NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $88,000 for the first quarter of 2025, compared with $108,000 for the same period in 2024.

Return on average assets for the quarter ended March 31 was 0.22 percent, compared with 0.28 percent in the same quarter a year ago. Primary earnings per share for the first quarter was 6 cents, a decrease of 2 cents from the same period in 2024.

Net interest income after the provision for loan losses for the first quarter totaled $865,000, compared with $821,000 for the first quarter of 2024, an increase of $44,000, or 5.4%. 

Total interest income was $2 million for the first quarter, a $149,000 increase from the same period in 2024. Interest expense for the first quarter was $1.16 million, an $81,000 increase from the same period a year ago. The provision for loan losses for the quarter was negative $29,000, compared with negative $53,000 for the same quarter a year ago.

Noninterest income for the quarter was $1.12 million, compared with $676,000 for the first quarter of 2024, an increase of $442,000, or 65.4%. The increase in noninterest income was primarily attributable to an increase in revenue from mortgage banking activities at the Union Capital Mortgage Corp. subsidiary, the report states.

Noninterest expense for the first quarter was $1.87 million, compared with $1.37 million for the first quarter of 2024, an increase of $503,000, or 36.8%. The increase in noninterest expense was directly related to the volume of loan originations and operations of Union Capital Mortgage Corp., the release states.

Other highlights from the report include:

  • Nonperforming loans, consisting of nonaccruing loans and accruing loans delinquent more than 90 days, totaled $867,000, or 0.8% of net loans receivable, a decrease of $46,000 from the first quarter of 2024.
  • Total assets in the first quarter were $160.2 million, compared with $156.4 million in the first quarter of 2024, an increase of $3.8 million, or 2.4%.
  • Net loans receivable totaled $104 million, compared with $103.3 million in the first quarter of 2024, an increase of $677,000, or 0.7%.
  • Deposits were $87 million, $3.4 million more than the first quarter of 2024. 
  • Total borrowings were $54.7 million, $1.7 million less than the same period a year ago.