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North Bay Business Journal

Thursday, January 31, 2013, 1:20 pm

First Northern Bank earnings rise 70%

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    DIXON — First Northern Community Bancorp (OTCQB: FNRN), holding company for First Northern Bank, reported net income of $4.6 million for all of 2012, a 70.4 percent increase from 2011.

    That income was equivalent to 37 cents per diluted share, up from 14 cents in 2011.

    First Northern Bank’s total risk-based capital ratio was 18.19 percent as of Dec. 31. Asset quality has improved to levels seen prior to the financial crisis, according to Louise Walker, president and CEO.

    “Problem assets, nonperforming loans and past-due loans have all seen marked improvement,” she said in the earnings announcement Wednesday.

    On Jan. 24, the bank’s board of directors declared a 2 percent stock dividend payable on March 29 to shareholders of record as of Feb. 28.

    Total assets as of Dec. 31 were $831.5 million, up $50.3 million — 6.4 percent — compared to one year prior. Total deposits were $730.8 million, up 7.6 percent from the same period in 2011. Net loans increased $9.4 million in 2012, or 2.2 percent, to $445 million.

    The bancorp’s stock last traded at $5.45 a share Tuesday.

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