This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

First Northern Community Bancorp – 4th Quarter Earnings Report

First Northern Community Bancorp (the “Company”)(OTCBB:FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced financial results through the fourth quarter of 2009. The Company reported total assets at December 31, 2009 of $747.6 million, an increase of $76.8 million, or 11.4% compared to year-end 2008. Total deposits at December 31, 2009 were $651.4 million, an increase of $66.7 million or 11.4% compared to December 31, 2008 results. During that same period, total net loans (including loans held-for-sale) decreased $43.2 million, or 8.3%, to $476.0 million.

The Company also reported a year-to-date net loss as of December 31, 2009 of $1.85 million, or ($0.21) per diluted share, compared to a net loss of $1.37 million, or $(0.15) per diluted share earned in the same fiscal period last year. Charge-offs in the amount of $13.0 million exceeded our annual provision for loan losses of $10.5 million. In spite of this, our loan loss reserve remains a healthy 2.45% of total loans.

Net loss for the quarter ended December 31, 2009 was $2.86 million, or ($0.32) per diluted share, compared to net loss of $1.54 million, or ($0.17) per diluted share earned in the same fiscal period last year.

Commenting on the fourth quarter of 2009, Owen “John” Onsum, President and CEO said, “During 2009, we continued our aggressive analysis and assessment of our loan portfolio to identify possible weaknesses. The impacts of the lingering recession on the business community and the high unemployment rate continue to adversely impact some of our borrowers. While we make every effort to work within the parameters of our borrowers’ individual situations, we have taken a proactive approach to recognizing the problems in our loan portfolio. Our loss was primarily centered in two large loan charge-offs in the fourth quarter, one agricultural and one commercial. It’s important to mention that while the Company’s total loans are down $43 million for the year, First Northern continues to do its part to help the local economy recover. In 2009, we originated over $195 million in new consumer and commercial loans, and originated and funded $178 million in residential home loans (the home loans have been sold to Freddie Mac, yet continue to be serviced by First Northern Bank). The Company’s strong 15.5% risk-based capital ratio, excellent liquidity position, healthy loan loss reserve, and growing market share are all sound factors that will help First Northern to emerge successfully from this extended period of uncertainty. Our strong growth in core deposits during 2009 is a reflection of the confidence and trust our communities place in us.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
FNRN $7.95 0.63%
AAPL $130.42 1.26%
FB $80.41 1.07%
GOOG $555.48 2.13%
TSLA $207.19 1.68%


DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs