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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 (FNRN) ha riportato un utile netto annuale per il 2024 di 20,0 milioni di dollari (1,24 dollari per azione diluita), in calo del 7,5% rispetto ai 21,6 milioni di dollari del 2023. L’utile netto del Q4 2024 è stato di 5,8 milioni di dollari (0,37 dollari per azione diluita), con una diminuzione del 15,1% rispetto al Q4 2023, principalmente a causa della riduzione delle rettifiche per perdite su crediti.
Il totale degli attivi ha raggiunto 1,89 miliardi di dollari (in aumento dell’1,1% rispetto all’anno precedente), con depositi a 1,70 miliardi di dollari (in aumento dello 0,5%) e prestiti netti a 1,047 miliardi di dollari (in calo dello 0,5%). I proventi da interessi sono aumentati di 4,5 milioni di dollari (6,1%), mentre le spese non di interesse sono diminuite di 849.000 dollari (1,9%). L’azienda ha mantenuto un basso costo totale dei fondi all’0,84% per l’anno.
Il patrimonio netto degli azionisti è cresciuto a 176,3 milioni di dollari, in aumento del 10,7% rispetto all’anno precedente, con il valore contabile per azione che è passato da 9,80 a 11,06 dollari. Il Consiglio ha approvato un dividendo in azioni del 5% da pagare il 25 marzo 2025.
First Northern Community Bancorp (FNRN) reportó un ingreso neto anual de 20,0 millones de dólares (1,24 dólares por acción diluida) para 2024, lo que representa una disminución del 7,5% respecto a los 21,6 millones de dólares en 2023. El ingreso neto del Q4 2024 fue de 5,8 millones de dólares (0,37 dólares por acción diluida), una disminución del 15,1% con respecto al Q4 2023, principalmente debido a una reducción en las reversas de provisiones de pérdidas crediticias.
Los activos totales alcanzaron 1,89 mil millones de dólares (un aumento del 1,1% año tras año), con depósitos de 1,70 mil millones de dólares (un aumento del 0,5%) y préstamos netos de 1,047 mil millones de dólares (una caída del 0,5%). Los ingresos por intereses aumentaron en 4,5 millones de dólares (6,1%), mientras que los gastos no relacionados con intereses disminuyeron en 849,000 dólares (1,9%). La empresa mantuvo un bajo costo total de fondos del 0,84% para el año.
El patrimonio de los accionistas creció a 176,3 millones de dólares, un aumento del 10,7% año tras año, con un valor contable por acción que aumentó de 9,80 a 11,06 dólares. La Junta aprobó un dividendo en acciones del 5% que se pagará el 25 de marzo de 2025.
퍼스트 노던 커뮤니티 뱅콥 (FNRN)은 2024년 연간 순이익이 2천만 달러 (희석주당 1.24달러)로 2023년의 2천160만 달러에서 7.5% 감소했다고 보고했습니다. 2024년 4분기 순이익은 580만 달러 (희석주당 0.37달러)로, 2023년 4분기 대비 15.1% 감소했으며, 이는 주로 대출 손실 충당금의 감소에 기인합니다.
총 자산은 19억 달러에 도달했으며 (전년 대비 1.1% 증가), 예금은 17억 달러 (0.5% 증가), 순대출은 10억 4천700만 달러 (0.5% 감소) 입니다. 이자 수익은 450만 달러 (6.1%) 증가했으며, 비이자 비용은 84만 9천 달러 (1.9%) 감소했습니다. 회사는 연간 0.84%의 낮은 자금 조달 비용을 유지했습니다.
주주 자산은 1억 7천630만 달러로 증가하여, 전년 대비 10.7% 증가했습니다. 주당 장부 가치는 9.80달러에서 11.06달러로 증가했습니다. 이사회는 2025년 3월 25일에 지급될 5%의 주식 배당금을 승인했습니다.
First Northern Community Bancorp (FNRN) a annoncé un revenu net annuel de 20 millions de dollars (1,24 dollar par action diluée) pour 2024, en baisse de 7,5% par rapport à 21,6 millions de dollars en 2023. Le revenu net du quatrième trimestre 2024 était de 5,8 millions de dollars (0,37 dollar par action diluée), représentant une diminution de 15,1% par rapport au quatrième trimestre 2023, principalement en raison de la réduction des reprises de provisions pour pertes sur créances.
Les actifs totaux ont atteint 1,89 milliard de dollars (en augmentation de 1,1% d’une année sur l’autre), avec des dépôts de 1,70 milliard de dollars (en hausse de 0,5%) et des prêts nets de 1,047 milliard de dollars (en baisse de 0,5%). Les produits d’intérêts ont augmenté de 4,5 millions de dollars (6,1%), tandis que les charges non liées aux intérêts ont diminué de 849 000 dollars (1,9%). L’entreprise a maintenu un coût total des fonds faible à 0,84% pour l’année.
Les capitaux propres des actionnaires ont augmenté à 176,3 millions de dollars, soit une hausse de 10,7% par rapport à l’année précédente, le montant comptable par action passant de 9,80 à 11,06 dollars. Le conseil d’administration a approuvé un dividende en actions de 5% à payer le 25 mars 2025.
First Northern Community Bancorp (FNRN) berichtete für 2024 einen Jahresgewinn von 20,0 Millionen Dollar (1,24 Dollar pro verwässerter Aktie), was einem Rückgang von 7,5% im Vergleich zu 21,6 Millionen Dollar im Jahr 2023 entspricht. Der Gewinn im 4. Quartal 2024 betrug 5,8 Millionen Dollar (0,37 Dollar pro verwässerter Aktie), ein Rückgang von 15,1% im Vergleich zum 4. Quartal 2023, hauptsächlich aufgrund einer geringeren Rückführung von Kreditverlustrückstellungen.
Die Gesamtvermögen erreichten 1,89 Milliarden Dollar (ein Anstieg von 1,1% im Jahresvergleich), mit Einlagen von 1,70 Milliarden Dollar (ein Anstieg von 0,5%) und Nettokrediten von 1,047 Milliarden Dollar (ein Rückgang von 0,5%). Die Zinseinnahmen stiegen um 4,5 Millionen Dollar (6,1%), während die nichtzinsbezogenen Aufwendungen um 849.000 Dollar (1,9%) sanken. Das Unternehmen hielt die Gesamtkapitalkosten mit 0,84% für das Jahr niedrig.
Das Eigenkapital der Aktionäre wuchs auf 176,3 Millionen Dollar, ein Anstieg von 10,7% im Jahresvergleich, wobei der Buchwert pro Aktie von 9,80 auf 11,06 Dollar stieg. Der Vorstand genehmigte eine 5%ige Aktien-Dividende, die am 25. März 2025 ausbezahlt werden soll.
Positive
- Interest income increased by $4.5 million (6.1%) YoY
- Non-interest expenses decreased by $849,000 (1.9%) YoY
- Stockholders’ equity grew by $17.1 million (10.7%) to $176.3 million
- Book value per share increased by 12.9% to $11.06
- Low cost of funds maintained at 0.84%
Negative
- Annual net income decreased 7.5% to $20.0 million
- Q4 net income declined 15.1% YoY to $5.8 million
- Total net loans decreased by $5.6 million (0.5%) YoY
DIXON, Calif.–(BUSINESS WIRE)– First Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported 2024 annual net income of $20.0 million, or $1.24 per diluted share, a decrease of 7.5% when compared to net income of $21.6 million or $1.34 per diluted share for 2023. Net income for the year ended December 31, 2023 included the bargain purchase gain resulting from the Bank’s acquisition of three branches. On an after-tax basis, the bargain purchase gain contributed $1.0 million to net income for the year ended December 31, 2023.
Net income for the quarter ended December 31, 2024, was $5.8 million, or $0.37 per diluted share, down 15.1% compared to net income of $6.9 million, or $0.43 per diluted share, for the quarter ended December 31, 2023. The decrease in net income on a quarter-over-quarter basis was primarily driven by a reduction in reversal of provision for credit losses. There was a reversal of provision for credit losses of $450,000 for the quarter ended December 31, 2024, compared to a reversal of provision for credit losses of $2.0 million for the quarter ended December 31, 2023. The decline in reversal of provision for credit losses was due to the payoff of a non-performing agricultural loan relationship in the quarter ended December 31, 2023, which resulted in recoveries of previously charged-off principal totaling $2.6 million. This recovery was not repeated in the quarter ended December 31, 2024.
Total assets as of December 31, 2024, were $1.89 billion, an increase of $19.9 million, or 1.1%, compared to December 31, 2023. Total deposits as of December 31, 2024, were $1.70 billion, an increase of $7.6 million, or 0.5%, compared to December 31, 2023. Total net loans (including loans held-for-sale) as of December 31, 2024, were $1.047 billion, a decrease of $5.6 million, or 0.5%, compared to total net loans (including loans held-for-sale) of $1.052 billion as of December 31, 2023. The decrease in net loans was primarily driven by net reductions in agricultural and residential construction loans, which was partially offset by growth in commercial loans.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of December 31, 2024.
Commenting on the Company’s year-end 2024 financial results, First Northern Bank’s President & Chief Executive Officer, Jeremiah Z. Smith, stated, “We are pleased to end the year with notable growth in interest income and a continued focus on disciplined cost management in an inflationary environment. Compared to 2023, total interest and dividend income increased by $4.5 million, or 6.1%, while total non-interest expenses decreased by $849,000, or 1.9%. Additionally, although total interest expense rose year-over-year due to the prevailing interest rate environment, our deposit costs were carefully managed. As a result, our total cost of funds remained low at just 0.84% for the year.”
Commenting further, President & CEO Smith stated: “We remain committed to improving shareholder value, with total stockholders’ equity of $176.3 million at year-end 2024 – an increase of $17.1 million, or 10.7%, compared to $159.2 million at year-end 2023. This growth in stockholders’ equity contributed to an increase in book value per share, which rose from $9.80 at the end of 2023 to $11.06 at the end of 2024 – an increase of $1.26, or 12.9%.”
The Company also reported that, at their regular meeting on January 23, 2025, the Board of Directors approved the payment of a 5% stock dividend payable March 25, 2025, to shareholders of record as of February 28, 2025. All income per share amounts have been adjusted to give retroactive effect to the stock dividend.
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FINANCIAL HIGHLIGHTS As of December 31, 2024 (Unaudited) (in thousands, except per share amounts) |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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December 31, 2024 |
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ASSETS |
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Cash and Cash Equivalents |
$ |
119,448 |
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Investment Securities |
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633,853 |
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Total Loans (including loans held-for-sale) |
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1,046,852 |
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Other Assets |
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91,569 |
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Total Assets |
$ |
1,891,722 |
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LIABILITIES AND CAPITAL |
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Total Deposits |
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1,700,089 |
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Other Liabilities |
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15,301 |
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Stockholders’ Equity |
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176,332 |
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Total Liabilities and Capital |
$ |
1,891,722 |
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CONDENSED CONSOLIDATED INCOME STATEMENT |
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Twelve Months Ended December 31, 2024 |
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Interest Income |
$ |
78,652 |
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Interest Expense |
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14,292 |
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Net Interest Income |
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64,360 |
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Reversal of Provision for Credit Losses |
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(250 |
) |
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Net Interest Income after Reversal of Provision for Credit Losses |
64,610 |
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Non-interest Income |
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6,019 |
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Non-interest Expense |
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42,789 |
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Income before Provision for Income Taxes |
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27,840 |
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Provision for Income Tax |
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7,806 |
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Net Income |
$ |
20,034 |
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PER SHARE INFO AND FINANCIAL RETURN METRICS |
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Book Value per Share |
$ |
11.06 |
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Basic Income per Share (Quarter-to-date) |
$ |
0.37 |
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Diluted Income per Share (Quarter-to-date) |
$ |
0.37 |
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Basic Income per Share (Year-to-date) |
$ |
1.26 |
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Diluted Income per Share (Year-to-date) |
$ |
1.24 |
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Consolidated ROAA (Year-to-date) |
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1.06 |
% |
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Consolidated ROAE (Year-to-date) |
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11.95 |
% |
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Colusa, and Glenn counties, as well as the west slope of El Dorado County. Experts are available in small business, commercial, real estate, and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Real estate mortgage and small-business loan officers are available by appointment at any of the Bank’s 14 branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. Non-FDIC insured Investment and Brokerage Services are also available at every branch location. First Northern Bank is rated as a Veribanc “Green-3 Star Blue Ribbon” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended June 30, 2024 (www.veribanc.com) and (www.bauerfinancial.com). For additional information, please visit thatsmybank.com or call (707) 678-7742. Member FDIC. Equal Housing Lender.
Forward-Looking Statements
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s performance and strategic initiatives, and focus on improving shareholder value, and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company’s most recent reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent reports on Form 10-K and Form 10-Q, and any reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. For further information regarding the Company, please read the Company’s reports filed with the SEC and available at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129656293/en/
Jeremiah Z. Smith
President & Chief Executive Officer
First Northern Community Bancorp & First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
Source: First Northern Community Bancorp
FAQ
What was First Northern Community Bancorp’s (FNRN) net income for 2024?
FNRN reported annual net income of $20.0 million ($1.24 per diluted share) for 2024, representing a 7.5% decrease from 2023.
How did FNRN’s Q4 2024 performance compare to Q4 2023?
Q4 2024 net income was $5.8 million ($0.37 per diluted share), down 15.1% compared to Q4 2023’s $6.9 million ($0.43 per diluted share).
What is FNRN’s book value per share as of December 31, 2024?
FNRN’s book value per share increased to $11.06 at the end of 2024, up from $9.80 at the end of 2023, representing a 12.9% increase.
What dividend did FNRN announce for 2025?
FNRN’s Board approved a 5% stock dividend payable March 25, 2025, to shareholders of record as of February 28, 2025.
How much were FNRN’s total assets and deposits as of December 31, 2024?
As of December 31, 2024, FNRN’s total assets were $1.89 billion (up 1.1% YoY) and total deposits were $1.70 billion (up 0.5% YoY).
