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First Northern Community Bancorp Posts
Record Earnings in 2002
Fourth Quarter Report
First Northern Community Bancorp (FNRN), holding company for First
Northern Bank, today announced record earnings for year-end 2002. Net
income as of December 31, 2002 was $5,718,000, up 7.30% from the
$5,329,000 reported in 2001. The annual diluted earnings per share of
$1.59 was up 10.42%, compared to $1.44 per share earned in 2001.
Return on Average Assets was 1.25%, down from 1.30% at the end of
2001. Annualized Return on Beginning Core Equity was 14.79%, compared
to the 14.89% reported one year ago.
Total assets at December 31, 2002 were $495.2 million, an increase of
$55.4 million, or 12.60%, over year-end 2001. Total deposits ended the
year at $442.2 million, up $50.4 million or 12.86% from 2001, and net
loans increased $85.6 million or 31.77% to $355.0 million.
Net income for the three months ending December 31, 2002 was $1.5
million, up 15.38% compared to the $1.3 million earned in the same
period in 2001. Diluted earnings per share for the quarter of $.43,
was up 4.89%, compared to the $.41 per share earned in 2001.
Owen "John" Onsum, President and Chief Executive Officer stated, "We
are very pleased to report First Northern Community Bancorp has had a
much better year than we ever could have expected. Earnings continued
to be strong in spite of the interest rate environment and our current
growth initiatives. This can be attributed in large part to our loan
growth, our low cost deposit mix, and the real estate finance boom. In
addition, our friendly and skilled relationship managers, with the
help of a great team of support staff, continue to build good quality
business for the Bank through expansion of the products and services
provided to existing customers, as well as developing new customer
relationships.”
At their regular meeting on January 23, 2002, the Board of Directors
of First Northern Community Bancorp declared a 6% stock dividend,
payable March 31, 2003 to shareholders of record as of February 28,
2003. All income per share amounts have been adjusted to give
retroactive effect to the stock dividend. This dividend represents the
38th consecutive year the Company has paid a stock dividend.
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 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. |
