First Niles reports profit decline in 2nd quarter

Staff report

First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported a major decline in profits for the second quarter Monday.

Total net income at the bank went from $437,000 during the second quarter of 2011, to just $80,000 during the second quarter of 2012, a decrease of $357,000.

The bank attributed the loss to the result of changes in the provision of loan losses during both the first and second quarter of 2012. Earnings per share went from 38 cents at the same time last year, to only 7 cents per share this year.

Nonperforming loans, or uncollectible loans, were $1.7 million, or 6.8 percent of net loans. In all, those loans decreased by $202,000 from where they stood at the same time last year.

Total assets were $105.8 million, compared with $103.8 million in 2011.