NILES - First Niles Financial Inc. on Monday reported a loss of $79,000 for the second quarter ended June 30.
By comparison, the holding company for Home Federal Savings and Loan Association of Niles reported a net income of $80,000 for the same period in 2012, a decrease of $159,000.
The company also has recorded a loss of $136,000 compared to net income of $163,000 for the six months ended June 30, 2012, a decrease of $299,000.
Company officials attributed the loss to declining net interest income due to historically low interest rates and an increase in the provision for loan loss.
Primary earnings per share for the three months ended June 30 was negative $0.07, compared to $0.07 in 2012. Net interest income before the provision for loan losses was $362,000 for the three months compared to $489,000 for the three months ended June 30, 2012.