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First Northern Community Bancorp - 2nd
Quarter Earnings Report
First Northern Community Bancorp (FNRN), holding company for First
Northern Bank, today announced record earnings for the second quarter
of2004. Net income for the quarter ended June 30, 2004 was $1.61
million, up 1.9% from the $1.58 million earned in the same period in
2003. Diluted earnings per share for the quarter were $0.43, which was
up 2.4%, compared to the $0.42 per diluted share earned a year ago
(all 2003 per share earnings have been adjusted for a 6% stock
dividend issued March 31, 2004).
Year-to-date net income as of June 30, 2004 was reported at $3.01
million, a decrease of 4.8% from the $3.16 million earned in the same
fiscal period last year. Diluted earnings per share for the six months
ended June 30, 2004 of$0.81 were down 4.71% from the $0.85 reported
last year. Annualized Return on Average Assets for the period ended
June 30, 2004 was 1.07%, compared to 1.26% for the same period in
2003. Annualized Return on Beginning Core Equity was 13.34%, compared
to 15.75% one year ago.
Total assets at June 30, 2004 were $586.4 million, an increase of
$68.6 million, or 13.3% over the second quarter of2003. Total deposits
of$519.1 million increased $59.7 million or 13.0% compared to June 30,
2003 figures. During that same period, total net loans increased $21.4
million, or 5.7%, to $396.1 million.
Owen "John" Onsum, President and CEO stated, "Good things are
happening at First Northern Community Bancorp. Our assets, deposits
and loans continue to experience healthy gains. Even with this healthy
growth, our operating expenses have decreased. However, the continued
low interest rate environment and slowdown in mortgage loan demand has
put a crimp in our earnings momentum. We are eagerly anticipating the
much heralded rise in interest rates to more normalized levels which
should create a positive upswing in interest income."
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.
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