First Northern Community Bancorp Reports Second Quarter 2025 Net Income of $5.5 Million
Net income for the quarter ended June 30, 2025, was $5.5 million, or $0.35 per diluted share, up 23.6% compared to net income of $4.4 million, or $0.27 per diluted share, for the quarter ended June 30, 2024.
Total assets as of June 30, 2025, were $1.87 billion, a decrease of $16.0 million, or 0.9%, compared to June 30, 2024. Total net loans (including loans held-for-sale) as of June 30, 2025, were $1.06 billion, an increase of $14.1 million, or 1.3%, compared to total net loans (including loans held-for-sale) of $1.05 billion as of June 30, 2024. The increase in net loans was primarily driven by growth in commercial loans, which was partially offset by net reductions in commercial real estate, agricultural, and residential mortgage loans. Total deposits as of June 30, 2025, were $1.66 billion, a decrease of $43.8 million, or 2.6%, compared to June 30, 2024.
The Company continued to be 'well capitalized' under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2025.
Commenting on the Company's second quarter financial results, First Northern Bank's President & Chief Executive Officer, Jeremiah Z. Smith, stated, 'We are pleased to report strong second quarter results, with net income increasing by 23.6% compared to the same quarter last year. Our net margin expanded to 3.85%, an increase of 19 basis points from 3.66%, driving a $1.0 million, or 6.1%, increase in net interest income when compared to the year prior. This improvement was due to higher yields on our loan and securities portfolios, along with disciplined deposit pricing that kept interest-bearing liability costs nearly flat during the quarter. We recorded no provision for credit losses in the quarter, due to the release of a $2.8 million specific reserve initially recorded during the first quarter of 2025. The release of specific provision was offset by an increase in pooled and unfunded reserves tied to loan growth and changes in economic forecasts.'
Commenting further, President & CEO Smith stated: 'We remain committed to improving shareholder value. During the first two quarters of the year, we repurchased 215,883 shares for total consideration of $2.2 million. Shareholders' equity improved from $187.8 million on March 31, 2025, to $194.9 million on June 30, 2025 - an increase of $7.1 million, or 3.8%, primarily driven by net income of $5.5 million and a $2.3 million improvement in accumulated other comprehensive loss for the quarter. As a result, book value per share increased $0.51 to $12.32 as of June 30, 2025, up 4.3% compared to March 31, 2025.'
Performance and operating highlights for the Company for the periods noted below included the following:
Three months ended
(in thousands, except per share and share data)
June 30,
2025
March 31,
2025
June 30,
2024
Return on average assets ('ROAA') (annualized)
1.18
%
0.79
%
0.95
%
Return on average equity ('ROAE') (annualized)
11.67
%
8.23
%
10.87
%
Pre-tax income
$
7,597
$
4,956
$
6,113
Net income
$
5,466
$
3,671
$
4,424
Net interest margin (annualized)
3.85
%
3.64
%
3.66
%
Cost of funds (annualized)
0.88
%
0.86
%
0.84
%
Efficiency ratio
58.91
%
66.62
%
58.98
%
Basic earnings per common share
$
0.35
$
0.23
$
0.28
Diluted earnings per common share
$
0.35
$
0.23
$
0.27
Weighted average basic common shares outstanding
15,606,764
15,650,176
15,949,825
Weighted average diluted common shares outstanding
15,811,754
15,879,822
16,149,929
Shares outstanding at end of period
15,818,328
15,897,929
16,178,149
Summary Results (Unaudited)
The following is a summary of the components of the Company's operating results for the periods indicated:
Three months ended
(in thousands)
June 30,
2025
March 31,
2025
$ Change
% Change
Selected operating data:
Net interest income
$
16,953
$
15,943
$
1,010
6.34
%
Provision for credit losses
—
850
(850
)
(100.00
)%
Non-interest income
1,537
1,453
84
5.78
%
Non-interest expense
10,893
11,590
(697
)
(6.01
)%
Pre-tax income
7,597
4,956
2,641
53.29
%
Provision for income taxes
2,131
1,285
846
65.84
%
Net income
$
5,466
$
3,671
$
1,795
48.90
%
Three months ended
(in thousands)
June 30,
2025
June 30,
2024
$ Change
% Change
Selected operating data:
Net interest income
$
16,953
$
15,978
$
975
6.10
%
Provision for credit losses
—
1,050
(1,050
)
(100.00
)%
Non-interest income
1,537
1,484
53
3.57
%
Non-interest expense
10,893
10,299
594
5.77
%
Pre-tax income
7,597
6,113
1,484
24.28
%
Provision for income taxes
2,131
1,689
442
26.17
%
Net income
$
5,466
$
4,424
$
1,042
23.55
%
Balance Sheet Summary (Unaudited)
(in thousands)
June 30,
2025
December 31,
2024
$ Change
% Change
Selected financial condition data:
Total assets
$
1,871,990
$
1,891,722
$
(19,732
)
(1.04
)%
Cash and cash equivalents
126,851
119,448
7,403
6.20
%
Total loans, net (including loans held-for-sale)
1,063,458
1,046,852
16,606
1.59
%
Total investments
593,550
633,853
(40,303
)
(6.36
)%
Total liabilities
1,677,105
1,715,390
(38,285
)
(2.23
)%
Total deposits
1,663,277
1,700,089
(36,812
)
(2.17
)%
Total shareholders' equity
194,885
176,332
18,553
10.52
%
Net Interest Income and Net Interest Margin (Unaudited)
The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:
Three months ended
June 30, 2025
March 31, 2025
June 30, 2024
Assets
Interest-earning assets:
Certificates of deposit
15,112
157
4.17
%
15,868
161
4.11
%
17,081
171
4.03
%
Interest-bearing due from
Banks
85,828
1,010
4.72
%
70,468
727
4.18
%
130,963
1,913
5.87
%
Investment securities,
Taxable
560,021
4,137
2.96
%
587,332
4,348
3.00
%
519,789
3,088
2.39
%
Investment securities,
non-taxable
49,497
391
3.17
%
50,403
393
3.16
%
38,055
261
2.76
%
Other interest-earning
assets
10,808
250
9.28
%
10,518
272
10.49
%
10,518
267
10.21
%
Total average interest-
earning assets
1,765,847
20,574
4.67
%
1,777,148
19,503
4.45
%
1,757,508
19,530
4.47
%
Non-interest-earning assets:
Cash and due from banks
30,777
34,338
39,630
Premises & equipment, net
7,866
9,145
9,642
Interest receivable and other assets
53,556
52,755
59,523
Total average assets
$
1,858,046
$
1,873,386
$
1,866,303
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Interest-bearing transaction
deposits
$
383,761
693
0.72
%
$
385,953
$
691
0.73
%
$
371,657
622
0.67
%
Savings and MMDA's
447,276
1,602
1.44
%
451,198
1,550
1.39
%
425,601
1,272
1.20
%
Time, $250,000 and under
88,024
889
4.05
%
99,503
973
3.97
%
123,303
1,356
4.42
%
Time, over $250,000
51,942
362
2.80
%
44,028
346
3.19
%
34,605
302
3.51
%
FHLB advances
6,593
75
4.56
%
—
—
—
—
—
—
Non-interest-bearing
liabilities:
Non-interest-bearing
demand deposits
679,144
697,972
732,153
Interest payable and
other liabilities
13,505
13,919
15,737
Total average liabilities
1,670,245
1,692,573
1,703,056
Total average stockholders'
equity
187,801
180,813
163,247
Total average liabilities and
stockholders' equity
$
1,858,046
$
1,873,386
$
1,866,303
Net interest income and net
interest margin
$
16,953
3.85
%
$
15,943
3.64
%
$
15,978
3.66
%
(1) For disclosure purposes, yield/rates are annualized by dividing the number of days in the reported period by 365.
About First Northern Bank
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, Colusa, and Glenn 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. Real estate mortgage and small-business loan officers are available by appointment at any of the Bank's 14 branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. Non-FDIC insured Investment and Brokerage Services are also available at every branch location. First Northern Bank is rated as a Veribanc 'Green-3 Star Blue Ribbon' Bank and a '5-Star Superior' Bank by Bauer Financial for the earnings period ended March 31, 2025 ( www.veribanc.com) and ( www.bauerfinancial.com). For additional information, please visit thatsmybank.com or call (707) 678-7742. Member FDIC. Equal Housing Lender.
Forward-Looking Statements
This press release and other public statements 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 the Company's performance and focus on improving shareholder value, 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, trade, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company's 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.
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Additional information concerning the Proposed Transaction, SKRR, KENZ and the Resulting Issuer will be provided once determined in a subsequent news release and in the Filing Statement to be filed by SKRR in connection with the Proposed Transaction and which will be available in due course under SKRR's SEDAR+ profile at About SKRR Exploration Inc: SKRR is a Canadian-based precious and base metal explorer with properties in Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates. ON BEHALF OF THE BOARD Sherman Dahl President & CEO Tel: 250-558-8340 This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. Cautionary Note Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, disinterested approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of SKRR should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release. All information contained in this news release with respect to SKRR and KENZ was supplied by the parties, respectively, for inclusion herein, and SKRR and its respective directors and officers have relied on KENZ for any information concerning such party. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Statements This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposal to complete the Proposed Transaction and associated transactions, including statements regarding the terms and conditions of the Proposed Transaction, the execution of the Definitive Agreement, the proposed business of the Resulting Issuer, the completion of a NI 43-101 technical report on the AM ARTI Project, the name change of the Company, the completion of the Consolidation, Exchange sponsorship requirements and intended application for exemption therefrom, shareholder and regulatory approvals and the proposed directors and officers of the Resulting Issuer. The information about KENZ contained in the news release has not been independently verified by SKRR. Although SKRR believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because SKRR can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Proposed Transaction, the name change of the Company, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions, that the ultimate terms of the Proposed Transaction, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will differ from those that currently are contemplated, and that the Proposed Transaction, the name change of the Company, the Loan, the completion of a NI 43-101 compliant technical report on the AM ARTI Project; the Consolidation; any applicable private placement in connection with the Proposed Transaction, the appointment of the proposed directors and officers of the Resulting Issuer and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Proposed Transaction may change based on SKRR's due diligence (which is going to be limited as SKRR intends largely to rely on the due diligence of other parties of the Proposed Transaction to contain its costs, among other things) and the receipt of tax, corporate and securities law advice for both SKRR and KENZ. The statements in this news release are made as of the date of this news release. SKRR undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of SKRR, KENZ, their securities, or their respective financial or operating results (as applicable). There can be no assurance that the Proposed Transaction will be completed or, if completed, will be successful. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, currency/exchange rates, market conditions, geopolitical events and uncertainties, changes in governmental regulations, foreign laws and regulations, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects, of the Resulting Issuer, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of SKRR and KENZ may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although each of SKRR and KENZ believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, each of SKRR and KENZ disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Toronto Star
a day ago
- Toronto Star
Max Power Closes First $2.45 Million in Private Placements With Eric Sprott as Lead Investor
VANCOUVER, British Columbia, Aug. 01, 2025 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) ('MAX Power' or the 'Company') announces that further to its news releases of July 15 and July 23, 2025, the Company has closed non-brokered private placements of Units (the 'Offerings') for total gross proceeds of C$2,450,000 with Eric Sprott as lead investor. Pursuant to the closing of the Offerings, the Company has issued 5,681,818 Units at $0.22 comprising 5,618,818 common shares and 5,681,818 share purchase warrants exercisable at a price of C$0.29 per warrant share, and a total of 7,500,000 Units at $0.16 comprising of a total of 7,500,000 common shares and 7,500,000 share purchase warrants exercisable at a price of C$0.25 per warrant share. The warrants shall be exercisable until August 1, 2027, and are subject to an acceleration clause.
