First Northern Community Bancorp – Third Quarter Earnings Report
First Northern Community Bancorp (the “Company,” ticker symbol FNRN.OB), 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 third quarter of 2010. Owen “John” Onsum, President and Chief Executive Officer, stated, “The Company reported year-to-date net income of $1,717,000 or $0.11 per diluted common share, as of September 30, 2010, which represents an increase of 10.3% compared to net income of $1,560,000, or $0.11 per diluted common share earned in the same fiscal period last year.” Net income for the quarter ended September 30, 2010 was $757,000 or $0.06 per diluted common share, an improvement of 43.4%, compared to $531,000 or $0.03 per diluted common share for the same fiscal period last year.
Total assets at September 30, 2010 were $727.3 million, a decrease of $2.7 million, or 0.37% compared to the same period in 2009. Total deposits of $630.8 million increased $600,000 or 0.10% compared to September 30, 2009 figures. During that same period, total net loans (including loans held-for-sale) decreased $30.3 million, or 6.24%, to $455.3 million. Total risk-based capital was approximately 16.0%, far exceeding the ‘well-capitalized’ threshold of 10%.
Commenting on the Company’s third quarter performance, Onsum said, “Everyone at First Northern is working diligently to help our customers and our communities through the remainder of this economic trough. Loan write-downs and the expenses associated with loan collections have improved, and we continue to see genuine gains from our ongoing cost cutting initiatives. Comparing the first nine months of 2010 to the same period last year, ‘Other Operating Expense’ is down $1,601,000. This category includes such items as salaries & benefits, occupancy & equipment, stationary & supplies, and advertising. We will continue to do what we do best as our commitment to superior service has proven time and time again, in all economic cycles that banking is a people business. Much of our success comes from the continued referrals we receive from our satisfied customer base.”
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