First Niles Financial Reports Net Income of $108K in Q1

NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $108,000 for the first quarter of 2024, compared with $51,000 for the same period in 2023.

Return on average assets for the quarter ended March 31 was 0.28 percent, compared with 0.15 percent in the quarter one year ago. Primary earnings per share for the first quarter was $0.08, an increase of $0.04 from the same period in 2023.

Other highlights from the report include:

• Net interest income after the provision for loan losses for the first quarter of 2024 totaled $821,000, compared with $752,000 for the first quarter of 2023, an increase of $69,000, or 9.2%.

• Total interest income was $1.85 million for the first quarter, a $404,000 increase from the same period in 2023. 

• Interest expense for the first quarter was $1.08 million, a $461,000 increase from the same period one year prior. 

• The provision for loan losses for the first quarter was negative $53,000, compared with $73,000 for the comparative quarter one year ago.

• Noninterest income for the first quarter was $676 ,000, compared with $696,000 for the same period in 2023, a decrease of 2.9%. The primary reason for this decrease was lower mortgage loan volume at Union Capital Mortgage Co. Subsidiary.

• Noninterest expense for the first quarter was $1,365,000, compared with $1,388,000 for the first quarter of 2023, a decrease of 1.7%.

The bank’s total assets were $153 million on March 31, compared with $156.9 million on Dec. 31, 2023, a decrease of 2.5%. Net loans receivable totaled $101 million on March 31, compared with $103 million on Dec. 31, a decrease of 1.9%. Deposits were $84.5 million on March 31, $3.6 million less than on Dec. 31. Total borrowings were $53.1 million on March 31, unchanged from Dec. 31.

Total equity on March 31 was $13.5 million, $121,000 less than on Dec. 31; the decrease in total equity was primarily attributable to a $27,000 increase in retained earnings and a $148,000 decrease in net unrealized gains on securities available for sale, the report states.

Published by The Business Journal, Youngstown, Ohio.