First Niles Reports Net Income of $54,000
NILES, Ohio – First Niles Financial Inc., holding company of Home Federal Savings and Loan Association, reports third-quarter net income of $54,000, or five cents per share, and for the first nine months of $217,000, or 19 cents a share.
Third-quarter net income was $345,000 lower than the same quarter a year ago when earnings per share were 35 cents. Net income for the first nine months was $996,000 lower than the same period in 2011, when earnings per share were $1.05.
The president of First Niles Lawrence Safarek, and vice president, Daniel E. Csontos, attributed the lower earnings to “the result in changes to the provision for loan loses in each period.” No provision for loan losses were set aside for the third quarter of this year, First Niles reports.
It recorded the recovery of $345,000 in the third quarter of 2011 on loans charged off and the recovery of $1.3 million in loans charged off during the first nine months of 2011.
Net interest income before the provision for loan losses was $405,000 compared to $586,000 the third quarter of 2011. For the nine months ended Sept. 30, that figure stood at $1.4 million compared to $1.8 million the same period in 2011.
Published by The Business Journal, Youngstown, Ohio