First Niles Reports 2020 Income of $302,000

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reports annual income of $302,000, or 27 cents per share, in 2020. 

The figure is down from $425,000, or 38 cents per share, in 2019. 

The Niles bank reports a net loss of $10,000 for the fourth quarter, compared to net income of $51,000 in the final quarter of 2019.

Return on average assets for the quarter and year were -0.4% and 0.29%, respectively. In the comparable periods of 2019, the returns were -0.21% and 0.44%.

Net interest income after the provision for loan losses was $508,000 in the fourth quarter, down from $570,000 in the same quarter of 2019. For the full year, such income was $2.09 million, a decrease of $16,000 from 2019. The decrease is primarily attributable to a decline in market interest rates because of the coronavirus pandemic, the bank said in its earnings report.

As of Dec. 31, First Niles report assets of $109.7 million, an increase of $9.6 million from the close of 2019. During  the year, net loans receivable increased by $4.1 million and total investment securities decreased by $15.1 million. Cash and cash  equivalents increased by $20.5 million during 2020. Deposits increased by $4.6 million, or 7.4%, during 2020.  

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