United Community Financial Corp. Announces Fifth Consecutive Quarter of Positive Earnings

YOUNGSTOWN, Ohio--()--United Community Financial Corp. (Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company of Youngstown, Ohio (Home Savings), today reported consolidated net income of $2.2 million for the three months ended December 31, 2013. The Company also reported net income of $10.0 million (before amortization of the discount on preferred stock1) for the twelve months ended December 31, 2013.

Selected results:

  • Net income for 2013 was $10.0 million compared to a net loss of $20.4 million for 2012
  • Noninterest expense for 2013 was $56.7 million, down 12.9% from 2012
  • Delinquent loans and nonperforming assets at December 31, 2013, were down 50.5% and 54.8% respectively from December 31, 2012
  • The balance of real estate owned and other repossessed assets was $6.3 million at December 31, 2013, down 65.6% from December 31, 2012
  • Home Savings’ Tier 1 leverage ratio was 10.50% and the total risk based capital ratio was 19.76%

Patrick W. Bevack, President and Chief Executive Officer of the Company and Home Savings, commented, “The year 2013 represented the culmination of many years of hard effort on the part of our team and Board of Directors. Not only did we successfully complete our capital raise, but as of today, we are free of all regulatory orders and agreements.” Bevack stated, “The Company is building a solid track record of consistent earnings, having been profitable in eight of the last nine quarters, including the last five consecutive quarters. As we celebrate Home Savings’ 125th anniversary, we are excited as to what the future has to offer.”

Asset Quality

Delinquent loans continued to decline in the fourth quarter of 2013. As of December 31, 2013, delinquent loans were $23.8 million, down $24.4 million, or 50.5%, from $48.2 million at December 31, 2012. Nonperforming loans also continued to decline; as of December 31, 2013, nonperforming loans were $23.6 million, down $24.2 million, or 50.6%, from $47.8 million at December 31, 2012. Nonperforming assets were $29.9 million as of December 31, 2013, down $36.3 million, or 54.8%, from $66.2 million at December 31, 2012.

The provision for loan losses decreased to $282,000 in the fourth quarter of 2013, compared to $2.1 million in the fourth quarter of 2012. The provision for loan losses also decreased to $4.1 million in the twelve months ended December 31, 2013, compared to $39.3 million for the comparable period in 2012 (which included $30.2 million related to the bulk sale of problem assets in the third quarter of 2012, as described below).

The decrease in the provision for loan losses for the fourth quarter of 2013 as compared to the same quarter last year was the result of specific reserves set aside in one commercial lending relationship in the amount of $1.3 million in December 2012. The relationship was settled in the beginning of 2013, and the need for additional reserves was not required. The remainder of the difference is the result of fewer risk-rating changes on specific loans coupled with fewer loans charged-off in excess of reserves previously established.

The decrease in the provision for loan losses for all of 2013, as compared to all of 2012, was primarily a result of the bulk asset sale that was completed in September 2012. As a result of the sale, an additional provision of $30.2 million was required in September 2012. This was the result of loans charged-off in excess of reserves on loans included in the bulk sale. In addition, the Company recognized a recovery of $1.9 million in the third quarter of 2013 as a result of the sale of one nonperforming loan, offset by the downgrade of one commercial loan relationship resulting in a provision of $1.4 million.

The Company continued to make significant progress in the resolution of foreclosed properties in the fourth quarter of 2013. At December 31, 2012, other real estate owned and other repossessed assets (OREO) consisted of 166 properties with a book value of $18.4 million. The Company sold 19 properties totaling $2.9 million in the fourth quarter of 2013 and 136 properties totaling $10.8 million in 2013, bringing total OREO, net of inflows, to 59 properties with a net book value of $6.3 million as of December 31, 2013.

Net Interest Income

Net interest income for the three months ended December 31, 2013 and December 31, 2012 was $13.1 million and $14.0 million, respectively.

Total interest income decreased $1.5 million in the fourth quarter of 2013 compared to the fourth quarter of 2012, primarily as a result of a decrease of $68.9 million in the average balance of outstanding loans as well as a decrease in the yield on net loans of 12 basis points. Further affecting the comparison, the Company also recognized a decrease in the average balance of available for sale securities of $59.4 million in the fourth quarter of 2013 as compared to the same quarter last year, despite an increase in the yield on those assets of 11 basis points.

Total interest expense decreased $548,000 for the quarter ended December 31, 2013, as compared to the same quarter last year. The change was due primarily to reductions of $542,000 in interest paid on deposits. The overall decrease in interest expense was attributable to a planned decision to decrease certificate of deposit balances. The average outstanding balance of certificates of deposit in the fourth quarter of 2013 declined by $75.1 million as compared to the fourth quarter of 2012. Also contributing to the decrease between the two quarterly periods was a reduction of 12 basis points in the cost of certificates of deposit. Additionally, the average balance of non-time deposits decreased $6.8 million and the cost of non-time deposits decreased 8 basis points.

Net interest income for the twelve months ended December 31, 2013 and December 31, 2012 was $51.3 million and $60.4 million, respectively.

Total interest income decreased $13.7 million in 2013 compared to 2012, primarily as a result of a decrease of $216.1 million in the average balance of outstanding loans. Home Savings also experienced a decrease in the yield on net loans of 22 basis points. Further affecting the comparison, the Company also recognized a decrease in the yield on available for sale securities of 30 basis points despite an increase in the average balance of available for sale securities of $51.8 million in 2013 as compared to the same period last year.

Total interest expense decreased $4.6 million for the twelve months ended December 31, 2013, as compared to the same period last year. The change was due primarily to reductions of $4.3 million in interest paid on deposits. The overall decrease in deposit interest expense was attributable to a shift in deposit balances from certificates of deposit to relatively less expensive non-time deposits. Between December 31, 2012, and December 31, 2013, the average outstanding balance of certificates of deposit declined by $122.3 million, while non-time deposits increased by $14.9 million. Also contributing to the decrease in interest expense was a reduction of 33 basis points in the cost of certificates of deposit, along with a decrease in the cost of non-time deposits of nine basis points.

Noninterest Income

Noninterest income in the fourth quarter of 2013 was $4.1 million, as compared to noninterest income for the fourth quarter of 2012 of $6.9 million. Decreased noninterest income was a result of lower gains recognized on the sale of securities available for sale. There was minimal sales activity during the fourth quarter of 2013, as compared to gains recognized on the sale of securities available for sale of $1.2 million in the fourth quarter of 2012. Also affecting the comparison, Home Savings recognized $1.3 million less in mortgage banking income in the fourth quarter of 2013 as compared to the same quarter in 2012. Lower mortgage banking income was the result of a lower volume of loans originated for sale during the quarter ended December 31, 2013, as compared to the same quarter in 2012. These reductions in noninterest income for the fourth quarter of 2013 as compared to the fourth quarter of 2012 were further impacted by a recovery $1.3 million on mortgage servicing rights recognized in fourth quarter of 2012 compared to a recovery of $4,000 in the fourth quarter of 2013. These changes were partially offset by a reduction of $529,000 in losses recognized on the valuation and disposal of OREO.

Noninterest income decreased in 2013 to $19.7 million, as compared to $22.7 million in 2012. Lower gains on the sale of securities accounted for the change. During 2013, $2.6 million in net gains on the sale of available for sale securities were recognized as compared to $6.3 million during 2012. Additionally, Home Savings recognized a reduction in mortgage banking income of $2.6 million. Partially offsetting these declines were increases in other income due to recoveries of $628,000 in interest rate caps during 2013 compared to establishment of a valuation reserve of $979,000 in 2012. Furthermore, Home Savings incurred a reduction of $2.0 million in the valuation and disposition of real estate owned and other repossessed assets in 2013 as compared to 2012.

Noninterest Expense

Noninterest expense was $15.0 million in the fourth quarter of 2013, compared to $14.3 million in the fourth quarter of 2012. In the fourth quarter of 2013, other expenses increased because of reserves established in December 2013 for potential buy-back and make-whole provisions on loans sold to government agencies in the secondary market. Partially offsetting this increase were lower legal and consulting fees during the quarter ended December 31, 2013, as compared to the same quarter last year.

Noninterest expense was $56.7 million in 2013, compared to $65.2 million in 2012, a decrease of 12.9%. Deposit insurance premiums were $1.9 million lower in 2013 due to Home Savings being able to avail itself of more favorable insurance rates and a lower average asset base used in the calculation of insurance premiums. Expenses for the maintenance and real estate taxes on OREO properties declined $293,000 for 2013 as compared to 2012. Professional fees were $2.4 million lower during the twelve months ended December 31, 2013 as compared to the same period last year. The improvement in asset quality has reduced the need to engage legal counsel and other consultants to assist in the resolution of problem assets. Lastly, prepayment penalties of $803,000 incurred on the early payoff of FHLB advances in 2012 were not a recurring expenditure in 2013.

Capital and Book Value per Common Share

Home Savings’ Tier 1 leverage ratio was 10.50% as of December 31, 2013, as compared to 8.70% as of December 31, 2012. Home Savings’ total risk-based capital ratio was 19.76% at December 31, 2013, as compared to 16.21% at December 31, 2012. Home Savings is considered well capitalized. Tangible book value per common share at December 31, 2013 was $3.47, as compared to $5.16 at December 31, 2012. Book value per share at December 31, 2013 was affected by two items that took place in 2013: the $48.4 million unrealized loss on available for sale securities at December 31, 2013 and the dilutive effect of the capital raise that took place in the first half of 2013, in which the Company issued 17.1 million shares in exchange for net proceeds of $42.3 million.

As of December 31, 2013, the net deferred tax asset (DTA), before valuation allowance, was $42.8 million compared to $28.8 million at December 31, 2012. The primary cause of the change in the net DTA at December 31, 2013 was the tax effect of the unrealized loss on available for sale securities. The Company has established a full valuation allowance against the entire net DTA. Management will continue to conduct a regular assessment of the need to maintain a full valuation allowance against its deferred tax asset. To that end, management will continue to apply its judgment in weighing positive and negative evidence in anticipation of the ultimate reversal of the deferred tax asset valuation allowance.

Home Savings is a wholly-owned subsidiary of the Company and operates 33 full-service banking offices and ten loan production offices located throughout Ohio and western Pennsylvania. Additional information on the Company and Home Savings may be found on the Company’s web site: www.ucfconline.com.

When used in this press release, the words or phrases “believes,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “will have” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

_____________

(1) As part of the capital raise that was completed in the second quarter of 2013, we issued preferred stock that was later converted to common stock. Management believes that the presentation of net income before amortization of the discount on preferred stock provides useful information to investors about the Company’s financial condition and results of operation because the preferred stock was later converted to common stock and no dividend was declared or paid on the preferred stock. However, because the preferred stock was issued at a price below the then market price of our common stock, the difference is deemed a non-cash dividend under U.S. Generally Accepted Accounting Principles and is deducted in the calculation of net income available to common shareholders. Please refer to Note 23 of the Consolidated Financial Statements found in the Company’s Form 10-K for the period ended December 31, 2013 for further detail.

 
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
     
December 31, December 31,
2013 2012
(Dollars in thousands)
Assets:
Cash and deposits with banks $ 20,937 $ 26,041
Federal funds sold   56,394     16,572  
Total cash and cash equivalents 77,331 42,613
Securities:
Available for sale, at fair value 511,006 574,562
Loans held for sale 4,838 13,031
Loans, net of allowance for loan losses of $21,116 and $21,130 1,029,192 1,066,240
Federal Home Loan Bank stock, at cost 26,464 26,464
Premises and equipment, net 20,924 21,549
Accrued interest receivable 5,694 6,238
Real estate owned and other repossessed assets 6,341 18,440
Core deposit intangible 152 238
Cash surrender value of life insurance 44,972 28,881
Other assets   10,936     10,109  
Total assets $ 1,737,850   $ 1,808,365  
 
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Interest bearing $ 1,221,162 $ 1,302,307
Non-interest bearing   170,590     159,767  
Total deposits 1,391,752 1,462,074
Borrowed funds:
Federal Home Loan Bank advances 50,000 50,000
Repurchase agreements and other   90,578     90,598  
Total borrowed funds 140,578 140,598
Advance payments by borrowers for taxes and insurance 20,060 23,590
Accrued interest payable 550 563
Accrued expenses and other liabilities   9,836     10,780  
Total liabilities   1,562,776     1,637,605  
 
Shareholders' Equity:
Preferred stock-no par value; 1,000,000 shares authorized and no shares outstanding - -

Common stock-no par value; 499,000,000 shares authorized; 54,138,910 and 37,804,457 shares, respectively, issued and 50,339,089 and 33,027,886 shares, respectively, outstanding

174,719 128,026
Retained earnings 81,515 86,345
Accumulated other comprehensive income (loss) (41,665 ) 6,682
Treasury stock, at cost, 3,799,821 and 4,776,571 shares, respectively   (39,495 )   (50,293 )
Total shareholders’ equity   175,074     170,760  
Total liabilities and shareholders’ equity $ 1,737,850   $ 1,808,365  
 
 
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
             
For the Three Months Ended For the Twelve Months Ended
December 31, September 30,   December 31, December 31, December 31,
2013 2013 2012 2013 2012
(Dollars in thousands, except per share data)
Interest income
Loans $ 12,657 $ 12,233 $ 13,862 $ 49,724 $ 63,044
Loans held for sale 63 80 119 310 424
Securities:
Available for sale 3,278 3,364 3,488 13,454 13,741
Federal Home Loan Bank stock dividends 267 280 316 1,107 1,175
Other interest earning assets   47     52     12     149     60  
Total interest income 16,312 16,009 17,797 64,744 78,444
Interest expense
Deposits 1,780 1,847 2,322 7,623 11,896
Federal Home Loan Bank advances 530 529 535 2,106 2,415
Repurchase agreements and other   928     929     929     3,684     3,695  
Total interest expense   3,238     3,305     3,786     13,413     18,006  
Net interest income 13,074 12,704 14,011 51,331 60,438
Provision for loan losses   282     657     2,102     4,116     39,325  
Net interest income after provision for loan losses   12,792     12,047     11,909     47,215     21,113  
Non-interest income
Non-deposit investment income 373 275 373 1,562 1,898
Service fees and other charges
Mortgage servicing fees 704 702 470 2,808 2,808
Deposit related fees 1,499 1,471 1,427 5,564 5,449
Mortgage servicing rights valuation 4 30 1,335 680 1,105
Mortgage servicing rights amortization (431 ) (482 ) (443 ) (2,143 ) (2,584 )
Other service fees - 13 5 74 27
Net gains (losses):
Securities available for sale (1 ) - 1,164 2,577 6,325
Other -than-temporary loss on equity securities
Total impairment loss - - (13 ) - (13 )
Loss recognized in other comprehensive income   -     -     -     -     -  
Net impairment loss recognized in earnings - - (13 ) - (13 )
Mortgage banking income 850 895 2,083 4,777 7,391
Real estate owned and other repossessed assets charges, net (215 ) (395 ) (744 ) (2,181 ) (4,191 )
Card fees 850 821 642 3,584 3,256
Other income   491     218     640     2,447     1,260  
Total non-interest income   4,124     3,548     6,939     19,749     22,731  
Non-interest expense
Salaries and employee benefits 7,374 7,379 7,253 29,913 32,934
Occupancy 906 811 849 3,390 3,344
Equipment and data processing 1,863 1,698 1,821 7,103 6,895
Franchise tax 351 385 445 1,567 1,841
Advertising 247 226 292 893 778
Amortization of core deposit intangible 20 20 25 86 108
Prepayment penalty - - - - 803
Deposit insurance premiums 592 598 1,026 2,347 4,202
Other insurance premiums 137 174 116 662 636
Professional fees
Legal and consulting fees 264 368 596 688 2,340
Other professional fees 609 393 608 2,228 3,002
Real estate owned and other repossessed asset expenses 310 354 239 1,450 1,743
Other expenses   2,304     1,122     1,032     6,410     6,543  
Total non-interest expenses   14,977     13,528     14,302     56,737     65,169  
Income before income taxes 1,939 2,067 4,546 10,227 (21,325 )
Income tax expense   (300 )   350     1,950     200     (888 )
Net income 2,239 1,717 2,596 10,027 (20,437 )
Amortization of discount on preferred stock   -     -     -     (6,751 )   -  
Earnings (loss) available to common shareholders $ 2,239   $ 1,717   $ 2,596   $ 3,276   $ (20,437 )
 
Earnings (loss) per common share
Basic $ 0.04 $ 0.03 $ 0.08 $ 0.07 $ (0.62 )
Diluted 0.04 0.03 0.08 0.07 (0.62 )
 
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
         
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(In thousands, except per share data)
Financial Data
Total assets $ 1,737,850 $ 1,756,202 $ 1,787,071 $ 1,831,776 $ 1,808,365
Total loans, net 1,029,192 1,009,029 1,008,843 1,034,415 1,066,240
Total securities 511,006 542,811 555,188 602,107 574,562
Total deposits 1,391,752 1,410,610 1,433,815 1,460,960 1,462,074
Total shareholders' equity 175,074 183,322 183,759 206,511 170,760
Net interest income 13,074 12,704 12,636 12,917 14,011
Provision for loan losses 282 657 1,113 2,064 2,102
Noninterest income, excluding other-than-temporary impairment losses 4,124 3,548 6,384 5,693 6,952
Net impairment losses recognized in earnings - - - - 13
Noninterest expense 14,977 13,528 14,368 13,864 14,302
Income tax expense (benefit) (300) 350 150 - 1,950
Net income 2,239 1,717 3,389 2,682 2,596
 
Share Data
Basic earnings (loss) per common share $ 0.04 $ 0.03 $ (0.06) $ 0.06 $ 0.08
Diluted earnings (loss) per common share 0.04 0.03 (0.06) 0.05 0.08
Book value per common share 3.48 3.65 3.66 4.81 5.17
Tangible book value per common share 3.47 3.65 3.66 4.81 5.16
Market value per common share 3.57 3.89 4.65 3.88 2.89
 
Common shares outstanding at end of period 50,339 50,225 50,189 39,607 33,028
Weighted average shares outstanding--basic 50,114 50,110 43,160 33,565 32,880
Weighted average shares outstanding--diluted 50,360 50,382 43,160 33,829 33,153
 
Key Ratios
Return on average assets (1) 0.51% 0.39% 0.74% 0.59% 0.57%
Return on average equity (2) 4.82% 3.75% 6.46% 6.14% 6.06%
Net interest margin 3.17% 3.04% 2.93% 3.01% 3.23%
Efficiency ratio 85.89% 81.14% 78.38% 75.55% 69.50%
 
Capital Ratios
Tier 1 leverage ratio 10.50% 10.26% 10.03% 9.84% 8.70%
Tier 1 risk-based capital ratio 18.50% 18.52% 18.17% 17.02% 14.95%
Total risk-based capital ratio 19.76% 19.78% 19.42% 18.28% 16.21%
Equity to assets 10.07% 10.44% 10.28% 11.27% 9.44%
Tangible common equity to tangible assets (3) 10.07% 10.43% 10.27% 11.26% 9.43%
(1) Net income divided by average total assets
(2) Net income divided by average total equity
 
(3) We use certain non-GAAP financial measures, such as the tangible common equity to tangible common assets ratio (TCE), to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. We believe TCE is useful because it is a measure utilized by regulators, market analysts and investors in evaluating a Company's financial condition and capital strength. TCE, as defined by us, represents common equity less core deposit intangible assets. A reconciliation form our GAAP total equity to total assets ratio to the non-GAAP tangible common equity to tangible assets ratio is presented below:
  At or for the quarters ended

December 31,
2013

 

September 30,
2013

 

June 30,
2013

 

March 31,
2013

 

December 31,
2012

(Dollars in thousands)
 
Total assets $ 1,737,850 $ 1,756,202 $ 1,787,071 $ 1,831,776 $ 1,808,365
Less: Core deposit intangible   152     172     192     215     238  
Tangible assets (Non-GAAP) $ 1,737,698 $ 1,756,030 $ 1,786,879 $ 1,831,561 $ 1,808,127
 
Total common equity 175,074 183,322 183,759 206,511 170,760
Less: Core deposit intangible   152     172     192     215     238  
Tangible common equity (Non-GAAP) $ 174,922 $ 183,150 $ 183,567 $ 206,296 $ 170,522
 
Total equity/Total assets 10.07 % 10.44 % 10.28 % 11.27 % 9.44 %
Tangible common equity/Tangible assets (non-GAAP) 10.07 % 10.43 % 10.27 % 11.26 % 9.43 %
 
 
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
         
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(Dollars in thousands)
Loan Portfolio Composition
Real Estate Loans
One-to four-family residential $ 585,025 $ 575,791 $ 572,575 $ 570,377 $ 577,249
Multi-family residential* 54,485 55,696 62,559 69,857 80,923
Nonresidential* 131,251 127,699 120,586 132,662 138,188
Land* 9,683 9,546 9,821 15,216 15,808
Construction Loans
One-to four-family residential and land development 53,349 38,932 32,512 32,866 28,318
Multi-family and nonresidential* - - 4,584 4,584 4,534
Total real estate loans 833,793 807,664 802,637 825,562 845,020
Consumer Loans 189,231 194,383 199,634 206,496 214,593
Commercial Loans 26,141 26,888 24,526 23,077 26,543
Total Loans 1,049,165 1,028,935 1,026,797 1,055,135 1,086,156
Less:
Allowance for loan losses 21,116 21,032 19,037 21,827 21,130
Deferred loan costs, net (1,143) (1,126) (1,083) (1,107) (1,214)
Total 19,973 19,906 17,954 20,720 19,916
Loans, net $ 1,029,192 $ 1,009,029 $ 1,008,843 $ 1,034,415 $ 1,066,240
* Categories are considered commercial real estate
 
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(Dollars in thousands)
 
Real Estate Owned and Other Repossessed Assets
Beginning balance $ 9,315 $ 11,359 $ 15,782 $ 18,440 $ 20,206
Acquisitions 392 772 389 664 2,237
Sales, net of gains (3,153) (2,352) (3,780) (3,017) (3,560)
Changes in valuation allowance (213) (464) (1,032) (305) (443)
Ending balance $ 6,341 $ 9,315 $ 11,359 $ 15,782 $ 18,440
 
Real Estate Owned and Other Repossessed Assets Expenses
Net (gain)/loss on sales $ 2 $ (69) $ 126 $ 108 $ 301
Provision for unrealized losses, net 213 464 1,014 323 443
Operating expenses, net of rental income 310 354 293 493 239
Total $ 525 $ 749 $ 1,433 $ 924 $ 983
 
 
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(Dollars in thousands)
Deposit Portfolio Composition
Checking accounts
Interest bearing checking accounts $ 132,751 $ 134,766 $ 135,228 $ 136,952 $ 132,947
Non-interest bearing checking accounts 170,590 167,167 165,224 169,790 159,767
Total checking accounts 303,341 301,933 300,452 306,742 292,714
Savings accounts 267,515 267,062 272,991 274,419 264,411
Money market accounts 328,625 331,449 334,242 341,804 345,651
Total non-time deposits 899,481 900,444 907,685 922,965 902,776
Retail certificates of deposit 492,271 510,166 526,130 537,995 559,298
Total certificates of deposit 492,271 510,166 526,130 537,995 559,298
Total deposits $ 1,391,752 $ 1,410,610 $ 1,433,815 $ 1,460,960 $ 1,462,074
Certificates of deposit as a percent of total deposits 35.37% 36.17% 36.69% 36.82% 38.25%
 
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
         
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(Dollars in thousands)
 
Allowance For Loan Losses
Beginning balance $ 21,032 $ 19,037 $ 21,827 $ 21,130 $ 20,048
Provision 282 657 1,113 2,064 2,102
Net recoveries (chargeoffs)   (198 )   1,338     (3,903 )   (1,367 )   (1,020 )
Ending balance $ 21,116   $ 21,032   $ 19,037   $ 21,827   $ 21,130  
 
Net Charge-offs (Recoveries)
Real Estate Loans
One-to four-family $ (42 ) $ 201 $ 487 $ 637 $ 317
Multi-family - (13 ) 113 41 (1 )
Nonresidential 29 381 1,288 459 224
Land (12 ) (10 ) 1,639 (196 ) (155 )
Construction Loans
One-to four-family residential and land development (451 ) (1,876 ) 108 (75 ) 259
Multi-family and nonresidential   620     -     (4 )   18     (16 )
Total real estate loans 144 (1,317 ) 3,631 884 628
Consumer Loans 193 143 387 443 397
Commercial Loans   (139 )   (164 )   (115 )   40     (5 )
Total $ 198   $ (1,338 ) $ 3,903   $ 1,367   $ 1,020  
 
 
At or for the quarters ended

December 31,
2013

September 30,
2013

June 30,
2013

March 31,
2013

December 31,
2012

(Dollars in thousands)
Nonperforming Loans
Real Estate Loans
One-to four-family residential $ 6,356 $ 6,127 $ 4,993 $ 5,978 $ 5,437
Multi-family residential 641 705 727 1,727 2,027
Nonresidential 5,560 8,963 10,429 21,021 20,743
Land 496 628 656 5,957 6,047
Construction Loans
One-to four-family residential and land development 3,084 3,320 4,385 4,931 7,465
Multi-family and nonresidential   -     -     -     -     -  
Total real estate loans 16,137 19,743 21,190 39,614 41,719
Consumer Loans 3,293 3,564 3,459 3,608 4,843
Commercial Loans   4,158     4,177     4,453     1,492     1,225  
Total Loans $ 23,588   $ 27,484   $ 29,102   $ 44,714   $ 47,787  
 
Total Nonperforming Loans and Nonperforming Assets
Past due 90 days and on nonaccrual status $ 20,188 $ 20,946 $ 22,487 $ 36,515 $ 38,378
Past due 90 days and still accruing   45     3,413     3,501     3,594     3,678  
Past due 90 days 20,233 24,359 25,988 40,109 42,056
Past due less than 90 days and on nonaccrual   3,356     3,125     3,114     4,605     5,731  
Total Nonperforming Loans 23,589 27,484 29,102 44,714 47,787
Other Real Estate Owned 6,318 9,276 11,203 15,349 18,075
Repossessed Assets   23     39     156     433     365  
Total Nonperforming Assets $ 29,930   $ 36,799   $ 40,461   $ 60,496   $ 66,227  
 
Total Troubled Debt Restructured Loans
Accruing $ 26,577 $ 26,629 $ 25,165 $ 23,812 $ 21,006
Nonaccruing   4,941     5,474     5,455     3,616     4,430  
Total $ 31,518   $ 32,103   $ 30,620   $ 27,428   $ 25,436  

Contacts

Media Contact:
Home Savings
Colleen Scott, Vice President of Marketing, 330-742-0638
cscott@homesavings.com
or
Investor Contact:
United Community Financial Corp.
James R. Reske, Chief Financial Officer, 330-742-0592
jreske@ucfconline.com

Sharing

Contacts

Media Contact:
Home Savings
Colleen Scott, Vice President of Marketing, 330-742-0638
cscott@homesavings.com
or
Investor Contact:
United Community Financial Corp.
James R. Reske, Chief Financial Officer, 330-742-0592
jreske@ucfconline.com