First Northern Community Bancorp Reports Third Quarter 2018 Earnings
First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $9.2 million, or $0.79 per diluted share, for the nine months ended September 30, 2018 compared to net income of $7.9 million, or $0.67 per diluted share, for the nine months ended September 30, 2017.
Net income for the three months ended September 30, 2018 was $3.5 million, or $0.30 per diluted share, compared to net income of $2.8 million, or $0.24 per diluted share, for the three months ended September 30, 2017.
Total assets at September 30, 2018 were $1.24 billion, an increase of $51.0 million, or 4.3%, compared to September 30, 2017. Total deposits at September 30, 2018 were $1.12 billion, an increase of $43.8 million, or 4.1%, compared to September 30, 2017. During the same period, total net loans (including loans held-for-sale) increased $68.9 million, or 9.9%, to $763.8 million. The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at September 30, 2018.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “Our strong financial performance has set a new record in net income for both year-to-date and quarter-to-date performance. This performance was the result of solid franchise momentum, growth in loans and core deposits, strong interest income, an uptick in our investment & brokerage services and debit card fee income, as well as the benefits of lower tax rates as a result of the Tax Cuts and Jobs Act. Building upon the client growth we have achieved and managing expenses remain our fundamental objectives and key to successfully achieving the earnings target set for ourselves in 2018 and beyond. We are proud of our diversified franchise. We have the right team in place and are investing to make our technology platform one that can evolve to meet the ever-changing needs of our valued business and consumer customers. We remain focused on delivering sustainable, profitable returns for our shareholders, and we believe our year-to-date 2018 achievements and financial performance will position us to achieve continued growth.”