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 July 27, 2017

(Date of Earliest event reported)

FIRST NORTHERN COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

(Commission File No.)

(Registrant's telephone number, including area code)

 

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 (see General Instruction A.2. below):

 

[ ] 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))

ITEM 2.02  RESULTS OF OPERATION AND FINANCIAL CONDITION

On July 27, 2017, First Northern Community Bancorp issued a press release concerning financial results for the 2^nd quarter of 2017, 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 July 27, 2017, First Northern Community Bancorp issued a press release concerning financial results for the 2^nd quarter of 2017, 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

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.

EXHIBIT INDEX

 

EXHIBIT 99.1

                     

PRESS RELEASE

FOR IMMEDIATE RELEASE

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

Second Quarter 2017 Earnings

Net Income of $2.5 Million for Quarter

Second Quarter Diluted Earnings per Share Up 27.8%

Dixon, California—First Northern Community Bancorp (the "Company," ticker symbol FNRN: OTCQB), holding company for First Northern Bank ("First Northern" or the "Bank"), today announced earnings through the second quarter of 2017. Louise Walker, President and Chief Executive Officer, stated, "The Company reported net income of $5.1 million for the six months ended June 30, 2017, up 34.2% compared to net income of $3.8 million reported for the same period last year. These results include a pre-tax gain of $1.2 million related to the sale-leaseback of land and building that is partially occupied by our Auburn Branch. Diluted earnings per share for the six months ended June 30, 2017 was $0.45, up 32.4% compared to diluted earnings per share of $0.34 for the same period last year."

Net income for the quarter ended June 30, 2017 was $2.5 million, up 25.0% compared to net income of $2.0 million reported for the same period last year. Diluted earnings per share for the three months ended June 30, 2017 was $0.23, up 27.8% compared to diluted earnings per share of $0.18 for the same period last year.

Total assets at June 30, 2017 were $1.16 billion, an increase of $87.1 million, or 8.1%, compared to June 30, 2016. Total deposits of $1.05 billion increased $79.4 million, or 8.2%, compared to June 30, 2016. During the same period, total net loans (including loans held-for-sale) increased $40.2 million, or 6.3%, to $675.8 million. The Company continued to be "well capitalized" under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at June 30, 2017.

Further commenting on the Company's financial results, Walker stated, "Our operating results from the second quarter 2017 improved 25.0% over the same period last year.  This record year-to-date earnings performance was driven by improved credit quality resulting in no loan loss provision expense being necessary for the quarter, coupled with loan and investment interest income growth, improvements in non-interest income from the areas of mortgage loan origination and wealth management, as well as our ongoing operating expense management initiatives. Our operating efficiency ratio as of June 30, 2017 was 61.8%, an improvement from the 67.0% recorded a year ago. This is an exciting time for First Northern Community Bancorp as we believe we continue to build momentum from the investments we've been making in our company: technology enhancements, branch transformations, process improvements, and the continuing effort to attract the area's best bankers to build our bench strength in support of our growing client base."

Forward-Looking Statements

This press release 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 market conditions and current expectations about strategic focus and investments, client base growth, and competitive advantages, 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. 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.

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