First Northern Community Bancorp Reports First Quarter 2019 Earnings

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