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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 (OTC-PINK: FNRN) announced new leadership at its 2022 Organization Meeting. Patrick R. Brady was elected Chairman for a two-year term, while John M. Carbahal was elected Vice Chairman for one year. Both leaders have extensive experience with the bank, with Brady joining its Board in 2013 and Carbahal serving since 1996. Their governance roles center around enhancing financial management and corporate governance strategies, leveraging their prior experience in healthcare and accountancy.
Louise Walker has announced her retirement as CEO of First Northern Bank effective December 31, 2022, after 12 years in the role. Jeremiah Smith, the current Senior Executive Vice President, will succeed her as President and CEO starting January 1, 2023. Walker will remain on the boards of both the Company and the Bank. Smith has 19 years of experience with the Bank and is expected to uphold its mission of community engagement and personalized service. Chairman Richard Martinez expressed gratitude for Walker's leadership and optimism for Smith’s future direction.
First Northern Community Bancorp (OTC-PINK: FNRN) reported a net income of
First Northern Community Bancorp (FNRN) declared a 5% stock dividend, payable on March 25, 2022, to shareholders recorded by February 28, 2022. The company reported a net income of
First Northern Bank (OTCQB: FNRN) has joined the Alloy Labs Alliance, becoming the only California bank in the consortium aimed at revolutionizing community banking. This partnership introduces CHUCK™, an open payments network created in collaboration with Payrailz, allowing community banks to offer enhanced payment options for their customers. Louise Walker, President & CEO, emphasized the network's significance for peer-to-peer transactions and the competitive advantage it provides in the digital payment landscape. CHUCK™ is expected to launch in Q1 2022.
First Northern Community Bancorp (FNRN) reported a net income of
First Northern Bank (OTCQB: FNRN) announces the appointment of Jeremiah Smith as chair of the Greater Sacramento Economic Council’s new Community Reinvestment Coalition (CRC). This coalition aims to reinvest in low- to moderate-income communities, committing $100 million to tackle the affordable housing crisis in the Greater Sacramento region. Smith expressed the coalition's focus on enhancing affordable housing options through collaboration with local banks. The initiative highlights First Northern Bank's dedication to community investment.
First Northern Community Bancorp (OTCQB: FNRN) reported a net income of $6.5 million for the first half of 2021, marking a 20.4% increase from $5.4 million in 2020. For Q2 2021, net income reached $3.3 million, up from $2.7 million in the same quarter of 2020. Total assets rose to $1.83 billion, a 13.8% increase year-over-year, while total deposits grew by 15.6% to $1.66 billion. However, net loans declined 11.0% to $874.1 million, mainly due to loan payoffs under the SBA's PPP program. The Company remains well-capitalized.
The Board of Directors of First Northern Community Bancorp (FNRN) announced a stock repurchase program allowing buybacks of up to 4% of its outstanding shares, totaling 547,203 shares, beginning June 15, 2021, and ending June 14, 2023. With a closing price of $11.35 on June 2, 2021, this could represent approximately $6.2 million in repurchases. The program aims to enhance shareholder value, improve return on equity, and provide market liquidity. The Board confirmed that the buybacks will not adversely affect the company's capital.
First Northern Community Bancorp (OTCQB:FNRN) announced Patrick R. Brady's election as Vice Chairman for a one-year term during the Board's May 18, 2021 meeting. Richard M. Martinez's term as Chairman was also extended by a year. Together, they bring 18 years of experience on the Board. Brady, with a background in healthcare administration, has served since January 2013 and currently chairs the Compensation Committee. First Northern Bank, established in 1910, focuses on community banking and is rated as a '5-Star Superior' Bank by Bauer Financial.
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