First Niles reports net income of $425K in 2019

NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net income of $425,000 for 2019, up from $219,000 for 2018. The income is equal to 38 cents per common share in 2019 compared to 19 cents per common share in 2018.

For the last quarter of 2019, net income was $51,000, compared to a $22,000 loss in the last quarter of 2018.

The company at the end of 2019 had assets of $100.1 million, $949,000 greater than at the end of 2018. Loans increased by $23.8 million and total investment securities decreased by $21.2 million.

The company has also announced a cash dividend of 6 cents per share on common stock and 7 cents per share on preferred class A stock for the first quarter of 2020. The dividend is payable March 27.