First Niles Reports 1Q Income of $85K

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reports first-quarter net income of $85,000, a 7.6% decline from the same period a year ago.

Net interest income totaled $505,000, up from $490,000 in the first quarter of 2019. Total interest income was $923,000, up from $812,000 a year ago. 

Noninterest income was $52,000, up from $34,000 in the first quarter of 2019. The rise was largely attributed to an increase in securities sales. Noninterest expenses were $455,000, up from $435,000 a year ago.

Return on average assets for the first quarter was 0.34%, a slight drop from 0.37% a year ago. 

As of March 31, the end of the first quarter, First Niles reported total assets of $104.2 million, up from $100.1 million at the end of the previous quarter. Deposits were $58.7 million, down from $61.8 million the previous quarter. Total borrowings were $32.2 million, up from $25.3 million at the close of 2019.

Primary earnings per share for the first quarter were eight cents, even with the same period last year.

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