income per Share (Quarter-to-date) |
$ |
0.29 |
|
Basic Income per Share (Year-to-date) |
$ |
0.57 |
|
Diluted Income per Share (Year-to-date) |
$ |
0.57 |
|
Consolidated ROAA (Year-to-date) |
|
0.94 |
% |
Consolidated ROAE (Year-to-date) |
|
10.72 |
% |
|
|
|
|
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in
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, assessment of economic conditions, and focus on improving operating efficiency and 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 www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729472471/en/
Jeremiah Z. Smith
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
(707) 678-3041
Source: First Northern Community Bancorp
FAQ
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