This Day On The Street
Continue to site
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 – Second 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 its consolidated financial results as of and for the three and six month periods ended June 30, 2011. Louise Walker, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of June 30, 2011 of $1,561,000, up 63% compared to net income of $960,000 reported for the same fiscal period last year. Net income available to common shareholders totaled $1,061,000 as of June 30, 2011 up 128% compared to net income available to common shareholders at June 30, 2010 totaling $465,000. Diluted earnings per share for the six months ended June 30, 2011 was $0.12, up 140% from the diluted income per share of $0.05 reported for the same fiscal period a year ago. Net income for the quarter ended June 30, 2011 was $795,000 compared to $599,000 for the same fiscal period last year. Net income available to common shareholders for the quarter ended June 30, 2011 totaled $544,000 or $0.06 per diluted common share, compared to $350,000 or $0.04 per diluted common share for the same fiscal period last year.”

Consolidated total assets at June 30, 2011 were $747.0 million, an increase of $10.8 million, or 1.5% compared to the same period in 2010. Consolidated total deposits of $650.4 million increased $9.5 million or 1.5% compared to June 30, 2010 figures. During that same period, total net loans (including loans held-for-sale) decreased $21.8 million, or 4.8%, to $432.1 million. Total risk-based capital was 16.9% far exceeding the ‘well-capitalized’ threshold of 10%.

Commenting on the Company’s consolidated results for the three and six month periods ended June 30, 2011, Walker said, “First Northern Community Bancorp has posted its sixth consecutive positive earnings quarter and strongest six-month start since the beginning of the financial crisis.” “Operating revenues are strong, yet our profits continue to be impacted by loan write-downs and loan loss provisions. Loan demand remains depressed, but we are pleased that our concerted efforts to reduce non-interest expense and improve non-interest income are helping to offset the decline in interest income.”

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,786.74 -26.65 -0.15%
S&P 500 2,086.61 -2.26 -0.11%
NASDAQ 5,115.7360 -0.4070 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs