First Northern Community Bancorp, holding company for First Northern Bank, announced after the bell yesterday its financial results for the first quarter of 2009. Owen â€œJohnâ€ Onsum, President and Chief Executive Officer, stated, â€œThe Company reported year-to-date net income as of March 31, 2009 of $453,000 or $0.04 per diluted common share, compared to net income of $60,000, or $0.01 per diluted common share earned in the same fiscal period last year.â€
According to the press release, total assets at March 31, 2009 were $688.4 million, an increase of 1.15%, or $7.8 million, compared to the same period in the previous year. Total deposits totaled $588.8 million, a decrease of $11.8 million or 1.96% compared to March 31, 2008 figures. Total net loans (including loans held-for-sale) decreased $0.1 million, or 0.02%, to $485.7 million.
Commenting on the first quarter of 2009, Onsum said, â€œFrom the onset of the economic crisis, Management and the Board of Directors have made the tough decisions to realistically deal with the resulting credit deterioration in our loan portfolio, deterioration that is inherent in all bank loan portfolios that have loans secured by real estate. We believe our aggressive stance to continuously re-evaluate our loans to reflect the declining collateral values, take the necessary loan write-downs, while continuously strengthening our provisions for loan losses, has allowed us to better position ourselves when the economy turns.â€
He continued, â€œMost certainly we believe our straightforward response to the unprecedented economic environment and willingness to work with our borrowers has created improved financial stability for our company, and everything follows from that. First Northernâ€™s total risk-based capital ratio at March 31, 2009 was approximately 15%, which far exceeds the regulatory well-capitalized standard of 10%. Strong capital levels, efficient operations, and our customer-centric approach to growing our business remain at the core of our priorities.â€