First Northern Q1 net income $4.3M, down 22.1% YoY; deposits slip 2.4%

FIRST NORTHERN COMMUNITY BANCORP

2024-Q1 EPS reported $0.28

Net income $4.3M ($0.28 diluted EPS) vs $5.5M ($0.36) in Q1 2023; prior year included $1.0M bargain purchase gain from branch acquisition.
Total deposits $1.71B, down 2.4% YoY; net loans $1.05B, up 7.5% driven by commercial real estate, residential mortgage.
Cost of funds low at 0.76% with 44% of funding from non-interest-bearing transaction accounts.
Book value per share rose to $10.44 as of March 31, 2024; paid 5% stock dividend on March 25.
Company remained well capitalized with total risk-based capital above 10% threshold.

item 2.02 item 9.01 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST NORTHERN COMMUNITY BANCORP reported the three months ended March 31, 2024 results: revenue $18,543, net income $4.3 million, EPS $0.28 per diluted share.

Period: the three months ended March 31, 2024
Revenue: $18,543
Net income: $4.3 million
EPS: $0.28 per diluted share
Result: reported results

Exact text from the filing

CAPITAL Total Deposits 1,708,872 Other Liabilities 15,903 Stockholders’ Equity 162,349 Total Liabilities and Capital 1,887,124 CONSOLIDATED INCOME STATEMENT (YTD) Interest Income 18,543 Interest Expense (3,181 ) Net Interest Income 15,362 Recapture of Provision for Credit Losses 300 Non-interest Income 1,507 Non-interest Expense (11,227 ) Provision for Income Tax

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Source: SEC EDGAR

accession 0001114927-24-000040

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