First Northern Community Bancorp Announces Stock Repurchase Program
March 28 2024 - 1:14PM
Business Wire
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 May 1, 2024, and
will remain in effect until April 30, 2026, unless terminated
sooner. The program allows repurchases in an aggregate amount of no
more than 6% of First Northern Community Bancorp’s 15,550,731
outstanding shares of common stock as of March 21, 2024 (which
includes the stock dividend that was paid on March 25, 2024). This
represents total shares of 933,043 eligible for repurchase which,
at the closing price of $9.00 on March 21, 2024, would equate to
total consideration of approximately $8.4M 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 the Corporation’s existing shareholders and provide
additional market liquidity for common shares outstanding.
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, Rancho
Cordova, Colusa, Willows, and Orland. 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 14 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, 2023 (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, including but not limited to statements about the
Corporation’s expectations about the stock repurchase program’s
impact on capital, return on equity and market liquidity, and are
subject to certain risks, uncertainties 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.
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Jeremiah Z. Smith President & Chief Executive Officer First
Northern Community Bancorp & First Northern Bank P.O. Box 547
Dixon, California (707) 678-3041