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First Northern Community Bancorp (FNRN0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $14.2 million for the nine months ended September 30, 2024, a decrease of 3.3% from the previous year's $14.7 million. For the three months ended September 30, 2024, net income was $5.5 million, up 18.8% from $4.6 million in the prior year.
Diluted earnings per share for the nine months ended September 30, 2024, were $0.92, compared to $0.96 in the previous year. For the three months ended September 30, 2024, diluted earnings per share were $0.36, up from $0.30 in the prior year.
Net interest income for the nine months ended September 30, 2024, was $47.8 million, down 3.6% from $49.6 million the previous year. For the three months ended September 30, 2024, net interest income was $16.5 million, a 3.9% increase from $15.9 million in the prior year.
The net interest margin for the nine months ended September 30, 2024, was 3.60%, down from 3.68% in the previous year. For the three months ended September 30, 2024, the net interest margin was 3.65%, compared to 3.51% in the prior year.
The provision for credit losses for the nine months ended September 30, 2024, was $200,000, down from $3.1 million in the prior year. The company recognized a reversal of provision of $550,000 during the three months ended September 30, 2024, due to a substantial payoff of a non-performing commercial loan.
Total assets as of September 30, 2024, were $1.93 billion, a 3.1% increase from $1.87 billion as of December 31, 2023.
Total net loans (including loans held-for-sale) as of September 30, 2024, were $1.04 billion, a 1.0% decrease from $1.05 billion as of December 31, 2023.
Total investment securities as of September 30, 2024, were $632.4 million, a 10.5% increase from $572.4 million as of December 31, 2023.
Total deposits as of September 30, 2024, were $1.73 billion, a 2.3% increase from $1.69 billion as of December 31, 2023.
Non-interest income for the nine months ended September 30, 2024, was $4.5 million, down 26.4% from $6.2 million in the prior year, primarily due to a bargain purchase gain recognized in the previous year.
Non-interest expenses for the nine months ended September 30, 2024, were $32.5 million, a slight decrease from $32.5 million in the prior year, due to decreases in salaries and employee benefits.
The allowance for credit losses was $16.4 million as of September 30, 2024, representing 1.55% of total loans, consistent with the ratio as of December 31, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Northern Community Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.