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First Northern Community Bancorp's Earnings Per
Share Up 29%
First Quarter Earnings Report
First Northern Community Bancorp (FNRN), holding company for First
Northern Bank, today announced record earnings for the first quarter
of 2003. Net income as of March 31, 2003 was $1.6 million, up 23.08%
from $1.3 million reported for the quarter ended March 31, 2002.
Diluted earnings per share for the first quarter was $0.44, up 29.41%
compared to the $0.34 per share earned in the first quarter of 2002.
(The 2002 earnings per share figure was adjusted for a 6% stock
dividend issued March 31, 2003.)
Annualized Return on Average Assets for the period ended March 31,
2003 was 1.28%, up from 1.15% for the same period in 2002. Annualized
Return on Beginning Core Equity was 15.7%, compared to 12.8% one year
ago.
Total assets at March 31, 2003 were $500.0 million, up $63.7 million
or 14.6% over the first quarter of 2002. Total deposits increased
15.1%, or $58.8 million, to $448.8 million during that same period,
and total net loans increased $78.4 million, or 28.3%, to $355.6
million.
Owen "John" Onsum, President and Chief Executive Officer stated, "We
have been working hard to mitigate the effects of the challenging
economic situation most businesses currently face. We are very pleased
to report that our efforts have been successful and our success is
validated by the healthy gains we continue to post."
First Northern Bank, an independent community bank headquartered in
Solano County since 1910, serves Solano, Yolo and parts of Sacramento,
Placer and El Dorado Counties. First Northern currently has 10
branches located in Dixon, Davis, West Sacramento, Fairfield,
Vacaville, Winters, Woodland, Suisun City and Downtown Sacramento. The
Bank has real estate lending offices in Davis, Vacaville, Roseville
and El Dorado Hills, and has an SBA Loan Office and full service Trust
Department in Sacramento. First Northern also offers non-FDIC insured
Investment and Brokerage Services at each branch location. The Bank
can be found on the Web at www.thatsmybank.com.
This document includes certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are
subject to uncertainty 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 those factors is contained in
First Northern's most recent reports filed with the Securities and
Exchange Commission on Forms 10-K, 10-Q and 8-K, each as it may be
amended from time to time, which identify important risk factors that
could cause actual results to differ 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 First Northern's
most recent reports on Form 10-K and Form 10-Q, each as it may be
amended from time to time.] First Northern disclaims any intent or
obligation to update these forward-looking statements. |
