First Niles Posts Q1 Income of $92K

NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, report net income of $92,000, or eight cents per share, for the first quarter of 2019.

The earnings are well ahead of the same quarter in 2018, when net income was $49,000. In the fourth quarter of 2018, the bank recorded a net loss of $22,000, stemming from an external fraud loss of $103,000 on an after tax basis. Excluding that event, income would have been $81,000, the bank said.

Net interest income was $490,000 in the quarter ended March 31, compared to $499,000 in the same quarter of 2018. Noninterest first-quarter income was $34,000, down from the last year’s $37,000. Noninterest expenses, meanwhile, was $435,000, down from $502,000 in the year-ago first quarter.

First Niles reported total assets of $99.7 million in the first quarter, ahead of the same period last year, reported as $99.1 million.

Deposits totaled $58 million as of March 31, up $127,000 from Dec. 31. Total borrowings were $29.2 million, down from the previous quarter’s $29.1 million.

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