FIRST NORTHERN COMMUNITY BANCORP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
FNRN$16.50-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets (Unaudited)
BALANCESHEETS (UNAUDITED)
| (in thousands, except share amounts) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $186,909 | $149,211 |
| Certificates of deposit | 18,185 | 19,710 |
| Investment securities – available-for-sale, at estimated fair value, net of allowance for credit losses of $0; amortized cost of $608,472 at March 31, 2024 and $620,314 at December 31, 2023 | 558,441 | 572,357 |
| Loans, net of allowance for credit losses of $16,246 at March 31, 2024 and $16,596 at December 31, 2023 | 1,047,296 | 1,052,465 |
| Stock in Federal Home Loan Bank and other equity securities, at cost | 10,518 | 10,518 |
| Premises and equipment, net | 9,694 | 9,962 |
| Core deposit intangible | 3,931 | 4,141 |
| Interest receivable and other assets | 52,150 | 53,468 |
| Total Assets | $1,887,124 | $1,871,832 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities: | ||
| Demand deposits | $736,794 | $744,799 |
| Interest-bearing transaction deposits | 372,762 | 380,477 |
| Savings and MMDA’s | 443,201 | 431,472 |
| Time, $250,000 or less | 127,009 | 109,373 |
| Time, over $250,000 | 29,106 | 26,323 |
| Total deposits | 1,708,872 | 1,692,444 |
| Interest payable and other liabilities | 15,903 | 20,143 |
| Total Liabilities | 1,724,775 | 1,712,587 |
| Commitments and contingencies (Note 7) | ||
| Stockholders’ Equity: | ||
| Common stock, no par value; 32,000,000 shares authorized; 15,550,731 shares issued and outstanding at March 31, 2024 and 15,482,332 shares issued and outstanding at December 31, 2023 | 123,856 | 123,235 |
| Additional paid-in capital | 977 | 977 |
| Retained earnings | 72,704 | 68,760 |
| Accumulated other comprehensive loss, net | (35,188) | (33,727) |
| Total Stockholders’ Equity | 162,349 | 159,245 |
| Total Liabilities and Stockholders’ Equity | $1,887,124 | $1,871,832 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| (in thousands, except per share amounts) | Three months ended March 31, 2024 | Three months ended March 31, 2023 |
|---|---|---|
| Interest and dividend income: | ||
| Loans | $13,475 | $11,377 |
| Due from banks interest bearing accounts | 1,715 | 2,400 |
| Investment securities | ||
| Taxable | 2,845 | 2,683 |
| Non-taxable | 252 | 273 |
| Other earning assets | 256 | 178 |
| Total interest and dividend income | 18,543 | 16,911 |
| Interest expense: | ||
| Deposits | 3,181 | 930 |
| Total interest expense | 3,181 | 930 |
| Net interest income | 15,362 | 15,981 |
| Reversal of provision for credit losses | (300) | — |
| Net interest income after reversal of provision for credit losses | 15,662 | 15,981 |
| Non-interest income: | ||
| Service charges on deposit accounts | 428 | 412 |
| Gains on sales of loans held-for-sale | — | 18 |
| Investment and brokerage services income | 139 | 121 |
| Mortgage brokerage income | 9 | 10 |
| Loan servicing income | 67 | 64 |
| Debit card income | 659 | 654 |
| (Losses) gains on sales/calls of available-for-sale securities | (42) | 2 |
| Gain on bargain purchase | — | 1,405 |
| Other income | 247 | 187 |
| Total non-interest income | 1,507 | 2,873 |
| Non-interest expenses: | ||
| Salaries and employee benefits | 6,671 | 6,805 |
| Occupancy and equipment | 1,127 | 1,017 |
| Data processing | 1,020 | 1,019 |
| Stationery and supplies | 60 | 100 |
| Advertising | 108 | 146 |
| Directors’ fees | 69 | 66 |
| Amortization of core deposit intangible | 210 | 151 |
| Other expense | 1,962 | 1,980 |
| Total non-interest expenses | 11,227 | 11,284 |
| Income before provision for income taxes | 5,942 | 7,570 |
| Provision for income taxes | 1,666 | 2,081 |
| Net income | $4,276 | $5,489 |
| Basic earnings per common share | $0.28 | $0.36 |
| Diluted earnings per common share | $0.28 | $0.36 |
Index
CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME/LOSS (UNAUDITED)
| (in thousands) | Three months ended March 31, 2024 | Three months ended March 31, 2023 |
|---|---|---|
| Net income | $4,276 | $5,489 |
| Other comprehensive (losses) gains, net of tax: | ||
| Unrealized holding gains (losses) on securities: | ||
| Unrealized holding (losses) gains arising during the period, net of tax effect of $(625) and $2,522 for the three-month periods ended March 31, 2024 and March 31, 2023, respectively | (1,491) | 6,014 |
| Less: reclassification adjustment due to (losses) gains realized on sales of securities, net of tax effect of $12 and $(1) for the three-month periods ended March 31, 2024 and March 31, 2023, respectively | 30 | (1) |
| Other comprehensive (loss) income | $(1,461) | $6,013 |
| Comprehensive income | $2,815 | $11,502 |
Index
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
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