NILES - Lower interest income, plus absence of a loan recovery in 2011, helped cut First Niles Financial Inc.'s profit by 78 percent in the first three months of 2012, the bank holding company reported Friday.
The parent of Home Federal Savings and Loan Association of Niles said it earned $83,000, or 7 cents per share, in the first quarter versus $378,000, 33 cents per share, in the same period of 2011.
The company posted an interest income decline to $822,000 from $931,000 a year ago. Net interest income of $503,000 compared to $1.072 million a year ago, with a $500,000 recovery on its loan loss provision accounting for most of the difference.
Non-interest income rose to $100,000 from $42,000 last year, while non-interest expense fell to $477,000 from $542,000.
Non-performing loans dipped $169,000 to $1.8 million, with a loan loss allowance of $434,000. The company owned $124,000 in real estate versus $598,000 at Dec. 31.
Total assets were $105.6 million at March 31 compared to $103.8 million at Dec. 31. Net loans stood at $27.3 million versus $28.2 million for the period. Deposits were $61.8 million versus $59.8 million.