NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, on Thursday reported a net income of $863,000, or 64 cents per common share, for 2024.

The year-end earnings compare with $808,000, or 60 cents per common share, for 2023.

First Niles reported net income of $177,000, or 13 cents per common share, in the fourth quarter of 2024, compared with $342,000, or 26 cents per common share, in the fourth quarter of 2023.

Return on average assets for the fourth quarter of 2024 and the full year was 0.46% and 0.56%, respectively. Return on average assets for the same period a year prior was 0.92% and 0.54%, respectively.

Net interest income after the provision for loan losses for the fourth quarter of 2024 was $750,000, compared with $832,000 for the same quarter in 2023, a decrease of $82,000. Net interest income after the provision for loan losses for 2024 was $3.05 million, compared with $3.19 million in 2023, a decrease of $143,000.

Noninterest income for the fourth quarter of 2024 was $1.42 million, compared with $1.02 million for the same period in 2023. Noninterest income for 2024 was $5 million, compared with $3.61 million for 2023. First Niles reported that the increase in noninterest income in both comparative periods was primarily attributable to an increase in revenue from mortgage banking activities at the Union Capital Mortgage Corp. subsidiary.

On Dec. 31, 2024, First Niles had total assets of $156.4 million, $516,000 less than on Dec. 31, 2023. During the year, net loans held for investment increased by $328,000, and total investment securities decreased by $922,000. Cash and cash equivalents decreased by $5.8 million during 2024. Deposits decreased by $4.5 million, or 5.1%, during 2024.

Also Thursday, First Niles announced a cash dividend of 6 cents per share on common stock and 7 cents per share on preferred class A stock for the first quarter of 2025. The dividend will be payable March 21 to shareholders of record March 7.

First Niles’ annual meeting of shareholders will be held at 2 p.m. April 30 at its main office, 55 N. Main St. At the meeting, common shareholders of record March 7 will be asked to consider and vote on the election of two directors and other matters that may come before the meeting.