First Northern Community Bancorp – Second Quarter Earnings Report
First Northern Community Bancorp (the “Company”) (OTCBB:FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”) and celebrating its first 100 years in business, today announced financial results for the second quarter of 2010. Owen “John” Onsum, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of June 30, 2010 of $960,000 or $0.05 per diluted common share, compared to net income of $1,029,000, or $0.08 per diluted common share earned in the same fiscal period last year.” Net income for the quarter ended June 30, 2010 was $599,000 or $0.04 per diluted common share, compared to $576,000 or $0.04 per diluted common share for the same fiscal period last year.
Total assets at June 30, 2010 were $736.2 million, an increase of $21.2 million, or 2.97% compared to the same period in 2009. Total deposits of $640.9 million increased $24.3 million or 3.94% compared to June 30, 2009 figures. During that same period, total net loans (including loans held-for-sale) decreased $36.7 million, or 7.48%, to $453.9 million. Total risk-based capital was 15.55%, far exceeding the ‘well-capitalized’ threshold of 10%.
Commenting on the second quarter of 2010, Onsum said, “Our continued positive results show that our employees have been successful in their concerted efforts to control expenses and expand our customer relationships. In the first six months of 2010, our Other Operating Expenses are down $1,446,000 from the same period in 2009. Areas contributing most to this savings include: Salaries & Benefits, Occupancy & Equipment, Stationary & Supplies, as well as an improvement in loan write downs and charge-offs. Our commitment to remaining focused on our core business of relationship banking, reinvesting in our communities, and improving asset quality is allowing the Company to attract new customers and build a strong and healthy business in a struggling economy. While the experts agree that an economic recovery will be slow and prolonged, we believe that staying true to our core values and not straying from our time-tested community banking model should ensure First Northern Community Bancorp emerges as an even stronger competitor in the local financial marketplace.”
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