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North Bay Business Journal

Thursday, October 31, 2013, 9:58 am

First Northern sees gains in third quarter

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    DIXON — First Northern Bank reported net income for the first nine months of 2013 increased 20 percent from a year before, and its loan portfolio was nearly 11 percent larger.

    First Northern BankDixon-based First Northern Community Bancorp (OTCQB: FNRN), the bank’s parent company, reported net income of $4.2 million for the first three quarters and income of $1.4 million for third quarter, ended Sept. 30. Quarterly net income increased 16.7 percent from a year before.

    Earnings per diluted share were equivalent to 13 cents for the third quarter, and 39 cents for the nine months.

    “We are once again very pleased with the important progress we are making in growing our deposits and loans,” said Louise Walker, president and chief executive officer, in a statement. “As a result, we exceeded the specified loan growth targets set forth within the Small Business Lending Fund Participation Agreement, thereby reducing the dividend rate the bank pays to the U.S. Treasury Department from 5 percent to 1 percent on the remaining $12.8 million in capital and fulfilling the mission of increasing small business lending in our communities.”

    Total assets were $876 million, up 8.7 percent from 12 months before. Deposits rose 11 percent to $783.5 million. Net loans increased 10.7 percent to $499 million.

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