NILES - First Niles Financial Inc. on Monday announced significantly smaller net income during the three-month period of April through June 2012 compared to the same period in 2011.
During the second three months of 2012, First Financial recorded a net income of $80,000. During the same period of 2011, it had a net income of $437,000, representing a decrease of $357,000.
For the first six months of the year, First Niles had a net income of $163,000 compared to the same period of 2011 when it had a net income of $814,000.
The losses were primarily caused by changes in the provision for loan losses in each period. There was no provision for loan losses for this year.
Primary earnings per share for the three and six months ending June 30, 2012, was $0.07 and $0.14, respectively, as compared to $0.38 and $0.71 for the three month and six month comparative periods in 2011.
Net interest income before the provision for loan losses was $489,000 for the three months ending June 30, 2012, as compared to $651,000 for the three months ending June 30, 2011, a decrease of $162,000. Net interest income before the provision for loan losses was $992,000 for the six months ending June 30, 2012, as compared to $1.2 million for the six months ending June 30, 2011, a decrease of $230,000.
As of June 30, 2012, total assets were $105.8 million compared to $103.8 million at Dec. 31, 2011, an increase of $2 million.
First Niles Financials Inc. is the holding company for Home Federal Savings and Loan Association of Niles.