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First Northern Community Bancorp Reports Second Quarter 2024 Net Income of $4.4 Million
DIXON, Calif.--(BUSINESS WIRE)-- First Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or
About this update from First Northern Community Bancorp
[{"type":"text","content":" DIXON, Calif.--(BUSINESS WIRE)--\nFirst Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $8.7 million, or $0.57 per diluted share, for the six months ended June 30, 2024, down 13.5% compared to net income of $10.1 million, or $0.66 per diluted share, for the six months ended June 30, 2023.\n\n\nNet income for the quarter ended June 30, 2024, was $4.4 million, or $0.29 per diluted share, down 3.1% compared to net income of $4.6 million, or $0.30 per diluted share, for the quarter ended June 30, 2023.\n\n\nComparing 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 $2.6M for the quarter to replenish our allowance for credit losses. On a combined basis these items contributed an additional $0.8 million to pre-tax income for the six months ended June 30, 2023, and reduced pre-tax income by $0.6 million for the three months ended June 30, 2023.\n\n\nTotal assets as of June 30, 2024, were $1.89 billion, a decrease of $25.5 million, or 1.3%, compared to June 30, 2023. Total deposits as of June 30, 2024, were $1.71 billion, a decrease of $51.6 million, or 2.9%, compared to June 30, 2023. Total net loans (including loans held-for-sale) as of June 30, 2024, were $1.05 billion, an increase of $30.7 million, or 3.0%, compared to total net loans (including loans held-for-sale) of $1.02 billion as of June 30, 2023. The increase in net loans was primarily driven by growth in commercial real estate, residential mortgage and commercial loans, partially offset by net reductions in agricultural and residential construction loans.\n\n\nThe Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2024.\n\n\nCommenting 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 inter...