×

First Niles Financial reports first-quarter loss of $4,000

NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a net loss of $4,000 in the first quarter compared with net income of $50,000 over the same period in 2021, a decrease of 108 percent.

Net interest income after the provision for loan losses was $614,000 for the quarter, compared with $475,000 for the first quarter of 2021.

Total interest income was $864,000 for period that ended March 31, a $105,000 increase from the same period in 2021. Interest expense was $247,000, a $37,000 decrease from the same period one year prior.

Non-interest income for the quarter was $1.1 million, compared with $61,000 for the same period in 2021, an increase of $1 million. The increase was due to gain on sale of loans held for sale, originated by the Union Capital Mortgage Corp. subsidiary, which First Niles acquired in August.

Non-interest expense for the quarter was $1.7 million, compared with $477,000 for the first quarter of 2021, mostly due to operating Union Capital.

At the end of the quarter, total assets were $123.8 million, down from $124.5 million on Dec. 31.

Total equity on March 31 was $14.6 million, $699,000 less than Dec. 31, mostly due to a $613,000 decrease in net unrealized gains on securities available for sale and an $86,000 decrease in retained earnings.

Primary earnings per share for the quarter was $0, a decrease of 4 cents from the same period in 2021. Net income in the quarter was adversely impacted by decreased mortgage banking activity related to the recent increase in market interest rates.

business@tribtoday.com

NEWSLETTER

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *
     

COMMENTS

Starting at $4.62/week.

Subscribe Today