First Niles Financial posts income for ’10

Staff report

NILES

First Niles Financial reported a net income of $748,000 for 2010 and a net income of $1.03 million for the fourth quarter of 2010.

That compares with a net loss of $232,000 for 2009 and a net loss of $261,000 for the fourth quarter of 2009.

First Niles, the holding company for Home Federal Savings and Loan Association of Niles, released its year-end and fourth-quarter results for 2010.

Earnings for 2010 were $0.64 per share, compared with a loss per share of $0.20 in 2009. For the quarter that ended Dec. 31, 2010, earnings per share were $0.90, compared with a loss of $0.22 per share during the same period of 2009.

For 2010, the bank’s total assets were $106.1 million, an increase of $2 million compared with assets in 2009.

Total borrowings increased by $2.8 million in 2010, while total deposits decreased $1.5 million.