First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported year ended 2019 net income totaling $14.7 million, or $1.14 per diluted share, compared to net income of $12.6 million, or $0.97 per diluted share, for the year ended 2018, and net income totaling $3.6 million, or $0.28 per diluted share, for the quarter ended December 31, 2019 compared to net income of $3.3 million, or $0.26 per diluted share, for the quarter ended December 31, 2018.
Total assets at December 31, 2019 were $1.29 billion, an increase of $42.7 million, or 3.4%, compared to December 31, 2018. Total deposits at December 31, 2019 were $1.14 billion, an increase of $14.0 million, or 1.3%, compared to December 31, 2018. Total net loans (including loans held-for-sale) at December 31, 2019 were $773.0 million, an increase of $7.3 million, or 1.0%, compared to December 31, 2018. The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at December 31, 2019.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We are pleased to report First Northern Community Bancorp set a new record with $14.7 million in annual net income, up 16.7% from the $12.6 million posted one year ago. We attribute this healthy performance to higher mortgage loan production, increasingly stronger operational efficiencies, excellent credit metrics and the actions taken to position our balance sheet for the current interest rate environment.”
The Company also reported that at their regular meeting on January 23, 2020, the Board of Directors approved the payment of a 5% stock dividend payable March 25, 2020 to shareholders of record as of February 28, 2020. All income per share amounts have been adjusted to give retroactive effect to the stock dividend. On February 1, 2020, the Company will celebrate its 110-year anniversary. First Northern Bank is one of only 14 banks in California that has surpassed the century mark.
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek and a mortgage loan office in Sonoma. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 11 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank for the earnings period ended September 30, 2019 (www.veribanc.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
This press release may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company’s most recent reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent reports on Form 10-K and Form 10-Q, and any reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. For further information regarding the Company, please read the Company’s reports filed with the SEC and available at www.sec.gov.