First Northern Community Bancorp – Third Quarter Earnings Report Profits & Growth Continue
First Northern Community Bancorp (the “Company,” ticker symbol FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced financial results for the third quarter of 2011. Louise Walker, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of September 30, 2011 of $2,509,000, up 46% compared to net income of $1,717,000 reported for the same fiscal period last year. Net income available to common shareholders totaled $1,402,000 as of September 30, 2011 up 43% compared to net income available to common shareholders at September 30, 2010 totaling $974,000. Diluted earnings per share for the nine months ended September 30, 2011 was $0.15, up 36% from the diluted income per share of $0.11 reported for the same fiscal period a year ago.
Net income for the quarter ended September 30, 2011 was $948,000 compared to $757,000 for the same fiscal period last year. Net income available to common shareholders for the quarter ended September 30, 2011 totaled $341,000 or $0.04 per diluted common share, compared to $509,000 or $0.06 per diluted common share for the same fiscal period last year. Net income available to common shareholders for the quarter and nine months ended September 30, 2011 was impacted by a one time charge totaling $381,100 due to the early recognition of the remaining discount on preferred stock sold to the US Treasury as part of the Capital Purchase Program (CPP) under the Troubled Asset Relief Program. The Company opted to redeem the preferred shares earlier than originally anticipated and was required to recognize the remaining discount as a charge against retained earnings during the third quarter of 2011. The CPP preferred shares were redeemed using the partial proceeds from the Company’s sale of a new series of preferred stock during the third quarter of 2011 to the US Treasury under the US Treasury’s Small Business Lending Fund program.
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