North Bay Business Journal

Wednesday, July 31, 2013, 3:04 pm

First Northern loans, deposits, earnings rise


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    DIXON — First Northern Community Bancorp (OTCQB: FNRN), parent company of Dixon-based First Northern Bank, announced that net income for the first six months of 2013 represented a 21.7 percent increase compared to the same period last year.

    The bank reported net income of $2.8 million for the six month period ended June 30. Income for the second quarter along, $1.4 million, was up 16.7 percent compared to 2012. Those earnings for the six-month period were equivalent to 26 cents per diluted share, up 44.4 percent from 2012.

    Net loans increased 6.8 percent over the past 12 months, to $471.4 million. Total assets were up 7.6 percent, at $844.7 million. The bank had an annualized return on total assets of 66 basis points for the second quarter, up from 61 basis points last year.

    Asset quality has improved, according to the bank’s financial filing. First Northern had an $800,000 loss provision for the quarter, compared to $1.2 million at the same period last year.

    “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,” said Louise Walker, president and chief executive, in the announcement.

    Deposits grew 9.8 percent compared to June 30 of last year, currently totaling $754.3 million.

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