Financial Services

FNFI Reports 2nd-Quarter Income Rises 27.4%

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reported net income of $121,000 for the second quarter of 2019, up 27.4% from the same period last year.

Net interest income for the bank was $500,000 in the second quarter, even with same period a year ago. Non-interest income was $72,000, well ahead of last year’s $25,000. Noninterest expenses rose slightly to $435,000, up from $432,000 in the year-ago quarter.

As of June 30, Home Federal has assets totaling $94.45 million. Deposits totaled $57.86 million, slightly ahead of the level reported for the quarter ended Dec. 31, $57.84 million.

Primary earning per share for the second quarter was 11 cents, compared to eight cents for the same period last year.

Published by The Business Journal, Youngstown, Ohio.