First Northern Q1 record net income $5.5M, up 80.5% YoY; branch acquisition boosts results

FIRST NORTHERN COMMUNITY BANCORP

2023-Q1 EPS reported $0.38

Net income $5.5M ($0.38 diluted EPS) vs $3.0M ($0.21) a year ago; EPS up 81%.
Net interest income rose 37.3% to $16.0M; net interest margin improved to 3.55% from 3.48% linked quarter.
Acquired three branches from Columbia State Bank, assuming $115.9M deposits; $1.4M bargain purchase gain ($0.07/share after tax).
Total assets $1.90B (+1.9% YoY); net loans $974.6M (+11.5% YoY); deposits $1.75B (+2.1% YoY).
Paid 5% stock dividend on March 24, 2023; remains well-capitalized above 10% risk-based capital threshold.

item 2.02 item 9.01 item 7.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST NORTHERN COMMUNITY BANCORP reported three months ended March 31, 2023 results: net income $5.5 million, EPS $0.38 per diluted share.

Period: three months ended March 31, 2023
Net income: $5.5 million
EPS: $0.38 per diluted share
Result: reported results

Exact text from the filing

First Northern Community Bancorp Reports First Quarter 2023 Record Net Income of $5.5 Million

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Source: SEC EDGAR

accession 0001114927-23-000011

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