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First Niles Financial Reports Loss for Quarter
NILES, Ohio -- Low interest rates took their toll on First Niles Financial Inc’s first-quarter results, the company reports.
First Niles, holding company for Home Federal Savings and Loan Association of Niles, recorded a loss for the three months ended March 31 of $57,000 compared to net income of $83,000 for the same period in 2012, a decrease of $140,000. Primary earnings per share for the period were 5 cents, compared to 7 cents for the same period in 2012.
Declining net interest income linked to the ongoing historically low interest rate environment was the primary factor adversely effecting net income on a comparative period basis, the company stated in the earnings release. Net interest income after the provision for loan losses for the first quarter of 2013 totaled $360,000, compared to $503,000 for the first quarter of 2012, a decrease of $143,000.
Total interest income was $594,000 for the three months ended March 31, a $228,000 decrease from the same period in 2012. Interest expense for the three months ended March 31, 2013 was $234,000, an $85,000 decrease from the same period one year prior.
Non-interest income for the first quarter of 2013 was $37,000, as compared to $100,000 for the same period in 2012, a decrease of $63,000. A $39,000 gain on the sale of real estate boosted this income item in 2012.
Total assets at the end of the quarter were $99.9 million, compared to $102.2 million at the end of 2012, a decrease of $2.3 million, or 2.2%. Total equity at March 31 was $12.8 million, $287,000 lower than three months ago, a decrease attributed to a $149,000 decrease in retained earnings, a $136,000 decrease in net unrealized gains on securities available for sale and a $2,000 increase in treasury shares.
Published by The Business Journal, Youngstown, Ohio.
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