First Northern Bank (FNRN) investor relations material

Executive summary

• Net income for Q1 2026 was $5.9 million, a 60.9% increase year-over-year from $3.7 million in Q1 2025, with diluted EPS rising to $0.36.

• Total assets reached $1.92 billion, up 0.7% from year-end 2025 and 2.6% from March 31, 2025.

• Net loans grew 2.3% year-over-year, driven by commercial loan growth, and total net loans (including loans held-for-sale) rose 1.3% to $1.06 billion.

• Deposits increased 1.2% year-over-year to $1.69 billion, up 0.9% from year-end 2025.

• Uplisted to Nasdaq Capital Market in April 2026, enhancing market presence.

Financial highlights

• Net interest income increased 7.9% to $17.2 million, with net interest margin improving to 3.83% from 3.64%.

• Non-interest income increased 19.8% year-over-year to $1.74 million, led by investment and brokerage income.

• Non-interest expenses decreased 4.8% year-over-year to $11.03 million, mainly due to lower occupancy, equipment, and consulting costs.

• Efficiency ratio improved to 58.23% from 66.62% a year ago.

• Return on average assets (annualized) was 1.24%, and return on average equity (annualized) was 11.21%.

Outlook and guidance

• Management expects loan demand and deposit balances to be influenced by economic and competitive conditions, Federal Reserve actions, and heightened competition.

• The company does not intend to elect the community bank leverage ratio (CBLR) framework at this time.

• Liquidity and capital positions are expected to remain strong, with significant available borrowing capacity.

• Management remains focused on enhancing shareholder value and expects benefits from the Nasdaq uplisting.

• Forward-looking statements caution that actual results may differ due to market and regulatory factors.