FIRST NORTHERN COMMUNITY BANCORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FIRST NORTHERN COMMUNITY BANCORP filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRST NORTHERN COMMUNITY BANCORP (FNRN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing is a 10-Q for FIRST NORTHERN COMMUNITY BANCORP. Reporting period is Q1 2024, ending March 31, 2024. Company is a federally chartered savings institution. Incorporated in California. Business and mailing address is 195 N First Street, Dixon, CA 95620.

Why It Matters

For investors and stakeholders tracking FIRST NORTHERN COMMUNITY BANCORP, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the bank's operational health and strategic direction.

Risk Assessment

Risk Level: low — FIRST NORTHERN COMMUNITY BANCORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue, expenses, and balance sheet changes for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• FIRST NORTHERN COMMUNITY BANCORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 195 N First Street, Dixon, CA 95620 (address) — Business address
• CA (location) — State of incorporation
• 6035 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

FIRST NORTHERN COMMUNITY BANCORP operates as a federally chartered savings institution, a type of financial institution focused on accepting savings deposits and providing mortgage loans.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations from federal banking authorities, such as the Office of the Comptroller of the Currency (OCC).

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
2. Review the income statement for revenue generation, interest expense, and net income trends.
3. Examine any disclosures related to loan portfolios, interest rate sensitivity, and regulatory compliance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data provided for the 10-Q period ending March 31, 2024. Comparative data from the previous filing (e.g., 10-K or prior 10-Q) is not available in this extract.

Key Financial Figures

• $250,000 — s and MMDA's 443,201 431,472 Time, $250,000 or less 127,009 109,373 Time, over

Filing Documents

• ef20026305_10q.htm (10-Q) — 3877KB
• ef20026305_ex10-44.htm (EX-10.44) — 65KB
• ef20026305_ex31-1.htm (EX-31.1) — 7KB
• ef20026305_ex31-2.htm (EX-31.2) — 7KB
• ef20026305_ex32-1.htm (EX-32.1) — 4KB
• ef20026305_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-025147.txt (&nbsp;) — 17852KB
• fnrn-20240331.xsd (EX-101.SCH) — 57KB
• fnrn-20240331_cal.xml (EX-101.CAL) — 104KB
• fnrn-20240331_def.xml (EX-101.DEF) — 345KB
• fnrn-20240331_lab.xml (EX-101.LAB) — 933KB
• fnrn-20240331_pre.xml (EX-101.PRE) — 549KB
• ef20026305_10q_htm.xml (XML) — 4948KB

– Financial Information

PART I – Financial Information 3 ITEM I. – Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Income (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) 4 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Condensed Consolidated Financial Statements 8

– MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44

– CONTROLS AND PROCEDURES

ITEM 4. – CONTROLS AND PROCEDURES 44

– OTHER INFORMATION

PART II – OTHER INFORMATION 44

– LEGAL PROCEEDINGS

ITEM 1. – LEGAL PROCEEDINGS 44

– RISK FACTORS

ITEM 1A. – RISK FACTORS 44

– UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 46

– DEFAULTS UPON SENIOR SECURITIES

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES 46

– MINE SAFETY DISCLOSURES

ITEM 4. – MINE SAFETY DISCLOSURES 46

– OTHER INFORMATION

ITEM 5. – OTHER INFORMATION 46

– EXHIBITS

ITEM 6. – EXHIBITS 46

SIGNATURES

SIGNATURES 47 2 Index

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FIRST NORTHERN COMMUNITY BANCORP ITEM I. – FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) March 31, 2024 December 31 , 2023 Assets Cash and cash equivalents $ 186,909 $ 149,211 Certificates of deposit 18,185 19,710 Investment securities – available-for-sale, at estimated fair value, net of allowance for credit losses of $ 0 ; amortized cost of $ 608,472 at March 31, 2024 and $ 620,314 at December 31, 2023 558,441 572,357 Loans, net of allowance for credit losses of $ 16,246 at March 31 , 2024 and $ 16,596 at December 31 , 2023 1,047,296 1,052,465 Stock in Federal Home Loan Bank and other equity securities, at cost 10,518 10,518 Premises and equipment, net 9,694 9,962 Core deposit intangible 3,931 4,141 Interest receivable and other assets 52,150 53,468 Total Assets $ 1,887,124 $ 1,871,832 Liabilities and Stockholders' Equity Liabilities: Demand deposits $ 736,794 $ 744,799 Interest-bearing transaction deposits 372,762 380,477 Savings and MMDA's 443,201 431,472 Time, $250,000 or less 127,009 109,373 Time, over $250,000 29,106 26,323 Total deposits 1,708,872 1,692,444 Interest payable and other liabilities 15,903 20,143 Total Liabilities 1,724,775 1,712,587 Commitments and contingencies (Note 7) Stockholders' Equity: Common stock, no par value; 32,000,000 shares authorized; 15,550,731 shares issued and outstanding at March 31, 2024 and 15,482,332 shares issued and outstanding at December 31, 2023 123,856 123,235 Additional paid-in capital 977 977 Retained earnings 72,704 68,760 Accumulated other comprehensive loss, net ( 35,188 ) ( 33,727 ) Total Stockholders' Equity 162,349 159,245 Total Liabilities and Stockholders' Equity $ 1,887,124 $ 1,871,832 See notes to unaudited condensed consolidated financial statements. 3 Index

View Full Filing

View this 10-Q filing on SEC EDGAR