First Northern Community Bancorp Files Q3 2024 10-Q

TL;DR

FNBC filed its Q3 2024 10-Q. Financials look stable.

AI Summary

First Northern Community Bancorp filed its 10-Q for the period ending September 30, 2024. The filing covers financial performance and operational details for the third quarter of 2024. Key financial data and disclosures relevant to investors and regulators are presented in this report.

Why It Matters

This filing provides investors with crucial financial updates for First Northern Community Bancorp, detailing their performance and financial position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a community bank.

Key Players & Entities

• FIRST NORTHERN COMMUNITY BANCORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date

FAQ

Key Financial Figures

• $250,000 — s and MMDA's 443,396 431,472 Time, $250,000 or less 116,098 109,373 Time, over

Filing Documents

• ef20034576_10q.htm (10-Q) — 5041KB
• ef20034576_ex31-1.htm (EX-31.1) — 7KB
• ef20034576_ex31-2.htm (EX-31.2) — 7KB
• ef20034576_ex32-1.htm (EX-32.1) — 4KB
• ef20034576_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-045790.txt ( ) — 21076KB
• fnrn-20240930.xsd (EX-101.SCH) — 59KB
• fnrn-20240930_cal.xml (EX-101.CAL) — 105KB
• fnrn-20240930_def.xml (EX-101.DEF) — 350KB
• fnrn-20240930_lab.xml (EX-101.LAB) — 959KB
• fnrn-20240930_pre.xml (EX-101.PRE) — 556KB
• ef20034576_10q_htm.xml (XML) — 5995KB

– 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) 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 34

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

– CONTROLS AND PROCEDURES

ITEM 4. – CONTROLS AND PROCEDURES 52

– OTHER INFORMATION

PART II – OTHER INFORMATION 52

– LEGAL PROCEEDINGS

ITEM 1. – LEGAL PROCEEDINGS 52

– RISK FACTORS

ITEM 1A. – RISK FACTORS 52

– UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 54

– DEFAULTS UPON SENIOR SECURITIES

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES 54

– MINE SAFETY DISCLOSURES

ITEM 4. – MINE SAFETY DISCLOSURES 54

– OTHER INFORMATION

ITEM 5. – OTHER INFORMATION 54

– EXHIBITS

ITEM 6. – EXHIBITS 55

SIGNATURES

SIGNATURES 56 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) September 30, 2024 December 31 , 2023 Assets Cash and cash equivalents $ 163,918 $ 149,211 Certificates of deposit 19,244 19,710 Investment securities – available-for-sale, at estimated fair value, net of allowance for credit losses of $ 0 ; amortized cost of $ 665,113 at September 30, 2024 and $ 620,314 at December 31, 2023 632,404 572,357 Loans, net of allowance for credit losses of $ 16,422 at September 30 , 2024 and $ 16,596 at December 31 , 2023 1,042,304 1,052,465 Stock in Federal Home Loan Bank and other equity securities, at cost 10,518 10,518 Premises and equipment, net 9,391 9,962 Core deposit intangible 3,524 4,141 Interest receivable and other assets 49,387 53,468 Total Assets $ 1,930,690 $ 1,871,832 Liabilities and Stockholders' Equity Liabilities: Demand deposits $ 747,123 $ 744,799 Interest-bearing transaction deposits 387,587 380,477 Savings and MMDA's 443,396 431,472 Time, $250,000 or less 116,098 109,373 Time, over $250,000 37,838 26,323 Total deposits 1,732,042 1,692,444 Interest payable and other liabilities 16,651 20,143 Total Liabilities 1,748,693 1,712,587 Commitments and contingencies (Note 7) Stockholders' Equity: Common stock, no par value; 32,000,000 shares authorized; 15,263,027 shares issued and outstanding at September 30, 2024 and 15,482,332 shares issued and outstanding at December 31, 2023 121,391 123,235 Additional paid-in capital 977 977 Retained earnings 82,616 68,760 Accumulated other comprehensive loss, net ( 22,987 ) ( 33,727 ) Total Stockholders' Equity 181,997 159,245 Total Liabilities and Stockholders' Equity $ 1,930,690 $ 1,871,832 See notes to unaudited condensed co

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