First Niles Financial Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
February 09, 2015
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First Niles Financial Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's interest income was $623,000 compared to $650,000 a year ago. Net interest income was $421,000 compared to $426,000 a year ago. Income before income tax expenses was $16,000 compared to $7,000 a year ago. Net income was $32,000 or $0.03 per basic and diluted share, compared to $23,000 or $0.02 per basic and diluted share, a year ago. The increase in net interest income after the provision for loan losses in 2014 was primarily attributable to higher income form mortgage backed and related securities due to slower principal prepayments and reduced interest expense due to the refinancing of maturing FHLB Advances at lower interest rates. Return on average assets was 0.13% compared to 0.09% a year ago.
For the year, the company's interest income was $2,593,000 compared to $2,442,000 a year ago. Net interest income was $1,613,000 compared to $1,290,000 a year ago. Income before income tax expenses was $147,000 compared to loss before income tax expenses of $491,000 a year ago. Net income was $225,000 or $0.20 per basic and diluted share, compared to net loss of $284,000 or $0.26 per basic and diluted share, a year ago. Book value per share was $10.51 compared to $9.13 a year ago. Return on average assets was 0.23% compared to 0.29% 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.