1st Niles Financial reports quarterly loss, dividend
NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $109,000 for the quarter that ended in September, a decrease of $52,000 from the same period in 2019.
For the first nine months of 2020, the company recorded net income of $312,000 compared with $374,000 for the same time last year.
The company attributes the decreases to lower noninterest income related to gain on the sale of securities and higher provisions for loan losses.
At the end of the quarter, the company had assets of $107.1 million compared with $100.1 million at the end of 2019. Net loans were $71.6 million compared with $67.6 million and deposits were $61.6 million compared with $61.7 million for the same period.
The company 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 fourth quarter. The dividend is payable Dec. 18 to shareholders of record on Dec. 4.