First Northern Community Bancorp Files Q2 2024 10-Q

TL;DR

**FNBC Q2 2024 10-Q filed. Key balance sheet and quarterly data available.**

AI Summary

First Northern Community Bancorp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including balance sheet items like common stock and retained earnings as of December 31, 2022, and June 30, 2024. Specific financial data for the quarters ending June 30, 2024, and June 30, 2023, are also presented.

Why It Matters

This filing provides investors with a detailed look at the financial health and operational performance of First Northern Community Bancorp for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the reporting quarter for the 10-Q.)
• 2024-08-09 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End (Provides a comparison point for financial performance and position.)

Key Players & Entities

• FIRST NORTHERN COMMUNITY BANCORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 195 N FIRST STREET DIXON CA 95620 (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $250,000 — s and MMDA's 430,927 431,472 Time, $250,000 or less 124,079 109,373 Time, over

Filing Documents

• ef20029681_10q.htm (10-Q) — 4826KB
• ef20029681_ex31-1.htm (EX-31.1) — 7KB
• ef20029681_ex31-2.htm (EX-31.2) — 7KB
• ef20029681_ex32-1.htm (EX-32.1) — 4KB
• ef20029681_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-036573.txt ( ) — 20659KB
• fnrn-20240630.xsd (EX-101.SCH) — 58KB
• fnrn-20240630_cal.xml (EX-101.CAL) — 105KB
• fnrn-20240630_def.xml (EX-101.DEF) — 347KB
• fnrn-20240630_lab.xml (EX-101.LAB) — 947KB
• fnrn-20240630_pre.xml (EX-101.PRE) — 554KB
• ef20029681_10q_htm.xml (XML) — 5909KB

– 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 (Unaudited) 5 Condensed Consolidated Statements 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 31

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49

– CONTROLS AND PROCEDURES

ITEM 4. – CONTROLS AND PROCEDURES 49

– OTHER INFORMATION

PART II – OTHER INFORMATION 49

– LEGAL PROCEEDINGS

ITEM 1. – LEGAL PROCEEDINGS 49

– RISK FACTORS

ITEM 1A. – RISK FACTORS 49

– UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 51

– DEFAULTS UPON SENIOR SECURITIES

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES 51

– MINE SAFETY DISCLOSURES

ITEM 4. – MINE SAFETY DISCLOSURES 51

– OTHER INFORMATION

ITEM 5. – OTHER INFORMATION 51

– EXHIBITS

ITEM 6. – EXHIBITS 52

SIGNATURES

SIGNATURES 53 2 Index PART I – FINANCIAL INFORMATION FIRST NORTHERN COMMUNITY BANCORP ITEM I. – FINANCIAL STATEMENTS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) June 30, 2024 December 31 , 2023 Assets Cash and cash equivalents $ 181,783 $ 149,211 Certificates of deposit 16,860 19,710 Investment securities – available-for-sale, at estimated fair value, net of allowance for credit losses of $ 0 ; amortized cost of $ 611,056 at June 30, 2024 and $ 620,314 at December 31, 2023 561,074 572,357 Loans, net of allowance for credit losses of $ 17,024 at June 30 , 2024 and $ 16,596 at December 31 , 2023 1,049,148 1,052,465 Loans held-for-sale 267 — Stock in Federal Home Loan Bank and other equity securities, at cost 10,518 10,518 Premises and equipment, net 9,549 9,962 Core deposit intangible 3,727 4,141 Interest receivable and other assets 55,089 53,468 Total Assets $ 1,888,015 $ 1,871,832 Liabilities and Stockholders' Equity Liabilities: Demand deposits $ 746,004 $ 744,799 Interest-bearing transaction deposits 371,226 380,477 Savings and MMDA's 430,927 431,472 Time, $250,000 or less 124,079 109,373 Time, over $250,000 34,823 26,323 Total deposits 1,707,059 1,692,444 Interest payable and other liabilities 15,229 20,143 Total Liabilities 1,722,288 1,712,587 Commitments and contingencies (Note 7) Stockholders' Equity: Common stock, no par value; 32,000,000 shares authorized; 15,419,573 shares issued and outstanding at June 30, 2024 and 15,482,332 shares issued and outstanding at December 31, 2023 122,776 123,235 Additional paid-in capital 977 977 Retained earnings 77,128 68,760 Accumulated other comprehensive loss, net ( 35,154 ) ( 33,727 ) Total Stockholders' Equity 165,727 159,245 Total Liabilities and Stockholders' Equity $ 1,888,015 $ 1,871,832 See notes to unaudited

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