NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $242,000 for the first quarter.
The net income was $154,000 above the $88,000 mark of a year ago.
Return on average assets for the first quarter ending March 31 was .62%, compared with .22% in the same quarter last year.
Primary earnings per share also increased to 16 cents from 10 cents in the same quarter of 2025.
Net interest income after provision for loan losses in the first quarter of 2026 were $872,000, up $7,000 from $865,000 a year earlier. Total interest income was $1.92 million for the three months, a decrease of $84,000 from the first quarter of 2025. Interest expenses were $1.08 million, a $85,000 decrease from the same period last year.
Noninterest income for the first quarter was $1.68 million, up from $1.12 million a year ago, primarily attributable to an increase in revenue from mortgage banking activities at the Union Capital Mortgage Corp. subsidiary.
Noninterest expense for the first quarter was $2.21 million, up 18.1% from $187 million in the first quarter of 2025. That increase also was attributed to the higher volume of loan originations and operations at Union Capital Mortgage Corp.
Other first quarter highlights:
- Nonperforming loans, both nonaccruing and accruing loans delinquent more than 90 days, totaled $852,000, a $14,000 decrease from Dec. 31, 2025.
- Total assets were $158.8 million, up $2.1 million from the end of December.
- Total equity was $17.4 million, up $62,000 from Dec. 31.