First Niles Reports 3Q Income of $420,000, Announces Cash Dividend
NILES, Ohio — First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reports income of $420,000 for the three months ended Sept. 30, 2021.
That’s well up from $40,000 recorded in the second quarter, when earnings were negatively impacted during the first two quarters of the year due to the costs associated with completing the acquisition of Union Capital Mortgage Corp. Acquisition of the Mentor-based company was completed on Aug. 2.
Third-quarter earnings are also up 285.3% from $109,000 for the same period in 2020.
The company announced a cash dividend of $0.06 per share on common stock and $0.07 per share on preferred class A stock for the fourth quarter of 2021. The dividend will be payable on Dec. 24 to shareholders of record on Dec. 10.
For the nine months ended Sept. 30, 2021, the company recorded net income of $510,000, compared to $312,000 for the same period last year. The increase in net income in the current three and nine month periods from 2020 was “primarily the result of higher noninterest income related to gain on the sale of loans originated from the Union Capital merger,” according to a company release.
Noninterest income for the third quarter of 2021 was $1.64 million, up from $63,000 in the same quarter of 2020. For the nine six months of the year, noninterest income totaled $1.72 million, up from $203,000 for the same nine-month period in 2020.
Net interest income after the provision for loan losses for the third quarter this year was $525,000, compared to $545,000 in the same period in 2020, a 3.7% decrease. For the nine months ended Sept. 30, net interest income after the provision for loan losses was $1.5 million, down $78,000 from the same period last year.
Net loans held for investment totaled $70.9 million at Sept. 30, compared to $71.8 million at Dec. 31, down 1.1%.
Deposits were $77.9 million at Sept. 30, a 14% increase from $66.3 million at Dec. 31, 2020, up 17.6%.
At the end of the third quarter this year, First Niles reported total assets of $123.4 million, up from $109.7 million at Dec. 31.
Total equity was $15.3 million as of Sept. 30, up from $12.9 million at Dec. 31, 2020.
Published by The Business Journal, Youngstown, Ohio.