First Niles Announces Q2 Net Income of $124,000

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association, reports second-quarter net income of $124,000, or 11 cents a share.

This compares to net income of $16,000, or 1 cent a share, for the year-ago quarter.

First Niles attributes the increase to “net income in the current three month as compared to the same period one year ago was primarily the result of increased interest income and decreased noninterest expense.”

Net interest income after the provision for loan losses was $452,000 compared to $364,000 the second quarter of 2016, an increase of $88,000, or 24.2%.

Noninterest income was $57,000 down from $120,000 the year-ago quarter of 2016.

Noninterest expense (includes salaries and benefits, data processing, Federal Deposit Insurance Corp. premiums) decreased to $123,000, or 24.7%, from the second quarter of 2016.

Nonperforming loans, consisting of non-accruing loans and accruing loans delinquent more than 90 days were $544,000 at June 30, or 1.7% of net loans receivable.

The allowance for loan losses was $308,000 at June 30, which represents 56.6% of nonperforming loans and 0.9% of net loans receivable. At Dec. 31, 2016, the allowance for loan losses was $275,000, or 43.4% of nonperforming loans and 0.8% of net loans receivable.

At June 30, Home Federal had $355,000 in real estate owned, down from $413,000 six months earlier.

Total assets were $95.6 million, $1.8 million less than at Dec. 31, 2016, or 1.9%. Net loans receivable were $32.4 million compared to $34.5 million at Dec. 31, a decrease of $2.1 million, or 6.1%.

Deposits stood at $59.1 million compared to $59.4 million at Dec. 31, 2016, or a decrease of 0.5%.

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