NILES — First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $216,000 for the quarter that ended Sept. 30, compared to a net loss of $2,000 for the same period one year ago.

The company in its third quarter earnings release also reported through the first nine months of 2023, it had net income of $466,000, compared to $88,000 over the same stretch last year.

Both increases, according to the company, are primarily the result of growth in the its loan portfolio.

At the end of the quarter, the company reported assets of $150.6 million, up 12.5% from $133.9 million at the end of 2022.

Net loans held for investment, meanwhile, were $104.3 million at Sept. 30, compared to $91 million at Dec. 31, an increase of 14.6%. Deposits were $76.6 million at the close of the quarter, compared to $83.5 million at the close of 2022, a decrease of 8.2%.

Also, the company reported primary earnings per share for the three- and nine-months that ended Sept. 30 were 16 cents and 35 cents respectively. Earnings per share for the same periods in 2022 were zero cents and 6 cents.