First Niles announces 2Q earnings

NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $94,000 for the second quarter, an increase of 135 percent over the same period in 2021.

For for the first six months of 2022, First Niles had net income of $90,000, which was unchanged from the same period last year.

Earnings were negatively impacted during the first two quarters of 2021 due to the costs associated with acquiring Union Capital Mortgage Corporation in Mentor, according to the company.

Affecting the latest quarter’s earnings was decreased banking activity brought on by increases in market interest rates, the company stated in quarterly earnings report.

Primary earnings per share for the three and six months that ended June 30 were 7 cents. Last year, the three-month earnings per share was 3 cents and six-month, 7 cents.

At the end of June, First Niles had assets worth $130.4 million compared to $124.5 million at the end of 2021.

Net loans receivable were $80.8 million for the quarter, compared to $73.7 million on Dec. 31. Deposits were $84.3 million on June 30, compared to $80.6 million at the end of 2021.

Total equity was $13.9 million at the end of the quarter, $1.4 million lower than at the end of 2021.


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