First Northern Community Bancorp Grows Deposits, Loans, Assets & Earnings; Second 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 earnings through the second quarter of 2013. Louise Walker, President and Chief Executive Officer, stated, “The Company reported year-to-date net income as of June 30, 2013 of $2.8 million, up 21.7% compared to net income of $2.3 million reported for the same fiscal period last year.” Net income available to common shareholders totaled $2.4 million as of June 30, 2013 up 41.2% compared to net income available to common shareholders at June 30, 2012, totaling $1.7 million. Diluted earnings per share for the six months ended June 30, 2013 was $0.26, up 44.4% compared to diluted earnings per share of $0.18 reported for the same fiscal period a year ago.
Net income for the quarter ended June 30, 2013 was $1.4 million compared to $1.2 million for the same fiscal period last year. Net income available to common shareholders for the quarter ended June 30, 2013 totaled $1.3 million or $0.14 per diluted common share, compared to $0.9 million or $0.10 per diluted common share for the same fiscal period last year.
Total assets at June 30, 2013 were $844.7 million, an increase of $59.6 million, or 7.6%, compared to the same period in 2012. Total deposits of $754.3 million increased $67.1 million, or 9.8%, compared to June 30, 2012 figures. During that same period, total net loans (including loans held-for-sale) increased $30.2 million, or 6.8%, to $471.4 million. Total risk-based capital was 15.71%, exceeding the ‘well-capitalized’ threshold of 10%.
Commenting on the Company’s financial results, Walker stated, “We are very pleased to report healthy growth across all business lines. We are seeing improving consumer and business confidence in all of the markets we serve, which is resulting in increased loan demand. Our strong capital base and liquidity position provide First Northern Community Bancorp with the capacity to meet the growing financing needs of local businesses and investors with loans for expansion, capital improvement, and the purchase or refinance of real estate. Funding loans to local businesses and consumers, accepting local deposits, and reinvesting in the community is the value of community banking and an important driver for the vitality of our local economy.”
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