First Niles Financial Reports Net Income of $332K in Q3

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reported a net income of $332,000 for the three months ending Sept. 30.

The third quarter net income was a $116,000 increase from the $216,000 reported for the same period in 2023.

Over the first nine months of 2024, Home Federal earned a net income of $686,000, compared with $466,000 for the same period in 2023, a 47.2% increase.

Primary earnings per share for the three months and nine months ending Sept. 30 were 25 cents and 51 cents, respectively. In 2023, the third quarter earnings were reported as 16 cents and 35 cents.

Third quarter 2024 net interest income after the provision for loan losses was $751,000. Noninterest income was $1.58 million, up from $967,000 for the third quarter of 2023. Noninterest expense increased to $1.89 million for the third quarter of 2024, compared with $1.47 million a year ago.

Nonperforming loans, consisting of nonaccruing loans and accruing loans delinquent more than 90 days totaled $973,000, or 1%, of net loans receivable.

As of Sept. 30, total bank assets were $152.2 million, compared with $156.9 million at the end of December 2023, a 3% decrease. Net loans held for investment total $101 million, compared with $103 million nine months ago. There were $83.9 million in deposits at the end of the third quarter, a decrease of 4.7% from the $88.1 million at the end of 2023.

Total equity was $14.5 million, $840,000 higher than at the end of December.

Published by The Business Journal, Youngstown, Ohio.