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.”
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