First Niles Financial reports earnings
NILES – First Niles Financial, Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a loss in earnings for the first quarter of 2013.
The company recorded a loss 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 three months ended March 31 was negative $0.05, compared to $0.07 for the same period in 2012.
The company attributed the loss to declining net interest income linked to the ongoing historically low interest rate environment.
Net interest income after the provision for loan losses for the quarter totaled $360,000, compared to $503,000 for the first quarter of 2012, a decrease of $143,000.