First Northern Community Bancorp (OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported 2022 annual net income of $15.9 million, or $1.09 per diluted share. This reflected increases of 12% and 14.7%, respectively, when compared to net income of $14.2 million, or $.95 per diluted share, for 2021. In addition, net income for the quarter ended Dec. 31, 2022, totaled $4.7 million, or $.33 per diluted share, compared to net income of $3.2 million, or $.22 per diluted share, for the quarter ended Dec. 31, 2021. “We attribute our record-year performance to robust loan growth and an increasing interest rate environment driving a continuing rise in interest income over the course of the year,” said First Northern’s CEO and President Jeremiah Smith. “We reported record net interest income of $54.7 million for the year when compared to $46.3 million for the year prior, an improvement of $8.5 million or 18.2%. Net interest margin was 3.06% for the year ended 2022, which was a 16.8% or 44 basis-point improvement from the 2.62% reported a year prior. This improvement drove our record net income of $15.9 million for the year ending December 31, 2022, up 12% over the $14.2 million earned one year ago.”
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About First Northern Bank
First Northern is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured investment and brokerage services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 14 branches. First Northern is rated as a Veribanc “Blue Ribbon” and “5-Star Superior” bank by Bauer Financial for the earnings period ended Sept. 30, 2022 (www.Veribanc.com) and (www.BauerFinancial.com). The Bank can be found on the web at www.ThatsMyBank.com.
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