First Northern Bank’s net income through the first quarter of 2013 was $1.4 million, up 27.3 percent compared to net income of $1.1 million for the same fiscal period last year, reports Louise Walker, president and CEO of the bank.
Net income available to common shareholders totaled $1.2 million as of March 31, up 50 percent compared to $800,000 last year, she said. Diluted earnings per share for the three months ended March 31 was 12 cents, up 33.3 percent compared to 9 cents a year ago.
Total assets on March 31 were $852.6 million, an increase of $59.1 million, or 7.5 percent, compared to the same period in 2012. Total deposits of $761.7 million increased $71.5 million, or 10.4 percent, compared to March 31, 2012, figures.
During that same period, total net loans (including loans held-for-sale) increased $24 million, or 5.7%, to $443.5 million. Total risk-based capital was 16.35 percent, far exceeding the “well-capitalized” threshold of 10 percent, Walker reported.
Commenting on the Company’s financial results, Walker stated,
“With our vastly improved asset quality, our earnings momentum continues,” she said in a news release. “We have built a strong balance sheet that provides us a platform from which we can leverage the progress we’ve made.
“We have prudently managed our concentration of long-term fixed rate loans and investments to minimize the risk associated with the eventual rise in interest rates, we have excess liquidity, and our capital base is among the strongest in the industry.”
First Northern Bank, an independent community bank headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento and Placer counties and the west slope of El Dorado County. On April 19, the bank expanded into Contra Costa County with a commercial loan office.
It has a full-service branch at 434 Second St. in downtown Davis.