First Northern Bank (FNRN) Q4 2024 earnings summary

Executive summary

• Reported 2024 net income of $20.0 million, or $1.24 per diluted share, down 7.5% year-over-year due to a prior-year one-time gain from branch acquisitions.

• Q4 2024 net income was $5.8 million, or $0.37 per diluted share, a 15.1% decrease from Q4 2023, mainly due to lower reversal of provision for credit losses.

• Total assets grew 1.1% to $1.89 billion, and total deposits increased 0.5% to $1.70 billion as of December 31, 2024.

• Book value per share rose 12.9% to $11.06, and stockholders' equity increased 10.7% to $176.3 million.

• A 5% stock dividend was approved, payable March 25, 2025, to shareholders of record as of February 28, 2025.

Financial highlights

• Interest and dividend income increased by $4.5 million, or 6.1%, year-over-year.

• Total non-interest expenses decreased by $849,000, or 1.9%, year-over-year.

• Net interest income for 2024 was $64.4 million; net income before taxes was $27.8 million.

• Consolidated ROAA for 2024 was 1.06%; consolidated ROAE was 11.95%.

• Total cost of funds remained low at 0.84% for the year.

Outlook and guidance

• Management remains focused on disciplined cost management and improving shareholder value in an inflationary environment.

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