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.
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.
First Northern Community Bancorp (OTCQB:FNRN) announced Patrick R. Brady's election as Vice Chairman for a one-year term during the Board's May 18, 2021 meeting. Richard M. Martinez's term as Chairman was also extended by a year. Together, they bring 18 years of experience on the Board. Brady, with a background in healthcare administration, has served since January 2013 and currently chairs the Compensation Committee. First Northern Bank, established in 1910, focuses on community banking and is rated as a '5-Star Superior' Bank by Bauer Financial.
First Northern Community Bancorp (OTCQB: FNRN) reported a net income of $3.2 million, or $0.23 per diluted share, for Q1 2021, marking an 18.6% increase from the previous year. Total assets rose to $1.78 billion, with total deposits increasing by 36.0% to $1.61 billion. Loan growth was driven by the SBA’s Paycheck Protection Program, totaling $202.6 million. Non-interest income also saw a 38.9% increase to $2.29 million. The company remains well capitalized, exceeding 10% in total risk-based capital ratio.
First Northern Community Bancorp (OTCQB: FNRN) reported a net income of $12.2 million for 2020, down from $14.7 million in 2019, translating to $0.90 per diluted share. Total assets reached $1.66 billion, a 28.1% increase from the previous year. Deposits also surged by 29.8% to $1.48 billion. Despite a decrease in net income, the bank saw a 47.7% rise in mortgage loan production, amounting to $107.9 million. The bank continues to assist the community through loan relief programs related to the pandemic, with $7.8 million still under forbearance as of year-end.