First Niles Reports $40,000 4th-Quarter Net Income

NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, reports fourth-quarter net income of $40,000, or three cents a share, and full-year 2014 net income of $212,000, or 19 cents a share.

This compares to fourth-quarter 2014 net income of $32,000, or three cents a share, and full-year 2014 net income of $225,000, or 20 cents a share.

Saying it had not been audited for net interest margin and efficiency ratio, First Niles provided only its return on average assets, 0.16% for the fourth quarter and 0.22% for the full year. That compares to 0.13% for the last quarter of 2014 and 0.23% for the year.

Net interest income after the provision for loan losses in the last quarter of 2015 was $429,000 compared to $421,000 the same quarter a year earlier.

For full-year 2015, the figure was $1.89 million, compared to $1.61 million in 2014.

Noninterest expense (includes wages and benefits, data processing, marketing and Federal Deposit Insurance Corp. premiums) was $509,000 the last quarter of 2015 and $1.97 million for the year. That figure for fourth-quarter 2014 was $481,000 and $1.92 million for the year.

First Niles attributed the increase “to temporary increased staffing levels in preparation for the retirement of the company controller at year-end 2015.”

The provision for loan losses was less, resulting from “improved asset quality,” First Niles said, “and substantive partial recoveries on loans that had previously been written down.”

Total assets of First Niles rose more than $2 million during the year to $98.47 million from $96.44 million at Dec. 321, 2014.

At. Dec. 31, Home Federal Savings had $394,000 in repossessed real estate (other real estate owned) on its books, a single-family property and a commercial site. A year earlier, the bank had $381,000 in repossessed properties, two single-families properties and one commercial site.

Total loans increased likewise as well, to $25.85 million, more than $3 million above the $22.87 million reported at Dec. 31, 2014.

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