First Niles Reports 3Q Income of $109K

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reports third quarter income of $109,000.

That figure is down from $161,000 in the same period of 2019. The decline, the bank said in its quarterly report, was “primarily the result of lower noninterest income related to gain on the sale of securities and higher provision for loan losses.”

Noninterest income was $63,000, down significantly from the $125,000 reported in the third quarter of 2019.

Net interest income after the provision for loan losses was $545,000 in the third quarter, up slightly from $540,000 in the year-ago quarter.

Net loans totaled $71.6 million as of Sept. 30, compared to $67.6 million as of Dec. 31. 

Deposits were $61.6 million at the end of the third quarter, down slightly from the $61.7 million reported at the close of 2019.

At the end of the third quarter, First Niles reported total assets of $107.1 million, up from $100.1 million at the close of 2019. 

Total equity was $13.1 million as of Sept. 30, up from $12.7 million on Dec. 31. The increase is primarily attributable to a $225,000 increase in net unrealized gains on securities available for sale, and a $107,000 increase  in retained earnings.

Copyright 2020 The Business Journal, Youngstown, Ohio.