First Northern Stock Price, News & Analysis

First Northern Community Bancorp (OTC-PINK: FNRN) announced new leadership at its 2022 Organization Meeting. Patrick R. Brady was elected Chairman for a two-year term, while John M. Carbahal was elected Vice Chairman for one year. Both leaders have extensive experience with the bank, with Brady joining its Board in 2013 and Carbahal serving since 1996. Their governance roles center around enhancing financial management and corporate governance strategies, leveraging their prior experience in healthcare and accountancy.

Louise Walker has announced her retirement as CEO of First Northern Bank effective December 31, 2022, after 12 years in the role. Jeremiah Smith, the current Senior Executive Vice President, will succeed her as President and CEO starting January 1, 2023. Walker will remain on the boards of both the Company and the Bank. Smith has 19 years of experience with the Bank and is expected to uphold its mission of community engagement and personalized service. Chairman Richard Martinez expressed gratitude for Walker's leadership and optimism for Smith’s future direction.

First Northern Community Bancorp (OTC-PINK: FNRN) reported a net income of $3.0 million, or $0.22 per diluted share, for Q1 2022, a 4.3% decrease from Q1 2021. Total assets reached $1.87 billion, up $87.7 million (4.9%), while total deposits increased by $109.0 million (6.8%) to $1.72 billion. Net loans decreased by $76.4 million (8.0%) to $874.4 million, primarily due to loan payoffs. However, excluding PPP loans, net loan growth was $111.4 million (14.9%). The company remains well-capitalized and optimistic for 2022.

First Northern Community Bancorp (FNRN) declared a 5% stock dividend, payable on March 25, 2022, to shareholders recorded by February 28, 2022. The company reported a net income of $14.2 million for 2021, a 16.7% increase from $12.2 million in 2020. Total assets grew to $1.90 billion, up 14.7%. Total deposits reached $1.73 billion, increasing 16.9%. However, net loans decreased by 3.5% due to payoffs from the PPP loans. The company remains well-capitalized with no provision for loan losses for Q4 2021.

First Northern Bank (OTCQB: FNRN) has joined the Alloy Labs Alliance, becoming the only California bank in the consortium aimed at revolutionizing community banking. This partnership introduces CHUCK™, an open payments network created in collaboration with Payrailz, allowing community banks to offer enhanced payment options for their customers. Louise Walker, President & CEO, emphasized the network's significance for peer-to-peer transactions and the competitive advantage it provides in the digital payment landscape. CHUCK™ is expected to launch in Q1 2022.

First Northern Community Bancorp (FNRN) reported a net income of $11.0 million for the nine months ending September 30, 2021, a 24.8% increase from $8.8 million in 2020. For Q3 2021, net income reached $4.5 million, up 31.7% year-over-year. Total assets increased to $1.92 billion, while total deposits rose to $1.75 billion. However, total net loans decreased by $144.9 million, mainly due to loan payoffs under the PPP. The company remains categorized as “well capitalized” under regulatory standards.

First Northern Bank (OTCQB: FNRN) announces the appointment of Jeremiah Smith as chair of the Greater Sacramento Economic Council’s new Community Reinvestment Coalition (CRC). This coalition aims to reinvest in low- to moderate-income communities, committing $100 million to tackle the affordable housing crisis in the Greater Sacramento region. Smith expressed the coalition's focus on enhancing affordable housing options through collaboration with local banks. The initiative highlights First Northern Bank's dedication to community investment.

First Northern Community Bancorp (OTCQB: FNRN) reported a net income of $6.5 million for the first half of 2021, marking a 20.4% increase from $5.4 million in 2020. For Q2 2021, net income reached $3.3 million, up from $2.7 million in the same quarter of 2020. Total assets rose to $1.83 billion, a 13.8% increase year-over-year, while total deposits grew by 15.6% to $1.66 billion. However, net loans declined 11.0% to $874.1 million, mainly due to loan payoffs under the SBA's PPP program. The Company remains well-capitalized.

The Board of Directors of First Northern Community Bancorp (FNRN) announced a stock repurchase program allowing buybacks of up to 4% of its outstanding shares, totaling 547,203 shares, beginning June 15, 2021, and ending June 14, 2023. With a closing price of $11.35 on June 2, 2021, this could represent approximately $6.2 million in repurchases. The program aims to enhance shareholder value, improve return on equity, and provide market liquidity. The Board confirmed that the buybacks will not adversely affect the company's capital.