First Northern reports healthy gains in net income

First Northern Community Bancorp reported year-to-date net income of $4.6 million, up 70.4 percent compared to net income of $2.7 million for the same fiscal period last year. First Northern Community Bancorp is the holding company for First Northern Bank.

Net income available to common shareholders totaled $3.5 million as of Dec. 31, 2012, up 169.2 percent compared to net income available to common shareholders at Dec. 31, 2011, of $1.3 million, the bank reported.

Diluted earnings per share for the 12 months ended Dec. 31 were 37 cents, up 164.3 percent compared to diluted earnings per share of 14 cents reported for the same fiscal period a year ago.

Net income for the quarter ended Dec. 31 was $1.1 million compared to $155,000 for the same fiscal period last year.

Total assets on Dec. 31 were $831.5 million, an increase of $50.3 million, or 6.4 percent, compared to the same period in 2011. Total deposits of $730.8 million increased $51.8 million, or 7.6 percent, compared to Dec. 31, 2011, figures.

At their regular meeting on Jan. 24, the bank’s board of directors declared a 2 percent stock dividend, payable March 29 to shareholders of record as of Feb. 28

The year “2012 was a year of genuine progress for First Northern Community Bancorp; progress was made across all business lines, resulting in solid growth and much improved annual net earnings,” said Louise A. Walker, president and CEO. “Our reputation for employing knowledgeable and friendly bankers who possess an honest desire to understand their customers’ unique financial needs continues to be a differentiator for our company.

“As we have done for the past 103 years, we will work hard to deepen our existing client relationships and attract quality new relationships. In an increasingly competitive industry, small to medium-sized businesses are looking for more dedicated and experienced service professionals to partner with as their trusted adviser over the long haul.”

First Northern Bank, an independent community bank headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer and the west slope of El Dorado County. First Northern has 10 branches, including one in downtown Davis at 434 Second St.

For more information, visit www.thatsmybank.com.