Net income declines at 1st Niles Financial
NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income was down 41 percent to $50,000 in the first quarter of the year compared with the same three-month period last year.
The company in its first quarter financial report this week also reported a return on average assets for the quarter of 0.18 percent, compared to 0.34 percent one year ago, and an earnings per share of 4 cents, a 4-cent decline from the same period in 2020.
At the end of March, the company’s assets were $109.9 million, up from $109.7 million at the end of 2020. Deposits were $72.6 million, $6.3 million more than at Dec. 31, and total borrowing was $24.1 million, down from $30.1 million at the end of the year.