First Niles Financial Reports Net Income of $21,000

NILES, Ohio – First Niles Financial Corp., holding company of First Federal Savings and Loan Association of Niles, reports third-quarter net income of $21,000, or two cents a share.

This compares to third-quarter 2014 net income of $22,000, or two cents a share.

For the first nine months, net income was $172,000, or 15 cents a share, compared to the same period a year ago, $193,000, or 17 cents a share.

Net interest income for the third quarter was $423,000 compared to $335,000 the same quarter a year ago.

Noninterest income (fees, service charges and commissions) was $58,000 versus $83,000 the same quarter a year ago.

The company reported that noninterest expense (salaries and employee benefits, data processing, Federal Deposit Insurance Corp. premiums) was $7,000 higher than it reported a year ago, or 1.5%, but did not provide either figure.

Nonperforming loans (those delinquent and 90 days or more past due) stood at $1 million at Sept. 30, or 3.9% of net loans receivable. The allowance for loan losses was $268,000, or 27.1% of nonperforming loans and 1.1% of net loans receivable.

Net loans receivable were $25.4 million.

Other real estate owned (repossessed real estate) rose to $440,000 during the first nine months of the year. The figure was $381,000 at Dec. 31.

At Sept. 30, total assets were $100.5 million, up 4.3% from the year-end figure of $96.4 million.

Total deposits, $58.5 million, 1 1.2% decrease from the $59.2 million reported for Dec. 31.

Source: First Niles Financial Corp.

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