First Northern Stock Price, News & Analysis

First Northern Community Bancorp (OTC-PINK: FNRN) reported a strong financial performance for 2022, showcasing a net income of $15.9 million, up 12% from $14.2 million in 2021. Earnings per share rose to $1.09, a 14.7% increase year-over-year. The quarterly net income for Q4 2022 reached $4.7 million, compared with $3.2 million in Q4 2021. Notably, the bank declared a 5% stock dividend payable on March 24, 2023. The total assets as of December 31, 2022 stood at $1.87 billion, reflecting a slight decrease of 1.5% from the previous year.

First Northern Community Bancorp (OTC-PINK: FNRN) has completed the acquisition of three Columbia State Bank branches located in Orland, Willows, and Colusa, California. This acquisition follows Columbia Bank's pending merger with Umpqua Holdings Corporation. All employees from the acquired branches will be retained, and the branches will continue to operate under the First Northern Bank brand. With this acquisition, First Northern Bank expands its footprint to 14 full-service branches across various counties, enhancing its community banking presence in the North Valley region.

Columbia Banking System is divesting three branches in Northern California to comply with the U.S. DOJ requirements related to its merger with Umpqua Holdings Corporation. The branches, containing approximately $128 million in deposits and $4 million in loans, will be sold to First Northern Bank. This transaction is expected to close in Q1 2023, pending regulatory approval. All employees will be retained by First Northern, and operations at these branches will continue. Columbia aims to serve the Northern California market through Umpqua Bank branches post-merger.

First Northern Community Bancorp (OTC-PINK: FNRN) reported a net income of $11.2 million, or $0.80 per diluted share, for the nine months ending September 30, 2022, reflecting a 1.5% increase from the previous year. The quarterly net income also rose to $4.6 million. Net loan growth, excluding PPP loans, surged 28.8%, totaling $217.1 million. Total assets reached $1.93 billion, while total deposits increased $49.9 million to $1.80 billion.