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First Northern Community Bancorp - 3rd Quarter Earnings Report
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Diluted Earnings Per Share for Quarter, up 9.49%
over same period last year
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Total Assets as of September 30, 2004, up 12.1%
over 3rd Quarter 2003
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Total Deposits increased 11.4% compared to
September 30, 2003
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Total Net Loans increased 16.8% over same period
last year
First Northern Community Bancorp (FNRN), holding
company for First Northern Bank, today announced record earnings for
the third quarter of 2004. Net income for the quarter ended September
30, 2004 was $1.73 million, up 9.49% from the $1.58 million earned in
the same period in 2003. Diluted earnings per share for the quarter
were $0.47, which was up 9.3%, compared to the $0.43 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 September 30, 2004 was reported at $4.74
million, which equaled the $4.74 million earned in the same fiscal
period last year. Diluted earnings per share for the nine months ended
September 30, 2004 of $1.28 were up .79% from the $1.27 reported last
year. Annualized Return on Average Assets for the period ended
September 30, 2004 was 1.10%, compared to 1.24% for the same period in
2003. Annualized Return on Beginning Core Equity was 14.00%, compared
to 15.77% one year ago.
Total assets at September 30, 2004 were $598.4 million, an increase of
$64.6 million, or 12.1% over the third quarter of 2003. Total deposits
of $529.5 million increased $54.1 million or 11.4% compared to
September 30, 2003 figures. During that same period, total net loans
increased $60.0 million, or 16.8%, to $417.5 million.
Owen “John” Onsum, President and CEO stated, “We are once again very
pleased to report that First Northern Community Bancorp has continued
its record of strong growth in the areas of earnings, assets, deposits
and loans. We have been fortunate to maintain a stabilized net
interest margin throughout 2004. Currently, we are busy preparing to
expand our franchise into the economically vibrant Roseville market by
opening a full service de novo branch this December. The address of
our new branch will be 2150 Douglas Boulevard (at the corner of
Douglas and Eureka, in the heart of the Douglas Boulevard corridor).
Our business banking team for Roseville and Granite Bay is in place,
and we are truly gratified that these communities have embraced First
Northern with such warmth even before our doors have opened. We are
looking forward to serving Placer County beyond the real estate
mortgage and construction loans offered for the past three years
through our Real Estate Loan Production Office in Roseville.”
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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