First Northern Bank (FNRN) Q3 2025 earnings summary

Executive summary

• Net income for the nine months ended September 30, 2025 was $15.2 million, up 6.8% year-over-year; Q3 net income was $6.0 million, up 9.6% from Q3 2024.

• Diluted EPS for the nine months was $0.96, up 9.0% year-over-year; Q3 diluted EPS was $0.38, up 11.8%.

• Book value per share increased to $13.02 as of September 30, 2025, up 5.7% from the prior quarter.

Financial highlights

• Net interest income for the nine months was $49.7 million, up 4.0% year-over-year; Q3 net interest income was $16.85 million, up 2.1%.

• Net interest margin for the nine months was 3.75%, up 15 bps year-over-year; Q3 margin was 3.75%, up 10 bps.

• Total assets reached $1.91 billion as of September 30, 2025, up 0.9% from December 31, 2024 but down 1.2% year-over-year.

• Net loans were $1.06 billion, up 1.3% year-over-year; investment securities were $601.5 million, down 5.1%.

• Total deposits were $1.69 billion, down 2.6% year-over-year and 0.8% from year-end 2024.

Outlook and guidance

• Loan demand and deposit balances for the remainder of 2025 will depend on economic and competitive conditions, Federal Reserve actions, and heightened competition.

• The company emphasizes non-interest-bearing demand deposits and money market accounts to manage interest rate sensitivity.

• Management expects continued focus on liquidity, capital adequacy, and prudent risk management amid evolving market conditions.

• Management remains focused on improving shareholder value and disciplined deposit pricing.

• Continued emphasis on tax planning strategies to optimize effective tax rate.