First Niles Financial reports net income of $246,000 in the second quarter

NILES, Ohio – First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, reported net income of $246,000 for the second quarter of 2024.

Net income represents an increase of $47,000, or 23.6%, over the same period in 2023. For the first six months of 2024, First Niles reported net income of $354,000, compared to $250,000 for the same period in 2023.

Earnings per share were 26 cents in the second quarter and 18 cents in the first quarter, compared to 15 cents and 19 cents in the first and second quarters of 2023.

Net interest income, after provision for loan losses, was $725,000 in the second quarter of 2024, compared to $834,000 in the second quarter of 2023.

For the first six months of 2024, noninterest income totaled $2 million, an increase of $374,000 from the same period in 2023, primarily due to an increase in revenue from mortgage banking activities at subsidiary Union Capital Mortgage Corp.

Noninterest expenses increased $207,000 in the second quarter compared to the same period in 2023.

Non-performing loans totaled $1.3 million, representing 1.3% of net loans.

Total assets were $150.1 million at the end of the second quarter, compared to $156.9 million at the end of December 2023.

Total equity was $13.7 million as of June 30, up $23,000 from December 31, 2023.

Published by The Business Journal, Youngstown, Ohio.