First Northern Community Bancorp Reports Second Quarter 2024 Net Income of $4.4 Million
Net income for the quarter ended
Comparing our 2024 results to prior year, net income for the six months ended
Total assets as of
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of
Commenting on the Company’s financial results, First Northern’s President & Chief Executive Officer,
CEO Smith further stated, “We continue to focus on improving our operating efficiency, resulting in a quarter-over-quarter decrease in total non-interest expenses of
FINANCIAL HIGHLIGHTS |
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As of |
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(thousands) |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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|
|||
|
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ASSETS |
|||
Cash and Cash Equivalents |
$ |
181,783 |
|
|
|
561,074 |
|
Total Loans (including loans held-for-sale) |
|
1,049,415 |
|
Other Assets |
|
95,743 |
|
Total Assets |
$ |
1,888,015 |
|
|
|
|
|
LIABILITIES AND CAPITAL |
|
|
|
Total Deposits |
|
1,707,059 |
|
Other Liabilities |
|
15,229 |
|
Stockholders’ Equity |
|
165,727 |
|
Total Liabilities and Capital |
$ |
1,888,015 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED INCOME STATEMENT |
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Six Months Ended |
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|
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Interest Income |
$ |
38,073 |
|
Interest Expense |
|
(6,733 |
) |
Net Interest Income |
|
31,340 |
|
Provision for Credit Losses |
|
(750 |
) |
Non-interest Income |
|
2,991 |
|
Non-interest Expense |
|
(21,526 |
) |
Provision for Income Tax |
|
(3,355 |
) |
Net Income |
$ |
8,700 |
|
|
|
|
|
|
|
|
|
PER SHARE INFO AND FINANCIAL RETURN METRICS |
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Book Value per Share |
$ |
10.75 |
|
Basic Income per Share (Quarter-to-date) |
$ |
0.29 |
|
Diluted Income per Share (Quarter-to-date) |
$ |
0.29 |
|
Basic Income per Share (Year-to-date) |
$ |
0.57 |
|
Diluted Income per Share (Year-to-date) |
$ |
0.57 |
|
Consolidated ROAA (Year-to-date) |
|
0.94 |
% |
Consolidated ROAE (Year-to-date) |
|
10.72 |
% |
|
|
|
About
Forward-Looking Statements
This press release and other public statements may include certain “forward-looking statements” about
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729472471/en/
President & Chief Executive Officer
&
P.O. Box 547
(707) 678-3041
Source: