First Northern Community Bancorp 2nd Quarter Earnings Report

First Northern Community Bancorp (OTCBB:FNRN), holding company for First Northern Bank, today announced financial results through the second quarter of 2008. The Company reported a year-to-date net loss as of June 30, 2008 of $0.80 million, or ($0.09) per diluted share, compared to $4.08 million, or $0.44 per diluted share earned in the same fiscal period last year. Net loss for the quarter ended June 30, 2008 was $0.86 million, or ($0.10) per diluted share, compared to $1.99 million, or $0.22 per diluted share, earned in the same fiscal period last year. (All 2007 per share earnings have been adjusted for a 6% stock dividend issued March 31, 2008.) Year-to-date 2008 net income was impacted by $3.78 million in provision for loan losses and a $385 thousand loss on sales of other real estate owned (net of tax). “Without these... [read full story]