Welcome to our dedicated page for First Northern news (Ticker: FNRN), a resource for investors and traders seeking the latest updates and insights on First Northern stock.
First Northern Community Bancorp (OTCQX: FNRN), the holding company for First Northern Bank, regularly releases detailed financial and corporate updates that are captured on this news page. As an independent community bank focused on relationship banking in Northern California, its announcements provide insight into lending activity, deposit trends, and performance metrics across its regional footprint.
Investors and observers can find earnings press releases that discuss quarterly and year-to-date net income, net interest income, net interest margin, efficiency ratio, and returns on average assets and equity. These updates also describe movements in total assets, loans, and deposits, as well as commentary on credit loss provisions or reversals and tax-related strategies that affect reported results.
Beyond earnings, First Northern Community Bancorp and First Northern Bank issue news about governance and leadership, such as board appointments and executive changes, including the hiring of key officers like the Chief Credit Officer and the retirement of long-serving executives. The bank’s communications also highlight developments in its branch network and franchise, including transactions to acquire additional branches in Northern California communities.
Because First Northern Bank emphasizes small business, commercial, real estate, and agribusiness lending, news items often reference trends in these loan categories and the bank’s role as an SBA Preferred Lender. Readers can use this page to follow how the company’s community banking model translates into financial performance and strategic actions over time. For ongoing context around FNRN, this news feed serves as a centralized view of the company’s public announcements and disclosures.
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 $3.0 million, or $0.22 per diluted share, for Q1 2022, a 4.3% decrease from Q1 2021. Total assets reached $1.87 billion, up $87.7 million (4.9%), while total deposits increased by $109.0 million (6.8%) to $1.72 billion. Net loans decreased by $76.4 million (8.0%) to $874.4 million, primarily due to loan payoffs. However, excluding PPP loans, net loan growth was $111.4 million (14.9%). The company remains well-capitalized and optimistic for 2022.
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 $14.2 million for 2021, a 16.7% increase from $12.2 million in 2020. Total assets grew to $1.90 billion, up 14.7%. Total deposits reached $1.73 billion, increasing 16.9%. However, net loans decreased by 3.5% due to payoffs from the PPP loans. The company remains well-capitalized with no provision for loan losses for Q4 2021.
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 $11.0 million for the nine months ending September 30, 2021, a 24.8% increase from $8.8 million in 2020. For Q3 2021, net income reached $4.5 million, up 31.7% year-over-year. Total assets increased to $1.92 billion, while total deposits rose to $1.75 billion. However, total net loans decreased by $144.9 million, mainly due to loan payoffs under the PPP. The company remains categorized as “well capitalized” under regulatory standards.
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.
First Northern Community Bancorp (OTCQB: FNRN) reported a net income of $3.2 million, or $0.23 per diluted share, for Q1 2021, marking an 18.6% increase from the previous year. Total assets rose to $1.78 billion, with total deposits increasing by 36.0% to $1.61 billion. Loan growth was driven by the SBA’s Paycheck Protection Program, totaling $202.6 million. Non-interest income also saw a 38.9% increase to $2.29 million. The company remains well capitalized, exceeding 10% in total risk-based capital ratio.