Tuesday, July 25, 2006

Major profit for Dixon-based First Northern Community Bancorp

Article Launched: 07/25/2006 07:38:46 AM PDT

Major profit for local bank

Dixon-based First Northern Community Bancorp, holding company for First Northern Bank, announced a 16.9 percent jump in earnings compared to the same period last year.

Year-to-date net income as of June 30 was reported at $4.70 million, up 16.9% over the $4.02 million earned in the same fiscal period last year. Net income for the second quarter, however, was $2.29 million, down 1.3% from the $2.32 million earned in the same period in 2005. (Second quarter 2005 net income was increased through a $265,000, net of tax, recovery of provision for loan losses from a prior period.) The company also announced the opening of its sixth real estate loan office in Folsom.

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