NILES, Ohio – First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, reported net income of $122,000 for the quarter ended June 30, compared to a loss of $79,000 for the quarter a year earlier.
In its second quarter earnings, announced Thursday, FNFI also announced that its earnings for the first half of the year showed net income of $170,000, compared to a loss of $137,000 for the first six months of 2013. The new release credits the improvement in net income from a year earlier to an increase in net interest income and non-interest income.
The gains in net interest income were attributed to an increase in market interest rates on the long-term end of the yield curve, an increase in FNFI’s municipal bond portfolio and refinancing of maturing long-term Federal Home Loan Bank borrowings at lower interest rates. The interesting non-interest income was largely due to the sale of a limited partnership tax credit investment and increased income from bank-owned life insurance on a comparative basis.
Primary earnings per share for the second quarter were $0.11 and were $0.15 for the first half of the year, That compared to -$0.07 for the first three months of 2013 and -$.12 for the first six months of last year.
Published by The Business Journal, Youngstown, Ohio.
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