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First Northern Community Bancorp : Announces Stock Repurchase Program (Form 8-K)

06/03/2021 | 06:11am EDT
Announces Stock Repurchase Program

Dixon, California - The Board of Directors of First Northern Community Bancorp (FNRN), holding company of First Northern Bank, has announced a stock repurchase program for the Company's outstanding common stock. Based on market conditions, share repurchases may be made from time to time in the open market or in privately negotiated transactions. The repurchase program will begin June 15, 2021 and will remain in effect until June 14, 2023. The program allows repurchases in an aggregate amount of no more than 4% of First Northern Community Bancorp's 13,680,085 outstanding shares of common stock as of March 31, 2021. This represents total shares of 547,203 eligible for repurchase which, at the closing price of $11.35 on June 2, 2021, would equate to total consideration of approximately $6.2M if all eligible shares were repurchased. The Board of Directors has determined that the maximum aggregate repurchases will not impair the capital of the Corporation. Any repurchases are intended to be conducted in accordance with the limitations, guidelines, and restrictions relative to timing, price, manner and volume of Rule 10b-18 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

The stock repurchase program is intended to provide management with an effective mechanism for capital management, increase return on equity to our existing shareholders and provide additional market liquidity for our common shares outstanding. Commenting on the stock repurchase program, Louise Walker, President & Chief Executive Officer said, 'The Bancorp's stock repurchase program demonstrates our ongoing commitment to providing fundamental value for our shareholders.'

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, and Contra Costa 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. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordova. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank's 11 branches. First Northern is rated as a Veribanc 'Blue Ribbon' Bank and a '5-Star Superior' Bank by Bauer Financial for the earnings period ended December 31, 2020 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.

Forward Looking Statements
This document includes certain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in First Northern's most recent reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. First Northern disclaims any intent or obligation to update these forward-looking statements.


First Northern Community Bancorp published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 10:10:04 UTC.

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Financials (USD)
Sales 2020 52,1 M - -
Net income 2020 12,2 M - -
Net cash 2020 273 M - -
P/E ratio 2020 10,7x
Yield 2020 -
Capitalization 150 M 150 M -
EV / Sales 2019 0,42x
EV / Sales 2020 -2,71x
Nbr of Employees 214
Free-Float 92,1%
Duration : Period :
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Managers and Directors
Louise A. Walker President, Chief Executive Officer & Director
Kevin M. Spink Chief Financial Officer & Executive Vice President
Richard M. Martinez Chairman
Jeremiah Z. Smith Chief Operating Officer & Senior Executive VP
John M. Carbahal Independent Director