Banking & Finance

First Niles 1st-Quarter Net Income Rises to $116K

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Monday reported first-quarter net income of $116,000, or 10 cents a share.

This compares to first-quarter 2016 net income of $39,000, or three cents a share.

The president and CEO, Daniel E. Csontos, attributed the results to lower noninterest expense and higher net interest income.

Noninterest income after the provision for loan losses was $455,000 compared to $411,000 the same quarter a year ago, Csontos said. Moreover, interest income for the quarter ended March 31 was $656,000, $16,000 higher than the same period a year ago.

Noninterest income of $42,000 was $19,000 less than the $62,000 reported a year ago.

Noninterest expense (which includes wages and benefits, data processing and Federal Insurance Deposit Corp. premiums) was $370,000, less than the $461,000 the first quarter of last year. A $47,000 decrease in compensation expense and $20,000 less in legal and audit expense contributed.

Nonperforming loans, which consist of non-accruing loans and loans delinquent 90 or more days, stood at $609,000 at March 31, or 1.8% of net loans receivable, a decrease of $25,000 from the fourth quarter of last year.

During the quarter, total assets rose $317,000 to $97.8 million.

The return on assets was 0.47% compared to 0.16% the year-ago quarter.

Published by The Business Journal, Youngstown, Ohio.