First Northern Community Bancorp 8-K, filed Oct 27, 2022
First Northern Community Bancorp (FNRN)
8-K
2022-10-27
For: 2022-10-26
View Original
Added on
April 06, 2026
About this 8-K
First Northern Community Bancorp filed this 8-K on October 27, 2022, reporting on events of October 26, 2022.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 26, 2022
(Exact Name of Registrant as Specified in Its Charter)
(Commission File Number)
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices, including zip code)
(707 ) 678-3041
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
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. ☐
ITEM 2.02 RESULTS OF OPERATION AND FINANCIAL CONDITION
On October 26, 2022, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2022, a copy
of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities
Exchange Act of 1934.
ITEM 7.01 REGULATION FD DISCLOSURE
On October 26, 2022, First Northern Community Bancorp issued a press release concerning financial results for the 3rd quarter of 2022, a copy
of which is included as ITEM 9.01 (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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Date: October 26, 2022
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First Northern Community Bancorp
(Registrant)
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/s/ Jeremiah Z. Smith
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By: Jeremiah Z. Smith
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Senior Executive Vice President/
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Chief Operating Officer
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EXHIBIT INDEX
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Exhibit
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Document
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99.1
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Earnings Press Release, dated October 26, 2022
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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Louise A. Walker October 26, 2022
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California
(707) 678-3041
First Northern Community Bancorp Reports 3rd Quarter 2022 Earnings
Net Loan Growth,
Excluding PPP Loans, was Up 28.8% Year Over Year1
Dixon, California—First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $11.2 million,
or $0.80 per diluted share, for the nine months ended September 30, 2022, up 1.5% compared to net income of $11.0 million, or $0.77 per diluted share, for the nine months ended September 30, 2021.
Net income for the quarter ended September 30, 2022 was $4.6 million, or $0.33 per diluted share, up 1.3% compared to net income of $4.5 million, or $0.32 per
diluted share, for the quarter ended September 30, 2021.
Provision for loan loss totaled $300,000 for the three months ended September 30, 2022, compared to a reversal of provision for loan losses of $1,800,000 for
the same period in 2021. Provision for loan loss totaled $900,000 for the nine months ended September 30, 2022, compared to a reversal of provision for loan losses of $1,500,000 for the same period in 2021. The current period provision for loan loss
is primarily due to current year loan growth. The prior period reversal of provision for loan losses was primarily due to a decrease in specific reserves on loans to one borrower.
Total assets as of September 30, 2022 were $1.93 billion, an increase of $8.2 million, or 0.4%, compared to September 30, 2021. Total deposits as of September
30, 2022 were $1.80 billion, an increase of $49.9 million, or 2.9%, compared to September 30, 2021. Total net loans (including loans totaling $0.5 million made under the SBA’s Paycheck Protection Program (PPP) as of September 30, 2022 were $971.2
million, an increase of $145.6 million, or 17.6%, compared to total net loans (including loans held-for-sale and loans totaling $72.0 million made under the SBA’s PPP) of $825.6 million as of September 30, 2021. The increase in net loans was
primarily driven by originations of commercial real estate, agriculture, and residential mortgage loans, which was partially offset by payoffs, and the forgiveness and SBA reimbursement on loans made under the SBA’s PPP.
- more -
Excluding PPP loans, net loan growth as of September 30, 2022 was $217.10 million, or 28.8%, compared to September 30, 2021.1 The Company
continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of September 30, 2022.
Commenting on the Company’s financial results, President & Chief Executive Officer Louise Walker stated, “We remain focused on executing our strategic
initiatives and are closely monitoring risks related to the continued impact of high inflation on both consumer and business clients. Given our strong capital, consistent earnings, solid credit portfolio and excellent liquidity, we believe that we
are well positioned to help our clients navigate the challenging economic environment.”
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves
Solano, Yolo, Sacramento, Placer, and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA
Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank
also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 11 branches. First Northern is rated as a Veribanc “Blue Ribbon” Bank and a “5-Star
Superior” Bank by Bauer Financial for the earnings period ended June 30, 2022 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
Forward-Looking Statements
This press release and other public statements may include certain “forward-looking statements” about 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 about the Company’s execution on strategic initiatives and competitive
positioning, 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, market and regulatory
factors. Given the many challenges and uncertainties resulting from the coronavirus pandemic, such as the extent and duration of the impact on public health, the U.S. and California economies, financial markets and consumer and corporate customers
and clients, including economic activity, employment levels and market liquidity, and on our business, results of operation and financial condition, as well as the various actions taken in response to the challenges and uncertainties by governments,
regulatory agencies and others, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. 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 it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained
in the forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent reports on Form 10-K and Form
10-Q, and any reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. For further information regarding the Company, please
read the Company’s reports filed with the SEC and available at www.sec.gov.
1 The presentation of net loan growth, excluding loans under the SBA’s PPP, is a non-GAAP financial measure. Management believes that this
non-GAAP financial measure is useful to investors in light of the short-term and non-recurring impact of loans made under the SBA’s PPP on the Company’s financial statements.