First Northern Community Bancorp – Fourth Quarter Earnings Report
First Northern Community Bancorp (the “Company,” ticker symbol FNRN- OTCQB), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced financial results for the fourth quarter of 2011. Louise Walker, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of December 31, 2011 of $3.2 million, up 18.5% compared to net income of $2.7 million reported for the same fiscal period last year. Net income available to common shareholders totaled $1.8 million as of December 31, 2011 up 5.9% compared to net income available to common shareholders at December 31, 2010 totaling $1.7 million. Diluted earnings per share for the twelve months ended December 31, 2011 was $0.19, up 5% compared to diluted earnings per share of $0.18 reported for the same fiscal period a year ago. Net income available to common shareholders for the twelve months ended December 31, 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). 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.”
Total assets at December 31, 2011 were $781.6 million, an increase of $44.4 million, or 6.0% compared to the same period in 2010. Total deposits of $679.0 million increased $38.7 million or 6.0% compared to December 31, 2010 figures. During that same period, total net loans (including loans held-for-sale) decreased $8.7 million, or 2.0%, to $435.6 million. Total risk-based capital was approximately 17.5%, far exceeding the ‘well-capitalized’ threshold of 10%.
Net income for the quarter ended December 31, 2011 was $647,000, down 31.8% compared to net income of $948,000 reported for the same fiscal period last year. Net income available to common shareholders for the quarter ended December 31, 2011 totaled $355,000 or $0.04 per diluted common share, compared to $699,000 or $0.08 per diluted common share for the same fiscal period last year.
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