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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

(Mark one)

 

 

For the Quarterly Period Ended June 30, 2025

 

OR

 

 

For the transition period from _______________ to _______________

 

Commission File Number 000-30707

 

(Exact name of registrant as specified in its charter)

 

 

195 N. First Street, Dixon, California		95620
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 

The number of shares of Common Stock outstanding as of August 4, 2025 was 15,780,933.

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FIRST NORTHERN COMMUNITY BANCORP

	Page
PART I – Financial Information	3
ITEM I. – Financial Statements (Unaudited)	3
Condensed Consolidated Balance Sheets (Unaudited)	3
Condensed Consolidated Statements of Income (Unaudited)	4
Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	6
Condensed Consolidated Statements of Cash Flows (Unaudited)	7
Notes to Condensed Consolidated Financial Statements	8
ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	35
ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	53
ITEM 4. – CONTROLS AND PROCEDURES	53
PART II – OTHER INFORMATION	53
ITEM 1. – LEGAL PROCEEDINGS	53
ITEM 1A. – RISK FACTORS	53
ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	59
ITEM 3. – DEFAULTS UPON SENIOR SECURITIES	59
ITEM 4. – MINE SAFETY DISCLOSURES	59
ITEM 5. – OTHER INFORMATION	59
ITEM 6. – EXHIBITS	60
SIGNATURES	61

PART I – FINANCIAL INFORMATION

FIRST NORTHERN COMMUNITY BANCORP

ITEM I.    – FINANCIAL STATEMENTS (UNAUDITED)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

See notes to unaudited condensed consolidated financial statements.

FIRST NORTHERN COMMUNITY BANCORP

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

See notes to unaudited condensed consolidated financial statements.

FIRST NORTHERN COMMUNITY BANCORP

See notes to unaudited condensed consolidated financial statements.

FIRST NORTHERN COMMUNITY BANCORP

 

(in thousands, except share data)

		Common Stock								Additional Paid-in				Retained				Accumulated Other Comprehensive
		Shares				Amounts				Capital				Earnings				Loss, net of tax				Total
Balance at December 31, 2023			15,482,332			$	123,235			$	977			$	68,760			$	(33,727	)		$	159,245
Net income															4,276								4,276
Other comprehensive loss, net of taxes																			(1,461	)			(1,461	)
Stock dividend adjustment			2,671				325								(325	)							—
Cash in lieu of fractional shares			(148	)											(7	)							(7	)
Stock-based compensation							296																296
Common shares issued related to restricted stock grants, net of restricted stock reversals			57,489				—																—
Stock options exercised, net of swapped shares			8,387				—																—
Balance at March 31, 2024			15,550,731			$	123,856			$	977			$	72,704			$	(35,188	)		$	162,349
Net income															4,424								4,424
Other comprehensive income, net of taxes																			34				34
Stock-based compensation							159																159
Common shares issued related to restricted stock grants			4,470				—																—
Stock repurchase and retirement			(137,500	)			(1,239	)															(1,239	)
Stock options exercised, net of swapped shares			1,872				—																—
Balance at June 30, 2024			15,419,573			$	122,776			$	977			$	77,128			$	(35,154	)		$	165,727
Balance at December 31, 2024			15,943,051			$	127,902			$	977			$	81,304			$	(33,851	)		$	176,332
Net income															3,671								3,671
Other comprehensive income, net of taxes																			8,886				8,886
Stock dividend adjustment			(616	)			352								(352	)							—
Cash in lieu of fractional shares			(129	)											(8	)							(8	)
Stock-based compensation							198																198
Common shares issued related to restricted stock grants			64,807				—																—
Stock options exercised, net of swapped shares			17,936				—																—
Stock repurchase and retirement			(127,120	)			(1,274	)															(1,274	)
Balance at March 31, 2025			15,897,929			$	127,178			$	977			$	84,615			$	(24,965	)		$	187,805
Net income															5,466								5,466
Other comprehensive income, net of taxes																			2,324				2,324
Stock-based compensation							166																166
Stock options exercised, net of swapped shares			9,162				—																—
Stock repurchase and retirement			(88,763	)			(876	)															(876	)
Balance at June 30, 2025			15,818,328			$	126,468			$	977			$	90,081			$	(22,641	)		$	194,885