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First Northern Community Bancorp – Second Quarter Earnings Report

Stocks in this article: FNRN

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.”

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