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HOME :: RESEARCH :: CREDIT :: NEWS:: OCT 2008

First Northern Community Bancorp 3rd Quarter Earnings Report

First Northern Community Bancorp  , holding company for First Northern Bank, today announced financial results through the third quarter of 2008. The Company reported net income of $972 thousand, or $0.11 per diluted share for the quarter ended September 30, 2008, compared to $2.02 million, or $0.22 per diluted share earned in the same fiscal period last year. Year-to-date net income as of September 30, 2008 was $168 thousand, or $0.02 per diluted share, compared to $6.09 million, or $0.67 per diluted share earned in the same fiscal period last year. (All 2007 per share earnings have been adjusted for a 6% stock dividend issued March 31, 2008.) Results for the third quarter of 2008 as well as for the first nine months of 2008 reflect higher provisions for credit losses primarily relating to the Bank's small builder and construction-related commercial segments of the portfolio. The provisions for credit losses for the third quarter of 2008 and the first nine months of 2008 were $3.6 million and $10.1 million, respectively, compared with $990 thousand and $1.3 million, respectively, for the comparable periods one year ago.

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