FIRST NORTHERN COMMUNITY BANCORP Files 2023 10-K

TL;DR

<b>FIRST NORTHERN COMMUNITY BANCORP has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

FIRST NORTHERN COMMUNITY BANCORP (FNRN) filed a Annual Report (10-K) with the SEC on March 11, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company is FIRST NORTHERN COMMUNITY BANCORP, Central Index Key 0001114927. Incorporated in California (CA). Primary business address and mailing address are 195 N First Street, Dixon, CA 95620. Business phone number is 7076783041.

Why It Matters

For investors and stakeholders tracking FIRST NORTHERN COMMUNITY BANCORP, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and condition for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — FIRST NORTHERN COMMUNITY BANCORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-11 — Filing Date (Filed as of date)
• 6035 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• FIRST NORTHERN COMMUNITY BANCORP (company) — Filer name
• 0001114927 (company) — Central Index Key
• 195 N First Street (company) — Business and mailing address
• Dixon (company) — City for business and mailing address
• CA (company) — State of incorporation and address
• 95620 (company) — ZIP code for business and mailing address
• 7076783041 (company) — Business phone number
• 2023-12-31 (date) — Fiscal year end

FAQ

Industry Context

The company operates within the savings institution sector, federally chartered.

Regulatory Implications

The filing adheres to SEC regulations for annual reports (10-K) under the 1934 Act.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K.
2. Examine the 'Risk Factors' section for potential business challenges.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $116 m — deposits assumed totaled approximately $116 million, and the aggregate principal bala
• $4 million — he loans acquired totaled approximately $4 million. The Bank has fourteen full-service b
• $250,000 — imum amount permitted by law, currently $250,000 per depositor. Most of the Bank's depos
• $1.87 b — ad consolidated assets of approximately $1.87 billion, liabilities of approximately $1.
• $1.71 billion — 7 billion, liabilities of approximately $1.71 billion and stockholders' equity of approximate
• $159.2 million — d stockholders' equity of approximately $159.2 million. The Company and its subsidiaries emplo
• $1 billion — the consolidated assets threshold from $1 billion to $3 billion, allowing the Company to
• $3 b — ted assets threshold from $1 billion to $3 billion, allowing the Company to qualify
• $3 billion — forma consolidated assets of less than $3 billion that (i) are not engaged in significant

Filing Documents

• ef20015359_10k.htm (10-K) — 5017KB
• ef20015359_ex10-40.htm (EX-10.40) — 66KB
• ef20015359_ex10-41.htm (EX-10.41) — 63KB
• ef20015359_ex10-42.htm (EX-10.42) — 24KB
• ef20015359_ex10-43.htm (EX-10.43) — 8KB
• ef20015359_ex21.htm (EX-21) — 2KB
• ef20015359_ex23-1.htm (EX-23.1) — 2KB
• ef20015359_ex31-1.htm (EX-31.1) — 7KB
• ef20015359_ex31-2.htm (EX-31.2) — 8KB
• ef20015359_ex32-1.htm (EX-32.1) — 3KB
• ef20015359_ex32-2.htm (EX-32.2) — 3KB
• image00001.jpg (GRAPHIC) — 6KB
• 0001140361-24-012415.txt (&nbsp;) — 23762KB
• fnrn-20231231.xsd (EX-101.SCH) — 112KB
• fnrn-20231231_cal.xml (EX-101.CAL) — 172KB
• fnrn-20231231_def.xml (EX-101.DEF) — 678KB
• fnrn-20231231_lab.xml (EX-101.LAB) — 1597KB
• fnrn-20231231_pre.xml (EX-101.PRE) — 1011KB
• ef20015359_10k_htm.xml (XML) — 5435KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 15 Item 1B Unresolved Staff Comments 25 Item 1C Cybersecurity 25 Item 2

Properties

Properties 26 Item 3

Legal Proceedings

Legal Proceedings 26 Item 4 Mine Safety Disclosures 26 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6 Reserved 28 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 Item 9A

Controls and Procedures

Controls and Procedures 113 Item 9B Other Information 114 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III Item 10 Directors, Executive Officers and Corporate Governance 115 Item 11

Executive Compensation

Executive Compensation 115 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13 Certain Relationships and Related Transactions and Director Independence 116 Item 14 Principal Accountant Fees and Services 116 PART IV Item 15 Exhibits and Financial Statement Schedules 117 Item 16 Form 10-K Summary 120

Signatures

Signatures 121 2 Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS This report includes forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not rely unduly on forward-looking statements. Actual results might differ significantly compared to our forecasts and expectations. See Part I, Item 1A. "Risk Factors," and the other risks described in this report for factors to be considered when reading any forward-looking statements in this filing. This report includes forward-looking statements, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. We may make forward-looking statements in our Securities and Exchange Commission ("SEC") filings, press releases, news articles and when we are speaking on behalf of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include the words "believe," "expect," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may." These forward-looking statements are intended to provide investors with additional information with which they may assess our future potential. All of these forward-looking statements are based on assumptions about an uncertain future and are based on information available to us at the date of these statements. We do not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. In this document, for example, we make forward-looking statements, which discuss our expectations about: Our

BUSINESS

BUSINESS General First Northern Community Bancorp (the "Company") is a bank holding company registered under the Bank Holding Company Act of 1956, as amended ("BHCA"). Its legal headquarters and principal administrative offices are located at 195 N. First Street, Dixon, CA 95620 and its telephone number is (707) 678-3041. The Company provides a full range of community banking services to individual and corporate customers throughout the California Counties of Solano, Yolo, Placer, and Sacramento as well as portions of El Dorado and Contra Costa Counties through its wholly-owned subsidiary bank, First Northern Bank of Dixon ("First Northern" or the "Bank"). The Company's operating policy since inception has emphasized the banking needs of individuals and small- to medium-sized businesses. In addition, the Bank owns 100% of the capital stock of Yolano Realty Corporation, a subsidiary created for the purpose of managing selected other real estate owned properties. The Bank was established in 1910 under a California state charter as Northern Solano Bank, and opened for business on February 1st of that year. On January 2, 1912, the First National Bank of Dixon was established under a federal charter, and until 1955, the two entities operated side by side under the same roof and with the same management. In an effort to increase efficiency of operation, reduce operating expense, and improve lending capacity, the two banks were consolidated on April 8, 1955, with the First National Bank of Dixon as the surviving entity. On January 1, 1980, the Bank's federal charter was relinquished in favor of a California state charter, and the Bank's name was changed to First Northern Bank of Dixon. In April of 2000, the shareholders of First Northern approved a corporate reorganization, which provided for the creation of the bank holding company. This reorganization, effected May 19, 2000, enabled the Company to better compete and grow in its competitive and rapidly changing market

View Full Filing

View this 10-K filing on SEC EDGAR