First Niles Financial sees income hikes
NILES – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income increases for the three-month and nine-month periods ending Sept. 30 compared to the same time periods last year.
The company recorded net income of $22,000 for the three months, compared to a loss of $170,000 for the same period in 2013, an increase of $192,000. For the nine months, the company recorded net income of $193,000 compared to a loss of $307,000 for the nine months that ended Sept. 30, 2013, an increase of $500,000.
The increase in net income in the current three-month and nine-month periods as compared to the same periods one year ago was primarily the result of an increase in net interest income and non-interest income and a decrease in the provision for loan losses, according to information released by the company recently.
Most of the provision for loan losses in the current quarter was necessitated by current regulatory guidance regarding the write-down to fair market value the loans of borrowers who have declared Chapter Seven Bankruptcy and have not reaffirmed their mortgage debt.