DIXON, Calif.--(BUSINESS WIRE)--
First Northern Community Bancorp (FNRN)(OTCBB:FNRN), holding
company for First Northern Bank, today announced earnings for the
first quarter of 2007. Owen "John" Onsum, President and Chief
Executive Officer, stated, "We continued to post positive gains in our
assets, deposits and loans. We believe our first quarter results were
respectable in light of recent economic reports on projected 2007
corporate profits where there seems to be broad agreement that it will
be a difficult earnings year due to the slowing economy. Also, it will
be especially challenging to the banking industry as interest margins
will continue to be compressed and competition for loans and deposits
will continue to intensify. We are pleased to report that First
Northern Bank was announced as a 2007 Super Premier Performing Bank by
The Findley Reports in their April 2007 Banking Newsletter. This
designation is the bank rating company's highest award designation."
Net income of $2.09 million, down 12.9% over the $2.40 million
earned in the same fiscal period last year. (First quarter 2006 net
income was increased through a $339 thousand, net of tax, recovery of
provision for loan losses from a prior period. First quarter 2007 net
income was increased through a $100 thousand, net of tax, recovery of
provision for loan losses from a prior period.) Without the recoveries
of loan loss provisions, net income would have been $1.99 million for
2007 and $2.06 million for 2006, a decrease of 3.4%.
Total assets at March 31, 2007 were $694.0 million, an increase of
$32.0 million, or 4.8% over the first quarter of 2006. Total deposits
of $614.7 million increased $25.7 million or 4.4% compared to March
31, 2006 figures. During that same period, total net loans (including
loans held-for-sale) increased $2.4 million, or 0.5%, to $470.4
million.
Diluted earnings per share for the three months ended March 31,
2007 of $0.24, down 11.1% from the $0.27 reported in the same period
last year (all 2006 per share earnings have been adjusted for a 6%
stock dividend issued March 30, 2007).
Annualized Return on Average Assets for the period ended March 31,
2007 was 1.22%, compared to 1.44% for the same period in 2006.
Annualized Return on Beginning Equity was 13.49%, compared to 16.91%
one year ago.
First Northern Bank, an independent community bank headquartered
in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer
and the west slope of El Dorado County. First Northern has 11 branches
located in Dixon, Davis, West Sacramento, Fairfield, Vacaville (2),
Winters, Woodland, Downtown Sacramento, Roseville, and Folsom, and has
an SBA Loan Office and full service Trust Department in Sacramento.
First Northern Bank also offers non-FDIC insured Investment and
Brokerage Services at each branch location. The Bank can be found on
the Web at www.thatsmybank.com.
Forward-Looking Statements
This press release may include certain "forward-looking
statements" about First Northern Community Bancorp (the "Company").
These forward-looking statements are based on management's current
expectations 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, 10-Q and 8-K, each as it may be amended from time to
time, which identify important risk factors that could cause actual
results to differ materially from those contained in the
forward-looking statements. The financial information contained in
this release should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company's most
recent reports on Form 10-K and Form 10-Q. The Company undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances arising after the date on which they are made.
For further information regarding the Company, please read the
Company's reports filed with the SEC and available at www.sec.gov.
Source: First Northern Community Bancorp
Contact: First Northern Community Bancorp & First Northern Bank
Owen J. Onsum, 707-678-3041
President & CEO