Also: Hennessy announces dividend; Summit receives award
Net income for the first nine months of 2013 has increased 20 percent compared to the same period last year for Dixon’s First Northern Bank, along with increases in loans, net assets and other measures seen during the third quarter of this year.
First Northern Community Bancorp (OTCQB: FNRN), the bank’s parent company, announced net income of $4.2 million for the first three quarters and income of $1.4 million for three month period ended Sept. 30. For the third quarter, net income had increased 16.7 percent.
Total assets as of Sept. 30 were $876 million, up 8.7 percent from the year before. Deposits of $783.5 million were up 11 percent. Net loans have risen 10.7 percent over the 12-month period, now at $499 million.
Earnings per diluted share were equivalent to 13 cents for the third quarter, and 39 cents for the nine months.
The board of directors of Hennessy Advisors, Inc. (OTCBB: HNNA) declared a quarterly dividend of three and one-eighths cents per share to be paid on Dec. 9 to shareholders of record as of Nov. 15.
California Independent Bankers, a state-wide community bank trade group, has awarded Santa Rosa’s Summit State Bank with its “Rising Star Award,” the bank announced.
The award recognizes leaders in the criteria of “self-awareness, integrity, vision, effective communication, enthusiasm and innovation.” Summit was the only recipient of an “overall bank” award, with other recipients being individuals.
Net loan volume grew by 37.5 percent for Santa Rosa’s AltaPacific Bank in the first three quarters of 2013, with gross loans reaching $135.9 million as of Sept. 30, the bank’s parent company announced.
Quarterly net income of $344,000 was level with a year before. Year-to-date income of $741,000 was up 3.2 percent from the prior year, excluding the impact of a one-time financial benefit last year connected to the acquisition of Southern California’s Stellar Business Bank.
Net interest income of $7.4 million for the nine-month period was up slightly — around half a percent — from the prior year.
Sterling Financial Corp. (Nasdaq: STSA), parent company of Sonoma Bank, now known as Argent Bank, reported third-quarter net income decreased 31.4 percent, attributed to a dip in mortgage banking activity and one-time merger expenses.
Sterling reported net income of $21 million for the three-month period ended Sept. 30, down from $30.6 million a year before.
That income — representing 33 cents per share — reflected reduced mortgage banking activity and one-time expenses related to the company’s merger with Umpqua Holdings Corp., parent of Umpqua Bank, according to Sterling.
Sterling’s loan portfolio grew by 17.2 percent over 12 months to $7 billion. Net interest income was $82.5 million, up 9.6 percent from a year before.
The merger with Umpqua is expected to be complete in the first half of 2014.
Westamerica Bancorporation (Nasdaq: WABC), parent company of San Rafael-based Westamerica Bank, reported third-quarter net income dipped 16.5 percent, attributed to a tough banking and interest environment.
Net income was $16.7 million for the third quarter ended Sept. 30, compared with $20 million a year before.
The bank cited market pressure and a continued low interest rate environment as the reason for the decline. Earnings per share for the quarter were 63 cents, compared with 73 cents a year prior.
Loan volume declined by 15.9 percent over 12 months to $1.9 billion. The portfolio of investment securities increased by 15.5 percent to $2.2 billion form a year before.
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