First Niles Financial, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017
October 15, 2017
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First Niles Financial, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2017.
For the quarter, the company reported interest income of $679,000 against $597,000 a year ago. Net interest income was $462,000 against $378,000 a year ago. Income before income tax expenses was $162,000 against loss before income tax expenses of $17,000 a year ago. Net income was $143,000 against $16,000 a year ago. Basic and diluted earnings per share were $0.13 against $0.01 a year ago.
For the nine months, the company reported interest income of $1,997,000 against $1,822,000 a year ago. Net interest income was $1,369,000 against $1,153,000 a year ago. Income before income tax expenses was $425,000 against loss before income tax expenses of $19,000 a year ago. Net income was $384,000 against $71,000 a year ago. Basic and diluted earnings per share were $0.34 against $0.06 a year ago. The increase in net income in the current three and nine month periods as compared to the comparable periods one year ago was primarily the result of an increase in net interest income and a decrease in noninterest expense. Book value per share as on September 30, 2017 was $10.89 against $10.39 a year ago.
First Niles Financial, Inc. is a unitary, non-diversified holding company. The Company operates through its subsidiary, Home Federal Savings and Loan Association of Niles (the Bank). Its principal business consists of attracting retail deposits from the general public and investing those funds primarily in permanent and construction loans secured by first mortgages on one-to four-family residences. The Bank also originates permanent and construction loans secured by first mortgages on commercial and multifamily real estate. The Bank offers personal banking services and business banking services. Its personal banking and business banking services include checking, savings, certificates of deposit and loans. It also offers eServices, such as online banking and e-statements, and business loan services include commercial loans and commercial line of credit. The Bank's other services include debit cards, direct deposit/withdrawals, night depository, safe deposit boxes, and schedule of fees.