Banking & Finance

First Niles Reports 3Q Net Income of $143,000

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Monday reported third-quarter net income of $143,000, or 13 cents per share. 

This compares to an increase from the year-ago quarter of $127,000, or 793.8%, increase from the net income of $16,000, or a penny a share and an increase from the second-quarter of $124,000, or 11 cents a share.

Net interest income was $462,000, up from $452,000 in the second quarter and the $378,000 reported for the year-ago quarter. 

Noninterest income was $56,000, below the $57,000 reported the second quarter and below the $71,000 reported the third quarter of 2016.

Noninterest expense (such as salaries and employee benefits, data processing, taxes and Federal Deposit Insurance Corp. premiums) was $356,000, down from the $466,000 reported for the year-ago quarter.

Nonperforming loans (those 90 days past due) came to $565,000, or 1.6% of net loans receivable, First Niles said, down from $544,000 or 1.7% of net loans at June 30.

At Sept. 30, total assets remained at $95.6 million from June 30 but were up from $94.6 million at Sept. 30, 2016.

Published by The Business Journal, Youngstown, Ohio.