First Niles Reports 2Q Income of $118K

NILES, Ohio – First Niles Financial Inc., the parent company of Home Federal Savings and Loan Association of Niles, announces net income of $118,000 for the second quarter of 2020.

The institution also announced a six-cent dividend on common stock and a seven-cent dividend on preferred Class A stock. Dividends will be payable Sept. 25 to shareholders of record Sept. 11.

The second-quarter earnings were down from the same period last year, when First Niles reported net income of $121,000. 

Net interest income was $529,000 in the second quarter, up from $500,000 a year ago. Noninterest income was $88,000, up from $72,000. Noninterest expenses were $38,000.

Nonperforming loans – non accruing loans and accruing loans more than 90 days delinquent – totaled $670,000. 

As of June 30, assets were $105.6 million, up from $100.1 million at the end of 2019. Net loans receivable were $72.2 million, up from $67.7 million on Dec. 31. Deposits totaled $60 million at the close of the second quarter, down slightly from $61.7 million Dec. 31.

Total equity as of June 30 was $13.1 million, up from $12.7 million at the end of 2019.

Copyright 2020 The Business Journal, Youngstown, Ohio.