First Niles reports 2nd-quarter dividend

Staff report

Niles

First Niles Financial Inc. announced Friday a cash dividend of 8 cents per share on its common stock and a 9-cents-per-share dividend on its preferred class A stock for 2011’s second quarter.

First Niles, the parent company of Home Federal Savings and Loan Association of Niles, will pay the dividend June 17 to shareholders of record on June 3.

“We had a large loan-loss recovery [late last year], so that’s really helped fuel the good results so far this year,” said Dabiel Csontos, vice president of First Niles. “We’re cautiously optimistic because while the real-estate market is showing some signs of rebounding, it’s still showing some weakness.”

It’s the 50th consecutive quarter First Niles has paid out a cash dividend.

First Niles had $102.4 million in assets and $12.5 million in stockholders’ equity as of March 31.