UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________

FORM 10-QSB

|  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended September 30, 2004TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ____________ to _____________.**Commission File Number: 0-24849****FIRST NILES FINANCIAL, INC.**(Exact name of small business issuer as specified in its charter)Delaware(State or other jurisdiction ofincorporation or organization)34-1870418(I.R.S. Employer Identification No.)55 North Main Street, Niles, Ohio(Address of principal executive offices)44446(Zip Code)
Issuer's telephone number, including area code: (330) 652-2539

Check whether the issuer (1) filed all reports to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Shares of common stock, par value $.01 per share, outstanding as of November 2, 2004: 1,384,553

Transitional Small business Disclosure Format (check one): Yes No 
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**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITIONFIRST NILES FINANCIAL, INC. AND SUBSIDIARY(In thousands, except share data)September 30,2004December 31,2003(Unaudited)ASSETSCash and cash equivalents:    Noninterest bearing$993$860    Interest bearing8,1176,428          Total cash and equivalents9,1107,288Securities available for sale - at market34,71051,411Securities to be held to maturity - at cost10,177295Loans receivable, net of allowance  for loan losses of $758 and $75941,56338,778Accrued interest receivable563703Federal Home Loan Bank stock, at cost1,1291,095Real estate investment, limited partnership - at equity118135Real estate owned161-Prepaid expenses and other assets11133Prepaid federal income tax38-Deferred federal income tax--Premises and equipment, at cost less accumulated depreciation297295          TOTAL ASSETS$97,977$100,033LIABILITIESDeposits60,47161,936Accrued interest payable124132Accounts payable and other liabilities745662Federal Home Loan Bank advances20,50020,500Federal income tax payable-20Deferred federal income tax liability21153          TOTAL LIABILITIES81,86183,4032NEXT PAGESeptember 30,2004December 31,2003(Unaudited)SHAREHOLDERS' EQUITYPreferred stock, $.01 par value, authorized  500,000 shares; none outstanding--Common stock, $.01 par value, authorized  6,000,000 shares; 1,754,411 shares issued1818Paid in capital6,8626,879Retained earnings14,28214,078Net unrealized gains on securities available for sale7601,003Common stock purchased by the Employee  Stock Ownership Plan(623)(623)Treasury stock - 369,858 shares and 355,101 shares(5,183)(4,725)                    TOTAL SHAREHOLDERS'EQUITY16,11616,630TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$97,977$100,033
SEE ACCOMPANYING NOTES
3NEXT PAGECONDENSED CONSOLIDATED STATEMENTS OF INCOMEFIRST NILES FINANCIAL, INC. AND SUBSIDIARY(In thousands, except share data)(Unaudited)Three Months EndedNine Months EndedSeptember 30September 302004200320042003Interest income:  First mortgage loans$623$587$1,802$1,833  Consumer and other loans3532105102  Mortgage-backed and related securities210280696738  Investments3623291,0291,193  Interest-bearing deposits15154863    TOTAL INTEREST INCOME1,2451,2433,6803,929Interest expense:  Deposits254287778940  Borrowings232228692671    TOTAL INTEREST EXPENSE4865151,4701,611NET INTEREST INCOME7597282,2102,318Provision for loan losses----  NET INTEREST INCOME AFTER  PROVISION FOR LOAN LOSSES7597282,2102,318Noninterest income:  Gain on sale of securities6555216133  Service fees and other income9212329    TOTAL NONINTEREST INCOME7476239162Noninterest expense:  Equity in loss of limited partnership5101721  Compensation and benefits253247758798  Occupancy and equipment23197163  Federal deposit insurance premiums2277  Legal and audit152582100  Franchise taxes4745142134  Other operating expense7184235237    TOTAL NONINTEREST EXPENSE4164321,3121,361INCOME BEFORE INCOME TAXES4173721,1371,119Federal income taxes128111345336      NET INCOME$289$261$792$783      EARNINGS PER SHARE$0.22$0.20$0.61$0.59DILUTED EARNINGS PER SHARE$0.22$0.20$0.60$0.58
SEE ACCOMPANYING NOTES.
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFIRST NILES FINANCIAL, INC. AND SUBSIDIARY(In thousands)(Unaudited)
Nine Months Ended September 30,20042003Net income$792$783Other comprehensive income:Unrealized gains (losses) on securities:  Unrealized gains (losses) arising for period(151)(1,636)    Related income tax(51)(556)(100)(1,080)Reclassification adjustment:Gain included in net income(217)(133)  Related income tax7445$(143)$(88)Other comprehensive income(243)(1,168)COMPREHENSIVE INCOME$(549)$(385)
SEE ACCOMPANYING NOTES.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFIRST NILES FINANCIAL, INC. AND SUBSIDIARY(In thousands)(Unaudited)
Nine Months EndedSeptember 30,20042003CASH FLOWS FROM OPERATING ACTIVITIESNet income$792$783Adjustments to reconcile net income to net cash  provided by operating activities    Deferred income taxes(6)201    Depreciation2120    Amortization of deferred loan fees and costs(15)(19)     Amortization of discounts and premiums on       investments and mortgage-backed and       related securities5553     Gain on sale of securities(217)(133)     Equity in loss of limited partnership1711     Loss on sale of fixed asset1321     Provision for loan losses--     Federal Home Loan Bank stock dividends(34)(32)626905Net (increase) decrease in accrued interest receivable,    prepaid expenses and other assets(136)(88)Net increase (decrease) in accrued interest,    accounts payable and other liabilities99(572)NET CASH PROVIDED BY OPERATING ACTIVITIES589421CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of securities available for sale1,6254,377Purchase of securities available for sale(12,000)(40,194)Purchase of securities held to maturity(12,000)-Proceeds from maturity of securities available for sale19,00027,075Proceeds from maturity of securities held to maturity2,000-Proceeds from principal payments on mortgage-backed    and related securities7,9882,9006NEXT PAGENine Months EndedSeptember 30,20042003Net (increase) decrease in interest-bearing deposits    with banks(1,690)4,421Net (increase) decrease in loans(2,770)1,936Sale of fixed asset47Additions to premises(40)(4)NET CASH PROVIDED BY INVESTING ACTIVITIES2,117518CASH FLOWS FROM FINANCING ACTIVITIESNet decrease in savings accounts, MMDAs    and NOW accounts(818)(478)Net increase (decrease) in certificates of deposits(648)1,052Purchase of Treasury shares(1,199)(1,691)Cash dividends paid on common stock(587)(553)Proceeds from FHLB Advances--1,000Incentive stock options exercised679349NET CASH USED IN FINANCING ACTIVITIES(2,573)321NET INCREASE IN CASH133618CASH AT BEGINNING OF PERIOD860766CASH AT END OF PERIOD$993$1,384Cash paid during the period for:    Interest$1,479$1,627    Income taxes$365$230
SEE ACCOMPANYING NOTES
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NOTES TO FINANCIAL STATEMENTSFIRST NILES FINANCIAL, INC. AND SUBSIDIARYSeptember 30, 2004 and 2003 (Unaudited)

NOTE A -- SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies followed by First Niles Financial, Inc. ("First Niles") are in accordance with accounting principles generally accepted in theUnited States of America and conform to general practices within the savings and loan industry.

The accompanying unaudited financial statements were prepared in accordance with instructions for Form 10-QSB and, therefore do not include information or footnotesnecessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America.Management believes that all normal recurring adjustments that are necessary for a fair presentation of interim period financial information have been reflected in these financial statements. Theresults of operations for the interim periods discussed herein are not necessarily indicative of the results that may be expected for a full year. These interim financial statements should be read inconjunction with the consolidated financial statements and Notes included in the First Niles Financial, Inc. Annual Report on Form 10-KSB for the year ended December 31, 2003.

NOTE B -- STOCK CONVERSION

On October 26, 1998, First Niles began trading as a public company on the Nasdaq SmallCap Market. First Niles issued 1,754,411 shares, $.01 par value common stock, at$10.00 per share, raising $15.5 million, net of shares acquired by the newly formed Employee Stock Ownership Plan (the "ESOP") and net of the costs of the conversion. Home Federal Savings and LoanAssociation of Niles converted to a federal stock savings and loan association and simultaneously received proceeds of $8.5 million in exchange for all of its common stock to First Niles. Thistransaction was accounted for using historical cost in a manner similar to that in a pooling of interests.

NOTE C -- EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average shares outstanding, during the period, less weighted-average shares in the ESOPthat are unallocated and not committed to be released. Diluted earnings per share reflect the potential effect of stock options and is calculated using the treasury stock method. At September 30, 2004,the market price of First Niles stock exceeded the exercise price of all outstanding options; the resulting dilution, is presented in the following table, as rounded to the nearest wholecent.

The following table sets forth the computation of earnings per share for the three and six month periods ended September 30, 2004 and September 30, 2003 (income inthousands):
8NEXT PAGEThree Months EndedSeptember 30,Nine Months EndedSeptember 30,2004200320042003Net income$289$261$792$783Earnings applicable to basic  earnings per share$289$261$792$783Average common shares1,386,1921,410,9611,390,0921,429,953Less average unallocated  ESOP shares81,26499,14285,614103,702Average common shares  outstanding - basic1,304,9271,311,8191,304,4791,326,251Average common shares  outstanding - diluted1,320,2231,333,0471,318,2071,347,202Earnings per share - basic$0.22$0.20$0.61$0.59                         - diluted$0.22$0.20$0.60$0.58
**Item 2.  Management's Discussion and Analysis**

**Executive Overview**

First Niles Financial, Inc., a Delaware corporation, was formed in July 1998 to act as the holding company for Home Federal Saving and Loan Association of Niles uponthe completion of Home Federal's conversion from mutual to stock form. The conversion was completed on October 26, 1998. References in this Form 10-QSB to "we", "us", and "our" refer to First Nilesand/or Home Federal as the context requires.

Our principal business consists of attracting retail deposits from the general public and investing those funds primarily in permanent and construction loans securedby first mortgages on owner-occupied, one-to-four family residences. We also originate, to a lesser extent, loans secured by first mortgages on non-owner-occupied one-to-four family residences,permanent and construction commercial and multi-family real estate loans, and consumer loans. Excess funds are generally invested in investment securities and mortgage-backed and related securities.Additionally, we borrow funds from the FHLB and reinvest the proceeds in investment securities at favorable interest rate spreads.

Our results of operations depend primarily on our net interest income, which is determined by (i) thedifference between interest earned on interest-earning assets, consisting primarily of mortgage loans, collateralized mortgage obligations, other investments and interest-bearing deposits in otherinstitutions, and interest expense on interest-bearing liabilities, primarily deposits and borrowings, and (ii) the relative amounts of our interest-earning assets and interest-bearing liabilities.The level of non-interest income, such as fees received from customer deposit account service charges and gains on sales of investments, and the level of non-interest expense, such as federal depositinsurance premiums, salaries and benefits, office occupancy costs, and data processing costs, also affect our results of operations. Finally, our results of operations may also be affectedsignificantly by general economic and competitive conditions, particularly 9NEXT PAGE
changes in market interest rates, government policies and actions of regulatory authorities, all of which are beyond ourcontrol.

Short-term market interest rates generally increased during the third quarter of 2004. However, the yield curve has continued to remain relatively steep during thisperiod. It is anticipated that short-term market interest rates will continue to increase in future periods and that short-term interest rates may increase faster than long-term interest rates, thusflattening the yield curve. If this occurs, the resulting interest environment is likley to have a negative impact on our results of operations as our interest-bearing liabilities generally arepriced in relation to short-term interest rates, while our interest-earning assets generally are priced in relation to long-term interest rates. As a result, in such an environment, the spreadbetween the yield on our interest-earning assets and our interest-bearing liabilities would be expected to decrease. If both short-term and long-term interest rates increase to a similar degree and the slope of theyield curve remains essentially unchanged, our spread may still decrease because our interest-bearing liabilities reprice faster than ourinterest-earning assets.

In order to diminish the effect of the anticipated interest rate environments described above, management has shortened the average life of our investment portfolioand focused new purchases of securities into single step, U.S. agency securities. These securities have a fixed interest rate for usually two to three years and are callable, at various intervals,during this time. After this initial fixed interest rate period, the security is either called, or if not, the interest rate rises significantly, and the security is no longer callable. Managementhas focused its purchases of such securities to those with interest rate steps of at least 200 basis points.

The following discussion compares our consolidated financial condition at June 30, 2004 to December 31, 2003 and the results of operations for the three and nine monthperiods ended September 30, 2004 with the same periods ended September 30, 2003. This discussion should be read in conjunction with the consolidated financial statements and footnotes includedherein.

**Comparison of Financial Condition at September 30, 2004 and December 31, 2003**

Total assets decreased by $2.1 million, or 2.1%, to $98.0 million at September 30, 2004 from $100.0 million at December 31, 2003. This decrease was primarily reflectedin a $6.8 million decrease in total investment securities, partially offset by a $2.8 million increase in net loans receivable and a $1.8 million increase in cash and cash equivalents.

Deposits also decreased $1.5 million during this nine month time period. The decrease in deposits was comprised of a $818,000 aggregate decrease in savings accountsand NOW accounts and a $648,000 decrease in certificates of deposit.

Shareholders' equity at September 30, 2004 was $16.1 million, a $514,000, or 3.1% decrease from December 31, 2003. The decrease in shareholders' equity was primarilythe result of a10NEXT PAGE
$243,000 decrease in net unrealized gains on securities available for sale and stock repurchases totaling $458,000, The company repurchased 68,908 of its shares during the nine monthperiod ended September 30, 2004 at an average price of $17.40. Book value per share was $11.64 at September 30, 2004, compared to $11.88 at December 31, 2003. The dividend paid during the first ninemonths of 2004 totaled $587,000 and was equivalent to $0.15 per common share, per quarter. At September 30, 2004 and December 31, 2003, there were 1,384,553 and 1,399,310 shares of common stockoutstanding, respectively.

Nonperforming assets, consisting of nonaccruing loans, accruing loans delinquent more than 90 days and real estate owned totaled $993,000 at September 30, 2004, or1.0% of total assets, compared to $1.0 million, or 1.0% of total assets as of December 31, 2003. The allowance for loan losses was $758,000 at September 30, 2004, representing coverage of 91.1% ofnon-performing loans and 76.3% of nonperforming assets. The allowance for loan losses at September 30, 2004 represented 1.8% of net loans receivable. At December 31, 2003, the allowance for loanlosses was $759,000 and represented coverage of 75.8% of nonperforming loans and nonperforming assets, as we did not have any real estate owned at that date. Management believes that the currentlevel of the allowance for loan losses remains adequate to absorb losses resulting from uncollectible loans. At September 30, 2004 we had $161,000 in real estate owned as the result of foreclosure.At December 31, 2003 we had no foreclosed assets.

**Results of Operations for the Three-Months Ended September 30, 2004 as Compared to September 30, 2003**

**Net Income.**For the three months ended September 30, 2004, First Niles recorded net income of $289,000 as comparedto $261,000 in the comparative 2003 period, an increase of $28,000, or 10.7%. This net income resulted in an annualized return on average assets of 1.18% as compared to 1.04% for the comparativeperiod one year ago. The annualized return on shareholders' equity for the three months ended September 30, 2004 was 7.31% compared to 6.08% for the three months ended September 30, 2003. Basicearnings per share and diluted earnings per share for the three months ended September 30, 2004 was $0.22 and $0.22, respectively, as compared to $0.20 and $0.20 respectively, for the same period in2003.

**Net Interest Income.**Net interest income increased by $31,000, or 4.3%, for the three month period ended September30, 2004 as compared to the respective 2003 period. For the three months ended September 30, 2004 the interest rate spread was 2.81% as compared to 2.55% for the same period one year prior. The netinterest margin for the current period was 3.17% as compared to 2.96% for the same period one year ago, an increase of 21 basis points.

For the three months ended September 30, 2004, total interest income increased $2,000, or 1.6%, as compared to the same period in 2003. Specifically, interest incomeon investment securities, mortgage-backed and related securities and interest bearing deposits decreased a collective 11NEXT PAGE
$37,000 for the three month period ended September 30, 2004 as compared to thesame period in 2003. Interest on loans increased $39,000 on a comparative period basis. The primary reasons for the differences as described above are that the average balance of loans receivableincreased on a year-to year basis, and the aggregate average balance of investment securities, mortgage-backed and related securities and interest bearing deposits, declined on a year to year basis.The average yield on interest earning assets increased from 5.05% during the third quarter of 2003 to 5.19% for the third quarter of 2004, which was the primary reason for the increase in interestincome.

The Company continues to maintain its level of borrowings from the FHLB at $20.5 million. The proceeds from these borrowings have been reinvested into investmentsecurities (leverage strategy). This strategy was undertaken at a net interest rate spread and net interest margin lower than those related to core operations. The interest rate spread and netinterest margin on the leverage strategy was approximately 124 basis points as of September 30, 2004. This leverage strategy requires a negligible amount of administrative expense and is the primaryreason that such an activity can be undertaken at a reduced interest rate spread and net interest margin as compared to core operations, while making a significant contribution to netincome.

Eleven of our twelve FHLB Advances are convertible at the option of the FHLB on a specified date and quarterly thereafter to a variable rate based on 3-month LIBOR. Atthe time of conversion, each advance may be prepaid without penalty. At September 30, 2004, $17.0 million of the FHLB advances were subject to conversion at the next quarterly conversion date. Duringthe past several quarters, as a strategy to mitigate the interest rate risk associated with such conversions in a rising interest rate environment, we have shortened the expected life and increasedthe cash flow of our investment portfolio by reducing and laddering the maturity structure of our callable U.S. Agency security portfolio.

Total interest expense decreased by $29,000, or 5.6%, as compared to the same period one year prior. Total interest on deposits decreased $33,000, or 11.5%, fromperiod to period.  The average interest rate on FHLB advances, which comprise the remaining portion of interest bearing liabilities, remained unchanged at 4.51% on a year to year basis,although interest expense on FHLB Advances increased from $228,000 to $232,000 on a period to period comparative basis, due to a higher average balance. The overall cost offunds for the quarter ended September 30, 2004 was 2.38%, a 12 basis point decrease from the same quarter one year ago.

**Provision for Loan Losses**. For the three months ended September 30, 2004 there was no provision for loan losses, unchanged from the comparative periodin 2003.The provision for loan losses is a result of management's periodic analysis of risks inherent in our loan portfolio from time to time, as well as theadequacy of the allowance for loan losses. It is our policy to provide valuation allowances for estimated losses on loans based upon past loss experience, current trends in the level of delinquentand specific problem loans, loan concentrations to single borrowers, adverse situations that may affect the borrower's ability to repay, the estimated value 12NEXT PAGE
of any underlying collateral, and currentand anticipated economic conditions in our market area. Accordingly, the calculation of the adequacy of the allowance for loan losses is not based directly on the level of non-performingassets.

Management will continue to monitor the allowance for loan losses and make future additions to the allowance through the provision for loan losses as economicconditions dictate. Although we maintain the allowance for loan losses at a level which we consider to be adequate to provide for losses, there can be no assurance that future losses will not exceedestimated amounts or that additional provisions for loan losses will not be required in future periods. In addition, management's determination as to the amount of the allowance for loan losses issubject to review by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation, as part of their examination process, which may result in the establishment of an additionalallowance.

**Noninterest Income**.Noninterest income of $74,000 for the three months ended September 30, 2004 was $2,000 lowerthan during the same period in 2003. This decrease was essentially the result of a $12,000 decrease in service fees and other income, partially offset by a $10,000 increase in gain on sale ofinvestment securities.

**Noninterest Expense**.Noninterest expense decreased $16,000, or 3.7%, for the three months ended September 30, 2004as compared to the same period in 2003. Other operating expense declined $13,000 on a quarter to quarter comparative period basis. Legal and audit expense was also $10,000 lower on a comparativeperiod basis due to various cost containment measures implemented by management.

**Federal Income Taxes**.The provision for federal income taxes increased by $17,000 in the three months endedSeptember 30, 2004 as compared to the same period in 2003, resulting in an income tax provision of $128,000. The increase in the provision for federal income taxes as compared to the same period in2003 was primarily due to a $45,000 increase in pre-tax income from period to period. The effective tax rate in the current three month period was 30.7%, as compared to 29.9% one year prior. Theabove effective tax rates differ from the statutory rate of 34% primarily due to our ownership interest in a low income housing tax credit program. The tax credits from this program are expected tolast through 2006.

**Results of Operations for the Nine-Months Ended September 30, 2004 as Compared to September 30, 2003**

**Net Income.**First Niles recorded net income of $792,000 for the nine months ended September 30, 2004, as comparedto $783,000 for the nine months ended September 30, 2003, an increase of $9,000, or 1.1%. The increase in net income was comprised of a $77,000 increase in noninterest income and a $49,000 decreasein noninterest expense partially offset by a $108,000 decrease in net interest income and a $9,000 increase in federal income tax expense. Our annualized return on average assets for thenine-month period ended 13NEXT PAGE
September 30, 2004 was 1.07%, compared to 1.04% for the same period one year ago. Our annualized return on average shareholders' equity was 6.54% for the nine months endedSeptember 30, 2004 as compared to 5.94% for the same period one year ago. Earnings per share, on a basic and diluted basis, for the nine months ended September 30, 2004 was $0.61 and $0.60,respectively, as compared to $0.59 and $0.58 for the same nine month period in 2003.

**Net Interest Income.**Net interest income decreased by $108,000, or 4.7% for the nine months ended September 30,2004 as compared to the respective 2003 period. For the nine months ended September 30, 2004, total interest income decreased by $249,000 and total interest expense decreased by 141,000 as comparedto the same period in 2003. For the six months ended September 30, 2004, the interest rate spread was 2.65% as compared to 2.66% for the nine months ended September 30, 2003. For the nine monthsended September 30, 2004, the net interest margin was 3.03% as compared to 3.13% for the nine months ended September 30, 2003. For the nine months ended September 30, 2004, the yield on interestearning assets was 5.05% as compared to 5.31% for the nine months ended September 30, 2003, a decline of 26 basis points. The overall cost of funds was 2.40% for the nine months ended September 30,2004 as compared to 2.65% for the same period in 2003, a decline of 25 basis points. A continued general decline in market interest rates was the primary reason for the decline in the yield oninterest earning assets as well as the decline in our overall cost of funds. The decline in market interest rates has started to reverse during the latter several months and the effects are evidentin the latest quarter's yields, margin and spread.

**Provision for Loan Losses.** The Company had no provision for loan losses for the nine months ended September 30, 2004, unchanged from the nine monthsended September 30, 2003.

**Noninterest Income.**Noninterest income totaled $239,000 for the nine months ended September 30, 2004 as comparedto $162,000 for the same period in 2003. This increase was attributable to a $83,000 increase in gain on sale of investment securities in the current period as compared to the prior comparativeperiod, partially offset by a $6,000 decrease in service fees and other income.

**Noninterest Expense.**Noninterest expense decreased $49,000, or 3.6%, for the nine months ended September 30, 2004as compared to the same period one year earlier. This decrease was primarily attributable to a $40,000 decrease in compensation and benefits due to the retirement of two officers during the 2003period and an $18,000 decrease in legal and audit expense, partially offset by slight increases in several expense categories.

**Federal Income Taxes.**The provision for federal income taxes increased by $9,000 for the nine months endedSeptember 30, 2004 as compared to the same period in 2003. The increase in the provision for federal income taxes was primarily due to an increase in pre-tax income of $9,000. The effective tax ratewas 30.3% for the nine month period ended September 30, 2004 compared to 30.0% in the same period one year earlier. The above effective tax rates differ from the 14NEXT PAGE
statutory rate of 34% primarily dueto our ownership interest in a low income housing tax credit program. The tax credits from this program are expected to last through 2006.

**Liquidity and Capital Resources**

Our main source of funds are deposits, and loan and securities repayments. While scheduled loan repayments and maturing investments are relatively predictable, depositflows and loan prepayments are more influenced by interest rates, general economic conditions and competition. Safe and sound banking practices require us to maintain cash and eligible investments atlevels that assure our ability to meet demands for deposit withdrawals and the repayment requirements of short-term borrowings, if any. We believe that sufficient funds are available for us to meetour current liquidity needs. Total cash and cash equivalents amounted to $9.1 million at September 30, 2004.

We use our capital resources to meet ongoing commitments to fund various types of deposit withdrawals, to invest in securities, to fund existing and future loancommitments, to maintain liquidity, and to meet operating expenses. At September 30, 2004, we had outstanding commitments to extend credit or purchase securities totaling $9.3 million, including $1.8million of unused consumer lines of credit.

Home Federal is required to maintain minimum regulatory capital sufficient to meet tangible, core and risk-based capital ratios of 1.5%, 4.0% and 8.0%, respectively.As of September 30, 2004, Home Federal significantly exceeded its regulatory capital requirements, with tangible, core, and risk-based capital ratios of 14.90%, 14.90% and 39.24%,respectively.

**Cautionary Forward-looking Statements**

This document, including information incorporated by reference, contains, and future filings by First Niles Financial, Inc. on Form 10-KSB, Form 10-QSB, and Form 8-Kand future oral and written statements by First Niles and its management may contain, forward-looking statements about First Niles and its subsidiary which we believe are within the meaning of thePrivate Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements with respect to anticipated future operating and financial performance,growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be realized by management. Words such as may, could, should, would, believe, anticipate, estimate,expect, intend, plan and similar expressions are intended to identify forward-looking statements. Forward-looking statements by First Niles and its management are based on beliefs, plans, objectives,goals, expectations, anticipations, estimates and intentions of management and are not guarantees of future performance. First Niles disclaims any obligation to update or revise any forward-lookingstatements based on the occurrence of future events, the receipt of new information, or otherwise. The important factors we discuss below, as well as other factors discussed under the caption"Management's Discussion and Analysis of Financial Condition and Results of Operations" in this document and identified in our filings with the SEC and those 15NEXT PAGE
presented elsewhere by our management fromtime to time, could cause actual results to differ materially from those indicated by the forward-looking statements made in this document:

The following factors, many of which are subject to change based on various other factors beyond our control, could cause our financial performance to differmaterially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements:
- the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
- the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board;
- the financial markets interest rate and monetary fluctuations particularly the relative relationship of short-term interest rates to long-term interestrates;
- the timely development of and acceptance of new products and services of Home Federal and the perceived overall value of these products and services by users,including the features, pricing and quality compared to competitors' products and services;
- the willingness of users to substitute competitors' products and services for our products and services;
- the impact of changes in financial services' laws and regulations (including laws concerning taxes, accounting, banking, securities and insurance);
- the impact of technological changes;
- acquisitions;
- changes in consumer spending and saving habits; and
- our success at managing the risks involved in the foregoing.

**Item 3. Controls and Procedures**

        An evaluation of the Company's disclosure controls and procedures (as defined in Section 13a-15(e) of the SecuritiesExchange Act of 1934 (the "Exchange Act")) as of September 30, 2004, was carried out under the supervision and with the participation of the Company's Chief Executive Officer, Principal FinancialOfficer and several other members of the Company's senior management. The Company's Chief Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls andprocedures as currently in effect are effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is (i) accumulatedand communicated to the Company's management (including the Chief Executive Officer and Principal Financial Officer) in a timely manner and (ii) recorded processed, summarized and reported within thetime periods specified in the SEC's rules and forms. There have been no changes in our internal control over 16NEXT PAGE
financial reporting (as defined in 13a-15(f) of the Exchange Act) that occurred during thequarter ended September 30, 2004, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

        The Company intends to continually review and evaluate the design and effectiveness of its disclosure controls andprocedures and to improve its controls and procedures over time and to correct any deficiencies that it may discover in the future. The goal is to ensure that senior management has timely access toall material non-financial information concerning the Company's business. While the Company believes the present design of its disclosure controls and procedures is effective to achieve its goal,future events affecting its business may cause the Company to modify its disclosure controls and procedures.
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**PART II - OTHER INFORMATION**

**Item 1.   Legal Proceedings:**

There are no matters required to be reported under this item.

**Item 2.   Changes in Securities and Small Business Issuer Purchases of Equity Securities:**

*Quarterly Stock Repurchase Activity*

On November 19, 2003, the Company's Board of Directors authorized management to repurchase up to 5.0% of the Company's outstanding common stock, or approximately 69,865 shares, under a program ofopen market purchases or privately negotiated transactions. The plan does not have an expiration date, but was completed on August 27, 2004. The plan was completed with a total of 68,908 shares beingrepurchased, 957 shares less than the maximum authorized. The reduction in total shares repurchased was due to certain Securities and Exchange Commission restrictions limiting a Company's sharerepurchase activities. Information on the shares purchased during the third quarter of 2004 is as follows.
**Period****Total Numberof SharesPurchased****Average PricePer Share****Total Number ofShares Purchasedas Part of PubliclyAnnounced Plan****Maximum Number ofShares that May YetBe Purchased Underthe Plan**July 1, 2004 - July 30, 2004---------4,946August 1, 2004 - August 31, 20043,989$18.003,989-September 1, 2004 - September 30, 2004---  ----Total3,989(1)  3,989-
(1) All shares were purchased in open market transactions, pursuant to the Company's publicly announced repurchase program.

**Item 3.   Defaults Upon Senior Securities:**

There are no matters required to be reported under this item.

**Item 4.   Submission of Matters to a Vote of Security Holders:**

There are no matters required to be reported under this item.
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**Item 5.   Other Information:**

There are no matters required to be reported under this item.

**Item 6. Exhibits and Reports on Form 8-K:**

(a)   The following exhibit is filed herewith:

        See exhibit index

(b)   Reports on Form 8-K:
On July 15, 2004, the Registrant filed a current Report on Form 8-K containing a press release announcing earnings for the quarter ended June 30, 2004
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**SIGNATURES**

                  In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.
**FIRST NILES FINANCIAL, INC.**RegistrantDate: November 12, 2004By:/s/ William L. StephensWilliam L. StephensPresident and Chief Executive Officer*(Duly Authorized Representative)*Date: November 12, 2004By:/s/ Thomas T. MaleyThomas G. MaleyController*(Principal Accounting Officer)*19NEXT PAGE
**INDEX TO EXHIBITS**
NumberDocument3The Certificate of Incorporation and Bylaws, filed on July 10, 1998 as Exhibits 3.1 and 3.2, respectively, to Registrant's Registration Statement on Form SB-2 (FileNo.333-58883), are incorporated by reference.4Registrant's Specimen Stock Certificate, filed on July 10, 1998 as Exhibit 4 to Registrant's Registration Statement on Form SB-2 (File No.333-58883), are incorporatedby reference.10.1Employment Agreement between Registrants operating bank subsidiary and William L. Stephens and Lawrence Safarek filed as Exhibits 10.1 and 10.3 to Registrant's Reporton Form 10-KSB for the fiscal year ended December 31, 1998 (File No.0-24849), is incorporated herein by reference.10.2Registrant's 1999 Stock Option and Incentive Plan, filed on November 12, 1999 as Appendix A to Registrant's Proxy Statement on Schedule 14A (FILE No. 0-24849), isincorporated herein by reference.10.3Registrant's 1999 Recognition and Retention Plan filed on November 12, 1999 as Appendix B to Registrant's Proxy Statement on Schedule 14A (FILE No. 0-24849), isincorporated herein by reference.11Statement re computation of earnings per share (see Note C of the Notes to Financial Statements included in this Form 10-QSB).31.1Rule 13a-14(a) Certification for the Registrant's Chief Executive Officer.31.2Rule 13a-14(a) Certification for the Registrant's Chief Financial Officer.32Section 1350 Certifications20END |
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