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   January 29, 2019

(Date of Earliest event reported)

FIRST NORTHERN COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

(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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  [ ]


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] 

ITEM 2.02  RESULTS OF OPERATION AND FINANCIAL CONDITION

On January 29, 2019, First Northern Community Bancorp issued a press release concerning financial results for the 4^th quarter of 2018, 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 January 29, 2019, First Northern Community Bancorp issued a press release concerning financial results for the 4^th quarter of 2018, 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 8.01  OTHER EVENTS

On January 24, 2019 the Board of Directors declared a 5% stock dividend, payable March 29, 2019 to shareholders of record as of February 28, 2019.

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

 

EXHIBIT 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

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 Fourth Quarter 2018 Earnings

Annual Net Income of $12.6 Million Sets New Company Record

5% Stock Dividend Declared

Dixon, California—First Northern Community Bancorp (the "Company", OTCQB: FNRN), holding company for First Northern Bank ("First Northern" or the "Bank"), today reported year ended 2018 net income totaling $12.6 million, or $1.02 per diluted share, compared to net income of $8.7 million, or $0.71 per diluted share for the year ended 2017, and net income totaling $3.3 million, or $0.27 per diluted share for the quarter ended December 31, 2018 compared to net income of $0.9 million, or $0.07 per diluted share for the quarter ended December 31, 2017.

Total assets at December 31, 2018 were $1.25 billion, an increase of $32.2 million, or 2.6%, compared to December 31, 2017. Total deposits were $1.12 billion at year end 2018, an increase of $19.9 million, or 1.8%, compared to December 31, 2017.  During 2018, total net loans (including loans held-for-sale) increased $25.5 million, or 3.5%, to $765.7 million. The Company continued to be "well capitalized" under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold at December 31, 2018.

Commenting on the Company's financial results, President & Chief Executive Officer Louise Walker stated, "We are pleased to announce First Northern Community Bancorp's 2018 performance resulted in record net earnings of $12.6 million, a 43.5% increase over the $8.7 million earned in 2017. Several factors contributed to our success; namely increases in net interest income, debit card income, investment & brokerage services income---in addition, we benefited as most business did to the lower corporate tax rate that went into effect in January 2018.  We also had a growing loan portfolio and continued to experience healthy increases in low cost demand deposits."

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The Company also reported that the Board of Directors recently approved the payment of a 5% stock dividend payable March 29, 2019 to shareholders of record as of February 28, 2019. All income per share amounts have been adjusted to give retroactive effect to the stock dividend.

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, and Contra Costa Counties, as well as 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: Auburn, Davis, Dixon, Fairfield, Roseville, Sacramento, Vacaville, West Sacramento, Winters, and Woodland. The Bank also has a commercial lending office in Walnut Creek and a mortgage lending office in Sonoma. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank's 10 branches. First Northern is rated as a Veribanc "Blue Ribbon" Bank and a "5-Star Superior" Bank by Bauer Financial, for the earnings period of September 30, 2018 (www.veribanc.com and www.bauerfinancial.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 and its subsidiaries (the "Company"). These forward-looking statements are based on management's current expectations, including but not limited to statements about market conditions and the impact of recent tax law changes, 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 and 10-Q, 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, and any reports on Form 8-K. 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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