SEC 8-K filings with transcript text
Jul 30, 2026
fnrn20260629_8k.htm
false 0001114927
0001114927
2026-06-30 2026-06-30
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 30, 2026
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
195 N First Street
Dixon, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On July 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2026, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On July 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2026, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated July 29, 2026
Exhibit
Document
99.1
Earnings Press Release, dated July 29, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date July 29, 2026
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Apr 30, 2026
fnrn20260409_8k.htm
false 0001114927
0001114927
2026-03-31 2026-03-31
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 31, 2026
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
195 N First Street
Dixon, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On April 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2026, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On April 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2026, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated April 29, 2026
Exhibit
Document
99.1
Earnings Press Release, dated April 29, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date April 29, 2026
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Jan 30, 2026
fnrn20251217_8k.htm
false 0001114927
0001114927
2025-12-31 2025-12-31
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 31, 2025
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
195 N First Street
Dixon, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On January 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the fourth quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On January 29, 2026, First Northern Community Bancorp issued a press release concerning financial results for the fourth quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
On January 22, 2026, the Board of Directors declared a 5% stock dividend, payable March 25, 2026 to shareholders of record as of February 27, 2026.
(c) Exhibits
99.1 Press Release, dated January 29, 2026
Exhibit
Document
99.1
Earnings Press Release, dated January 29, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date January 29, 2026
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Oct 30, 2025
fnrn20250919_8k.htm
false 0001114927
0001114927
2025-09-30 2025-09-30
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 30, 2025
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
195 N First Street
Dixon, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On October 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On October 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated October 29, 2025
Exhibit
Document
99.1
Earnings Press Release, dated October 29, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date October 29, 2025
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Jul 30, 2025
false000111492700011149272025-06-302025-06-30
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 30, 2025
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On July 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On July 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated July 29, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date July 29, 2025
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Earnings Press Release, dated July 29, 2025
Apr 30, 2025
false000111492700011149272025-04-292025-04-29
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 29, 2025
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On April 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On April 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2025, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated April 29, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date April 29, 2025
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Earnings Press Release, dated April 29, 2025
Jan 30, 2025
false000111492700011149272025-01-292025-01-29
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 29, 2025
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On January 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 4th quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On January 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 4th quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
On January 23, 2025, the Board of Directors declared a 5% stock dividend, payable March 25, 2025 to shareholders of record as of February 28, 2025.
(c) Exhibits
99.1 Press Release, dated January 29, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 29, 2025
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Press Release, dated January 29, 2025
Oct 30, 2024
false000111492700011149272024-09-302024-09-30
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 30, 2024
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On October 29, 2024, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On October 29, 2024, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated October 29, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date Date: October 29, 2024
First First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Earnings Press Release, dated October 29, 2024
Jul 30, 2024
2 ef20033284_ex99-1.htm
Exhibit 99.1
First Northern Community Bancorp Reports Second Quarter 2024 Net Income of $4.4 Million
For immediate release
Dixon, Calif., July 29, 2024 — First Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $8.7 million, or $0.57 per diluted share, for the six months ended June 30, 2024, down 13.5% compared to net income of $10.1 million, or $0.66 per diluted share, for the six months ended June 30, 2023.
Net income for the quarter ended June 30, 2024, was $4.4 million, or $0.29 per diluted share, down 3.1% compared to net income of $4.6 million, or $0.30 per diluted share, for the quarter ended June 30, 2023.
Comparing our 2024 results to prior year, net income for the six months ended June 30, 2023, included a substantial paydown on a non-performing agricultural loan relationship, the recognition of a bargain purchase gain from our branch acquisition completed in the first quarter, as well as a substantial charge off that, when coupled with our strong quarterly loan growth, resulted in provision for loan loss of $2.6M for the quarter to replenish our allowance for credit losses. On a combined basis these items contributed an additional $0.8 million to pre-tax income for the six months ended June 30, 2023, and reduced pre-tax income by $0.6 million for the three months ended June 30, 2023.
Total assets as of June 30, 2024, were $1.89 billion, a decrease of $25.5 million, or 1.3%, compared to June 30, 2023. Total deposits as of June 30, 2024, were $1.71 billion, a decrease of $51.6 million, or 2.9%, compared to June 30, 2023. Total net loans (including loans held-for-sale) as of June 30, 2024, were $1.05 billion, an increase of $30.7 million, or 3.0%, compared to total net loans (including loans held-for-sale) of $1.02 billion as of June 30, 2023. The increase in net loans was primarily driven by growth in commercial real estate, residential mortgage and commercial loans, partially offset by net reductions in agricultural and residential construction loans.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2024.
Commenting on the Company’s financial results, First Northern’s President & Chief Executive Officer, Jeremiah Smith, stated, “We are pleased with our performance in the second quarter with our net interest margin improving from 3.49% in the first quarter of 2024 to 3.65% in the second quarter of 2024, an increase of 16 basis points, or 4.6%. We continued to fund our balance sheet favorably, with 43.4% of average total deposits being non-interest bearing for the quarter ended June 30, 2024.”
CEO Smith further stated “We continue to focus on improving our operating efficiency, resulting in a quarter-over-quarter decrease in total non-interest expenses of $0.9 million, or 8.3%, in the continued inflationary landscape. This decline was primarily attributable to a decrease in salaries and benefits associated with workforce reductions and incentive and profit-sharing accrual adjustments. We remain committed to improving shareholder value, and as of June 30, 2024, our book value per share rose to $10.75, an increase of $0.31, or 3.0%, when compared to the $10.44 reported for March 31, 2024, largely due to earnings retention.”
As of June 30, 2024 (Unaudited)
(thousands)
Cash and Cash Equivalents
$
181,783
Investment Securities
561,074
Total Loans (including loans held-for-sale)
1,049,415
Other Assets
95,743
Total Assets
$
1,888,015
Total Deposits
1,707,059
Other Liabilities
15,229
Stockholders’ Equity
165,727
Total Liabilities and Capital
$
1,888,015
Six Months Ended June 30, 2024
Interest Income
$
38,073
Interest Expense
(6,733
)
Net Interest Income
31,340
Provision for Credit Losses
(750
)
Non-interest Income
2,991
Non-interest Expense
(21,526
)
Provision for Income Tax
(3,355
)
Net Income
$
8,700
Book Value per Share
$
10.75
Basic Income per Share (Quarter-to-date)
$
0.29
Diluted Income per Share (Quarter-to-date)
$
0.29
Basic Income per Share (Year-to-date)
$
0.57
Diluted Income per Share (Year-to-date)
$
0.57
Consolidated ROAA (Year-to-date)
0.94
%
Consolidated ROAE (Year-to-date)
10.72
%
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Colusa, Glenn, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small business, commercial, real estate, and agribusiness lending, as well as mo
Apr 30, 2024
false000111492700011149272024-03-312024-03-31
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 31, 2024
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On April 29, 2024, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On April 29, 2024, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2024, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Press Release, dated April 29, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date April 29, 2024
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Earnings Press Release, dated April 29, 2024
Jan 30, 2024
2 exhibit99_1.htm
Contact: Jeremiah Z. Smith January 29, 2024
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports
Record Year End 2023 Net Income of $21.6 Million
5% Stock Dividend Declared
Dixon, California— First Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported 2023 annual net income of $21.6 million, or $1.41 per diluted share, increases of 35.7% and 35.6%, respectively, when compared to net income of $15.9 million, or $1.04 per diluted share, for 2022. Net income for the year included the bargain purchase gain resulting from our branch acquisition completed in the first quarter of 2023. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the year ended December 31, 2023.
Net income for the quarter ended December 31, 2023 totaled $6.9 million, or $0.45 per diluted share, compared to net income of $4.7 million, or $0.31 per diluted share, for the quarter ended December 31, 2022. The increase in net income on a quarter over quarter basis was largely driven by the reversal of provision for credit losses which totaled $2.0 million for the quarter ended December 31, 2023, compared to no provision for credit losses for the quarter ended December 31, 2022. The reversal of provision for credit losses of $2.0 million was primarily due to the payoff of a non-performing agricultural loan relationship that resulted in recoveries of previously charged-off principal totaling $2.6 million, partially offset by provision for credit losses due to loan growth during the quarter.
Total assets as of December 31, 2023 were $1.87 billion, an increase of $0.5 million, or 0.03%, compared to December 31, 2022. Total deposits as of December 31, 2023 were $1.69 billion, a decrease of $34.4 million, or 2.0%, compared to December 31, 2022. Total net loans (including loans held-for-sale) as of December 31, 2023 were $1.1 billion, an increase of $82.3 million, or 8.5%, compared to total net loans (including loans held-for-sale) of $970.1 million as of December 31, 2022. The increase in net loans was primarily driven by growth in commercial real estate and residential mortgage loans partially offset by net reductions in agricultural loans.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of December 31, 2023.
Commenting on the Company’s year-end 2023 financial results, First Northern Bank’s President & Chief Executive Officer Jeremiah Smith stated, “We are pleased to report robust financial results for the year 2023. Our success was partially driven by the heightened interest rate environment and subsequent balance sheet repricing. This resulted in record net interest income of $66.5 million for the year, an increase of $11.8 million, or 21.7%, compared to the previous year’s $54.7 million. The Company ended the year with a record $21.6 million of net income, an increase of 35.7% over the $15.9 million earned in 2022. We believe the success we experienced in 2023 was driven by the significant demand for our approach to relationship banking across the Sacramento region and surrounding communities, and reflects the trust our clients and communities have placed in First Northern Bank. Further, we’re proud to announce that our trading upgrade from the OTCQB® Venture Market to the OTCQX® Best Market is complete. The OTCQX should provide improved visibility for our stock to investors, brokers, and market makers, with the aim of enhancing shareholder value for FNRN.”
The Company also reported that at their regular meeting on January 25, 2024, the Board of Directors approved a 5% stock dividend payable March 25, 2024 to shareholders of record as of February 29, 2024. All income per share amounts in this press release have been adjusted to give retroactive effect to the stock dividend.
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Colusa, Glenn and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willo
Oct 27, 2023
2 exhibit99_1.htm
Contact: Jeremiah Z. Smith October 26, 2023
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports
Third Quarter 2023 Net Income of $4.6 Million
Year-to-Date Net Income Up 31.5% Over Same Period a Year Ago
Dixon, California— First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $14.7 million, or $1.01 per diluted share, for the nine months ended September 30, 2023, up 31.5% compared to net income of $11.2 million, or $0.77 per diluted share, for the nine months ended September 30, 2022. Net income for the year includes the bargain purchase gain resulting from our acquisition completed in the first quarter of 2023. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the nine months ended September 30, 2023.
Net income for the quarter ended September 30, 2023 was $4.6 million, or $0.32 per diluted share, compared to net income of $4.6 million, or $0.31 per diluted share, for the quarter ended September 30, 2022.
Total assets as of September 30, 2023 were $1.90 billion, a decrease of $30.4 million, or 1.6%, compared to September 30, 2022. Total deposits as of September 30, 2023 were $1.75 billion, a decrease of $53.3 million, or 3.0%, compared to September 30, 2022. Total net loans (including loans held-for-sale) as of September 30, 2023 were $1.0 billion, an increase of $66.2 million, or 6.8%, compared to total net loans (including loans held-for-sale) of $971.2 million as of September 30, 2022. The increase in net loans was primarily driven by growth in commercial real estate and residential mortgage loans partially offset by net reductions in commercial and agricultural loans.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of September 30, 2023.
Commenting on the Company’s third quarter 2023 financial results, First Northern’s President & Chief Executive Officer Jeremiah Smith stated, “We are pleased with our continued performance momentum. Despite the inflationary economic environment we find ourselves in, loan growth continues, though at a slower pace than last year. The industry as a whole has experienced weakening loan demand. Loan growth coupled with rising interest rates helped to boost year-to-date net interest income to $49.6 million, an increase of 27.7% over the same period last year. Our credit quality remains strong with non-performing assets decreasing 31% over the same period in 2022.”
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Colusa, Glenn and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 14 branches. First Northern is rated as a Veribanc “Green-3 Star” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended June 30, 2023 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s performance, loan growth, industry trends, and credit quality, and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company’s most recent reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, each as it may be amended from time to time, which identi
Jul 28, 2023
false000111492700011149272023-06-302023-06-30
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 30, 2023
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On July 27, 2023, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2023, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On July 27, 2023, First Northern Community Bancorp issued a press release concerning financial results for the 2nd quarter of 2023, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibits
99.1 Earnings Press Release, dated July 27, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 27, 2023
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Earnings Press Release, dated July 27, 2023
Apr 28, 2023
2 exhibit99_1.htm
Contact: Jeremiah Z. Smith April 27, 2023
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports
First Quarter 2023 Record Net Income of $5.5 Million
Dixon, California— First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported record net income of $5.5 million, or $0.38 per diluted share, for the three months ended March 31, 2023, up 80.5% compared to net income of $3.0 million, or $0.21 per diluted share, for the three months ended March 31, 2022.
The Company adopted and implemented Accounting Standards Update 2016-13, more commonly referred to as the Current Expected Credit Loss (CECL) standard model, on January 1, 2023. The allowance for credit losses (ACL), formerly known as the allowance for loan losses, and the reserve for unfunded commitments totaled $15,492,000 as of December 31, 2022. Upon adoption of CECL on January 1, 2023, the Company recognized an increase in the ACL for loans and reserve for unfunded commitments totaling $1,300,000 as a cumulative effect adjustment from change in accounting policies, with a corresponding decrease in opening retained earnings of $916,000, net of deferred taxes of $384,000.
On January 20, 2023, the Company completed the acquisition of three branches from Columbia State Bank in Colusa, Willows, and Orland, CA. The acquisition resulted in the assumption of $115.9 million of deposits and the acquisition of loans totaling $4.0 million, fixed assets totaling $3.6 million and cash on hand of $1.3 million. The Company also recognized a core deposit intangible of $5.0 million. The Company received cash consideration totaling approximately $103.4 million, resulting in a bargain purchase gain totaling approximately $1.4 million recognized during the three months ended March 31, 2023. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the three months ended March 31, 2023, or $0.07 per diluted share.
Total assets as of March 31, 2023 were $1.90 billion, an increase of $35.6 million, or 1.9%, compared to March 31, 2022. Total deposits as of March 31, 2023 were $1.75 billion, an increase of $35.1 million, or 2.1%, compared to March 31, 2022. Total net loans as of March 31, 2023 were $974.6 million, an increase of $100.2 million, or 11.5%, compared to total net loans of $874.4 million as of March 31, 2022. The increase in net loans was primarily driven by originations of commercial real estate and residential mortgage loans, which was partially offset by payoffs, and the forgiveness and SBA reimbursement on loans made under the SBA’s Paycheck Protection Program.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2023.
Commenting on the Company’s financial results, First Northern’s President & Chief Executive Officer Jeremiah Smith stated, “We are very pleased to begin 2023 with such strong results. Key contributors to our performance stem from balance sheet management, our mix of earning assets, and a low-cost core deposit funding base, which led to a $4.3 million, or 37.3%, increase in net interest income of $16.0 million at March 31, 2023, up from the $11.6 million posted for the same period in 2022. We also performed well on a linked-quarter basis when compared to the fourth quarter of last year with net interest income improving by $144 thousand or 0.9%. The Company’s average yield on interest-earning assets increased to 3.76% for the quarter, while cost of funds remained well managed at only 0.38%. The increase in our yield on earning assets when compared to the increase in cost of funds drove an increase in net interest margin of 7 basis points, or 2%, from 3.48% for the quarter ending December 31, 2022 to 3.55% for the quarter ending March 31, 2023. And, we are happy to announce that our first-ever branch acquisition went very smoothly. Our team gained a great deal of experience from the almost year-long project.”
On March 24, 2023, the Company paid a 5% stock dividend to all shareholders of record as of February 28, 2023.
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured
Jan 30, 2023
false000111492700011149272023-01-272023-01-27
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 27, 2023
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On January 27, 2023, First Northern Community Bancorp issued a press release concerning financial results for the 4th quarter of 2022, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On January 27, 2023, First Northern Community Bancorp issued a press release concerning financial results for the 4th quarter of 2022, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
On January 26, 2023, the Board of Directors declared a 5% stock dividend, payable March 24, 2023 to shareholders of record as of February 28, 2023.
(c) Exhibits
99.1 Press Release, dated January 27, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 27, 2023
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
President/Chief Executive Officer
Exhibit
Document
99.1
Press Release, dated January 27, 2023
Oct 27, 2022
2 exhibit99_1.htm FIRST NORTHERN COMMUNITY BANCORP 3RD QUARTER EARNINGS RELEASE DATED OCTOBER 26, 2022
Contact: Louise A. Walker October 26, 2022
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports 3rd Quarter 2022 Earnings
Net Loan Growth, Excluding PPP Loans, was Up 28.8% Year Over Year1
Dixon, California—First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $11.2 million, or $0.80 per diluted share, for the nine months ended September 30, 2022, up 1.5% compared to net income of $11.0 million, or $0.77 per diluted share, for the nine months ended September 30, 2021.
Net income for the quarter ended September 30, 2022 was $4.6 million, or $0.33 per diluted share, up 1.3% compared to net income of $4.5 million, or $0.32 per diluted share, for the quarter ended September 30, 2021.
Provision for loan loss totaled $300,000 for the three months ended September 30, 2022, compared to a reversal of provision for loan losses of $1,800,000 for the same period in 2021. Provision for loan loss totaled $900,000 for the nine months ended September 30, 2022, compared to a reversal of provision for loan losses of $1,500,000 for the same period in 2021. The current period provision for loan loss is primarily due to current year loan growth. The prior period reversal of provision for loan losses was primarily due to a decrease in specific reserves on loans to one borrower.
Total assets as of September 30, 2022 were $1.93 billion, an increase of $8.2 million, or 0.4%, compared to September 30, 2021. Total deposits as of September 30, 2022 were $1.80 billion, an increase of $49.9 million, or 2.9%, compared to September 30, 2021. Total net loans (including loans totaling $0.5 million made under the SBA’s Paycheck Protection Program (PPP) as of September 30, 2022 were $971.2 million, an increase of $145.6 million, or 17.6%, compared to total net loans (including loans held-for-sale and loans totaling $72.0 million made under the SBA’s PPP) of $825.6 million as of September 30, 2021. The increase in net loans was primarily driven by originations of commercial real estate, agriculture, and residential mortgage loans, which was partially offset by payoffs, and the forgiveness and SBA reimbursement on loans made under the SBA’s PPP.
- more -
Excluding PPP loans, net loan growth as of September 30, 2022 was $217.10 million, or 28.8%, compared to September 30, 2021.1 The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of September 30, 2022.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We remain focused on executing our strategic initiatives and are closely monitoring risks related to the continued impact of high inflation on both consumer and business clients. Given our strong capital, consistent earnings, solid credit portfolio and excellent liquidity, we believe that we are well positioned to help our clients navigate the challenging economic environment.”
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 11 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended June 30, 2022 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s execution on strategic initiatives and competitive positioning, and are subject to certain risks, uncertainties and changes in circumstances. Actual result
Jul 29, 2022
2 exhibit99_1.htm
Contact: Louise A. Walker July 28, 2022
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports 2nd Quarter 2022 Earnings
Net Loan Growth, Excluding PPP Loans, was Up 24.3% Year Over Year
Dixon, California—First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $6.6 million, or $0.48 per diluted share, for the six months ended June 30, 2022, up 1.6% compared to net income of $6.5 million, or $0.45 per diluted share, for the six months ended June 30, 2021.
Net income for the quarter ended June 30, 2022 was $3.5 million, or $0.26 per diluted share, up 7.3% compared to net income of $3.3 million, or $0.23 per diluted share, for the quarter ended June 30, 2021.
Total assets as of June 30, 2022 were $1.90 billion, an increase of $62.2 million, or 3.4%, compared to June 30, 2021. Total deposits as of June 30, 2022 were $1.75 billion, an increase of $88.0 million, or 5.3%, compared to June 30, 2021. Total net loans (including loans totaling $1.5 million made under the SBA’s Paycheck Protection Program (PPP)) as of June 30, 2022 were $931.9 million, an increase of $57.8 million, or 6.6%, compared to total net loans (including loans held-for-sale and loans totaling $125.6 million made under the SBA’s PPP) of $874.1 million as of June 30, 2021. The increase in net loans was primarily driven by originations of commercial real estate and agriculture loans, which was partially offset by payoffs and the forgiveness and SBA reimbursement on loans made under the SBA’s PPP.
Excluding PPP loans, net loan growth as of June 30, 2022 was $181.9 million, or 24.3%, compared to June 30, 2021.1 The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2022.
1 The presentation of net loan growth, excluding loans under the SBA’s PPP, is a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful to investors in light of the short-term and non-recurring impact of loans made under the SBA’s PPP on the Company’s financial statements.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We delivered exceptional results this quarter, driven by continued execution of our strategic initiatives and double-digit loan growth (excluding PPP loans). Additionally, we saw net interest income expansion, deposit growth, and a 35% decrease in non-performing assets compared to the same period a year ago. We are also proud to share that First Northern Bank was ranked #192 in the nation in American Bankers 2022 Top 200 Community Banks.”
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 11 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended March 31, 2022 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s execution on strategic initiatives, and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. Given the many challenges and uncertainties resulting from the coronavirus pandemic, such as the extent and duration of the impact on public health, the U.S. and California economies, financial markets and consumer and corporate cu
Apr 29, 2022
2 exhibit99_1.htm
Contact:
Louise A. Walker April 28, 2022
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports
First Quarter 2022 Net Income of $3.0 Million
Dixon, California—First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $3.0 million, or $0.22 per diluted share, for the three months ended March 31, 2022, down 4.3% compared to net income of $3.2 million, or $0.22 per diluted share, for the three months ended March 31, 2021.
Total assets as of March 31, 2022, were $1.87 billion, an increase of $87.7 million, or 4.9%, compared to March 31, 2021. Total deposits as of March 31, 2022, were $1.72 billion, an increase of $109.0 million, or 6.8%, compared to March 31, 2021. Total net loans (including loans held-for-sale and loans totaling $14.8 million made under the SBA’s Paycheck Protection Program (PPP)) as of March 31, 2022, were $874.4 million, a decrease of $76.4 million, or 8.0%, compared to total net loans (including loans held-for-sale and loans totaling $202.6 million made under the SBA’s PPP) of $950.8 million as of March 31, 2021. The decrease in net loans was primarily driven by payoffs and the forgiveness and SBA reimbursement on loans made under the SBA’s PPP.
Excluding PPP loans, net loan growth as of March 31, 2022, was $111.4 million, or 14.9%, compared to March 31, 2021.1 The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2022.
1 The presentation of net loan growth, excluding loans under the SBA’s PPP, is a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful to investors in light of the short-term and non-recurring impact of loans made under the SBA’s PPP on the Company’s financial statements.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We remain optimistic for 2022; our first quarter 2022 results were a reflection of our solid and growing deposit base and our ability to grow net interest income by deploying excess cash into loan and investment opportunities as well as payoffs and the forgiveness and SBA reimbursement of loans made under the SBA’s PPP loan program, driving increased recognition of PPP-related fee income which helped offset lower mortgage-related revenues due to decreasing refinance activities. Net interest income was up $766,000 or 7.1% at March 31, 2022, compared to the same period a year ago. We are pleased to report our credit trends continue to be positive, our small business, agribusiness and commercial loan pipelines have returned to pre-pandemic levels and the quality of our loan portfolio is strong. We believe that the Company is well-positioned for the increasing interest rate environment.”
On March 25, 2022, the Company paid a 5% stock dividend to all shareholders of record as of February 28, 2022.
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 11 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended December 31, 2021 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s expectations about our assessment of economic conditions and their impact on our business, the Company’s deposit base, credit trends, loan portfolio and positioning, and are subject to certain ri
Jan 28, 2022
3 exhibit99_1.htm
Contact: Louise A. Walker January 28, 2022
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports
Year End 2021 Net Income of $14.2 Million
5% Stock Dividend Declared
Dixon, California—First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported year ended 2021 net income of $14.2 million, or $1.00 per diluted share, up 16.7% compared to net income of $12.2 million, or $0.85 per diluted share, for the year ended 2020. Net income for the quarter ended December 31, 2021 totaled $3.2 million, or $0.23 per diluted share, compared to net income of $3.4 million, or $0.23 per diluted share, for the quarter ended December 31, 2020.
Total assets as of December 31, 2021 were $1.90 billion, an increase of $243.7 million, or 14.7%, compared to December 31, 2020. Total deposits as of December 31, 2021 were $1.73 billion, an increase of $250.1 million, or 16.9%, compared to December 31, 2020. Total net loans (including loans held-for-sale and loans totaling $37.3 million made under the SBA’s Paycheck Protection Program (PPP)) as of December 31, 2021 were $853.8 million, a decrease of $31.2 million, or 3.5%, compared to total net loans (including loans held-for-sale and loans totaling $155.0 million made under the SBA’s PPP) of $885.0 million as of December 31, 2020. The decrease in net loans was primarily driven by payoffs and forgiveness on loans made under the SBA’s PPP. Excluding these PPP loans, net loan growth for the year ended 2021 was $86.5 million, or 11.9%, compared to the same period in 2020.1 The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of December 31, 2021.
1 The presentation of net loan growth, excluding loans under the SBA’s PPP, is a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful to investors in light of the short-term and non-recurring impact of loans made under the SBA’s PPP on the Company’s financial statements.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We are pleased to announce First Northern Community Bancorp recorded another year of strong financial performance for 2021. We posted year-over-year double digit growth in net income, total deposits, total loans (excluding PPP), and total assets. While total net loans decreased as a result of payoffs and forgiveness on loans made under the SBA’s Paycheck Protection Program, First Northern posted increases in commercial real estate, agriculture and residential mortgage loans. Other bright spots for 2021 included improving credit quality and growth in non-interest income including service charge income and debit card income, which was partially offset by a decline in gains on loans held for sale, compared to the year ended 2020.”
There was no provision for loan losses for the three months ended December 31, 2021, compared to a provision for loan losses of $800,000 for the same period in 2020. Reversal of provision for loan losses totaled $1,500,000 for the year ended December 31, 2021, compared to a provision for loan losses of $3,050,000 for the same period in 2020. The reversal of provision for loan losses was primarily due to a decrease in specific reserves on loans to one borrower coupled with an overall decrease in qualitative factors resulting from improvements in overall economic conditions.
The Company also reported that at their regular meeting on January 27, 2022, the Board of Directors approved the payment of a 5% stock dividend payable March 25, 2022 to shareholders of record as of February 28, 2022. All income per share amounts have been adjusted to give retroactive effect to the stock dividend.
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers a
Oct 28, 2021
false000111492700011149272021-10-272021-10-27
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 27, 2021
(Exact Name of Registrant as Specified in Its Charter)
000-30707
(Commission File Number)
California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
DIXON, California 95620
(Address of principal executive offices, including zip code)
(707) 678-3041
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On October 27, 2021, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2021, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.
On October 27, 2021, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2021, a copy of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
(c) Exhibit
99.1 Earnings Press Release, dated October 27, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 27, 2021
First Northern Community Bancorp
(Registrant)
/s/ Jeremiah Z. Smith
By: Jeremiah Z. Smith
Senior Executive Vice President/
Chief Operating Officer
Exhibit
Document
99.1
Earnings Press Release, dated October 27, 2021
This page provides First Northern Community Bancorp Common stock (FNRN) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on FNRN's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.