Business Context and Reporting Period
Company: First Northern Community Bancorp
Filing Type: Form 8-K (Current Report)
Date of Report: October 18, 2002
Event: Opening of the tenth full-service branch in downtown Sacramento, California.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain financial statements. Consequently, specific values for revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Material Changes
- Expansion: The company opened its tenth full-service branch at 700 J Street, Sacramento, occupying 4,300 square feet in the historic Capital National Bank Building.
- Recent Growth: This is the fourth office opened within the past year, following locations in Roseville (Dec 2001), Davis (Nov 2001), and Suisun City (Mar 2002).
- Service Offerings: The new branch offers traditional banking, investment and brokerage services, asset management, trust services, real estate mortgage loans, and SBA loans.
- Personnel Changes: Steve Oren appointed Vice President/Manager of the Sacramento Branch; Paul Kolarik appointed Branch Manager of the West Sacramento Branch.
Guidance, Outlook, and Risks
Outlook: Management states the expansion into Sacramento will allow the bank to continue serving area businesses and employees with a state-of-the-art facility in the heart of the business community.
Risks and Forward-Looking Statements: The document includes forward-looking statements subject to uncertainty. Actual results may differ materially due to global political, economic, business, competitive, market, and regulatory factors. Detailed risk factors are referenced in the company's most recent Forms 10-K, 10-Q, and 8-K.
Investor Verification Checklist
- Verify the impact of the Sacramento branch opening on future revenue growth in the company's next quarterly or annual report.
- Review the most recent Form 10-K or 10-Q for current liquidity, capital adequacy, and non-performing loan ratios.
- Confirm the operational status and profitability of the three other offices opened in the preceding 12 months.
- Check the OTC Bulletin Board ticker symbol FNRN for current stock trading volume and price.