Dixon's First Northern Bank reports $1.4 million quarterly profit

Published: Monday, May. 5, 2014 - 11:56 am

Dixon-based First Northern Community Bancorp, parent of First Northern Bank, reported net income of $1.4 million for the first quarter ended March 31.

That matched profits amassed in the first quarter of 2013.

The bank reported a sharp year-over-year decline in mortgage lending income, but that was offset with improvements in other areas: Total assets increased $80.4 million (9.4 percent) to $933 million, deposits rose $77.4 million (10.2 percent) to $839.1 million and total net loans increased $62.5 million (14.1 percent) to $506 million.

“...We are pleased with our increase in net interest income as a result of quality small- to medium-sized business loan growth,” said Louise Walker, president and CEO. “Other factors contributing to our solid earnings reflect an improving local economy, strong deposit acquisition, a growing customer base and improved operating efficiency.”

First Northern oversees 10 regional offices, including branches in Sacramento and West Sacramento.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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