First Northern Community Bancorp reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period.
For the three months ended September 30, 2024, the company achieved a net income of $5,488,000, an increase of 18.8% from $4,619,000 in the same period of 2023. Basic and diluted earnings per share rose to $0.36, up from $0.30 year-over-year. However, for the nine months ended September 30, 2024, net income decreased to $14,188,000, down 3.3% from $14,672,000 in the prior year. Diluted earnings per share for this period also fell to $0.92 from $0.96.
Total assets increased to $1,930,690,000 as of September 30, 2024, reflecting a 3.1% rise from $1,871,832,000 at the end of 2023. Total deposits grew by 2.3% to $1,732,042,000, compared to $1,692,444,000 at year-end 2023. Investment securities available-for-sale rose significantly by 10.5% to $632,404,000, up from $572,357,000.
Net interest income for the three months ended September 30, 2024, was $16,496,000, a 3.9% increase from $15,874,000 in the same quarter of 2023. However, net interest income for the nine-month period decreased to $47,836,000, down 3.6% from $49,637,000. The net interest margin for the three months improved to 3.65%, while it decreased to 3.60% for the nine months.
The company reported a reversal of provision for credit losses of $550,000 for the third quarter, contrasting with a provision of $500,000 in the same quarter of 2023. The total allowance for credit losses stood at $16,422,000 as of September 30, 2024, compared to $14,792,000 a year earlier.
In terms of loan performance, total net loans decreased slightly to $1,042,304,000 from $1,052,465,000 at the end of 2023. The loan-to-deposit ratio declined to 60.2% from 62.2%. Non-accrual loans increased marginally to $4,015,000, while total non-performing assets decreased significantly by 52.9% to $3,924,000.
The company declared a 5% stock dividend on January 25, 2024, payable on March 25, 2024. As of September 30, 2024, the company maintained strong capital ratios, exceeding regulatory requirements, with a total risk-based ratio of 17.3%.
About FIRST NORTHERN COMMUNITY BANCORP
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