First Niles Financial Reports Net Income of $808K for 2023
NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $808,000, or 60 cents per common share, for 2023.
The year-end earnings compare with $252,000, or 18 cents per common share, for 2022.
The company recorded net income of $342,000, or 26 cents per common share, in the quarter of 2023, compared with $164,000, or 12 cents per common share, in the fourth quarter of 2022.
Return on average assets for the fourth quarter of 2023 and the full year were 0.92% and 0.54%, respectively. Return on average assets for the fourth quarter of 2022 and the full year were 0.51% and 0.20%, respectively.
Net interest income after the provision for loan losses for the fourth quarter of 2023 was $832,000, compared with $829,000 for the same quarter in 2022, an increase of $3,000. Net interest income after the provision for loan losses for the year ended Dec. 31, 2023, was $3.19 million, compared with $2.99 million in 2022, an increase of $199,000. The increase in net interest income after the provision for loan losses in 2023 was primarily attributable to an increase in the average balance of loans on a comparative period basis, according to the report.
Noninterest income for the fourth quarter of 2023 was $1.02 million, compared with $762,000 for the same period in 2022. Noninterest income for the year ended Dec. 31, 2023, was $3.61 million, compared with $4.08 million for 2022. In both periods presented, the fluctuation in noninterest income was attributable to a fluctuation in net gains on the sale of loans, the report states. The sale of loans is directly attributable to the operations of the association’s wholly owned subsidiary, Union Capital Mortgage Corp., acquired Aug. 2, 2021.
Published by The Business Journal, Youngstown, Ohio.