First Northern Community Bancorp Reports Third Quarter 2024 Net Income of $5.5 Million
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) ha riportato un utile netto di $5.5 milioni nel terzo trimestre del 2024 ($0.36 per azione diluita), in aumento del 18.8% rispetto al terzo trimestre del 2023. L'utile netto nei nove mesi è stato di $14.2 milioni ($0.92 per azione diluita), in diminuzione del 3.3% rispetto all'anno precedente. Il totale degli attivi ha raggiunto $1.93 miliardi, con un aumento dell'1.5% su base annua. I depositi totali sono diminuiti dello 0.8% a $1.73 miliardi, mentre i prestiti netti sono aumentati dello 0.5% a $1.042 miliardi. L'azienda ha visto la risoluzione con successo di un prestito non performante, riducendo i prestiti non in attesa di pagamento del 41% a $4.0 milioni. Il valore contabile per azione è aumentato del 10.9% a $11.92 rispetto al secondo trimestre del 2024.
First Northern Community Bancorp (OTCQX: FNRN) reportó un ingreso neto del tercer trimestre de 2024 de $5.5 millones ($0.36 por acción diluida), un aumento del 18.8% con respecto al tercer trimestre de 2023. El ingreso neto en nueve meses fue $14.2 millones ($0.92 por acción diluida), una disminución del 3.3% en comparación con el año anterior. Los activos totales alcanzaron $1.93 mil millones, un aumento del 1.5% interanual. Los depósitos totales disminuyeron un 0.8% a $1.73 mil millones, mientras que los préstamos netos aumentaron un 0.5% a $1.042 mil millones. La compañía logró la resolución exitosa de un préstamo en default, reduciendo los préstamos no devengados en un 41% a $4.0 millones. El valor contable por acción aumentó un 10.9% a $11.92 en comparación con el segundo trimestre de 2024.
퍼스트 노던 커뮤니티 뱅크(OTCQX: FNRN)는 2024년 3분기 순이익이 $5.5백만 ($0.36 희석 주당)에 달했다고 보고했습니다. 이는 2023년 3분기 대비 18.8% 증가한 것입니다. 9개월간 순이익은 $14.2백만 ($0.92 희석 주당)으로, 전년 대비 3.3% 감소했습니다. 총 자산은 $1.93십억으로, 전년 대비 1.5% 증가했습니다. 총 예금은 0.8% 감소하여 $1.73십억에 달했으며, 순 대출은 0.5% 증가하여 $1.042십억에 이르렀습니다. 회사는 비수익 대출의 성공적인 해결을 보았고, 이는 연체 대출을 41% 줄여 $4.0백만으로 감소시켰습니다. 주당 장부 가치는 2024년 2분기 대비 10.9% 증가하여 $11.92에 도달했습니다.
First Northern Community Bancorp (OTCQX: FNRN) a annoncé un revenu net de $5.5 millions pour le troisième trimestre 2024 ($0.36 par action diluée), soit une augmentation de 18.8% par rapport au troisième trimestre 2023. Le revenu net pour les neuf mois était de $14.2 millions ($0.92 par action diluée), en baisse de 3.3% par rapport à l'année précédente. Les actifs totaux ont atteint $1.93 milliards, en hausse de 1.5% par rapport à l'année précédente. Les dépôts totaux ont diminué de 0.8% à $1.73 milliards, tandis que les prêts nets ont augmenté de 0.5% à $1.042 milliards. L'entreprise a réussi à résoudre un prêt non performante, réduisant les prêts non échus de 41% à $4.0 millions. La valeur comptable par action a augmenté de 10.9% à $11.92 par rapport au deuxième trimestre 2024.
First Northern Community Bancorp (OTCQX: FNRN) berichtete von einem Nettoeinkommen von $5.5 Millionen im dritten Quartal 2024 ($0.36 pro verwässerter Aktie), was einem Anstieg von 18.8% im Vergleich zum dritten Quartal 2023 entspricht. Das Nettoergebnis für die neun Monate betrug $14.2 Millionen ($0.92 pro verwässerter Aktie), was einem Rückgang von 3.3% im Vergleich zum Vorjahr entspricht. Die Gesamtaktiva beliefen sich auf $1.93 Milliarden, ein Anstieg von 1.5% im Jahresvergleich. Die Gesamteinlagen sanken um 0.8% auf $1.73 Milliarden, während die Nettokredite um 0.5% auf $1.042 Milliarden anstiegen. Das Unternehmen konnte einen notleidenden Kredit erfolgreich lösen und reduzierte die nicht fälligen Kredite um 41% auf $4.0 Millionen. Der Buchwert pro Aktie stieg um 10.9% auf $11.92 im Vergleich zum zweiten Quartal 2024.
- Q3 net income increased 18.8% YoY to $5.5 million
- Total assets grew 1.5% YoY to $1.93 billion
- Book value per share rose 10.9% QoQ to $11.92
- Nonaccrual loans decreased 41% to $4.0 million
- Company maintains 'well capitalized' status with >10% risk-based capital ratio
- Nine-month net income declined 3.3% YoY to $14.2 million
- Total deposits decreased 0.8% YoY to $1.73 billion
Net income for the quarter ended September 30, 2024, was
Total assets as of September 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 during the third quarter with deposit growth of
CEO Smith further stated, “In addition, we saw successful resolution and full collection of a non-performing loan relationship during the third quarter. This resolution drove a decrease in nonaccrual loans, decreasing from
FINANCIAL HIGHLIGHTS As of September 30, 2024 (Unaudited) (thousands) |
|||
CONDENSED CONSOLIDATED BALANCE SHEET September 30, 2024
ASSETS |
|
||
Cash and Cash Equivalents |
$ |
163,918 |
|
Investment Securities |
|
632,404 |
|
Total Loans (including loans held-for-sale) |
|
1,042,304 |
|
Other Assets |
|
92,064 |
|
Total Assets |
$ |
1,930,690 |
|
|
|
|
|
LIABILITIES AND CAPITAL |
|
|
|
Total Deposits |
|
1,732,042 |
|
Other Liabilities |
|
16,651 |
|
Stockholders’ Equity |
|
181,997 |
|
Total Liabilities and Capital |
$ |
1,930,690 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED INCOME STATEMENT Nine Months Ended September 30, 2024
|
|
||
Interest Income |
$ |
58,367 |
|
Interest Expense |
|
(10,531) |
|
Net Interest Income |
|
47,836 |
|
Provision for Credit Losses |
|
200 |
|
Net Interest Income after Provision for Credit Losses |
|
47,636 |
|
Non-interest Income |
|
4,529 |
|
Non-interest Expense |
|
(32,460) |
|
Income before Provision for Income Taxes |
|
19,705 |
|
Provision for Income Tax |
|
(5,517) |
|
Net Income |
$ |
14,188 |
|
|
|
|
|
PER SHARE INFO AND FINANCIAL RETURN METRICS |
|
||
Book Value per Share |
$ |
11.92 |
|
Basic Income per Share (Quarter-to-date) |
$ |
0.36 |
|
Diluted Income per Share (Quarter-to-date) |
$ |
0.36 |
|
Basic Income per Share (Year-to-date) |
$ |
0.93 |
|
Diluted Income per Share (Year-to-date) |
$ |
0.92 |
|
Consolidated ROAA (Year-to-date) |
|
1.01 |
% |
Consolidated ROAE (Year-to-date) |
|
11.50 |
% |
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, and focus on improving 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/20241029549750/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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