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First Northern Community Bancorp Reports 2nd Quarter 2022 Earnings
Net Loan Growth, Excluding PPP Loans, was Up 24.3% Year Over Year DIXON, Calif.--(BUSINESS WIRE)-- First Northern Community Bancorp (the “Company”, OTCQB:
About this update from First Northern Community Bancorp
[{"type":"text","content":"\nNet Loan Growth, Excluding PPP Loans, was Up 24.3% Year Over Year\n\n DIXON, Calif.--(BUSINESS WIRE)--\nFirst Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $6.6 million, or $0.48 per diluted share, for the six months ended June 30, 2022, up 1.6% compared to net income of $6.5 million, or $0.45 per diluted share, for the six months ended June 30, 2021.\n\nNet income for the quarter ended June 30, 2022 was $3.5 million, or $0.26 per diluted share, up 7.3% compared to net income of $3.3 million, or $0.23 per diluted share, for the quarter ended June 30, 2021.\n\nTotal assets as of June 30, 2022 were $1.90 billion, an increase of $62.2 million, or 3.4%, compared to June 30, 2021. Total deposits as of June 30, 2022 were $1.75 billion, an increase of $88.0 million, or 5.3%, compared to June 30, 2021. Total net loans (including loans totaling $1.5 million made under the SBA’s Paycheck Protection Program (PPP)) as of June 30, 2022 were $931.9 million, an increase of $57.8 million, or 6.6%, compared to total net loans (including loans held-for-sale and loans totaling $125.6 million made under the SBA’s PPP) of $874.1 million as of June 30, 2021. The increase in net loans was primarily driven by originations of commercial real estate and agriculture loans, which was partially offset by payoffs and the forgiveness and SBA reimbursement on loans made under the SBA’s PPP.\n\nExcluding PPP loans, net loan growth as of June 30, 2022 was $181.9 million, or 24.3%, compared to June 30, 2021.1 The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2022.\n\nCommenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We delivered exceptional results this quarter, driven by continued execution of our strategic initiatives and double-digit loan growth (excluding PPP loans). Additionally, we saw net interest income expansion, deposit growth, and a 35% decrease in non-performing assets compared to the same period a year ago. We are also proud to share that First Northern Bank was ranked #192 in the nation in American Bankers 2022 Top 200 Community Banks.”\n\nAbout First Northern Bank\n\nFirst Norther...