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): April 29, 2025

FIRST NORTHERN COMMUNITY BANCORP
(Exact Name of Registrant as Specified in Its Charter)

000-30707
(Commission File Number)

California
68-0450397
(State or Other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)

195 N FIRST STREET
DIXON, California 95620
(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:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which registered
FNRN
FNRN
 

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 April 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2025, 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 April 29, 2025, First Northern Community Bancorp issued a press release concerning financial results for the 1st quarter of 2025, 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

99.1 Press Release, dated April 29, 2025



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.

Date     April 29, 2025
 
First Northern Community Bancorp
(Registrant)
 
  
 
  
 
/s/ Jeremiah Z. Smith
 
By: Jeremiah Z. Smith
 
President/Chief Executive Officer
 
  



EXHIBIT INDEX
 

Exhibit
Document
   
99.1
 Earnings Press Release, dated April 29, 2025




EXHIBIT 99.1
                                                                                                                                                     
              
                

First Northern Community Bancorp Reports
First Quarter 2025 Net Income of $3.7 Million

For immediate release

Dixon, Calif., April 29, 2025 — First Northern Community Bancorp (the “Company”, OTCQX: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported net income of $3.7 million, or $0.23 per diluted share, for the three months ended March 31, 2025, down 14.2% compared to net income of $4.3 million, or $0.26 per diluted share, for the three months ended March 31, 2024.
Total assets as of March 31, 2025, were $1.88 billion, a decrease of $11.4 million, or 0.6%, compared to March 31, 2024. Total net loans (including loans held-for-sale) as of March 31, 2025, were $1.04 billion, a decrease of $6.1 million, or 0.6%, compared to total net loans (including loans held-for-sale) of $1.05 billion as of March 31, 2024. The decrease in net loans was primarily driven by net reductions in commercial real estate and agricultural loans, which were partially offset by growth in commercial loans. Total deposits as of March 31, 2025, were $1.67 billion, a decrease of $34.1 million, or 2.0%, compared to March 31, 2024.
The Company continued to be “well capitalized” under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of March 31, 2025.
Commenting on the Company’s first quarter financial results, First Northern Bank’s President & Chief Executive Officer, Jeremiah Z. Smith, stated, “First quarter results reported continued momentum in improving our net margin, which increased from 3.49% for the three months ended March 31, 2024, to 3.64% for the three months ended March 31, 2025, an improvement of 15 basis points, or 4.3%. This improvement was partially due to increased yields on our securities portfolio and disciplined pricing on our interest-bearing deposits, which, when combined with our high levels of non-interest-bearing deposits, continued to keep our cost of funds low. Our improvement in net margin was offset by an increase in loan loss provision due to a specific reserve of $2.8 million, which was recorded during the first quarter.  This was partially offset by a decrease in total reserve required due to a decrease in calculated loss rates as of March 31, 2025. As a result, the Company recorded provision expense of $850,000 for the quarter compared to a release of provision of $300,000 for the same period last year.”
Commenting further, President & CEO Smith stated: “We remain committed to improving shareholder value, with stockholders’ equity improving from $176.3 million on December 31, 2024, to $187.8 million on March 31, 2025 - an increase of $11.5 million, or 6.5% primarily due to net income of $3.7 million and a decrease in accumulated other comprehensive loss of $8.9 million. This growth in stockholders’ equity contributed to an increase in book value per share, which rose from $11.06 at the end of 2024 to $11.81 at the end of the first quarter of 2025 - an increase of $0.75, or 6.8%.”
On March 25, 2025, the Company paid a 5% stock dividend to all shareholders of record as of February 28, 2025.  Per share data in this press release has been adjusted for this stock dividend.
FIRST QUARTER HIGHLIGHTS (UNAUDITED)

Performance and operating highlights for the Company for the periods noted below included the following:

   
Three months ended
  
(in thousands, except per share and share data)
  
March 31,
2025
    
December 31,
2024
    
March 31,
2024
  
Return on average assets (“ROAA”) (annualized)
    
0.79
%
    
1.20
%
    
0.92
%
Return on average equity (“ROAE”) (annualized)
    
8.23
%
    
12.96
%
    
10.69
%
Pre-tax income
  
$
4,956
    
$
8,135
    
$
5,942
  
Net income
  
$
3,671
    
$
5,846
    
$
4,276
  
Net interest margin (annualized)
    
3.64
%
    
3.60
%
    
3.49
%
Cost of funds (annualized)
    
0.86
%
    
0.86
%
    
0.76
%
Efficiency ratio
    
66.62
%
    
57.34
%
    
66.55
%
Basic earnings per common share
  
$
0.23
    
$
0.37
    
$
0.27
  
Diluted earnings per common share
  
$
0.23
    
$
0.37
    
$
0.26
  
Weighted average basic common shares outstanding
    
15,650,176
      
15,727,458
      
15,976,904
  
Weighted average diluted common shares outstanding
    
15,879,822
      
15,975,949
      
15,976,904
  
Shares outstanding at end of period
    
15,897,929
      
15,943,051
      
16,309,307
  

Summary Results (Unaudited)

The following is a summary of the components of the Company’s operating results for the periods indicated:

   
Three months ended
              
(in thousands, except per share data)
  
March 31,
2025
    
December 31,
2024
    
$ Change
    
% Change
  
Selected operating data:
                        
   Net interest income
  
$
15,943
    
$
16,524
    
$
(581
)
    
(3.52
)%
   Provision for (reversal of) credit losses
    
850
      
(450
)
    
1,300
      
(288.89
)%
   Non-interest income
    
1,453
      
1,490
      
(37
)
    
(2.48
)%
   Non-interest expense
    
11,590
      
10,329
      
1,261
      
12.21
%
   Pre-tax income
    
4,956
      
8,135
      
(3,179
)
    
(39.08
)%
   Provision for income taxes
    
1,285
      
2,289
      
(1,004
)
    
(43.86
)%
   Net income
  
$
3,671
    
$
5,846
    
$
(2,175
)
    
(37.20
)%
                                 


   
Three months ended
              
(in thousands, except per share data)
  
March 31,
2025
    
March 31,
2024
    
$ Change
    
% Change
  
Selected operating data:
                        
   Net interest income
  
$
15,943
    
$
15,362
    
$
581
      
3.78
%
   Provision for (reversal of) credit losses
    
850
      
(300
)
    
1,150
      
(383.33
)%
   Non-interest income
    
1,453
      
1,507
      
(54
)
    
(3.58
)%
   Non-interest expense
    
11,590
      
11,227
      
363
      
3.23
%
   Pre-tax income
    
4,956
      
5,942
      
(986
)
    
(16.59
)%
   Provision for income taxes
    
1,285
      
1,666
      
(381
)
    
(22.87
)%
   Net income
  
$
3,671
    
$
4,276
    
$
(605
)
    
(14.15
)%

Balance Sheet Summary (Unaudited)

(in thousands) 
  
March 31,
2025
    
December 31,
2024
    
$ Change
    
% Change
  
Selected financial condition data:
                        
   Total assets
  
$
1,875,700
    
$
1,891,722
    
$
(16,022
)
    
(0.85
)%
   Cash and cash equivalents
    
111,717
      
119,448
      
(7,731
)
    
(6.47
)%
   Total loans, net (including loans held-for-sale)
    
1,041,210
      
1,046,852
      
(5,642
)
    
(0.54
)%
   Total investments
    
637,168
      
633,853
      
3,315
      
0.52
%
   Total liabilities
    
1,687,895
      
1,715,390
      
(27,495
)
    
(1.60
)%
   Total deposits
    
1,674,807
      
1,700,089
      
(25,282
)
    
(1.49
)%
   Total shareholders’ equity
    
187,805
      
176,332
      
11,473
      
6.51
%

Net Interest Income and Net Interest Margin (Unaudited)

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

   
Three months ended
  
 
  
March 31, 2025
          
December 31, 2024
          
March 31, 2024
  
   
Average
Balance
    
Interest
Income/
Expense
    
Yields
Earned/
Rates
Paid
    
Average
Balance
    
Interest
Income/
Expense
    
Yields
Earned/
Rates
Paid
    
Average
Balance
    
Interest
Income/
Expense
    
Yields
Earned/
Rates
Paid
  
Assets
                                                      
Interest-earning assets: 
                                                      
Loans
  
$
1,042,59
    
$
13,602
      
5.29
%
  
$
1,044,2
    
$
13,769
      
5.23
%
  
$
1,047,38
    
$
13,475
      
5.16
%
   Certificates of deposit
    
15,868
      
161
      
4.11
%
    
17,320
      
182
      
4.17
%
    
18,669
      
183
      
3.93
%
   Interest-bearing due from
      Banks
    
70,468
      
727
      
4.18
%
    
104,261
      
1,400
      
5.33
%
    
123,224
      
1,532
      
4.99
%
   Investment securities,
      Taxable
    
587,332
      
4,348
      
3.00
%
    
598,665
      
4,276
      
2.83
%
    
525,261
      
2,845
      
2.17
%
   Investment securities,
      non-taxable
    
50,403
      
393
      
3.16
%
    
51,392
      
391
      
3.03
%
    
37,975
      
252
      
2.66
%
   Other interest-earning
      assets
    
10,518
      
272
      
10.49
%
    
10,518
      
267
      
10.10
%
    
10,518
      
256
      
9.76
%
      Total average interest-
         earning assets
    
1,777,148
      
19,503
      
4.45
%
    
1,826,708
      
20,285
      
4.42
%
    
1,763,005
      
18,543
      
4.22
%
Non-interest-earning assets: 
                                                                        
   Cash and due from banks
    
34,338
                      
38,617
                      
36,100
                  
   Premises & equipment, net
    
9,145
                      
9,336
                      
9,852
                  
   Interest receivable and other assets
    
52,755
                      
53,265
                      
56,451
                  
Total average assets
  
$
1,873,386
                    
$
1,927,926
                    
$
1,865,408
                  
                                                                         
 
 
Liabilities and Stockholders’ Equity
                                                                        
Interest-bearing liabilities:
                                                                        
   Interest-bearing transaction
      deposits
  
$
385,953
    
$
691
      
0.73
%
  
$
377,274
    
$
657
      
0.69
%
  
$
372,188
    
$
511
      
0.55
%
   Savings and MMDA’s
    
451,198
      
1,550
      
1.39
%
    
452,828
      
1,569
      
1.38
%
    
430,611
      
1,195
      
1.11
%
   Time, $250,000 and under
    
99,503
      
973
      
3.97
%
    
110,293
      
1,352
      
4.88
%
    
115,881
      
1,211
      
4.19
%
   Time, over $250,000
    
44,028
      
346
      
3.19
%
    
42,018
      
183
      
1.73
%
    
26,556
      
264
      
3.99
%
      Total average interest-
         bearing liabilities
    
980,682
      
3,560
      
1.47
%
    
982,413
      
3,761
      
1.52
%
    
945,236
      
3,181
      
1.35
%
Non-interest-bearing
   liabilities:
                                                                        
   Non-interest-bearing
      demand deposits
    
697,972
                      
749,973
                      
741,886
                  
   Interest payable and
      other liabilities
    
13,919
                      
16,602
                      
17,913
                  
      Total average liabilities
    
1,692,573
                      
1,748,988
                      
1,705,035
                  
Total average stockholders’
   equity
    
180,813
                      
178,938
                      
160,373
                  
Total average liabilities and
   stockholders’ equity
  
$
1,873,386
                    
$
1,927,926
                    
$
1,865.408
                  
Net interest income and net
   interest margin
          
$
15,943
      
3.64
%
          
$
16,524
      
3.60
%
          
$
15,362
      
3.49
%
 

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, Colusa, and Glenn 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. Real estate mortgage and small-business loan officers are available by appointment at any of the Bank’s 14 branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. Non-FDIC insured Investment and Brokerage Services are also available at every branch location. First Northern Bank is rated as a Veribanc “Green-3 Star Blue Ribbon” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended December 31, 2024 (www.veribanc.com) and (www.bauerfinancial.com). For additional information, please visit thatsmybank.com or call (707) 678-7742. Member FDIC. Equal Housing Lender.

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 performance and focus on improving shareholder value, 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, trade, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company’s 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.

Contact:
Jeremiah Z. Smith
President & Chief Executive Officer
First Northern Community Bancorp
& First Northern Bank
P.O. Box 547
Dixon, California (707) 678-3041