Dixon-based First Northern Bank saw a first-quarter increase in its loans of 14 percent and called this a sign of an improving local economy.
Net loan totals were $506 million for the first three months of the year, a First Northern Bank press release said. That marked a $65.2 million increase from the same period in 2013.
First Northern Bank’s holding company, First Northern Community Bancorp, reported $1.4 million in net income for the first quarter. That matches the income from last year.
First Northern Bank as of March 31 had total assets of $933 million, an increase of $80.4 million at the same point in 2013, the press release said. It had total deposits of $839.1 million, an increase of $77.4 million.
“Banks of all sizes are facing higher costs, expansive regulatory requirements and compressed net interest margins as a result of the current economic and operating environment,” bank CEO Louise Walker said in a press release. “That being said, we believe that First Northern Community Bancorp is well positioned to prosper as market conditions normalize.”
The bank serves Solano, Yolo, Sacramento, Placer, Contra Costa counties and western El Dorado County.