<PAGE>
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 2000
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _____________.
Commission File Number 000-30707
First Northern Community Bancorp
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C>
California 68-0450397
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
195 N. First St., Dixon, CA 95620
(Address of principal executive offices) (Zip Code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, no par value
(Title of Class)
</TABLE>
707-678-3041
(Registrant's telephone number including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter periods as the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes [x] No [_]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date.
Common stock, no par value -------- 3,069,704 shares as of October 31,
2000.
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
September 30, 2000 December 31, 1999
------------------ -----------------
<S> <C> <C>
Cash and due from banks $ 23,268,746 $ 19,806,022
Federal funds sold 1,400,000 37,300,000
Investment securities - available for sale 130,709,507 135,451,683
Loans, net of allowance for loan losses of
$7,449,605 at September 30, 2000 and
$7,825,255 at December 31, 1999 207,045,441 162,930,575
Premises and equipment, net 6,285,841 6,031,711
Accrued interest receivable and other assets 8,633,768 9,470,615
------------------ -----------------
TOTAL ASSETS $ 377,343,303 $ 370,990,606
================== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand $ 90,254,155 $ 86,123,941
Interest-bearing transaction deposits 41,425,667 36,284,409
Savings & MMDA's 97,229,328 102,517,387
Time 111,178,034 110,704,197
------------------ -----------------
Total deposits 340,087,184 335,629,934
Accrued interest payable and other liabilities 3,855,970 3,287,969
------------------ -----------------
TOTAL LIABILITIES 343,943,154 338,917,903
------------------ -----------------
Stockholders' equity
Common stock, no par value; 4,000,000 shares authorized;
3,076,079 shares issued and outstanding in 2000
and 3,092,273 shares issued and outstanding in 1999 22,917,531 23,322,001
Additional paid in capital 976,850 976,850
Retained earnings 10,586,912 9,513,151
Accumulated other comprehensive loss (1,081,144) (1,739,299)
------------------ -------------------
TOTAL STOCKHOLDERS' EQUITY 33,400,149 32,072,703
------------------ -------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 377,343,303 $ 370,990,606
================== ===================
</TABLE>
See notes to unaudited condensed consolidated financial statements.
2
<PAGE>
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
Three months Three months Nine months Nine months
ended ended ended ended
September 30, 2000 September 30, 1999 September 30, 2000 September 30, 1999
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Interest Income
Loans $ 5,144,247 $ 4,241,177 $ 13,619,726 $ 11,911,953
Federal funds sold 141,541 321,860 992,117 892,236
Investment securities
Taxable 1,840,743 1,568,820 5,578,128 4,552,619
Non-taxable 324,614 365,191 915,677 1,097,717
------------- --------------- --------------- --------------
Total interest income 7,451,145 6,497,048 21,105,648 18,454,525
Interest Expense
Deposits 2,312,095 1,953,356 6,543,410 5,713,305
Other borrowings 26,398 13,189 51,245 34,684
------------- --------------- --------------- --------------
Total interest expense 2,338,493 1,966,545 6,594,655 5,747,989
------------- --------------- --------------- --------------
Net interest income 5,112,652 4,530,503 14,510,993 12,706,536
Provision for loan losses - (875,000) - (800,000)
------------- --------------- --------------- --------------
Net interest income after
provision for loan losses 5,112,652 5,405,503 14,510,993 13,506,536
------------- --------------- --------------- --------------
Other operating income
Service charges on deposit accounts 390,798 298,315 1,076,754 844,645
Gains on securities transactions 7,500 2,000 21,800 50,134
Gains on other real estate owned 35,483 61,774 122,007 115,664
Gains on sales of loans 105,842 111,312 246,336 292,365
Alternative investment income 70,470 51,456 251,123 150,124
ATM fees 56,436 65,814 166,806 185,418
Mortgage brokerage income 52,282 52,811 143,890 154,864
Loan servicing Income 33,504 28,654 96,247 77,828
Other income 86,255 53,835 231,505 190,097
------------- --------------- --------------- --------------
Total other operating income 838,570 725,971 2,356,468 2,061,139
------------- --------------- --------------- --------------
Other operating expenses
Salaries and employee benefits 2,440,097 2,275,727 6,928,005 6,389,409
Occupancy and equipment 574,290 844,688 1,619,260 1,869,324
Data processing 104,670 107,299 310,951 314,969
Stationery and supplies 97,914 82,231 352,083 288,352
Advertising 83,940 56,697 251,721 201,676
Other Real Estate Expense 346 5,272 346 62,162
Other 625,124 816,275 2,004,263 2,015,366
------------- --------------- --------------- --------------
Total other operating expense 3,926,381 4,188,189 11,466,629 11,141,258
------------- --------------- --------------- --------------
Income before income tax expense 2,024,841 1,943,285 5,400,832 4,426,417
Provision for income tax expense 722,900 690,600 1,807,012 1,493,500
------------- --------------- --------------- --------------
Net income $ 1,301,941 $ 1,252,685 $ 3,593,820 $ 2,932,917
Other Comprehensive Income:
Unrealized gain (loss) on available for sale
sale securities, net of tax effect 874,679 (727,980) 658,155 (3,153,690)
------------- --------------- --------------- --------------
Total Comprehensive Income (Loss) $ 2,176,620 $ 524,705 $ 4,251,975 $ (220,773)
============= =============== =============== ==============
Basic Income per share $ 0.42 $ 0.38 $ 1.13 $ 0.91
============= =============== =============== ==============
Diluted Income per share $ 0.42 $ 0.38 $ 1.11 $ 0.91
============= =============== =============== ==============
</TABLE>
See notes to unaudited condensed consolidated financial statements
3
<PAGE>
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine months Nine months
ended ended
September 30, 2000 September 30, 1999
------------------- ------------------
<S> <C> <C>
Operating Activities
Net Income $ 3,593,820 $ 2,932,917
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 651,102 914,197
Provision for loan losses - (800,000)
Decrease (increase) in accrued interest receivable and other assets 836,847 (1,159,346)
Increase in accrued interest payable and other liabilities 568,001 1,648,373
------------------ ------------------
Net cash provided by operating activities 5,649,770 3,536,141
Investing Activities
Net decrease in investment securities 5,400,331 1,769,495
Net increase in loans (44,114,866) (19,783,328)
Purchases of premises and equipment, net (905,232) (545,632)
Net decrease in other real estate owned - 905,634
------------------ ------------------
Net cash used in investing activities (39,619,767) (17,653,831)
Financing Activities
Net increase in deposits 4,457,250 18,282,990
Cash dividends paid (5,812) (5,232)
Repurchase of stock (2,918,717) -
------------------ ------------------
Net cash provided by financing activities 1,532,721 18,277,758
------------------ ------------------
Net change in cash and cash equivalents (32,437,276) 4,160,068
Cash and cash equivalents at beginning of period 57,106,022 49,184,700
------------------ ------------------
Cash and cash equivalents at end of period $ 24,668,746 $ 53,344,768
================== ==================
-----------------------------------------------------------------------------------------------------------------------------------
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 6,563,773 $ 5,858,436
Income Taxes $ 1,153,900 $ 1,702,000
-----------------------------------------------------------------------------------------------------------------------------------
Supplemental disclosures of noncash investing and financing activities:
Stock dividend distributed $ 2,514,249 $ 2,055,480
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</TABLE>
See notes to unaudited condensed consolidated financial statements.
4
<PAGE>
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2000 and December 31, 1999
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q
and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and notes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. The results of
operations for any interim period are not necessarily indicative of results
expected for the full year. These condensed consolidated financial
statements should be read in conjunction with the financial statements and
notes thereto contained in the First Northern Bank of Dixon's Annual Report
to shareholders and Form 10-K for the year ended December 31, 1999.
2. REORGANIZATION
On April 27, 2000, at the Annual Meeting of Shareholders, the shareholders
of the First Northern Bank of Dixon (the Bank) approved the creation of a
bank holding company to be called "First Northern Community Bancorp" to be
effected through a corporate reorganization in which the Bank will become a
wholly-owned subsidiary of First Northern Community Bancorp (the Company).
The reorganization was effected on May 19, 2000.
The unaudited condensed consolidated financial statements include the
accounts of the Company and its subsidiary as if the Company had been in
existence during all periods presented. All material intercompany accounts
have been eliminated in consolidation.
3. RECLASSIFICATIONS
Certain reclassifications have been made to the 1999 financial statements
to conform with the 2000 presentation.
4. OUTSTANDING SHARES AND EARNINGS PER SHARE
On January 20, 2000, the Board of Directors of the First Northern Bank of
Dixon declared a 6% stock dividend payable as of March 31, 2000. All income
per share amounts have been adjusted to give retroactive effect to the
stock dividend.
Earnings Per Share (EPS)
Basic and diluted earnings per share for the three-month and nine-month
periods ending September 30, 2000 and September 30, 1999 were computed as
follows:
<TABLE>
<CAPTION>
Three months Nine months
ended September 30, ended September 30,
2000 1999 2000 1999
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Basic earnings per share:
Net income $ 1,301,941 $ 1,252,685 $ 3,593,820 $ 2,932,917
-----------------------------------------------------------------------------------------------------------------------
Denominator:
Weighted average common shares
outstanding 3,094,022 3,275,226 3,192,505 3,226,535
-----------------------------------------------------------------------------------------------------------------------
Basic EPS $ 0.42 $ 0.38 $ 1.13 $ 0.91
=======================================================================================================================
Diluted earnings per share:
Net income $ 1,301,941 $ 1,252,685 $ 3,593,820 $ 2,932,917
-----------------------------------------------------------------------------------------------------------------------
Denominator:
Weighted average common shares
outstanding 3,094,022 3,275,226 3,192,505 3,226,535
Incremental shares due to dilutive
stock options 25,151 7,062 30,943 3,918
3,119,173 3,282,288 3,223,448 3,230,453
-----------------------------------------------------------------------------------------------------------------------
Diluted EPS $ 0.42 $ 0.38 $ 1.11 $ 0.91
=======================================================================================================================
</TABLE>
5
<PAGE>
5. ALLOWANCE FOR LOAN LOSSES
The allowance for loan losses is maintained at levels considered adequate
by management to provide for possible loan losses. The allowance is based
on management's assessment of various factors affecting the loan portfolio,
including problem loans, business conditions and loss experience, and an
overall evaluation of the quality of the underlying collateral. Changes in
the allowance for loan losses during the nine-months ended September 30,
2000 and 1999 and for the year ended December 31, 1999 were as follows:
Nine months ended Year ended
September 30, December 31,
2000 1999 1999
----------- ----------- ------------
Balance, beginning of period $ 7,825,255 $ 8,144,450 $ 8,144,450
Recovery of loan losses - (800,000) (800,000)
Loan charge-offs (577,524) (82) (156,945)
Loan recoveries 201,874 555,804 637,750
----------- ----------- -----------
Balance, end of period $ 7,449,605 $ 7,900,172 $ 7,825,255
=========== =========== ===========
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RELULTS OF OPERATIONS
The following is a discussion and analysis of the significant changes in the
Unaudited Condensed Consolidated Balance Sheets and of the significant changes
in income and expenses reported in the Unaudited Condensed Consolidated
Statements of Income and Comprehensive Income as of and for the three-month and
nine-month periods ended September 30, 2000 and 1999.
SUMMARY
The Company recorded net income of $3,594,000 for the nine-month period ended
September 30, 2000, representing an increase of $661,000 or 22.5% over
$2,933,000 for the same period in 1999 and had net income of $1,302,000 for the
three-months ended September 30, 2000, representing an increase of $49,000 or
3.9% over $1,253,000 for the same period in 1999.
The increase in net income over the nine-month period ended September 30, 2000
as compared to the same period a year ago, resulted primarily from an increase
in net interest income and other operating income combined with a decrease in
occupancy and equipment which was partially offset by increases in salaries and
benefits.
The increase in net income over the three-month period ended September 30, 2000
as compared to the same period a year ago, resulted primarily from an increase
in net interest income and other operating income combined with decreases in
occupancy and equipment and other miscellaneous expense which was partially
offset by increases in salaries and benefits.
On January 20, 2000, the Board of Directors of the First Northern Bank of Dixon
declared a 6% stock dividend payable as of March 31, 2000. All income per share
amounts have been adjusted to give retroactive effect to the stock dividend.
6
<PAGE>
CHANGES IN FINANCIAL CONDITION
The asset side of the Unaudited Condensed Consolidated Balance Sheet showed a
$3,463,000 increase in cash and due from banks, a $35,900,000 decrease in fed
funds sold, a $4,742,000 decrease in investment securities, a $44,115,000
increase in loans, a $254,000 increase in premises and equipment and an $837,000
decrease in accrued interest receivable and other assets from December 31, 1999
to September 30, 2000. The reason for the increase in cash and due from banks
was due to an increase in items in the process of collection, which was
partially offset by decreases in cash and the Federal Reserve Bank due from
account. The decrease in fed funds sold was due to funding of new loans. The
decrease in investment securities was due to maturities and calls, the proceeds
of which were used to fund new loans. The increase in loans was in commercial
and real estate loans. The decrease in accrued interest receivable and other
assets was due to decreased income taxes receivable, which was partially offset
by increased loan interest receivables.
The liability side of the Unaudited Condensed Balance Sheet showed an increase
in total deposits of $4,457,000 compared to year-end 1999 deposit totals. The
increase in deposits was due to higher demand and interest-bearing transaction
deposit totals combined with lower savings totals. Other liabilities increased
$568,000 from December 31, 1999 to September 30, 2000. The increase in other
liabilities was due to increases in accrued expenses.
CHANGES IN RESULTS OF OPERATIONS
Interest Income
---------------
Interest income on loans for the nine-month period ended September 30, 2000 is
up 14.3% over the same period for 1999, from $11,912,000 to $13,620,000 and is
up 21.3% for the three-month period ending September 30, 2000 over the same
period in 1999 from $4,241,000 to $5,144,000. The increase over the nine-month
period ended September 30, 2000 as compared to the same period a year ago, was
due to an increase in average loans combined with a .46% increase in loan
yields. The increase over the three-month period ending September 30, 2000 as
compared to the same period a year ago, was due to an increase in average loans,
combined with a .65% increase in loan yields.
Interest income on securities for the nine-month period ended September 30, 2000
is up 14.9% over the same period for 1999, from $5,650,000 to $6,494,000 and is
up 11.9% for the three-month period ending September 30, 2000 over the same
period in 1999 from $1,934,000 to $2,165,000. The increases are due to an
increase in average securities over the nine-month and three-month periods ended
September 30, 2000, as compared to the same period a year ago combined with
increases in securities yields.
Interest income on fed funds sold for the nine-month period ended September 30,
2000 is up 11.2% over the same period for 1999 from $892,000 to $992,000 and is
down 56.0% for the three-month period ending September 30, 2000 over the same
period in 1999 from $322,000 to $142,000. The increase in fed funds income over
the nine-month period ended September 30, 2000 was due to increases in average
fed funds sold combined with increases in fed funds rates. The decrease in fed
funds income over the three-month period ended September 30, 2000 was due to
decreases in average fed funds sold.
Interest Expense
----------------
Interest expense on deposits was up 14.5% for the nine-month period ending
September 30, 2000 over the same period in 1999 from $5,713,000 to $6,543,000
and is up 18.4% for the three-month period ending September 30, 2000 over the
same period in 1999 from $1,953,000 to $2,312,000. The increased interest
expense over the three-month period ended September 30, 2000 was due to higher
deposit rates combined with increased average deposits.
Provision for Loan Losses
-------------------------
The provision for loan losses was up for the nine-month period ending September
30, 2000 over the same period in 1999 from a negative $800,000 to $-0-. The
increase over the nine-month period ended September 30, 2000 was due to a zero
provision for that period due to continued favorable market conditions and loan
quality in the Company's loan portfolio compared to a reduction of the allowance
for loan loss of $800,000 during the same period in 1999. The September 30,
2000 allowance for loan losses of approximately $7,450,000 is 3.5% of total
loans compared to $7,825,000 or 4.6% of total loans at December 31, 1999.
7
<PAGE>
Other Operating Income
----------------------
Other operating income was up 14.3% for the nine-month period ended September
30, 2000 over the same period in 1999 from $2,061,000 to $2,356,000. This
increase was primarily due to an increase in service charges on deposit
accounts, including higher overdraft charges, primarily due to the effect of new
fee structures that were implemented in the second quarter of 2000, alternative
investment fees and other miscellaneous income, which was partially offset by
decreases in gains on securities transactions and gains on sales of loans.
Other operating income was up 15.5% for the three-month period ended September
30, 2000 over the same period in 1999 from $726,000 to $839,000. This increase
was primarily due to increases in service charges on deposit accounts, including
higher overdraft charges, primarily due to the effect of new fee structures that
were implemented in the second quarter of 2000, alternative investment fees and
other miscellaneous income, which was partially offset by decreases in gains
other real estate owned transactions.
Other Operating Expense
-----------------------
Total other operating expense was up 2.9% for the nine-month period ending
September 30, 2000 over the same period in 1999 from $11,141,000 to $11,467,000
and is down 6.0% for the three-month period ending September 30, 2000 over the
same period in 1999 from $4,188,000 to $3,926,000.
The main reason for the increase for the nine-month period ending September 30,
2000 was a combination of: increases in salaries & benefits; stationery and
supplies; and advertising, combined with decreases in occupancy and equipment;
and other real estate expense. The increase in salaries & benefits was due to
increases in the number of employees and increases in profit sharing and
incentive compensation provisions due to increased income which was partially
offset by decreases in commissions for real estate loans. The increase in
stationery and supplies and advertising was due to increased usage as compared
to the same period in 1999. The decrease in occupancy and equipment was due to
the depreciation of obsolete computer hardware and software in 1999 that did not
exist in 2000. The decrease in other real estate expense was due to the
reduction of OREO properties. The slight decrease in other miscellaneous expense
was due to decreased employee training expense, sold loan expense and consulting
fees which were offset by increased telephone expense, miscellaneous loan
expense, contributions, FDIC insurance and legal fees.
The main reason for the decrease for the three-month period ending September 30,
2000 was the result of: decreases in occupancy and equipment; other real estate
expense; and other miscellaneous expense which was partially offset by increases
in salaries and benefits; stationery; and supplies and advertising. The decrease
in occupancy and equipment was due to the depreciation of obsolete computer
hardware and software in the third quarter of 1999 that did not exist in the
third quarter of 2000. The decrease in other real estate expense was due to the
reduction of OREO properties. The decrease in other miscellaneous expense was
due to decreased employee training expense, sold loan expense, miscellaneous
loan expense, accounting and audit and consulting fees, which were partially
offset by increased contributions and FDIC insurance. The increase in salaries
& benefits was due to increases in the number of employees and increases in
profit sharing and incentive compensation provisions due to increased income.
The increase in stationery and supplies and advertising was due to increased
usage as compared to the same period in 1999.
Asset Quality
-------------
The Company manages asset quality and credit risk by maintaining diversification
in its loan portfolio and through review processes that include analysis of
credit requests and ongoing examination of outstanding loans and delinquencies,
with particular attention to portfolio dynamics and mix. The Company strives to
identify loans experiencing difficulty early enough to correct the problems, to
record charge-offs promptly based on realistic assessments of current collateral
values, and to maintain an adequate allowance for loan losses at all times.
It is generally the Company's policy to discontinue interest accruals once a
loan is past due as to interest or principal payments for a period of ninety
days. When a loan is placed on non-accrual, interest accruals cease and
uncollected accrued interest is reversed and charged against current income.
Payments received on non-accrual loans are applied against principal. A loan
may only be restored to an accruing basis when it again becomes well secured and
in the process of collection or all past due amounts have been collected.
Non-accrual loans amounted to $923,000 at September 30, 2000, and were comprised
of six commercial loans, two agricultural loans and two consumer loans. At
December 31, 1999, non-accrual loans amounted to $528,000 and were comprised of
four agricultural loans, and one commercial loan. At September 30, 1999, non-
accrual loans amounted to $846,000 and were comprised of one non-farm non-
residential mortgage loans and one agricultural loan.
At September 30, 2000, the Company had loans 90 days past due and still accruing
totaling $10,000. Such loans amounted to $2,000 at December 31, 1999 and $-0-
at September 30, 1999.
8
<PAGE>
Liquidity and Capital Resources
-------------------------------
To be able to serve our market area, the Company must maintain proper liquidity
and adequate capital. Liquidity is measured by various ratios, with the most
common being the ratio of loans to deposits. This ratio was 63.1% on September
30, 2000. In addition, on September 30, 2000 the Company had the following
short term investments: $1,400,000 in fed funds sold; $10,000,000 in securities
due within one year; and $62,000,000 in securities due in one to five years.
To meet unanticipated funding requirements, the Company maintains short-term
lines of credit with other banks totaling $14,700,000.
Capital adequacy is generally measured by comparing the total of equity capital
and reserve for loan losses to total assets. On September 30, 2000 this ratio
was 10.9% and on December 31, 1999 it was 10.8%. These figures are well above
the levels currently considered adequate by bank regulators.
The Company's primary source of liquidity on a stand-alone basis is dividends
from the Bank. Dividends from the Bank are subject to regulatory restrictions.
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the quantitative and qualitative
disclosures about market risks as of September 30, 2000 from that presented in
the First Northern Bank of Dixon's Annual Report on Form 10-K for the fiscal
year ended December 31, 1999.
9
<PAGE>
PART II - OTHER INFORMATION AND SIGNATURES
ITEM 1.
Legal Proceedings
Not Applicable.
ITEM 2.
Changes in Securities
Not Applicable.
ITEM 3.
Defaults upon Senior Securities
Not Applicable.
ITEM 4.
Submission of Matters to a Vote of Security Holders
Not Applicable.
ITEM 5.
Other Information
Not Applicable.
ITEM 6.
Exhibits and Reports on Form 8 - K.
Exhibit 27 Financial Data Schedule
There were no Reports on Form 8 - K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized to sign on behalf of the registrant.
FIRST NORTHERN COMMUNITY BANCORP
Date: November 13, 2000 By: /s/ Louise A. Walker
------------------------ -------------------------------------
Louise A. Walker, Sr. Vice President /
Chief Financial Officer
10
