Exhibit 99.1
Press release on the following article:
May 1, 2003 | ||
Contact: | Owen J. Onsum | |
President & CEO | ||
FIRST NORTHERN BANK | ||
P.O. Box 547 | ||
Dixon, California | ||
(707) 678-3041 |
First Northern Community Bancorp’s Earnings Per Share Up 29%
First Quarter 2003 Earnings Report
First Northern Community Bancorp (FNRN), holding company for First Northern Bank, today announced record earnings for the first quarter of 2003. Net income as of March 31, 2003 was $1.6 million, up 23.08% from $1.3 million reported for the quarter ended March 31, 2002. Diluted earnings per share for the first quarter was $0.44, up 29.41% compared to the $0.34 per share earned in the first quarter of 2002. (The 2002 earnings per share figure was adjusted for a 6% stock dividend issued March 31, 2003.)
Annualized Return on Average Assets for the period ended March 31, 2003 was 1.28%, up from 1.15% for the same period in 2002. Annualized Return on Beginning Core Equity was 15.7%, compared to 12.8% one year ago.
Total assets at March 31, 2003 were $500.0 million, up $63.7 million or 14.6% over the first quarter of 2002. Total deposits increased 15.1%, or $58.8 million, to $448.8 million during that same period, and total net loans increased $78.4 million, or 28.3%, to $355.6 million.
Owen “John” Onsum, President and Chief Executive Officer stated, “We have been working hard to mitigate the effects of the challenging economic situation most businesses currently face. We are very pleased to report that our efforts have been successful and our success is validated by the healthy gains we continue to post.”
First Northern Bank, an independent community bank headquartered in Solano County since 1910, serves Solano, Yolo and parts of Sacramento, Placer and El Dorado Counties. First Northern currently has 10 branches located in Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Suisun City and Downtown Sacramento. The Bank has real estate lending offices in Davis, Vacaville, Roseville and El Dorado Hills, and has an SBA Loan Office and full service Trust Department in Sacramento. First Northern also offers non-FDIC insured Investment and Brokerage Services at each branch location. The Bank can be found on the Web atwww.thatsmybank.com.
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 these 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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