First Niles Financial Reports Net Income of $216K in Q3

NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $216,000 for the third quarter.

The bank reported a net loss of $2,000 during the same period in 2022.

For the first nine months of 2023, First Niles Financial recorded a net income of $466,000, compared with $88,000 for the nine months ending Sept. 30, 2022, or a 430.2% increase.

Further primary earnings per share for the three- and nine-month marks were 16 cents and 35 cents, respectively, compared with zero and 6 cents during the same periods in 2022. 

The company is listed on OTC Pink as FNFI.

Additional highlights of the report include:

• Net interest income after the provision for loan losses in the third quarter was $771,000, compared with $797,000 for the third quarter of 2022, a decrease of 3.3%. However, for the nine months ending Sept. 30, net interest income was up $196,000.

• Noninterest income for the third quarter of 2023 was $967,000, a $49,000 increase from the same quarter in 2022. For the nine-month period, there was a decrease of noninterest income from $3.32 million in 2022 to $2.59 million in 2023.

• Noninterest expenses decreased from $1.57 million in the third quarter of 2022 to $1.47 million during the same quarter of 2023. Noninterest expenses decreased to $4.37 million in the first nine months of 2023, compared with $5.24 million during the same period a year ago. Decreases in noninterest expenses are being attributed by the bank to cost-cutting measures implemented at UCMC in early 2023.

• Nonperforming loans, those nonaccruing and accruing loans delinquent more than 90 days, totaled $129,000 as of Sept. 30, while allowance for loan losses totaled $1.07 million.

• Total assets as of Sept. 30 were $150.6 million, compared with $133.9 million at the end of 2022, a 12.5% increase. Net loans held for investment totaled $104.3 million after three quarters, a 14.6% increase from the end of 2022. Deposits decreased by 8.2% to $76.6 million.

• Total equity was $12.7 million as of Sept. 30, which is $443,000 lower than Dec. 31, 2022.

Published by The Business Journal, Youngstown, Ohio.