First Niles Financial Reports $39,000 Net Income

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Friday reported first-quarter net income of $39,000, or three cents a share.

This compares to net income of $127,000, or 11 cents a share, for the year-ago quarter, and $40,000, or three cents a share, for the three months ended Dec. 31.

First Niles management did not provide data on return on assets, return on equity, the net interest margin or its efficiency ratio although it did provide data on ROA and ROE in its fourth-quarter earnings release.

Its total assets fell to $97.4 million at March 31 from $98.5 million at yearend, the company reported, and its net interest income after recognizing a provision for loan losses was $411,000 compared to $477,000 the first quarter of 2015, and $429,000 the last quarter of last year.

Net loans were $27.9 million at March 31 compared to $25.8 million at yearend, First Niles reported, but did not provide a number for the year-ago quarter.

Nonperforming loans were $973,000, or 3.5% of net loans receivable, First Niles said, an increase of $23,000 from Dec. 31. It did not provide a figure for the year-ago quarter.

Noninterest expense (such as salaries and benefits, data processing, Federal Deposit Insurance Corp. premiums) was $461,000 compared to $498,000 the preceding quarter. It did not provide data for the year-ago quarter.

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