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), 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.”

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 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs