NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $245,000 for the second quarter.
The net income was $145,000 above the $100,000 mark of a year ago.
Primary earnings per share for the quarter were 16 cents, compared with 7 cents for the same period in 2025.
Net interest income after the provision for loan losses for the second quarter was $874,000, compared with $876,000 for the second quarter of 2025.
Noninterest income for the second quarter was $2.3 million, compared with $1.3 million for the second quarter of 2025.
Noninterest expense was $2.8 million for the second quarter, an increase of $786,000 from the same quarter a year ago.
Nonperforming loans, consisting of nonaccruing loans and accruing loans delinquent more than 90 days, totaled $850,000 at June 30, or 0.9% of net loans receivable. The allowance for loan losses totaled $826,000 at June 30, representing 97.2% of nonperforming loans and 0.8% of net loans receivable.
Other highlights include:
- At June 30, total assets were $159.2 million, compared with $156.6 million at Dec. 31, 2025, an increase of $2.5 million.
- Net loans held for investment totaled $99.1 million at June 30, compared with $100.2 million at Dec. 31, 2025, a decrease of $1.2 million.
- Deposits were $85.9 million at June 30, compared with $88.1 million at Dec. 31, 2025, a decrease of $2.2 million.
- Total equity at June 30 was $17.5 million, $171,000 higher than at Dec. 31, 2025. This increase was primarily due to a $299,000 increase in retained earnings partially offset by a $128,000 decrease in net unrealized losses on available for sale securities.