Business Context and Reporting Period
This Form 8-K was filed by First Northern Community Bancorp on February 20, 2003. The registrant is a California-based holding company for First Northern Bank, a community bank serving Solano, Yolo, and parts of Sacramento, Placer, and El Dorado Counties. The filing primarily announces a corporate action regarding a stock dividend.
Key Financial Metrics
- Net Income (2002): $5,718,000 (Record earnings).
- Net Income Growth: Increased 7.3% compared to 2001.
- Diluted Earnings Per Share (2002): $1.59 (Adjusted for the current and prior year stock dividends).
- Diluted Earnings Per Share (2001): $1.44 (Adjusted for the current and prior year stock dividends).
- Stock Dividend: 6% declared, payable March 31, 2003.
The filing does not provide specific values for revenue, cash flow, operating margins, total debt, or liquidity ratios.
Material Changes
The primary material change reported is the declaration of a 6% stock dividend, marking the 38th consecutive year the Company has paid a stock dividend. Additionally, the Company reported record earnings for the fiscal year 2002, with net income rising 7.3% year-over-year.
Guidance, Outlook, and Risks
The filing contains no specific financial guidance or forward-looking projections for future periods. It includes a standard disclaimer under the Private Securities Litigation Reform Act of 1995, noting that actual results may differ from expectations due to global political, economic, business, competitive, market, and regulatory factors. Investors are directed to the most recent Forms 10-K and 10-Q for detailed risk factors.
Investor Verification Checklist
- Verify the record date of February 28, 2003, and payment date of March 31, 2003, for the 6% stock dividend.
- Confirm the adjusted diluted earnings per share figures ($1.59 for 2002 and $1.44 for 2001) in the context of the stock split/dividend adjustments.
- Review the most recent Form 10-K for comprehensive financial statements, as this 8-K does not contain full balance sheet or cash flow data.
- Check for any subsequent filings regarding the execution of the dividend or changes in the 2002 earnings report.