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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), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced earnings through the second quarter of 2012. Louise Walker, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of June 30, 2012, of $2.3 million, up 43.8% compared to net income of $1.6 million reported for the same fiscal period last year. Net income available to common shareholders totaled $1.7 million as of June 30, 2012, up 54.5% compared to net income available to common shareholders at June 30, 2011, totaling $1.1 million. Diluted earnings per share for the six months ended June 30, 2012, was $0.19, up 58.3% compared to diluted income per share of $0.12 reported for the same fiscal period a year ago.

Net income for the quarter ended June 30, 2012, was $1.2 million compared to $0.8 million for the same fiscal period last year. Net income available to common shareholders for the quarter ended June 30, 2012, totaled $0.9 million or $0.10 per diluted common share, compared to $0.5 million or $0.06 per diluted common share for the same fiscal period last year.

Total assets at June 30, 2012, were $785.1 million, an increase of $38.1 million, or 5.1% compared to the same period in 2011. Total deposits of $687.2 million increased $36.8 million or 5.7% compared to June 30, 2011, figures. During that same period, total net loans (including loans held-for-sale) increased $9.1 million, or 2.1%, to $441.2 million. Total risk-based capital was 17.79%, far exceeding the “well-capitalized” threshold of 10%.

Commenting on the second quarter of 2012, Walker stated, “We are pleased to report our efforts to improve asset quality, grow loans and keep costs down are beginning to show real progress. We continue to see positive momentum in many areas of our business. Small business and commercial loan demand are picking up, giving rise to potential new relationships and an increase in interest income. As of June 30, 2012, we attained a zero balance in Other Real Estate Owned, and we reduced our quarterly provision for loan losses due to a reduction of non-performing assets and delinquencies.”

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