First Niles reports revenue increase

e holding company for Home Federal Savings and Loan Association of Niles, reported net income of $108,000 for the first quarter of 2024, up from $51,000 the same period last year.

For the three-month period ending March 31, net interest income, after the provision for loan losses, for the first quarter was $821,000, compared to $752,000 for the first quarter of 2023.

Total interest income was $1.8 million for the period, a $404,000 increase, and interest expense was $1.08 million, a $461,000 increase from the same period in 2023. The provision for loan losses for the quarter was negative $53,000, compared to $73,000 for the quarter one year ago.

Non-interest income was $676,000, down from $696,000 for the same period in 2023, mostly because of lower mortgage loan volume at Union Capital Mortgage Company, a First Niles subsidiary.

Return on average assets for the quarter was 0.28%, up from 0.15% for the same quarter in 2023. Primary earnings per share for the three months was 8 cents, up from 4 cents.

As of March 31, First Niles had assets of $153 million, a 2.5% decrease from $156.9 million at the end of 2023.

Loans were $101 million for the quarter, down 1.9% from $103 million Dec. 31, and deposits at the end of the quarter were $84.5 million, down $3.6 million for the same period. Borrowings were $53.1 million, unchanged from Dec. 31.

First Niles had total equity of $13.5 million on March 31, down $121,000 from Dec. 31.


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