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First Northern Community Bancorp (FNRN+1.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1.89 billion, an increase from $1.87 billion at the end of the previous year. The company reported net income of $20.0 million, a decrease from $21.6 million in 2023.
Net interest income decreased by 3.3% to $64.4 million, primarily due to an increase in interest expense. The net interest margin decreased by 10 basis points to 3.60%.
The company recorded a reversal of provision for credit losses of $0.3 million, compared to a provision of $1.1 million in the previous year. This was primarily due to decreases in loans outstanding and unfunded commitments.
Non-interest income totaled $6.0 million, down 23.3% from the previous year, primarily due to a gain on bargain purchase recorded in 2023 that was not repeated in 2024.
Non-interest expenses decreased by 2.0% to $42.8 million, with decreases in salaries and employee benefits partially offset by increases in occupancy and equipment expenses.
Total deposits increased slightly to $1.70 billion, while loans (including loans held-for-sale), net of allowance, decreased by 0.5% to $1.047 billion.
The company reported stockholders' equity of $176.3 million, an increase from $159.2 million, primarily due to net income for the year.
The filing also details various regulatory and compliance matters, including the company's adherence to capital adequacy requirements and the impact of recent accounting standards.
First Northern Community Bancorp continues to focus on its core banking operations, providing a range of financial services to individuals and businesses in Northern California.
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 annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.