|
First Northern Community Bancorp - 4th Quarter Earnings Report
Board Declares 6% Stock Dividend
First Northern Community Bancorp (FNRN), holding company for First
Northern Bank, today announced record earnings for the fourth quarter
of 2004. Net income for the quarter ended December 31, 2004 was $1.97
million, up 43.80% from the $1.37 million earned in the same period in
2003. Diluted earnings per share for the quarter was $0.50, which was
up 42.86%, compared to the $0.35 per diluted share earned a year ago.
Year-to-date net income as of December 31, 2004 was $6.71 million, up
9.82% from the $6.11 million earned in the same fiscal period last
year. Diluted earnings per share for the twelve months ended December
31, 2004 of $1.71 was up 9.62% from the $1.56 reported last year.
Annualized Return on Average Assets for the period ended December 31,
2004 was 1.14%, compared to 1.18% for the same period in 2003.
Annualized Return on Beginning Core Equity was 14.87%, compared to
15.25% one year ago.
Total assets at December 31, 2004 were $628.7 million, an increase of
$70.0 million, or 12.5% over year-end 2003. Total deposits of $557.2
million increased $58.4 million or 11.7% compared to December 31, 2003
figures. During that same period, total net loans increased $52.9
million, or 14.0%, to $432.0 million.
At their regular meeting on January 27, 2005, the Board of Directors
of First Northern Community Bancorp declared a 6% stock dividend,
payable March 31, 2005 to shareholders of record as of February 28,
2005. All income per share amounts have been adjusted to give
retroactive effect to the stock dividend. This dividend represents the
40th consecutive year the Company has paid a stock dividend.
Owen “John” Onsum, President and CEO stated, “We are quite pleased
with the Company’s performance this past year. The rise in interest
rates this past quarter has had a positive effect on our margins and
they are beginning to move back to more normalized levels. Besides the
improvement in our interest margins, we continue to experience steady
growth in market share, and healthy gains in assets, deposits and
loans. Each of these factors have helped play a part in offsetting the
recent investments we’ve made to expand our franchise and the
monumental expenses incurred in the effort to implement and comply
with the Sarbanes Oxley Act. On the franchise expansion front, our
Roseville Branch is now open at 2150 Douglas Boulevard, on the corner
of Douglas and Eureka. We are very excited to be a part of the
burgeoning Roseville marketplace. We have a strong branch management
team in place with local ties to the Roseville and Granite Bay
region.”
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.
Forward-Looking Statements
This press release may include certain "forward-looking statements"
about First Northern Community Bancorp (the "Company"). These
forward-looking statements are based on management's current
expectations and are subject to certain risks, uncertainties 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 these risk factors is contained in the Company'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 materially 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 the Company's most
recent reports on Form 10-K and Form 10-Q. The Company undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances arising after the date on which they are made.
For further information regarding the Company, please read the
Company's reports filed with the SEC and available at
www.sec.gov.
|
