NILES, Ohio -- First Niles Financial Inc., holding company for Home Federal Savings and Loan Association of Niles, reports net income of $22,000 for the three months ended Sept. 30, compared to a loss of $170,000 for the same period in 2013. That's an increase of $192,000, the company said.
First Niles also reportes net income for the first nine months of 2014 was $193,000 compared to a loss of $307,000, an increase of $500,000. Higher net income in the most recent quarter and year-to-date figures primarily result from increases in net interest income and non-interest income and a decrease in the provision for loan losses, the company said.
Most of the provision for loan losses in the current quarter was necessitated by regulatory guidance regarding the write-down to fair market value of loans to borrowers in Chapter 7 bankruptcy, the company said. Regulatory guidance also requires these loans be placed on nonaccrual status, even if current and paying as agreed.
Primary earnings per share for the three and nine months ended Sept. 30 were $.02 and $0.17, respectively, as compared to a loss of 15 cents anda loss of 28 cents for the three-month and nine-month comparative periods in 2013.
Net interest income after the provision for loan losses for the third quarter of 2014 was $335,000, as compared to $186,000 for the third quarter of 2013, an increase of $149,000, or 80.1%.
For the nine months ended Sept. 30, 2014, net interest income after the provision for loan losses totaled $1.2 million, 38.0%, or $328,000, greater than the comparative period in 2013.
Source: First Niles Financial Inc.
Published by The Business Journal, Youngstown, Ohio.
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