First Northern Community Bancorp (OTC: FNRN), holding company for First Northern Bank in the northern Solano County city of Dixon, reported earnings jumped 25.0 percent in the second quarter and 34.2 percent for the first six months of this year.
The company reported net income for the quarter, ended June 30, was $2.5 million, compared with $2.0 million for the same period last year. Diluted quarterly earnings per share were 23 cents, up 27.8 percent from 18 cents a year before
For the half-year, the company reported net income of $5.1 million, up from $3.8 million in the same period last year. Diluted half-year earnings per share were 45 cents, up 32.4 percent from 34 cents a year before.
“These results include a pretax gain of $1.2 million related to the sale-leaseback of land and building that is partially occupied by our Auburn branch,” said Louise Walker, president and CEO.
The company said it continues to be “well-capitalized” under regulatory definitions, exceeding the 10 percent total risk-based capital ratio at the half-year point.
Total assets were $1.16 billion, up $87.1 million, or 8.1 percent, from a year before. Total deposits were $1.05 billion, up $79.4 million, or 8.2 percent. Net loans, including loans held for sale, increased $40.2 million, or 6.3 percent, to $675.8 million.