This Day On The Street
Continue to site
ADVERTISEMENT
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

First Northern Community Bancorp – 4th Quarter Earnings Report

First Northern Community Bancorp (the “Company”, ticker symbol FNRN)(OTCBB:FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced earnings through the fourth quarter of 2010. Year-to-date net income as of December 31, 2010 was reported at $2.67 million, up 352.85% compared to a net loss of $1.05 million reported for the same fiscal period last year. Net income available to common shareholders totaled $1.67 million as of December 31, 2010 up 190.6% compared to a net loss available to common shareholders at December 31, 2009 totaling $1.85 million. Diluted earnings per share for the twelve months ended December 31, 2010 was $0.19, up 190.5% from a diluted loss per share of $0.21 reported for the same fiscal period a year ago.

Total assets at December 31, 2010 were $737.2 million, a decrease of $10.4 million, or 1.4% over year-end 2009. Total deposits of $640.3 million decreased $11.2 million or 1.7% compared to December 31, 2009 figures. During that same period, total net loans (including loans held-for-sale) decreased $31.7 million, or 6.7%, to $444.4 million.

Net income for the quarter ended December 31, 2010 was $948 thousand, up 136.3% from the net loss of $2.6 million reported for the same period in 2009. Net income available to common shareholders totaled $699 thousand for the quarter ended on December 31, 2010, an increase of 124.4% from the net loss available to common shareholders totaling $2.86 million for the quarter ended December 31, 2009. Diluted earnings per share for the quarter were $0.08, compared to a loss per diluted share of $0.32 for the same quarter a year ago.

Louise A. Walker, President and Chief Executive Officer, stated “Our deposit and loan totals decreased slightly in 2010 due to our focused effort to make reductions in our certificate of deposit portfolio and our continued effort to improve loan quality. That being said, deposit categories such as Demand, Interest-bearing Transaction, Savings, and Money Market experienced a combined increase of 6.4% compared to the same period a year ago, and we originated $74.4 million in new mortgage loans during 2010. This past year has truly been full of milestones and accomplishments, and I think our results are testimony to the dedication and hard work performed by our team of experienced bankers. We are excited about the progress we have made during these past few years to enhance our operational efficiencies and improve our risk management; these changes lay the groundwork for enhanced future performance.”

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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,603.79 -50.98 -0.31%
S&P 500 1,984.79 -2.87 -0.14%
NASDAQ 4,816.0340 +3.3260 0.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs