First Niles Financial reports strong 2nd-quarter results

Staff report

NILES

First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, on Friday reported strong second-quarter results.

“We’re pleased with the results,” said Lawrence Safarek, president of First Niles. “There were a number of factors that contributed including lower loan losses.”

First Niles reported a net income of $437,000 compared to a loss of $135,000 a year ago and earnings-per-share increased to 38 cents from 12 cents.

Total assets rose to $105.8 million compared with $105.1 million at the end of 2010.

Total equity rose $875,000 to $13.2 million.