First Niles reports first quarter earnings

NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, recorded net income of $51,000 in the first quarter, up from a $4,000 net loss in the same three months in 2022.

The company reported for the quarter that ended March 31 a return on average assets of 0.15 percent, up from a negative 0.01 percent in the first quarter of 2022.

Primary earnings per share, meanwhile, were 4 cents, an increase of 4 cents from the period one year ago.

On March 31, First Niles had assets of $144.6 million, up 8 percent from $133.9 million at the end of 2022. Loans for the quarter were up 7.2 percent to $97.5 million from $91 million at the end of the year and deposits were down about $2.2 million to $81.3 million from Dec. 31. Total borrowings were $48.1 million at the end of the quarter compared to $35.1 million Dec. 31.


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