First Niles Reports 2Q Income of $40,000
NILES, Ohio — First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reports third quarter income of $40,000.
That figure is down from $118,000 for the same period in 2020, a 66.1% decline, according to the company’s quarterly report. The company recorded net income of $90,000 for the first half of the year, compared to $203,000 for the same period in 2020.
“Earnings were negatively impacted during the first two quarters of 2021 due to the costs associated with completing the acquisition of Union Capital Mortgage Corp.,” according to the report. First Niles’ acquisition of the Mentor-based company was completed on Aug. 2.
Noninterest income for the second quarter of 2021 was $20,000, down from $88,000 in the same quarter of 2020. For the first six months of the year, noninterest income totaled $81,000, down from $140,000 for the same six-month period in 2020. The decline in both comparative periods “was primarily attributable [to] a decline in the gain on sale of investment securities,” according to the quarterly earnings report.
Net interest income after the provision for loan losses for the second quarter this year was $500,000, compared to $529,000 in the same period in 2020. For the six months ended June 30, net interest income after the provision for loan losses was $975,000, down $53,000 from the same period last year.
Net loans receivable totaled $67.3 million at June 30, compared to $71.8 million at Dec. 31, down 6.3%.
Deposits were $75.6 million at June 30, a 14% increase from $66.3 million at Dec. 31, 2020.
At the end of the second quarter this year, First Niles reported total assets of $112.9 million, up from $109.7 million at Dec. 31.
Total equity was $12.8 million as of June 30, $79,000 lower than at Dec. 31, 2020.
Published by The Business Journal, Youngstown, Ohio.