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First Niles Financial Inc. Reports Significant Increase in Net Income

NILES ÔÇö First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, has announced a substantial increase in net income for the second quarter. The company recorded a net income of $199,000, representing a growth of over 111 percent compared to the same period in 2022 when it was $94,000.

Earnings per share for the quarter that ended on June 30 have also shown great improvement at 15 cents, up from 7 cents year-over-year.

Moreover, the financial performance of First Niles for the first half of the year has been remarkable. The company reported a net income of $250,000, observing a significant increase of 177 percent compared to $90,000 for the same period last year. Earnings per share for the six months were 19 cents, up from 7 cents.

First Niles Financial Inc. has also seen positive growth in its assets and loan portfolio. The company reported $148.9 million in assets at the end of June, showing an increase from $133.9 million at the end of 2022. Loans have witnessed a 12 percent increase with a total of $102 million on June 30, up from $91 million on December 31. However, deposits were $77.9 million at the end of June, experiencing a decrease of 6.7 percent compared to the end of 2022.

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