Financial Services

First Niles Reports 3Q Income of $161K

NILES, Ohio – First Niles Financial Inc. reports third-quarter net income of $161,000, or 14 cents per share, up from the $62,000, or 9 cents per share, reported for the same period a year ago.

The holding company for Home Federal Savings and Loan Association of Niles also reported year-to-date income of $374,000, up from $242,000 in the same period of 2018.

Net interest income after loan loses was $540,000, up 6.9% from $505,000 in the third quarter last year. Noninterest income was $125,000, up from $26,000 a year ago.

Noninterest expenses for First Niles rose $40,000, primarily related to an increased provision for loss on real estate owned of $38,000.

At the end of the third quarter, the bank’s total assets were $95.5 million, compared to $99.1 million at the close of 2018, a 3.6% decrease. Deposits at the end of the third quarter were $57.2 million, down 1.1% from $57.8 million as of Dec. 31, 2018.

Published by The Business Journal, Youngstown, Ohio.