First Northern Community Bancorp Reports Q2 2022 Results

DIXON, Calif.–(BUSINESS WIRE)–First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company of First Northern Bank (“First Northern” or the “Bank”), today announced net income of $6.6 million, or 0 $.48 per diluted share, for the six months ended June 30, 2022, up 1.6% from net income of $6.5 million, or $0.45 per diluted share, for the six months ended June 30, 2021.

Net earnings for the three months ended June 30, 2022 were $3.5 million, or $0.26 per diluted share, up 7.3% from net earnings of $3.3 million. dollars, or $0.23 per diluted share, for the quarter ended June 30, 2021.

Total assets as of June 30, 2022 were $1.90 billion, an increase of $62.2 million, or 3.4%, from June 30, 2021. Total deposits as of June 30, 2022 were $1.75 billion, an increase of $88.0 million, or 5.3%. , compared to June 30, 2021. Total net lending (including loans totaling $1.5 million made under the SBA’s Paycheck Protection Program (PPP)) as of June 30, 2022 is was $931.9 million, an increase of $57.8 million, or 6.6%, over total net loans (including loans held for sale and loans totaling $125.6 $874.1 million as of June 30, 2021. The increase in net lending was primarily due to commercial real estate and agricultural loan originations, which was partially offset by repayments and the SBA’s forgiveness and repayment of loans made under the SBA PPP.

Excluding PPP loans, net loan growth as of June 30, 2022 was $181.9 million, or 24.3%, compared to June 30, 2021.1 The Company continued to be “well capitalized” according to regulatory definitions, exceeding the threshold of 10% of the capital ratio based on total risk as of June 30, 2022.

Commenting on the Company’s financial results, President and Chief Executive Officer Louise Walker said, “We delivered exceptional results this quarter, driven by the continued execution of our strategic initiatives and double-digit revenue growth. loans (excluding PPP loans). Additionally, we saw an increase in net interest income, growth in deposits and a 35% decrease in non-performing assets compared to the same period a year ago. We are also proud to share that First Northern Bank was ranked 192nd in the nation in American Bankers’ Top 200 Community Banks for 2022.”

About First Northern Bank

First Northern Bank is an independent community bank specializing in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa counties, as well as the western edge of El Dorado County. Experts are available for small business, commercial, real estate and agribusiness loans, as well as mortgages. The bank is a preferred lender of the SBA. Non-FDIC insured investing and brokerage services are available at all branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial loan office in Walnut Creek. Home and small business loan officers are available by appointment at any of the Bank’s 11 branches. First Northern is classified as a Veribanc “Blue Ribbon” bank and a “5 Star Superior” bank by Bauer Financial for the results period ending March 31, 2022 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the web at it’smabanque.comon Facebook and on LinkedIn.

Forward-looking statements

This press release and other public statements may include certain “forward-looking statements” regarding First Northern Community Bancorp and its subsidiaries (the Company”). These forward-looking statements are based on management’s current expectations, including, but not limited to, statements regarding the the Company’s execution of strategic initiatives, 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, business and regulatory factors. Given the many challenges and uncertainties resulting from the coronavirus pandemic, such as the extent and duration of the public health impact, the United States and California economies, financial markets and consumer and business customers and customers, including economic activity, employment levels and market liquidity, and about our business, results of operations and financial condition, and various measures taken in response to challenges and uncertainties by governments, regulators and others, our forward-looking statements are subject to the risk that conditions may differ materially from those we currently expect. 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. and 10-Q, each as amended from time to time, which identifies important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. The financial information in this release should be read in conjunction with the consolidated financial statements and accompanying notes included in the company’s most recent reports on Form 10-K and Form 10-Q.and all reports on Form 8-K. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date on which they are made. For additional information regarding the Company, please read the Company’s reports filed with the SEC and available at www.sec.gov.

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1 The presentation of net loan growth, excluding SBA PPP loans, is a non-GAAP financial measure. Management believes this non-GAAP financial measure is useful to investors given the short-term, one-time impact of the SBA PPP loans on the Company’s financial statements.

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