The core system upgrade completed in October 2026 is expected to reduce ongoing data processing costs, but additional Q4 expenses are anticipated. Monitor Q4 2026 for the expense trajectory and whether loan/deposit growth momentum continues.
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Executive Summary
First Northern Community Bancorp reported Q3 2026 net income of $6.2 million ($0.38 diluted), up 3.1% from $6.0 million ($0.36) in Q3 2025. Net interest margin expanded to 4.12% from 3.75% a year ago, driven by loan yield improvement and nonaccrual interest recovery. Loan growth accelerated to a 14.7% annualized rate and deposits grew 16.1% annualized during the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 net income $6.2M vs $6.0M in Q3 2025, up 3.1%
- Diluted EPS $0.38 vs $0.36 in Q3 2025
- Net interest margin 4.12% vs 3.75% in Q3 2025 and Q2 2026
- Net interest income $19.4M, up 15.0% YoY
- Total loans $1.13B, up 7.4% YoY; annualized loan growth 14.7% in Q3
- Total deposits $1.76B, up 4.4% YoY; annualized deposit growth 16.1% in Q3
- Nonaccrual loans reduced by $1.2M (25.6%) during the quarter
- Non-interest expense $12.7M, up 6.6% YoY due to core system upgrade costs
- Book value per share $12.76, down from $13.24 in Q2 2026
- Total shareholders' equity $207.9M, down 1.95% from year-end 2025
Financial Impact
Net income up $0.2M YoY; net interest income up $2.5M; non-interest expense up $0.8M
Risk Factors
- Cost of funds rose to 0.95% from 0.88% a year ago, compressing margin if loan yields plateau
- Non-interest expense increased 6.6% YoY with further costs expected in Q4 from system upgrade
- Book value per share declined sequentially from $13.24 to $12.76
- Shareholders' equity decreased 1.95% from year-end 2025 despite retained earnings
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-034025 |
| Document: fnrn20260827_8k.htm | 0001437749-26-034025 |
| Document: 0001437749-26-034025-index-headers.html | 0001437749-26-034025 |
| Document: 0001437749-26-034025-index.html | 0001437749-26-034025 |
| Document: 0001437749-26-034025.txt | 0001437749-26-034025 |
| 8-K Data (Synthetic) | 0001437749-26-034025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 2d ago | 8-K | $16.98 | awaiting T+20 | awaiting T+20 | $17.11 (+0.77%) |
May 18, 2026 23w ago | Insider Cluster | $17.55 $18.16 | ▲ +3.48% | ▲ +2.49% | $17.11 (−2.51%) |
May 4, 2026 25w ago | Insider Cluster | $17.04 $17.13 | ▲ +0.53% | ▼ −5.12% | $17.11 (+0.41%) |
US Market Status
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