1st Niles reports dip in 3Q earnings

NILES – First Niles Financial, Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a $224,000 dip in net income for the third quarter ended Sept. 30, when compared to third quarter a year ago.

In an earnings report released last week, the company reported a $170,000 loss for the quarter. The company reported a net income of $54,000 for the same period in 2012.

The company also reported a $307,000 loss for the first nine months of the year compared to net income of $217,000 for the nine months ended Sept. 30, 2012, a decrease of $524,000.

The bank company attributed the drop to several factors including the provision for loan losses, a decrease in net interest income, a decrease in non-interest income and an increase in noninterest expense in each period. Primary earnings per share for the three and nine months ended Sept. 30, 2013, was negative 15 cents and negative 28 cents, respectively, as compared to 5 cents and 19 cents for the three month and nine month comparative periods in 2012, the bank said.