First Northern Community Bancorp – 1st 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 first quarter of 2011. Year-to-date net income as of March 31, 2011 was reported at $766,000, up 112.2% compared to net income of $361,000 reported for the same fiscal period last year. Net income available to common shareholders totaled $517,000 as of March 31, 2011 up 349.6% compared to net income available to common shareholders at March 31, 2010 totaling $115,000. Diluted earnings per share for the three months ended March 31, 2011 was $0.06, up 500% from the diluted income per share of $0.01 reported for the same fiscal period a year ago.
Total assets at March 31, 2011 were $748.8 million, an increase of $11.6 million, or 1.6% over year-end 2010. Total deposits of $651.3 million increased $11.0 million or 1.7% compared to December 31, 2010 figures. During that same period, total net loans (including loans held-for-sale) decreased $20.6 million, or 4.6%, to $423.7 million.
Louise A. Walker, President and Chief Executive Officer, stated, “We are pleased to report that we have started the year with positive financial results. Asset quality continues to experience improvement, requiring less provision for loan losses, reduced loan write downs, and less need for expenditures in the areas of collection and legal activities. Coupled with our reduction in Other Operating Expense, we made nice strides in improving our Other Operating Income; loan servicing income, electronic delivery channel income, and gains on the sales of other real estate owned were the categories that saw the greatest improvement. Furthermore, the Company’s relationship management business model is the foundation for our success. Market share, particularly in the area of business core deposits, continues to grow, demonstrating what we believe stems from both trust and confidence in our Company, as well as an indication that the economy may be recovering.”
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