UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report April 26, 2016

(Date of Earliest event reported)

FIRST NORTHERN COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

(Commission File No.)

(Registrant's telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

ITEM 2.02  RESULTS OF OPERATION AND FINANCIAL CONDITION

On April 26, 2016, First Northern Community Bancorp issued a press release concerning financial results for the 1^st quarter of 2016, a copy of which is included as ITEM 9.01  (c) Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01.  The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.

ITEM 7.01  REGULATION FD DISCLOSURE

On April 26, 2016, First Northern Community Bancorp issued a press release concerning financial results for the 1^st quarter of 2015, a copy of which is included as ITEM 9.01 (c)  Exhibit 99.1 and incorporated herein by reference in both ITEM 2.02 and ITEM 7.01 in accordance with SEC Release No. 33-8216.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

 

 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Louise A. Walker                                                                                                                April 26, 2016

President & Chief Executive Officer

First Northern Community Bancorp

  & First Northern Bank

P.O. Box 547

Dixon, California

(707) 678-3041

 

First Northern Community Bancorp Reports First Quarter 2016 Earnings

Double-digit Growth in Net Income and Earnings per Share

Dixon, Calif.—First Northern Community Bancorp (the "Company," ticker symbol FNRN: OTCQB), holding company for First Northern Bank ("First Northern" or the "Bank"), today announced earnings through the first quarter of 2016. Louise Walker, President and Chief Executive Officer, stated, "The Company reported year-to-date net income of $1.7 million for the period ending March 31, 2016, up 13.3% compared to net income of $1.5 million reported for the same fiscal period last year. Basic and diluted earnings per share for the three months ended March 31, 2016 was $0.16, up 14.3% compared to basic and diluted earnings per share of $0.14 for the same fiscal period last year."

Total assets at March 31, 2016 were $1.06 billion, an increase of $60.7 million, or 6.1%, compared to the same period in 2015. Total deposits of $958.9 million increased $65.4 million, or 7.3%, compared to the same period in 2015. During the same period, total net loans (including loans held-for-sale) increased $79.1 million, or 14.6%, to $620.2 million. The Company continues to be "well capitalized" under regulatory definitions, exceeding the 10% threshold at March 31, 2016.

Further commenting on the Company's financial results, Walker stated, "Our strong financial foundation, customer-focused strategy and an improving economy have allowed First Northern to focus on areas that we believe will result in continued healthy growth for our company. The $1.7 million we earned in the first three months of 2016 stemmed from loan growth, credit improvement, and expense management. We continue to steadily invest in technology, and make infrastructure improvements that are helping us better serve our clients and grow our business. First Northern Bank continues to be the #1 locally owned small business lender in our markets. We take pride in helping to fuel the local region by helping small- to medium-sized businesses grow, add jobs, and help families prosper."

-more-

 

About First Northern Bank

First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Contra Costa County and the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Roseville and Auburn. In May, First Northern will re-open its Sacramento branch in the Point West area. The Bank has a full-service Trust Department in Sacramento and a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank's branches. First Northern is rated as a Veribanc "Blue Ribbon" Bank for the earnings period of Dec. 31, 2015 (www.veribanc.com). The Bank can be found on the Web at www.thatsmybank.com, on Facebook and on LinkedIn.

Forward-Looking Statements

This press release may include certain "forward-looking statements" about First Northern Community Bancorp (the "Company"). These forward-looking statements are based on management's current expectations and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company's most recent reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. For further information regarding the Company, please read the Company's reports filed with the SEC and available at www.sec.gov.           

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