First Niles Financial Reports Net Income of $199K in Q2

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reported a net income of $199,000 for the second quarter of 2023.

With $148.9 million in total assets, up $15 million from the end of 2022, the bank reported positive results for the first two quarters of 2023. Those resulted in increases in the primary earnings per share of 15 cents and 19 cents for the first three and six months of 2023, respectively, compared with 7 cents for each of the same periods in 2022.

The three-month net income of $199,000 was up $105,000 from the same period of 2022, when it was $94,000.

Net interest income after the provision for loan losses was $834,000 for the second quarter of 2023, compared with $750,000 for the second quarter of 2022. Net interest income for the six months ending June 30, 2023, was $1.6 million, $223,000 more than the same period of 2022.

Non-interest income for the second quarter of 2023 was $923,000, compared with $1.3 million in the second quarter of 2022, which is a decrease of $357,000. Non-interest income also decreased for the six-month period ending June 30, 2023, at $1.6 million, compared with the same period in 2022 at $2.4 million. Non-interest expenses also decreased by $313,000 for the second quarter compared with the same period in 2022. The six-month figure represents a decrease of $771 compared with the same period a year ago.

Non-performing loans, consisting of non-accruing loans and accruing loans delinquent more than 90 days, totaled $134,000 at the end of June, a net loss of 0.1%.

Net loans receivable totaled $102 million at the end of June, compared with $91 million at the end of December. Deposits were $77.9 million as of June 30, compared with $83.5 million at the end of December.

Total equity as of June 30 was $13 million, $96,000 lower than the end of 2022.

Published by The Business Journal, Youngstown, Ohio.