Welcome to our dedicated page for First Northern Community Bancorp news (Ticker: FNRN), a resource for investors and traders seeking the latest updates and insights on First Northern Community Bancorp stock.
First Northern Community Bancorp reports recurring developments for First Northern Bank, its community-bank subsidiary serving Northern California markets. Company updates center on quarterly earnings, net interest income and margin, loan and deposit trends, credit-loss provisioning, regulatory capital status, and book value.
News also covers capital-management actions such as stock dividends and share repurchase programs, governance changes at the board level, and the completed move of FNRN common stock from OTCQX to The Nasdaq Capital Market. The bank's business includes deposit gathering and commercial, consumer, agricultural, residential mortgage, and real estate-related lending.
First Northern Community Bancorp (OTCQX: FNRN) has announced the appointment of Richard A. Bedoya to its Board of Directors, effective July 17, 2025. Bedoya, who brings over 30 years of experience in automotive and agricultural industries, will serve on the Bank's Audit, Asset/Liability, and Directors Loan Committees.
He succeeds Foy McNaughton, who retired after 25 years of service. Bedoya currently serves as Owner and Partner at DuPratt Ford Auburn and owns Dixon Bee Company and Bedoya Orchards. The appointment brings the total board membership to ten directors.
First Northern Community Bancorp reported Q1 2025 net income of $3.7 million ($0.23 per diluted share), down 14.2% from $4.3 million in Q1 2024. The bank's total assets reached $1.88 billion, showing a slight decrease of 0.6% year-over-year.
Key financial metrics include:
- Net interest margin improved to 3.64% from 3.49% year-over-year
- Total deposits decreased by 2.0% to $1.67 billion
- Book value per share increased to $11.81, up 6.8% from year-end 2024
- Stockholders' equity grew by $11.5 million to $187.8 million
The quarter saw an $850,000 loan loss provision due to a specific reserve of $2.8 million, compared to a $300,000 provision release last year. The bank maintains its "well capitalized" status, exceeding the 10% total risk-based capital ratio requirement.
First Northern Community Bancorp (FNRN) reported 2024 annual net income of $20.0 million ($1.24 per diluted share), down 7.5% from $21.6 million in 2023. Q4 2024 net income was $5.8 million ($0.37 per diluted share), a 15.1% decrease from Q4 2023, primarily due to reduced reversal of credit loss provisions.
Total assets reached $1.89 billion (up 1.1% YoY), with deposits at $1.70 billion (up 0.5%) and net loans at $1.047 billion (down 0.5%). Interest income increased by $4.5 million (6.1%), while non-interest expenses decreased by $849,000 (1.9%). The company maintained a low total cost of funds at 0.84% for the year.
Stockholders' equity grew to $176.3 million, up 10.7% YoY, with book value per share increasing from $9.80 to $11.06. The Board approved a 5% stock dividend payable March 25, 2025.
First Northern Community Bancorp (OTCQX: FNRN) reported Q3 2024 net income of $5.5 million ($0.36 per diluted share), up 18.8% from Q3 2023. Nine-month net income was $14.2 million ($0.92 per diluted share), down 3.3% year-over-year. Total assets reached $1.93 billion, up 1.5% YoY. Total deposits decreased 0.8% to $1.73 billion, while net loans increased 0.5% to $1.042 billion. The company saw successful resolution of a non-performing loan, reducing nonaccrual loans by 41% to $4.0 million. Book value per share increased 10.9% to $11.92 compared to Q2 2024.
First Northern Community Bancorp (OTCQX: FNRN) reported a net income of $4.4 million for Q2 2024, or $0.29 per diluted share, down 3.1% from $4.6 million, or $0.30 per diluted share, in Q2 2023. For the six months ended June 30, 2024, net income was $8.7 million, or $0.57 per diluted share, a 13.5% decline compared to $10.1 million, or $0.66 per diluted share, for the same period in 2023.
Key factors for the year-over-year decline include a substantial paydown on a non-performing agricultural loan and a bargain purchase gain in Q1 2023. Total assets decreased by 1.3% to $1.89 billion, and total deposits fell by 2.9% to $1.71 billion. However, net loans increased by 3.0% to $1.05 billion due to growth in commercial real estate and residential mortgages.
The company remains well-capitalized with a risk-based capital ratio exceeding 10%. CEO Jeremiah Smith highlighted a 16 basis points improvement in the net interest margin and an 8.3% reduction in non-interest expenses. The book value per share rose to $10.75, up 3.0% from March 31, 2024.
First Northern Community Bancorp (OTCQX: FNRN), the holding company for First Northern Bank, has announced new leadership for its Board of Directors. Sean Quinn has been elected Chairman for a three-year term, and Rick Martinez has been elected Vice Chairman for a one-year term at the 2024 Organization Meeting. Combined, Quinn and Martinez bring over 20 years of directorship experience to their new roles.
Sean Quinn joined the Board in 2016 and will serve on several key committees, including Audit, Compensation, Loan, Nominating and Corporate Governance, and Profit Sharing. He has extensive experience, having served as the City Manager for Fairfield and holding various roles in economic development and business management.
Rick Martinez, who joined the Board in 2011 and was previously the Chairman from 2018 to 2022, has been re-elected as Vice Chairman. Martinez is a partner in Triad Farms and has over 30 years of experience in financial management for farming operations. He is involved in various agricultural and natural resource associations.
First Northern Community Bancorp reported a net income of $4.3 million for the first quarter of 2024, down 22.1% from the same period in 2023. Total assets decreased by 0.9%, while total deposits decreased by 2.4%. However, total net loans increased by 7.5%. The company remained well capitalized, exceeding the 10% total risk-based capital ratio threshold. The President & CEO highlighted growth in average loans and interest income, cost management, and shareholder value improvement.
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