First Niles logs profit of $241K for 2012

First Niles logs profit of $241K for 2012


First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a fourth quarter profit of $24,000 Friday.

Total profit for 2012 was $241,000 compared with $1.33 million in 2011. Return on average assets for the fourth quarter was .09 percent. Return on average assets in the same period during 2011 was 0.46 percent.

Per share earnings for the fourth quarter totaled 2 cents, while per share earnings for the year were 21 cents.

Heinz, Pittsburgh go together well


The Pittsburgh Symphony Orchestra performs at Heinz Hall. The city’s regional history museum is named for a Heinz heir. Love-struck couples wait for months to be married at Heinz Memorial Chapel on the University of Pittsburgh campus. And the city’s beloved Steelers play their home games at Heinz Field. Those are just a few reasons why the $28 billion sale of the ketchup-making food giant H.J. Heinz Co. resonates so profoundly with Pittsburghers.

Under the deal with Berkshire Hathaway, the ketchup-fueled food conglomerate founded by Henry John Heinz nearly 150 years ago will stay in the city. And, some say it would take more than just a corporate relocation to erase the Heinz legacy.

“Heinz ketchup is red gold in America and around the world,” said Andrew Masich, president and CEO of the Senator John Heinz History Center. “Heinz is an integral part of the cultural ethos of Pittsburgh. Heinz and Pittsburgh go together.”

Global gold sales down since 2009


Global gold sales slipped in 2012 for the first time since 2009 as the biggest central bank purchases in half a century weren’t able to offset a decline in demand from India, an industry group said Thursday. The World Gold Council said 4,405.5 metric tons were sold in 2012, down 176.8 metric tons, or 4 percent, from 4,582.3 metric tons in 2011.

However, the value of gold sold last year rose to an all-time high of $236.4 billion mainly because of the rising price for the yellow metal, which rose 6 percent to an average of $1,669 per ounce.

US rate on 30-year mortgage steady


The average U.S. rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows. The average rate on the 15-year mortgage also stayed the same. Low mortgage rates are helping to strengthen the housing recovery. Mortgage buyer Freddie Mac said Thursday the rate on the 30-year low stayed at 3.53 percent, which was close to record-low 3.31 percent reached in November, while the rate on the 15-year fixed mortgage stayed at 2.77 percent. The record low is 2.63 percent.

The one-year adjustable mortgage was the only rate to change, increasing from 2.53 percent to 2.61 .

Staff and wire reports

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