|
First Northern Community Bancorp - 1st Quarter Earnings Report
Deposits, Loans, and Assets Experience Gains
First Northern Community Bancorp (FNRN), holding company for First
Northern Bank, today announced their financial results for the first
quarter of 2004. Total assets at March 31, 2004 were $556.9 million,
up $56.9 million or 11.38% over the first quarter of 2003. Total
deposits increased 9.6%, or $43.2 million, to $492.0 million during
that same period, and total net loans increased $22.1 million, or
6.2%, to $377.7 million.
Net income as of March 31, 2004 was $1,397,000, down 11.19% from
$1,573,000 reported for the quarter ended March 31, 2003. Diluted
earnings per share for the first quarter was $0.37, down 11.90%
compared to the $0.42 per share earned in the first quarter of 2003.
(The 2003 earnings per share figure was adjusted for a 6% stock
dividend issued March 31, 2004.)
Annualized Return on Average Assets for the period ended March 31,
2004 was 1.01%, down from 1.28% for the same period in 2003.
Annualized Return on Beginning Core Equity was 12.4%, compared to
15.7% one year ago.
Owen "John" Onsum, President and Chief Executive Officer stated,
"While we set new records in our deposits, assets and loans, market
conditions have had an impact on our earnings. It’s understandable
that the current economic cycle and interest rate environment will
eventually have an effect on even the most successful financial
institutions and most businesses in general. First Northern remains
highly profitable, yet when comparing first quarter 2004 to first
quarter 2003, First Northern Community Bancorp experienced a slow down
in demand for mortgage financing and refinancing, and a reduction in
yields on earning assets. However, we believe the Company is well
positioned to benefit from future economic growth."
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, Woodland, 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
|
