Banking & Finance

First Niles Financial Reports Net Income of $16,000

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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.

Published by The Business Journal, Youngstown, Ohio.