UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON,  D.C.   20549
--------------------------------------------------------------------------    
                          F O R M   1 0 - Q 

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997

                                     OR
                TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                          
                         COMMISSION FILE NUMBER: 0-27982

                             FIRST NORTHERN CAPITAL CORP.  
               (Exact name of registrant as specified in its charter)

   WISCONSIN                                           39-1830142     
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
 incorporation or organization)        


                            201 NORTH MONROE AVENUE
                                  P.O. BOX 23100
                       GREEN BAY, WISCONSIN   54305-3100   
                                  (414) 437-7101
              (Address, including Zip Code, and telephone number,
        including area code, of registrant s principal executive offices)


  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 PERIOD THAT 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        

  THE NUMBER OF SHARES OUTSTANDING OF THE ISSUER'S COMMON STOCK, $1.00 PAR VALUE
PER SHARE, WAS 4,419,335, AT APRIL 30, 1997.<PAGE>
<PAGE>


                                   INDEX


                      PART I - FINANCIAL INFORMATION

                                                                     PAGE NO.
ITEM 1.  FINANCIAL STATEMENTS

         Unaudited Consolidated Statements of Financial
         Condition as of March 31, 1997
         and December 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . 3

         Unaudited Consolidated Statements of Operations  
         for the Three Months Ended
         March 31, 1997 and March 31, 1996   . . . . . . . . . . . . . . . . 4
         Unaudited Consolidated Statements of Cash
         Flows for the Three Months Ended
         March 31, 1997 and March 31, 1996 . . . . . . . . . . . . . . . . . 5
                
         Notes to Unaudited Consolidated 
         Financial Statements . . . . . . . . . . . . . . . . . . . . .  6 - 8

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS
         OF FINANCIAL CONDITION AND RESULTS  
         OF OPERATIONS  . . . . . . . . . . . . . . . . . . . . . . . . 19 -20 

                            PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . . . . . . 20 


SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21




<PAGE>
                                                                      2<PAGE>



FIRST NORTHERN CAPITAL CORP.
  AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>

                                     MARCH 31, 1997         DECEMBER 31, 1996
                                   -------------------     --------------------
                                                   (In Thousands)            
Assets
<S>                                   <C>                     <C>            
Cash                                              $    5,728       $    1,965
Interest-earning deposits                                100            1,598
                                                  ----------       ----------
                   CASH AND CASH EQUIVALENTS           5,828            3,563

Securities available-for-sale, at fair value                             
  Investment securities                                6,338            5,635
  Mortgage-related securities                          1,692            1,837
  Securities held-to-maturity
  Investment securities
   (estimated fair value of $17,743 -
     1997; $16,633 - 1996)                            17,769           16,583
  Mortgage-related securities
   (estimated fair value of $9,065 -
     1997; $9,247 - 1996)                              9,264            9,325
  Loans held for sale                                  1,854            2,532
  Loans receivable                                   552,132          553,995
  Accrued interest receivable                          3,292            3,295
  Foreclosed properties and repossessed assets            88              189
  Office properties and equipment                      8,639            8,350
  Federal Home Loan Bank stock                         4,273            3,773
  Prepaid expenses and other assets                    6,730            6,426
                                                    --------         --------
                                                    $617,899         $615,503
                                                    ========         ========
Liabilities                                               

Deposits                                            $467,381         $458,323
Borrowings                                            71,951           77,272
Advance payments by borrowers for 
  taxes and insurance                                  3,136            5,447
Other liabilities                                      4,314            4,237
                                                    --------         --------
                          TOTAL LIABILITIES          546,782          545,279

Stockholders' Equity

Cumulative preferred stock, $1 par value; 
  10,000,000 shares authorized; none outstanding
Common stock, $1 par value; 30,000,000 shares
  authorized; shares issued: 4,568,052 - 1997
  and 1996                                             4,568            4,568
Additional paid-in capital                            14,140           14,389
Unrealized gains on securities available-for-sale, 
  net of taxes                                           354              385
Treasury stock at cost (148,717 - 1997; 180,623
  - 1996)                                             (2,361)          (2,853)
Retained earnings                                     54,416           53,735
                                                    --------         --------
                  TOTAL STOCKHOLDERS' EQUITY          71,117           70,224
                                                    --------         --------

                                                    $617,899         $615,503
                                                    ========         ========
</TABLE>
             See Notes to Unaudited Consolidated Financial Statements


<PAGE>                                                                         


FIRST NORTHERN CAPITAL CORP.
AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
                                                THREE MONTHS ENDED MARCH 31
                                                1997                   1996  
                                              ---------              ---------
                                           (In Thousands, Except Per Share Amounts)
Interest income:                                                           
 <S>                                           <C>                    <C>                 
  Mortgage loans                                $7,598                 $6,999
  Consumer loans                                 2,889                  2,508
  Investment securities                            419                    385
  Interest-earning deposits                         10                     20
  Mortgage-related securities                      178                    134
                                                ------                 ------
                  TOTAL INTEREST INCOME         11,094                 10,046
Interest expense:
  Deposits                                       5,061                  5,098
  Borrowings                                     1,156                    503
  Advance payments by borrowers for
    taxes and insurance                             14                     15
                                                ------                 ------
                 TOTAL INTEREST EXPENSE          6,231                  5,616   
                                                ------                 ------
                    NET INTEREST INCOME          4,863                  4,430
Provision for loan losses                           75                     60
                                                ------                 ------
              NET INTEREST INCOME AFTER
              PROVISION FOR LOAN LOSSES          4,788                  4,370
Non-interest income:
  Fees on serviced loans                            83                     91
  Loan fees and service charges                     60                     46
  Deposit account service charges                  289                    203
  Insurance commissions                            106                     61
  Gains on sales of loans                           50                     91
  Other                                            148                    104
                                                ------                 ------
              TOTAL NON-INTEREST INCOME            736                    596

Non-interest expense:
  Compensation, payroll taxes and
   other employee benefits                       1,786                  1,682
  Federal insurance premiums                        60                    261
  Occupancy                                        238                    233
  Data processing                                  338                    303
  Furniture and equipment                          125                    136
  Telephone and postage                            129                    126
  Marketing                                        100                     67   
  Other                                            519                    502
                                               -------                 ------
             TOTAL NON-INTEREST EXPENSE          3,295                  3,310
                                               -------                 ------
             INCOME BEFORE INCOME TAXES          2,229                  1,656
Income taxes                                       844                    567
                                               -------                 ------
                             NET INCOME        $ 1,385                $ 1,089
                                               =======                =======

           PRIMARY NET INCOME PER SHARE          $0.31                 $0.23
                                                 =====                 =====

          CASH DIVIDENDS PAID PER SHARE          $0.16                 $0.15
                                                 =====                 =====
</TABLE>
            See Notes to Unaudited Consolidated Financial Statements

<PAGE>

                                                                     



FIRST NORTHERN CAPITAL CORP.
  AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED MARCH 31
                                                    1997              1996     
                                                  --------         ---------    
                                                         (In Thousands)         
Operating Activities                                                            
<S>                                              <C>               <C>          
Net income                                         $ 1,385          $   1,089
Adjustments to reconcile net income 
  to cash provided by operating activities:
  Provision for losses on loans and real estate         75                 60
  Provision for depreciation and amortization          212                188
  Gains on sales of loans                              (50)               (91)
  Loans originated for sale                         (3,044)            (4,520)
  Proceeds from loan sales                           3,722              4,806
  Decrease in interest receivable                        3                 58
  Increase in interest payable                          37                183
  Other                                               (156)              (551)
                                                   -------           --------
       NET CASH PROVIDED BY OPERATING ACTIVITIES     2,184              1,222
                                                   -------           --------
Investing Activities                                                           
  Proceeds from maturities of investment 
    securities and interest-earning deposits         1,800              4,000
  Purchases of investment securities                (3,740)            (3,000)
  Principal repayments of mortgage-related 
    securities                                         201                115
  Purchase of mortgage-related securities           (4,963)
  Loan originations and purchases                  (29,339)           (32,958)
  Loan principal repayments                         31,199             28,649
  Purchases of office properties and equipment        (501)              (144)
  Purchase of Federal Home Loan Bank stock            (500)                (5)
                                                   -------            -------
         NET CASH USED BY INVESTING ACTIVITIES        (880)            (8,306)
                                                   -------            -------
Financing Activities                                                           
  Net increase in deposits                           9,021              6,704
  Net decrease in short-term borrowings             (3,397)                     
  Proceeds from long term borrowings                13,575             19,500
  Repayments of long term borrowings               (15,500)            (5,000)
  Cash dividends                                      (704)              (685)
  Purchase of treasury stock                          (170)              (240)
  Proceeds from exercise of stock option               447                117
  Net decrease in advance payments by 
    borrowers for taxes and insurance               (2,311)            (3,222)
                                                  --------            -------
       NET CASH PROVIDED BY FINANCING ACTIVITIES       961             17,174
                                                  --------            -------
           INCREASE IN CASH AND CASH EQUIVALENTS     2,265             10,090
Cash and cash equivalents at beginning of period     3,563              1,274
                                                  --------            -------
                                                                       
      CASH AND CASH EQUIVALENTS AT END OF PERIOD  $  5,828            $11,364
                                                  ========            =======
Supplemental Information to the Statement of Cash Flows:

  Interest credited and paid on deposits            $5,367             $4,916

  Interest paid on borrowings                        1,914                447

  Payments for federal and state income taxes          135                283

  Loans transferred to foreclosed properties and 
    repossessed assets                                 112                111
</TABLE>
         See Notes to Unaudited Consolidated Financial Statements

<PAGE>


FIRST NORTHERN CAPITAL CORP.
  AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


General
(1) The consolidated financial statements include the accounts of First 
    Northern Capital Corp. ( First Northern  or the  Company ) and its 
    wholly-owned subsidiary First Northern Savings Bank, S.A. and its 
    subsidiaries (collectively, the "Savings Bank"): Great Northern Financial
    Services Corporation ("GNFSC"), First Northern Investments Incorporated
    ("FNII"), Keystone Financial Services, Incorporated ("Keystone")and First
    Northern Financial Services, Incorporated. All significant intercompany 
    balances and transactions have been eliminated according to generally 
    accepted accounting principles.  The Savings Bank's ownership of Savings
    Financial Corporation ("SFC"), a 50% owned subsidiary, is accounted for by
    the equity method. 

(2) The accompanying unaudited financial statements have been prepared in 
    accordance with generally accepted accounting principles for interim 
    financial information, Rule 10-01 of Regulation S-X and the instructions
    to Form 10-Q.  The financial statements do not include all of the 
    information and footnotes required by generally accepted accounting 
    principles for complete financial information.  In the opinion of First 
    Northern, the accompanying Unaudited Consolidated Statements of Financial 
    Condition, Unaudited Consolidated Statements of Income and Unaudited 
    Consolidated Statements of Cash Flows contain all adjustments, which are
    of a normal recurring nature, necessary to present fairly the consolidated
    financial position of the Company and subsidiaries at March 31, 1997 and 
    December 31, 1996, the results of their operations for the three months 
    ended March 31, 1997 and 1996 and their cash flows for the three months
    ended March 31, 1997 and 1996.  The accompanying Unaudited Consolidated 
    Financial Statements and related notes should be read in conjunction with
    First Northern's 1996 Annual Report to Stockholders.

(3) In February 1997, the Financial Accounting Standards Board issued Statement
    No. 128,  Earnings per Share, which is effective for interim and annual 
    periods ending after December 15, 1997.  At that time, First Northern will
    be required to change the method currently used to compute earnings per 
    share and to restate all prior periods.  Under the new requirements, 
    primary earnings per share will be replaced by basic earnings per share 
    and the dilutive effect of stock options will be excluded.  Statement 
    No. 128 will have no impact on primary earnings per share for the first 
    quarter ended March 31, 1997, and will increase primary earnings per 
    share $0.01 for the first quarter ended March 31, 1996.  The impact of
    Statement No. 128 on the calculation of fully diluted earnings per share 
    for these quarters is not material.

<PAGE>

(4) Securities Available-for-Sale
    The amortized cost and estimated fair values of securities available-for-
    sale are as follows:

<TABLE>
<CAPTION>
                                                           Gross          Gross   
                                            Amortized    Unrealized    Unrealized    Estimated  
                                               Cost         Gains         Losses      Fair Value 
                                           ----------   ----------    ------------   -----------                    
                                                               (In Thousands) 
At March 31, 1997:
 <S>                                         <C>            <C>           <C>          <C>     
  Asset Management Funds                      $   483                      $(10)        $   473
  Federal Home Loan Mortgage                         
    Corporation stock                              33         $621                          654
  U.S. government and agency securities         5,235            2          (26)          5,211
                                             --------      -------       -------      ---------
                                                5,751          623          (36)          6,338
  Mortgage-related securities                   1,688            4                        1,692
                                            ---------      -------       -------      ---------
                                               $7,439         $627         $(36)         $8,030
                                               ======         ====          ====          =====          At December 31, 1996:
  Asset Management Funds                      $   476                     $  (5)        $   471
  Federal Home Loan Mortgage                         
      Corporation stock                            33         $629                          662
  U.S. government and agency securities         4,495           22          (15)          4,502
                                             --------      -------        ------      ---------
                                                5,004          651          (20)          5,635
  Mortgage-related securities                   1,828            9                        1,837
                                            ---------       ------        ------      ---------
                                               $6,832         $660         $(20)         $7,472
                                                =====         ====         ====          =====
</TABLE>
(5) Securities Held-to-Maturity
    The  amortized  cost and estimated fair values of investment securities 
    held-to-maturity, which consist of U.S. government and agency securities,
    are as follows:


                                                                        
<TABLE>
<CAPTION>
                                                                   Gross         Gross   
                                                  Amortized     Unrealized    Unrealized    Estimated  
                                                     Cost          Gains         Losses      Fair Value
                                                 -----------   ------------  ------------   -----------  
                                                                      (In Thousands) 
     <S>                                          <C>               <C>         <C>          <C>         
     At March 31, 1997                             $17,769           $40         $(66)        $17,743
                                                    ======           ===          ====         ======
     At December 31, 1996                          $16,583           $86         $(36)        $16,633
                                                    ======           ===          ====         ======
</TABLE>
   At March 31, 1997, these investment securities have the following maturities:
 
<TABLE>
<CAPTION>
                                       Amortized      Estimated
                                           Cost         Fair Value
                                       -------------- --------------
                                               (In Thousands)    
 <S>                                     <C>            <C>      
  Due in one year or less                 $ 7,504        $ 7,539

  Due after one year through 5 years       10,265         10,204
                                          -------        -------

                                          $17,769        $17,743
                                           ======         ======
</TABLE>

  The amortized cost and estimated fair values of mortgage-related securities 
  held-to-maturity are as follows:

<TABLE>
<CAPTION>
                                                                                    Gross          Gross   
                                                     Amortized   Unrealized     Unrealized     Estimated  
                                                        Cost        Gains          Losses      Fair Value  
                                                    -----------  -----------    -----------   ------------
                                                                      (In Thousands)    
   At March 31, 1997:
    <S>                                                <C>           <C>         <C>              <C>       
     Federal Home Loan Mortgage Corporation             $5,533        $39          $(160)          $5,412
     Federal National Mortgage Association               3,731          5           ( 83)           3,653
                                                        ------        ---          ------      ---------
                                                        $9,264        $44          $(243)          $9,065
                                                         =====        ===           =====           =====
   At December 31, 1996:
     Federal Home Loan Mortgage Corporation             $5,595        $50          $ (89)          $5,556
     Federal National Mortgage Association               3,730         17            (56)           3,691
                                                        ------        ---        --------       ---------
                 
                                                        $9,325        $67          $(145)          $9,247
                                                         =====        ===           =====           =====
</TABLE>
(6)   Loans Receivable
      Loans receivable consist of the following:
<TABLE>
<CAPTION>
                                                 March 31     December 31
                                                    1997           1996    
                                               -----------    ------------
                                                     (In Thousands)     
      First mortgage loans:                                      
       <S>                                      <C>             <C>     
        One to four family residential           $377,431        $376,189
        Five or more family residential            19,186          20,154
        Commercial real estate                      9,538           9,975
        Construction-residential                   13,149          16,306
        Construction-commercial                     1,521           1,701
        Other                                       2,126           1,900
                                                 --------        --------
                                                  422,951         426,225
      Consumer loans:
        Consumer                                   17,847          18,179
        Second mortgage                            60,599          59,148
        Automobile                                 59,735          60,339
                                                 --------        --------
                                                  138,181         137,666
                                                 --------        --------
                                                  561,132         563,891
       Less:
         Undisbursed loan proceeds                  5,019           5,942
         Allowance for losses                       2,987           2,937
         Unearned loan fees                           994           1,017
                                                 --------        --------
                                                    9,000           9,896
                                                 --------        --------
                                                 $552,132        $553,995
                                                 ========        ========

</TABLE>

(7)   The weighted average number of shares outstanding, including common stock
      equivalents, for the three months ended March 31, 1997 and 1996 were 
      4,534,345 and 4,677,807, respectively.

(8)   Certain amounts in 1996 financial statements have been reclassified to 
      conform to the 1997 presentations.

<PAGE>



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS


                              CAUTIONARY FACTORS

This 10-Q contains various forward-looking statements concerning the Company's
prospects that are based on the current expectations and beliefs of Management.
Forward-looking statements may also be made by the Company from time to time
in other reports and documents as well as oral presentations.  When used in 
written documents or oral statements, the words anticipate, believe, estimate,
expect, objective and similar expressions are intended to identify forward-
looking statements.  The statements contained herein and such future statements
involve or may involve certain assumptions, risks and uncertainties, many of 
which are beyond the Company's control, that could cause the Company's actual
results and performance to differ materially from what is expected.  In 
addition to the assumptions and other factors referenced specifically in 
connection with such statements, the following factors could impact the 
business and financial prospects of the Company: general economic conditions;
legislative and regulatory initiatives; monetary and fiscal policies of the 
federal government; deposit flows; disintermediation; the cost of funds; 
general market rates of interest; interest rates or investment returns on 
competing investments; demand for loan products; demand for financial services;
changes in accounting policies or guidelines; and changes in the quality or
composition of the Savings Bank s loan and investment portfolios and the 
investment portfolio of FNII.

                               FINANCIAL CONDITION

BALANCE SHEET

CASH AND CASH EQUIVALENTS. Cash and cash equivalents were $2.3 million greater
at March 31, 1997, as compared to December 31, 1996, primarily as the result
of customer deposits made to demand deposit accounts on March 31, 1997.  These
funds are not available to be used until the following day. Any cash that is
not immediately needed to fund loans or operations is invested in overnight 
interest-earning deposits. 

SECURITIES AVAILABLE-FOR-SALE.  Securities available-for-sale increased 
approximately $0.6 million as of March 31, 1997, as compared to December 31,
1996, primarily as the result of a purchase of a U.S. Government security.

SECURITIES HELD-TO-MATURITY.  Investment securities held-to-maturity increased 
$1.2 million primarily as a result of purchases of U.S. Government and agency
securities.

Mortgage-related securities held-to-maturity decreased slightly as a result of 
normal repayments and prepayments of the underlying collateral, mortgage loans.

LOANS HELD FOR SALE.  At March 31, 1997, First Northern had $1.9 million of 
fixed interest rate mortgage and education loans classified as loans held for
sale. First Northern originates and sells most of its 30 year fixed interest
rate mortgage loans and education loans.  15 year fixed interest rate mortgage 
loan originations are retained in First Northern s loan portfolio.

LOANS RECEIVABLE.  Loans receivable decreased $1.9 million as a result of 
decreased one-to four-family construction and five or more residential 
mortgage loan originations.  Loan originations are as follows:

                              LOAN ORIGINATIONS AND PURCHASES

<TABLE>
<CAPTION>
                                                   Three Months Ended       
                                                         March 31               
                                                     1997         1996   
                                                 -----------  -----------       
                                                      (In Thousands)   
Mortgage loans originated and purchased:
 <S>                                               <C>         <C> 
  Construction                                      $ 2,278     $  5,703
  Loans on existing property                          5,758        7,374
  Refinancing                                         6,835       14,204
  Other loans                                           606          723
                                                    -------      -------
Total mortgage loans originated 
  and purchased                                      15,477       28,004

Consumer loans originated and purchased:
  Consumer                                            1,887        1,589
  Second mortgage                                     7,484        6,322
  Automobile                                          8,418        6,238
  Education                                             954          642
                                                    -------      -------
Total consumer loans originated                                                
      and purchased                                  18,743       14,791
                                                    -------      -------
Total loans originated and purchased                $34,220      $42,795
                                                     ======       ======
</TABLE>
                    
Mortgage loan originations for the first quarter of 1997 decreased as compared
to the same period in 1996 primarily as the result of an overall slow down of
home buying in the markets served by First Northern.  Management believes the
slowdown in home buying was the result of a slight increase in mortgage loan
origination interest rates offered, snowy and cold weather and the interest in 
the Green Bay Packer s Super Bowl championship.  First Northern anticipates 
that the dollar amount of mortgage loan originations will increase in the 
second quarter of 1997 as a result of normal increased seasonal home buying.

First Northern sold $2.8 million of fixed interest rate mortgage loans in the 
first quarter of 1997 as compared to $3.0 million for the same period in 1996. 
First Northern retains all adjustable interest rate mortgage loan originations
in its portfolio; whereas, most 30 year fixed interest rate mortgage loan 
originations are sold in the secondary market.  In addition, $0.9 million of 
education loans were sold in the three months ended March 31, 1997.  In 1995,
First Northern's management contractually committed to sell its existing 
education loan portfolio and to sell its ongoing education loan originations.

Consumer loan originations and purchases increased in the first quarter of 1997
as compared to the first quarter of 1996 primarily as a result of an increase
in automobile loan originations in the Savings Bank's jointly owned subsidiary,
SFC, and second mortgage loan originations.  SFC automobile loan originations
increased as a result of developing new business relationships with automobile 
dealers throughout the state of Wisconsin.  First Northern has actively 
promoted second mortgage loan originations by establishing a reduced 
introductory interest rate and increasing its direct mail and newspaper 
advertising.

DEPOSITS.  Deposits increased $9.1 million for the first quarter of 1997 as a
result of offering competitive interest rates and the acquisition of jumbo 
(CD's in excess of $100,000) deposits.  At times, jumbo deposits are a cheaper
source of funds than retail deposits or borrowing.  First Northern s jumbo 
deposits grew $4.0 million in the first three months of 1997.

BORROWINGS.  Federal Home Loan Bank ("FHLB") borrowings decreased $5.3 million
in the first quarter of 1997, primarily as the result of the growth in deposits
and reduced loan originations.  First Northern will borrow monies if the 
borrowing interest rate is a less costly form of funding for loans and 
investments than acquiring deposits.  At March 31, 1997, $57.7 million are 
fixed interest rate borrowings and $14.2 million are overnight borrowings.  
First Northern anticipates that it will continue to utilize borrowings 
throughout 1997 if it incrementally adds to the overall profitability of the 
Company.

ADVANCE PAYMENTS BY BORROWERS FOR TAXES AND INSURANCE.  Advance payments by 
borrowers for taxes and insurance ("escrow") decreased $2.3 million at March
31, 1997, as compared to December 31, 1996.  The decrease in escrow dollars was
the result of the payment of First Northern s customers tax payments from 
their real estate tax escrow account. 

STOCKHOLDERS' EQUITY.  First Northern paid a cash dividend of $0.16 per share
on February 14, 1997 to stockholders of record on January 30, 1997.  The 
increase of $0.01 per share represents a 6.7% increase over the first quarter
of 1996 cash dividend of $0.15 per share.

On October 19, 1996, First Northern approved a second stock repurchase program 
to repurchase 219,057 shares (5% of total shares outstanding) through the open
market.  These repurchased shares will be used to satisfy exercises of stock
options.  At March 31, 1997, 23,000 shares had been purchased at an average
price of $16.701 per share or a total of $0.4 million.  Subsequently, on April
18, 1997, the second stock repurchase program was extended to October 17, 1997.


ASSET QUALITY

First Northern currently classifies any loan on which a payment is 90 days or 
more past due as non-performing.  The following table summarizes non-performing
loans and assets:
<TABLE>
<CAPTION>
                                           NON-PERFORMING LOANS AND ASSETS
                                         At March 31           At December 31
                                            1997                    1996
                                         ------------          --------------
                                                 (Dollars in Thousands)    
<S>                                         <C>                    <C>
Non-accrual mortgage loans                   $508                   $509
Non-accrual consumer loans                    214                    235
                                           ------                 ------
Total non-performing loans                    722                    744
Properties subject to foreclosure              40                    157
                                                                             
Foreclosed properties and 
   repossessed assets                          48                     32
                                           ------                 ------

Total non-performing assets                  $810                   $933
                                             ====                   ====
                                                                      
Non-performing loans as a percent
   total loans                                .13%                   .13%
                                              ===                    ===

Non-performing assets as a percent
   of total assets                            .13%                   .15%
                                              ===                    ===
</TABLE>

Total non-performing loans decreased slightly as of March 31, 1997 as compared
to December 31, 1996. Management believes non-performing loans and assets, 
expressed as a percentage of total loans and assets, remain far below state 
and national averages.  There are no accruing material loans known to 
management at March 31, 1997, that are expected to become non-performing or 
contain potential losses.

In addition, management believes that the allowances for losses on loans are 
adequate.  While management uses available information to recognize losses on
loans and real estate owned, future additions to the allowances may be 
necessary based on changes in economic conditions.  Furthermore, various 
regulatory agencies, as an integral part of their examination process, 
periodically review First Northern's allowances for losses on loans and real 
estate owned.  Such agencies may require First Northern to recognize additions 
to the allowances based on their judgments of information available to them at
the time of their examination.

Summary of the allowance for losses is shown below.
<TABLE>
<CAPTION>
                                                           LOAN LOSS ALLOWANCES           
                                                  At and for the                       At and for the    
                                                Three Months Ended                  Year Ended      
                                                   March 31, 1997                     December 31, 1996 
                                                ---------------------               --------------------
                                                                (Dollars in Thousands)                          
Mortgage Loans:
 <S>                                                     <C>                               <C>    
  Balance at the beginning of the period                  $1,453                            $1,578
  Provisions for the period                                   75                                10
  Recoveries
      Commercial real estate                                   1                                 1
  Transfer of loss reserve                                                                    (136)
                                                        --------                          --------
 
  Balance at the end of the period                         1,529                             1,453

Consumer Loans:
  Balance at the beginning of the period                   1,484                             1,030
  Provisions for the period                                                                    360
  Charge-offs
      Consumer                                                (9)                              (23)
      Automobile                                             (20)                              (43)
  Recoveries
      Consumer                                                 1                                11
      Automobile                                               2                                13
  Transfer of loss reserve                                                                     136
                                                        --------                          --------
  
  Balance at the end of the period                         1,458                             1,484
                                                        --------                          --------

Total loan loss allowances at the
  end of the period                                       $2,987                            $2,937
                                                           =====                             =====
                                                                              
Allowance as a percent of total loans                        .54%                              .53%
                                                             ===                               ===

Allowance as a percent of non-performing loans            413.71%                           394.76%
                                                          ======                             =====

Allowance as a percent of total assets                       .48%                              .48%
                                                             ===                               ===

Allowance as a percent of non-performing assets           368.77%                           314.79%
                                                          ======                            ======

<PAGE>

                            RESULTS OF OPERATIONS


AVERAGE BALANCE SHEET AND YIELD/RATE ANALYSIS

The following table presents, for the periods indicated, the total dollar 
amount of interest income from average interest-earning assets, the resultant
yields, and the interest expense on average interest-bearing liabilities, 
expressed both in dollars and rates.  No tax equivalent adjustments were made.  
Average balances are derived from average daily balances.  The yields and rates
are established by dividing income or expense dollars by the average balance
of the asset or liability.  The yields and rates for the three months ended
March 31, 1997 and 1996 have been annualized.

</TABLE>
<TABLE>
<CAPTION>

                                            Three Months Ended March 31                         
                                      ---------------------------------------------------------------------
                                                        1997                           1996                 
                                      -------------------------------------  ------------------------------
                                                       Interest                           Interest         
                                           Average      Earned/    Yield/       Average    Earned/   Yield/
                                           Balance       Paid       Rate        Balance     Paid      Rate 
                                       -------------  ----------- ---------  ----------------------- ------
                                                               (Dollars In Thousands)                   
Interest-earning assets (1):                      
<S>                                      <C>           <C>         <C>          <C>
  Mortgage loans                          $418,218      $ 7,598     7.27%        $390,646   $ 6,999    7.17%
  Consumer loans                           139,746        2,889     8.27          118,058     2,508    8.50
  Investment securities (2)                 26,939          419     6.22           24,466       385    6.29
  Interest-earning deposits                    730           10     5.48            1,499        20    5.34
  Mortgage-related securities (2)           11,076          178     6.43            7,927       134    6.76
                                      ------------   ----------   ------       ----------   -------   -----

  TOTAL                                    596,709       11,094     7.44          542,596    10,046    7.41
                  
Interest-bearing liabilities:
  Passbook accounts                         57,587          306     2.13           56,527       322    2.28
  NOW and variable rate insured
    money market accounts                  102,017          600     2.35           96,304       562    2.33
  Time deposits                            299,826        4,155     5.54          294,613     4,214    5.72
  Advance payments by borrowers
    for taxes and insurance                  2,469           14     2.27            2,661        15    2.25
  Borrowings                                80,740        1,156     5.73           33,997       503    5.92
                                          --------       ------     ----          -------    ------    ----
   TOTAL                                   542,639        6,231     4.59          484,102     5,616    4.64
                                          --------       ------     ----          -------    ------    ----
Net interest-earning assets balance
   and interest rate spread               $ 54,070                  2.85%         $58,494              2.77%
                                           =======                  ====          =======              ====

Average interest-earning
   assets, net interest income
   and net yield on average
   interest-earning assets                $596,709       $4,863     3.26%        $542,596    $4,430    3.27%
                                           =======        =====     ====         ========    ======    ====

Average interest-earning assets 
    to interest-bearing liabilities          110.0%                                112.1%         
                                             =====                                 =====           
                                  
</TABLE>
(1)   For the purpose of these computations, non-accruing loans are included
      in the average loan amounts outstanding.

(2)   For the purpose of these computations, the available-for-sale investment 
      securities and mortgage-related securities are presented and yields 
      calculated based upon the historical cost basis.

<PAGE>

<TABLE>
<CAPTION>
                                               Year Ended December 31     
                                        ---------------------------------
                                                       1996                
                                        ---------------------------------
                                                      Interest            
                                          Average      Earned/    Yield/       
                                          Balance       Paid       Rate 
                                        ----------  -----------  --------
                                              (Dollars In Thousands)         
Interest-earning assets (1):                      
 <S>                                     <C>           <C>         <C>
  Mortgage loans                          $401,652      $28,831     7.18%
  Consumer loans                           126,177       10,725     8.50     
  Investment securities (2)                 25,215        1,582     6.27       
  Interest-earning deposits                  1,220           66     5.41       
  Mortgage-related securities (2)           10,344          672     6.50
                                          --------      -------    -----
  TOTAL                                    564,608       41,876     7.42
                  
Interest-bearing liabilities:
  Passbook accounts                         58,744        1,313     2.24
  NOW and variable rate insured
    money market accounts                  102,338        2,388     2.33
  Time deposits                            292,477       16,543     5.66
  Advance payments by borrowers
    for taxes and insurance                  7,142          162     2.27
  Borrowings                                48,393        2,797     5.78
                                          --------      -------    -----
  TOTAL                                    509,094       23,203     4.56
                                          --------      -------    -----

Net interest-earning assets balance
  and interest rate spread                $ 55,514                  2.86%
                                          ========                  ====

Average interest-earning
  assets, net interest income
  and net yield on average
  interest-earning assets                 $564,608      $18,673     3.31%
                                          ========      =======     ====

Average interest-earning assets 
  to interest-bearing liabilities           110.9%
                                            =====                           
</TABLE>

(1)  For the purpose of these computations, non-accruing loans are included 
     in the average loan amounts outstanding.

(2)  For the purpose of these computations, the available-for-sale investment
     securities and mortgage-related securities are presented and yields 
     calculated based upon the historical cost basis.

<PAGE>



            RATE VOLUME ANALYSIS OF NET INTEREST INCOME 

The interaction of changes in volume and rates earned or paid with regard to
interest-earning assets and interest-bearing liabilities have a significant
impact on net income between periods.  The volume of interest-earning dollars
in loans and investments compared to the volume of interest-bearing dollars in
deposits and borrowings combined with the interest rate spread produces the 
changes in net interest income between periods.

The following table sets forth the relative contribution of changes in volume 
and effective interest rates on changes in net interest income for the periods 
indicated.

<TABLE>
<CAPTION>
                                                    Three Months Ended March 31         
                                        -----------------------------------------------------
                                                           1997 vs 1996                                  
                                        -----------------------------------------------------
                                                      Increase(decrease) due to:                   
                                        -----------------------------------------------------
                                                              (In Thousands)                       
                                                                      Rate/                  
                                            Rate        Volume       Volume             Total
                                        -------------- ---------   ----------        ----------
Interest-earning assets:
 <S>                                       <C>         <C>            <C>             <C>   
  Mortgage loans                              $98       $   494        $   7           $  599
  Consumer loans                              (68)          461          (12)             381
  Investment securities                        (4)           38                            34
  Interest-earning deposits                     1           (11)                          (10)
  Mortgage-related securities                  (7)           54           (3)              44
                                              ---        ------         ----         --------
  TOTAL                                       $20        $1,036         $ (8)           1,048
                                              ===         =====          ===         --------

Interest-bearing liabilities:
  Passbook accounts                        $  (22)       $    6                           (16)
  NOW and variable rate
    insured money market accounts               5            33                            38
  Time deposits                              (132)           75        $  (2)             (59)
  Advance payments by borrowers
    for taxes and insurance                                  (1)                           (1)
  Borrowings                                  (16)          691          (22)             653
                                         --------        ------        -----         --------
                  TOTAL                    $ (165)        $ 804         $(24)             615
                                           ======          ====         ====         --------
Net change in net interest
  income                                   $  433
                                           ======
                                                                       
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                                                      Year Ended December 31                   
                                    ---------------------------------------------------------
                                                         1996 vs 1995                               
                                    ---------------------------------------------------------
                                                   Increase(decrease) due to:                  
                                    ---------------------------------------------------------
                                                           (In Thousands)                                
                                                                   Rate/                  
                                         Rate         Volume       Volume           Total  
                                    ------------   ----------   -----------      -----------
Interest-earning assets:
 <S>                                   <C>           <C>             <C>           <C>
  Mortgage loans                         $  734       $ 1,086         $ 29          $ 1,849
  Consumer loans                             71           701            5              777
  Investment securities                     (52)           23           (1)             (30)
  Interest-earning deposits                 (13)          (24)           3              (34)
  Mortgage-related securities               (30)          347          (28)             289
                                         ------       -------        -----           ------
  TOTAL                                  $  710       $ 2,133        $   8            2,851
                                         ======        ======         ====           ------

Interest-bearing liabilities:
  Passbook accounts                      $ (149)       $  (40)     $     4             (185)
  NOW and variable rate
    insured money market accounts           102           381           21              504
  Time deposits                             340            13                           353
  Advance payments by borrowers
    for taxes and insurance                  15           (29)          (2)             (16)
  Borrowings                               (340)        1,000         (149)             511
                                         ------        ------        -----           ------
  TOTAL                                  $  (32)       $1,325        $(126)           1,167
                                         ======        ======         ====           ------
  Net change in net interest
    income                                                                          $ 1,684
                                                                                    =======
</TABLE>


STATEMENTS OF INCOME

GENERAL. Net income for the first quarter of 1997 as compared to the first 
quarter of 1996 increased 27.2%. The increase was primarily the result of a 
10% growth in average interest-earning assets, an increase in non-interest 
income and a reduction in Savings Association Insurance Fund ( SAIF ) deposit 
insurance premiums.

INTEREST INCOME.  Interest income on mortgage loans increased $599,000 in the 
first quarter of 1997 as a result of the increased dollar amount of mortgage 
loans outstanding and the increased yield on the mortgage loan portfolio.  The
7.1% increase in average mortgage loans outstanding was the result of a stable 
interest rate environment, competitive pricing of adjustable interest rate 
mortgage loans and increased marketing of mortgage loans.  The increased yield
on the mortgage loan portfolio is primarily the result of interest rate 
adjustments on the existing adjustable interest rate mortgage loans in the 
portfolio.

Interest income on consumer loans increased $381,000 as a result of increased 
dollar amount of consumer loans outstanding. (See Balance Sheet--Loans 
Receivable).

Interest income on investment and mortgage-related securities increased $34,000
and $44,000, respectively. The increases were the result of increased dollars 
outstanding in investment and mortgage-related securities.  Additional dollars
were invested in investment and mortgage-related securities to aid First 
Northern's asset/liability position.

INTEREST EXPENSE.  Interest expense on deposits decreased $35,000 in the first 
quarter of 1997 as compared to the same period in 1996 as a result of a 
decrease in the cost of deposits.  As certificate of deposit ("CD")accounts 
matured, the CDs were generally reinvested in CDs at a lesser interest rate. 
The interest rates offered on CDs adjust with market interest rate movement and
competition.

To capture new deposits and aid in controlling the cost of deposits, First 
Northern utilizes non-traditional terms on CDs (i.e., 10 month, 14 month, 
etc.).  

Interest expense on borrowings increased $653,000 in the first quarter of 1997 
as compared to the first quarter in 1996 as a result of the increased dollar 
amount of borrowings (See Balance Sheet--Borrowings).  First Northern 
anticipates it will continue to borrow in the second quarter of 1997 to fund 
anticipated loan demand.

PROVISION FOR LOAN LOSSES.  First Northern increased its provision for loan 
losses in the first quarter of 1997 as a result of growth in the loan 
portfolio.  The loan loss allowance as of March 31, 1997 was $2,987,000 or
 .54% of total loans and 413.7% of non-performing loans.

Management believes that the current loan loss allowance is adequate; however, 
the adequacy of the loan loss allowance is reviewed as historical loan loss 
experience changes, the size and composition of the loan portfolio changes, 
changes occur in the general economy and as may otherwise be deemed necessary.

NON-INTEREST INCOME.  Loan fees and service charges increased $14,000 in the 
first quarter of 1997 as compared to the first quarter of 1996 primarily as 
the result of a prepayment fee collected on a large mortgage loan payoff and
charges for late payments on loans.

Deposit account service charges increased $86,000 in the first quarter of 1997 
primarily as the result of increased NOW (checking) accounts outstanding and 
their related fees.  The Company continues to aggressively market and price
checking accounts as it believes the checking account is the product to further
develop banking relationships with customers.

Insurance commissions increased $45,000 in the three months of 1997 primarily 
as the result of bonuses received from insurance carriers.  If First Northern 
obtains a predetermined threshold of insurance sales and insurance losses are
at or below another threshold, insurance bonuses can be earned.  In the first 
quarter of 1997, such insurance bonuses amounted to $47,000.

Gains on the sale of loans decreased $41,000 in the first quarter of 1997 as a 
result of decreased mortgage and education loan sales.  In the first quarter
of 1997, $2.8 million of mortgage loans and $0.9 million of education loans 
were sold as compared to $3.0 million of mortgage loans and $1.8 million of 
education loans in the first quarter of 1996.

Other income increased $48,000 in the first quarter of 1997 as compared to the 
same period in 1996 primarily as a result of increased fees earned on brokerage
commissions.  GNFSC offers full brokerage service to the public, which includes
but is not limited to, mutual fund sales, tax-deferred annuity sales and the
sale of stock.

NON-INTEREST EXPENSE.  Compensation expense increased $104,000 in the first 
three months of 1997 as a result of salary increases and related expenses and
education costs.  First Northern has continued its emphasis on employee 
education, especially with the introduction of a new teller system. 

Federal insurance premiums decreased $201,000 in the first quarter of 1997, as
a result of reduced SAIF deposit insurance premiums and a $15,000 refund of 
deposit insurance premiums from prior periods.  In 1997, First Northern, like
other SAIF insured financial institutions, had its SAIF insurance premium 
reduced to $0.065 per one hundred dollars of assessable deposits as compared
to $0.23 per one hundred dollars of assessable deposits in the first quarter
of 1996.  This premium reduction was the result of the special SAIF assessment
charged to each SAIF insured institution in the third quarter of 1996 to 
recapitalize the SAIF insurance fund.  First Northern s special assessment, 
which was paid in the third quarter of 1996, was $2,856,000.  

Data processing expense increased $35,000 primarily as the result of the 
installation of a new PC based teller system.  First Northern completed its 
installation of a new PC based teller system in the first quarter of 1997 to
further automate and improve the delivery of information and customer service.

Marketing expense increased $33,000 in the first quarter of 1997 as a result 
of increased marketing of deposit and loan products.  First Northern believes 
that growth in lending and deposit volumes necessitates increased marketing 
and hence, increased marketing costs.

Other expenses increased for the three months ended March 31, 1997, as compared
to the same period in 1996 primarily as the result of costs associated with SFC
operating costs and bad check charge-offs.

Income Taxes.  The effective income tax rate for the first quarter of 1997 was 
37.9% as compared to 34.2% for the same period in 1996.  The 1997 effective 
income tax rate was higher than 1996 as a result of the first quarter of 1996
utilization of a tax expense over accrual in 1995.


                          LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY
Federal regulations historically have required First Northern Savings Bank, 
S.A. to maintain minimum levels of liquid assets.  The required percentage has 
varied from time to time based upon economic conditions and savings flows,
and is currently 5% of net withdrawable deposits and borrowings payable on 
demand or in one year or less during the preceding calendar month.  Liquid 
assets for purposes of this ratio include cash, certain time deposits, U.S. 
Government and agency securities and other obligations generally having 
remaining maturities of less than five years.  First Northern Savings Bank, 
S.A. has historically maintained its liquidity ratio at a level in excess of 
that required by the OTS (as defined below).  First Northern Savings Bank's 
monthly average short-term liquidity and total liquidity ratio at March 31, 
1997 was 3.29% and 5.98%, respectively, as compared to 3.04% and 5.97%, 
respectively, at December 31, 1996.  The March 31, 1997, liquidity ratios 
increased slightly as compared to the ratios at December 31, 1996 as a result
of the purchase of investment securities.  First Northern Savings Bank believes
that its maintenance of excess liquidity, above the 5% federally required 
total liquidity ratio, is an appropriate strategy to aid in proper asset and
liability management.

Liquidity management is both a daily and long-term responsibility of 
management.  First Northern Savings Bank adjusts its investments in liquid 
assets based upon managements' assessment of: (I)expected loan demand; (ii)
expected deposit flows; (iii) yields available on interest-earning deposits;
and (iv) the objectives of its asset and liability management program.  Excess 
liquidity is invested generally in interest-earning overnight deposits and 
other short-term government and agency obligations.  When First Northern 
Savings Bank requires funds beyond its ability to generate them internally, 
it can borrow funds from the FHLB of Chicago or other sources.


CAPITAL RESOURCES AND REGULATORY INFORMATION

First Northern's net worth to total assets ratio at March 31, 1997, for State
of Wisconsin regulatory requirements was 11.2% or almost two times the 
Wisconsin minimum legal requirement of 6.00% of total assets established by 
the Division of Savings Institutions of the Department of Financial 
Institutions, which regulates First Northern.  The OTS adopted capital 
regulations for savings institutions effective December 7, 1989.  The capital
rules require savings associations to meet three separate capital standards: 
(i)Tangible capital equal to 1.5% of adjusted total assets; (ii) Core capital
equal to 3% of adjusted total assets; and (iii) Risk-based capital equal to 
8.0% of the value of risk weighted assets.  

As of March 31, 1997, the most recent notification from the Office of Thrift
Supervision ("OTS") categorized the Savings Bank as well capitalized under the
regulatory framework for prompt corrective action.  To be categorized as well
capitalized the Savings Bank must maintain minimum tangible, core and risk 
based ratios as set forth in the table.  As a state-chartered savings 
institution, the Savings Bank is also subject to a minimum capital requirement
of the State of Wisconsin.  Management believes, as of March 31, 1997, that 
the Savings Bank exceeds all capital adequacy requirements to which it is 
subject.  There are no conditions or events since that notification that 
management believes have changed the Savings Bank's categorization as well 
capitalized.  

The Savings Bank's required and actual capital amounts and ratios are presented
in the following table.
<TABLE>
<CAPTION>
                                                                                                              
                                                                                           Excess Actual  
                                                                   Required            Capital Over Required 
                                          Actual              Regulatory Capital         Regulatory Capital   
                                     ------------------       ------------------       ----------------------
                                       Amount    Ratio         Amount     Ratio          Amount       Ratio
                                     ----------  ------       -----------------        ---------------------
                                                             (Dollars in Thousands)      
As of March 31, 1997
<S>                                  <C>         <C>          <C>         <C>           <C>           <C>    
  Tangible Capital                    $65,489     10.6%        $ 9,246     1.5%          $56,243       9.1%
    (to Tangible Assets)                     
  Core Capital                         65,489     10.6%         18,491     3.0%           46,998       7.6%
    (to Tangible Assets)
  Risk-Based Capital                   68,476     17.5%         31.285     8.0%           37,191       9.5%
    (to Risk-Weighted Assets)
  State of Wisconsin Capital           69,383     11.2%         37,074     6.0%           32,309       5.2%
    (to Total Assets)

As of December 31, 1996:
  Tangible Capital                    $64,489     10.5%        $ 9,204     1.5%          $55,285       9.0%
    (to Tangible Assets)
  Core Capital                         64,489     10.5%         18,409     3.0%           46,080       7.5%
    (to Tangible Assets)
  Risk-Based Capital                   67,426     17.8%         30,295     8.0%           37,131       9.8%
    (to Risk-Weighted Assets)
  State of Wisconsin Capital           68,754     11.2%         36,915     6.0%           31,839       5.2%
    (to Total Assets)

</TABLE>

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

        (A)  EXHIBITS:
             See Exhibit Index following the signature page of this report, 
             which is incorporated herein by reference.

        (B)  REPORTS ON FORM 8-K:                  
             No Form 8-K was filed during the quarter for which this report is
             filed.


<PAGE>

                                      SIGNATURE


      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.

                                  

                                          First Northern Capital Corp.         
                                    ----------------------------------------   
                                                    (Registrant)



 Date:    May 9,1997                   /s/RICK B. COLBERG                   
      ------------------           -----------------------------------------
                                   Rick B. Colberg
                                   Vice President and Chief Financial Officer
                                   (Mr. Colberg is also duly authorized to sign
                                     on behalf of registrant)


<PAGE>

                            FIRST NORTHERN CAPITAL CORP.

                                     * * * * *
                                   EXHIBIT INDEX
                                        TO
                       FIRST QUARTER 1997 REPORT ON FORM 10-Q

Exhibit                                                Filed     Sequential
Number             Description                        Herewith    Page Number

11.1      Statement regarding computation
          of per share earnings                           X                 

27.1      Financial Data Schedule, which
          is submitted electronically
          to the Securities and Exchange 
          Commission for information only
          and not filed.


<PAGE>

                                                                Exhibit 11.1


                          First Northern Capital Corp.
                 Computation of Net Income Per Common Share

<TABLE>
<CAPTION>
                                                   Three Months          
                                                  Ended March 31        
                                              1997              1996    
                                           ------------      -----------
PRIMARY:                                                                   
<S>                                        <C>               <C>
Weighted average common shares                                             
  outstanding during each period             4,434,653         4,564,440
Incremental shares relating to:                                            
  Dilutive stock options outstanding at                                    
  end of each period (1)                        99,692           113,367
                                             ---------         ---------
                                             4,534,345         4,677,807
                                             =========         =========
FULLY DILUTED:                                               
Weighted average common shares                               
  outstanding during each period             4,434,653         4,564,440
Incremental shares relating to:                                             
  Dilutive stock options outstanding at                     
  end of each period (2)                       114,660           115,260
                                             ---------         ---------
                                             4,549,313         4,679,700
                                             =========         =========

NET INCOME FOR EACH PERIOD                  $1,385,067        $1,088,866
                                            ==========        ==========     

PER COMMON SHARE AMOUNTS:                                                   
  Primary, as presented in
  the Statement of Operations                    $0.31             $0.23
                                                 =====             =====     

Fully diluted                                    $0.30             $0.23
                                                 =====             =====

</TABLE>
Notes:                                                                        
(1)   Based on treasury stock method using average market price.               
(2)   Based on treasury stock method using period end market price, if higher 
      than average market price.   
<PAGE>