0001437749-26-008040
SEC filingFirst Northern Community Bancorp (FNRN) reported strong FY 2025 results with net income of $21.1M, up 5.5% from $20.0M in 2024. Basic EPS rose 8.3% to $1.30 from $1.20, while diluted EPS increased 6.7% to $1.27 from $1.19. Net interest income grew 4.8% to $67.5M from $64.4M, driven by higher yields on loans (5.53% vs 5.30%) and investment securities (3.00% vs 2.54%), partially offset by lower due from banks income. Net interest margin expanded 17 bps to 3.77%. No provision for credit losses was recorded in 2025 versus a $0.3M reversal in 2024, reflecting improved economic forecasts. Non-interest income edged up 1.3% to $6.1M, while non-interest expenses rose 7.9% to $46.2M due to higher salaries, occupancy, and data processing. Total assets reached $1.91B, up 1.0%, with loans at $1.05B (up 0.4%) and deposits at $1.68B (down 1.2%). Stockholders’ equity surged 20.2% to $212.0M, bolstered by net income and reduced AOCI losses. The company repurchased $4.7M in shares under its program. Strong capital position (Tier 1 Leverage 11.3%) supports growth amid stable asset quality.
First Northern Community Bancorp delivered solid FY 2025 performance with net income of $21.1M, a 5.5% increase from $20.0M in 2024. Basic EPS improved 8.3% to $1.30 and diluted EPS rose 6.7% to $1.27. Total assets grew 1.0% to $1.91B, driven by a $26.1M cash increase and $3.6M loan growth, offset by a $16.6M securities decline. Stockholders’ equity expanded 20.2% to $212.0M, reflecting $21.1M net income and $18.4M AOCI improvement. No credit loss provision was needed versus a $0.3M reversal prior year, with ACL at 1.36% of loans ($14.5M). Non-performing assets fell 42.9% to 0.3% of assets.
Total interest and dividend income reached $82.3M, up 4.6% YoY, led by loans at $58.0M (70% of total, yield 5.53%) and securities at $18.4M (yield 3.00%). Non-interest income of $6.1M included $2.7M debit card fees and $1.9M other, up 1.3%. No segment breakdowns disclosed; operations focus on community banking in Northern California with emphasis on commercial/agricultural loans (89% of portfolio).
Net interest margin expanded 17 bps to 3.77%, supported by higher asset yields amid stable funding costs (1.44%). Pre-tax income $27.4M edged down from $27.8M due to 7.9% expense growth to $46.2M (salaries +6.4%, data processing +8.3%). Effective tax rate fell to 22.9% from 28.0% via tax credit strategy. ROE not specified; strong capital ratios (Tier 1 17.6%).
Operating cash flow $6.9M; investing $44.8M (securities activity); financing -$25.6M (deposit outflow, repurchases). Loans $1.05B (84% real estate-secured), deposits $1.68B (core 85%). No FHLB debt; $390M borrowing capacity. Liquidity robust with $145.6M cash.
No explicit guidance; stable asset quality, no provision signals credit strength. Repurchase program ongoing (147K shares remain). Regulatory well-capitalized status supports growth. Risks include interest rates, agriculture exposure, California real estate/insurance challenges.