First Niles Financial Reports Net Income of $16,000
NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Tuesday reported third-quarter net income of $16,000, or a penny a share.
This compares to second-quarter net income of $16,000, or a penny a share, and third-quarter 2015 net income of $21,000, or two cents a share.
Net interest income was $379,000, up from $364,000 in the second quarter but less than the $423,000 reported for the year-ago quarter. First Niles did not report any provision for loan losses.
Noninterest income was $71,000, below the $120,000 reported the second quarter but above the $58,000 reported the third quarter of 2015.
Noninterest expense (such as salaries and employee benefits, data processing, taxes and Federal Deposit Insurance Corp. premiums) was $466,000, down from the $497,000 in the preceding quarter and $483,000 reported for the year-ago quarter.
Nonperforming loans (those 90 days past due) came to $792,000, or 2.5% of net loans receivable, First Niles said, down from $845,000 or 2.7% of net loans at June 30.
At Sept. 30, total assets were $94.56 million, down from $97.20 million at June 30 and from $98.47 million at Sept. 30, 2015.
First Niles did not provide data on its return on assets, return on equity, net interest margin or efficiency ratio.
Pictured; Home Federal Savings and Loan Association of Niles, the sole banking office of First Niles Financial Inc.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.