other material
confidence high
sentiment positive
materiality 0.55
FNRN authorizes share buyback of up to 933,043 shares (~$8.4M) starting May 1, 2024
FIRST NORTHERN COMMUNITY BANCORP
- Buyback represents 6% of 15,550,731 shares outstanding as of March 21, 2024 (post-stock dividend paid March 25).
- At $9.00 closing price on March 21, total consideration would be approximately $8.4M if fully executed.
- Program runs from May 1, 2024 to April 30, 2026, unless terminated earlier; purchases open market or negotiated.
- Board determined maximum repurchases will not impair capital; purpose is capital management and increased ROE.