First Niles Reports $24,000 2nd-Quarter Net Income

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, reports second-quarter net income of $24,000, or two cents a share.

This compares to first-quarter net income of $117,000, or 11 cents a share, and second-quarter 2014 net income of $122,000, or 11 cents a share.

The company attributed the decrease to less noninterest (fees and charges) income and increased noninterest expense (such as wages and benefits, Federal Deposit Insurance Corp. premiums).

Noninterest expense was $6,000 less than the year-ago quarter, the company reports.

Net interest income after the provision for loan losses was $418,000, $7,000 more than net interest income the year-ago quarter. For the first six months, the figure was $251,000, or $41,000 less than the same period in 2014.

Nonperforming loans (non-accruing and those more than 90 days past due) were $966,000, or 3.8% of net loans receivable. The allowance for loan losses was $301,000, or 31.1% of nonperforming loans and 1.2% of net loans receivable. At the end of the quarter, Home Federal had $499,000 in repossessed real estate compared to $381,000 at yearend.

Total assets were $98.7 million at June 30, $2.3 million higher than at yearend, and net loans receivable stood at $25.4 million compared to $22.9 million at Dec. 31, an increase of 11.3%. Deposits were $59.5 million, the company said, $281,000 higher than at yearend.

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