First Niles Financial Reports Net Income of $246K in Q2

NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $246,000 for the second quarter of 2024.

The net income is an increase of $47,000, or 23.6%, from the same period in 2023. For the first six months of 2024, First Niles reported a net income of $354,000, compared with $250,000 for the same period in 2023.

Earnings per share were 26 cents for the second quarter and 18 cents for the first quarter, compared with 15 cents and 19 cents in the first and second quarters of 2023.

Net interest income after the provision for loan losses for the second quarter of 2024 was $725,000, compared with $834,000 for the second quarter of 2023. 

For the first six months of 2024, noninterest income totaled $2 million, up $374,000 from the same period in 2023, primarily attributed to an increase in revenue from mortgage banking activities at the Union Capital Mortgage Corp. subsidiary.

Noninterest expense increased $207,000 for the second quarter compared with the same period in 2023.

Nonperforming loans totaled $1.3 million, representing 1.3% of net loans receivable.

Total assets were $150.1 million at the end of the second quarter, down from $156.9 million at the end of Dec. 2023.

Total equity as of June 30 was $13.7 million, $23,000 higher than on Dec. 31, 2023.

Published by The Business Journal, Youngstown, Ohio.