Financial Services

First Niles Reports 3Q Net Income of $99K

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Tuesday reported third-quarter net income of $99,000, or nine cents per share.

This is a decrease from the year-ago quarter of $143,00, or 21 cents per share, but is up from the net income reported the second quarter of 2018 at $95,000, or eight cents a share.

The decrease in net income from the third quarter this year compared to last year was primarily the result of an increase in noninterest expense related to higher staffing levels and lower noninterest income, First Niles reported.

Net interest income after the provision for loan losses was $505,000, up from $500,000 in the second quarter and the $462,000 reported for the year-ago quarter.

Noninterest income was $26,000, slightly higher than the $25,000 reported the second quarter and below the $56,000 reported the third quarter of 2017.

Noninterest expense (such as salaries and employee benefits, data processing, taxes and Federal Deposit Insurance Corp. premiums) increased to $430,000 from the $356,000 reported at the end of Sept. 30, 2017.

Nonperforming loans (those 90 days past due) came to $615,000, or 1.4% of net loans receivable, First Niles said, up from $323,000, or 0.7% of net loans receivable at June 30, and $565,000, or 1.6% of net loans receivable at Sept. 30, 2017.

At Sept. 30, total assets were at $98.4 million compared to $100.7 million June 30 and $95.6 million at Sept. 30, 2017.

Published by The Business Journal, Youngstown, Ohio.