First Niles Financial, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
February 20, 2017
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First Niles Financial, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. The Company recorded a net loss of $47,000 for the quarter ended December 31, 2016 compared to net income of $40,000 for the same quarter in 2015. Return on average assets was negative 0.20% against return on assets of 0.16% a year ago. Basic and diluted loss per share was $0.04 as compared to profit of $0.03 comparative periods in 2015. Net interest income after the provision for loan losses for the fourth quarter of 2016 was $341,000 as compared to $429,000 for the same quarter in 2015, a decrease of $88,000. Loss before inc. tax exp. was $115,000 against income of $17,000 a year ago. The decrease in net interest income after the provision for loan losses in 2016 was primarily attributable to a $287,000 decrease in total interest income a $56,000 increase in the provision for loan loss and a $52,000 increase in interest expense on a comparative year basis.
For the year ended December 31, 2016 the company recorded net income of $24,000 compared to net income of $212,000 for the year ended December 31, 2015. Return on average assets was 0.02% against 0.22% a year ago. Basic and diluted earnings per share were $0.02 as compared to $0.19 comparative periods in 2015. Net interest income after the provision for loan losses for the year ended December 31, 2016 was $1.5 million, a decrease of $395,000, as compared to 2015. The decrease in net interest income after the provision for loan losses in 2016 was primarily attributable to a $287,000 decrease in total interest income a $56,000 increase in the provision for loan loss and a $52,000 increase in interest expense on a comparative year basis. Book value per share at December 31, 2016, was $10.39 against $10.65 at December 31, 2015. Loss before inc. tax exp. was $133,000 against income of $175,000 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.