First Northern Community Bancorp Reports First Quarter 2019 Earnings

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    First Quarter Net Income of $4.0 Million

    Diluted Earnings per share up 45.5% from prior
    year

    DIXON, Calif.–(BUSINESS WIRE)–First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding
    company for First Northern Bank (“First Northern” or the “Bank”), today
    reported net income of $4.0 million, or $0.32 per diluted share, for the
    three months ended March 31, 2019, compared to net income of $2.7
    million, or $0.22 per diluted share, for the three months ended March
    31, 2018.

    Total assets at March 31, 2019 were $1.22 billion, an increase of $14.7
    million, or 1.22%, compared to March 31, 2018. Total deposits at March
    31, 2019 and March 31, 2018 were $1.09 billion. Total net loans
    (including loans held-for-sale) at March 31, 2019 were $734.0 million,
    an increase of $13.0, or 1.80%, compared to March 31, 2018. The Company
    continued to be “well capitalized” under regulatory definitions,
    exceeding the 10% total risk-based capital ratio threshold at March 31,
    2019.

    Commenting on the Company’s financial results, President & Chief
    Executive Officer Louise Walker stated, “We are pleased to report First
    Northern Community Bancorp had another strong quarter with $4.0 million
    in net income at March 31, 2019, up $1.3 million or 45.8% over March 31,
    2018, a new quarterly record for the Company. Contributing to this
    success included net interest income of $11.7 million at March 31, 2019,
    an 11.1% or $1.2 million increase over the first quarter of 2018; a
    decrease in provision for loan losses of $525,000; a non-recurring gain
    of $281,000 related to the sale of a vacant lot in Dixon, which is
    recorded within Other Income; as well as a 45.9% increase in mortgage
    income over the same period last year.”

    On March 29, 2019, the Company paid a 5% stock dividend to all
    shareholders of record as of February 28, 2019.

    First Northern Bank is an independent community bank that specializes in
    relationship banking. The Bank, headquartered in Solano County since
    1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa
    Counties, as well as the west slope of El Dorado County. Experts are
    available in small-business, commercial, real estate and agribusiness
    lending, as well as mortgage loans. The Bank is an SBA Preferred Lender.
    Non-FDIC insured Investment and Brokerage Services are available at
    every branch location, including Dixon, Davis, West Sacramento,
    Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville and
    Auburn. The Bank also has a commercial lending office in Walnut Creek
    and a mortgage loan office in Sonoma. Real estate mortgage and
    small-business loan officers are available by appointment in any of the
    Bank’s 10 branches. First Northern is rated as a Veribanc “Blue Ribbon”
    Bank for the earnings period ended December 31, 2018 (www.veribanc.com).
    The Bank can be found on the Web at www.thatsmybank.com,
    on Facebook
    and on LinkedIn.

    Forward-Looking Statements

    This press release may include certain “forward-looking statements”
    about First Northern Community Bancorp and its subsidiaries (the
    “Company”). These forward-looking statements are based on management’s
    current expectations, including but not limited to statements about
    market conditions and the impact of recent tax law changes, and are
    subject to certain risks, uncertainties and changes in circumstances.
    Actual results may differ materially from these expectations due to
    changes in global political, economic, business, competitive, market and
    regulatory factors. More detailed information about these risk factors
    is contained in the Company’s most recent reports filed with the
    Securities and Exchange Commission on Forms 10-K and 10-Q, each as it
    may be amended from time to time, which identify important risk factors
    that could cause actual results to differ materially from those
    contained in the forward-looking statements. The financial information
    contained in this release should be read in conjunction with the
    consolidated financial statements and notes thereto included in the
    Company’s most recent reports on Form 10-K and Form 10-Q, and any
    reports on Form 8-K. The Company undertakes no obligation to update any
    forward-looking statements to reflect events or circumstances arising
    after the date on which they are made. For further information regarding
    the Company, please read the Company’s reports filed with the SEC and
    available at
    www.sec.gov.

    Contacts

    Louise A. Walker
    President & Chief Executive Officer
    First
    Northern Community Bancorp
    & First Northern Bank
    (707)
    678-3041