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First Northern Community Bancorp (the “Company,” ticker symbol FNRN: OTCQB), holding company for First Northern Bank (“First Northern” or the “Bank”), today announced earnings through the fourth quarter of 2012. Louise Walker, President and Chief Executive Officer, stated, “The Company reported net income for full-year 2012 of $4.6 million, up 70.4% compared to net income of $2.7 million for full-year 2011.” Net income available to common shareholders totaled $3.5 million for 2012, up 169.2% compared to net income available to common shareholders for 2011 of $1.3 million. Diluted earnings per share for the year ended December 31, 2012 was $0.37, up 164.3% compared to diluted income per share of $0.14 reported for 2011.
Net income for the quarter ended December 31, 2012 was $1.1 million compared to $155,000 for fourth quarter 2011. Net income available to common shareholders for the quarter ended December 31, 2012 totaled $858,000 or $0.09 per diluted common share, compared to a loss of $137,000 or -$0.01 per diluted common share for fourth quarter 2011.
Total assets at December 31, 2012 were $831.5 million, an increase of $50.3 million, or 6.4%, compared to the same period in 2011. Total deposits of $730.8 million increased $51.8 million, or 7.6%, compared to December 31, 2011 figures. During that same period, total net loans (including loans held-for-sale) increased $9.4 million, or 2.2%, to $445.0 million. Total risk-based capital was 18.19%, far exceeding the ‘well-capitalized’ threshold of 10%.
At their regular meeting on January 24, 2013, the Board of Directors of the Company declared a 2% stock dividend, payable March 29, 2013 to shareholders of record as of February 28, 2013. All income per share amounts have been adjusted to give retroactive effect to the stock dividend.
Commenting on the Company’s financial results, Walker stated, “2012 was a year of genuine progress for First Northern Community Bancorp; progress was made across all business lines, resulting in solid growth and much improved annual net earnings. We are particularly pleased with our year over year improvement in our asset quality; problem assets, non-performing loans and past due loans have all seen marked improvement, returning to pre-financial crisis levels. While the region’s loan demand remained constrained and loan payoffs persisted, the Company’s lending team worked diligently to bring new business relationships to First Northern Bank. Our reputation for employing knowledgeable and friendly bankers who possess an honest desire to understand their customers’ unique financial needs continues to be a differentiator for our Company. As we have done for the past 103 years, we will work hard to deepen our existing client relationships and attract quality new relationships. In an increasingly competitive industry, small to medium-sized businesses are looking for more dedicated and experienced service professionals to partner with as their trusted advisor over the long haul.”