YOUNGSTOWN, Ohio--(BUSINESS WIRE)--United Community Financial Corp. (Company) (Nasdaq: UCFC), parent company of The Home Savings and Loan Company (Home Savings), announced today that net income for the quarter ended March 31, 2016 totaled $3.3 million, or $0.069 per diluted common share compared to $3.7 million, or $0.074 per diluted common share for the quarter ended March 31, 2015.
Gary M. Small, President and Chief Executive Officer of the Company, commented, “The quarter reflects continued execution against our long-term strategy. We are seeing excellent opportunities, particularly in our commercial and residential mortgage business. We delivered strong loan growth, excellent revenue growth and focused expense management. For the quarter, we saw positive operating leverage with revenue up over 9% while expenses were down 1.7% compared to the first quarter of 2015.”
Balance Sheet Highlights
Total Loans
Total loans, including loans held for sale, increased $195.5 million, or 16.3% to $1.4 billion at March 31, 2016, compared to March 31, 2015, and 12.8% on an annualized basis during the quarter compared to December 31, 2015. Growth of the commercial loan portfolio was the primary driver. Commercial loan production of $73.8 million for the first quarter was approximately double the pace of the first quarter of 2015, while commercial loan balances grew just over 10% for the quarter and over 50% compared to the first quarter of 2015. Unfunded commercial loan commitments grew by 18.1% during the quarter to approximately $122.2 million at March 31, 2016.
Residential loans, including residential loans held for sale, grew at a measured pace, increasing $51.5 million at March 31, 2016 compared to the March 31, 2015. Pipeline levels remain strong; at the end of the first quarter, they were approximately 18% ahead of the same period last year.
Total Deposits
Total deposits increased $59.9 million, or 4.3% to $1.4 billion at March 31, 2016, compared to March 31, 2015, and 8.6% on an annualized basis during the quarter compared to December 31, 2015. The Company continues to see improvement in growing consumer and business deposits with the growth of public funds being a key driver in the first quarter of 2016. Noninterest bearing checking accounts grew $31.3 million, or 15.7% at March 31, 2016, compared to March 31, 2015.
First Quarter Results
Net Interest Income and Margin
Net interest income on a fully taxable equivalent basis was $15.0 million in the first quarter of 2016, up 7.8% from the $13.9 million recorded in the first quarter of 2015. The improvement in net interest income was due to the growth in average net loan balances totaling $179.5 million.
Net interest margin was 3.21% for the first quarter of 2016, an increase from 3.16% reported in the fourth quarter of 2015. This increase was due to realizing the benefit from the prepayment of high-cost debt in the fourth quarter. The Company continues to experience pressure on the yields of earning assets due to a prolonged period on low interest rates.
Provision for Loan Losses
The Company recognized a provision for loan losses expense of $2.2 million in the first quarter of 2016, compared to a recovery of $184,000 in the first quarter of 2015. The elevated provision in the quarter was necessary as a result of loan growth and a charge-off of a long-held commercial real estate loan.
Small continued, “While we did experience an increase in net charge-offs during the quarter, the quality of our portfolio continues to improve as the book is more diversified and the level of criticized assets continue to fall. The chargeoff was not inconsistent with expectations for the year. We see this as an isolated event as credit metrics continue to improve.”
Non-Interest Income
Non-interest income was $4.7 million in the first quarter of 2016 compared to $4.1 million in the first quarter of 2015. Deposit related fees are strong, increasing $261,000 in that time period. Additionally, the benefit of insurance related income from James & Sons Insurance is now being recognized. Partially offsetting these increases was a $274,000 higher valuation allowance recognized on mortgage servicing rights in the current quarter due to the decline of long-term interest rates in the first quarter of 2016.
Non-Interest Expense
Non-interest expense was $12.5 million for the first quarter of 2016, which represented a decrease of $217,000, or 1.7%, from the same quarter last year. Affecting the save was a one-time reduction in supervisory exam fees. The efficiency ratio continues to show improvement from 70.07% in the first quarter of 2015 to 63.90% in the first quarter of 2016.
Equity
Tangible book value per common share at March 31, 2016 improved to $5.27, as compared to $5.14 at December 31, 2015. Much of this improvement was due to changes in accumulated other comprehensive income as the drop in long-term interest rates resulted in a higher valuation of the Company’s securities portfolio. The Company continues its share repurchase program, repurchasing 431,000 shares during the quarter.
Dividend to be Paid
The Board of Directors declared a quarterly cash dividend of $0.025 per common share payable May 13, 2016 to shareholders of record at the close of business May 3, 2016.
Conference Call
United Community Financial Corp. will host an earnings conference call on Wednesday, April 20, 2016, at 10:00 a.m. ET., to provide an overview of the Company's first quarter 2016 results and highlights. The conference call may be accessed by calling 1-877-272-7661 ten minutes prior to the start time. Please ask to be joined into the United Community Financial Corp. (UCFC) call. Additionally, a live webcast may be accessed from the Company’s website www.irucfconline.com. Click on 1st Quarter 2016 Conference Call on our corporate profile page to join the webcast.
United Community Financial Corp.
Home Savings is a wholly owned subsidiary of the Company and operates retail banking offices and loan production centers in Ohio, western Pennsylvania and West Virginia. Additional information on the Company, Home Savings and James & Sons Insurance may be found on the Company’s web site: www.irucfconline.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”, “can expect” 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.
| UNITED COMMUNITY FINANCIAL CORP. | |||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||
| (Unaudited) | |||||||||
| March 31, | December 31, | ||||||||
| 2016 | 2015 | ||||||||
| (Dollars in thousands) | |||||||||
| Assets: | |||||||||
| Cash and deposits with banks | $ | 22,191 | $ | 20,528 | |||||
| Federal funds sold | 18,379 | 15,382 | |||||||
| Total cash and cash equivalents | 40,570 | 35,910 | |||||||
| Securities: | |||||||||
| Available for sale, at fair value | 365,369 | 357,670 | |||||||
| Held to maturity (fair value of $108,702 and $109,664, respectively) | 107,838 | 110,699 | |||||||
| Loans held for sale, at lower of cost or market | 3,391 | 9,085 | |||||||
| Loans held for sale, at fair value | 32,607 | 26,716 | |||||||
| Loans, net of allowance for loan losses of $16,903 and $17,712 | 1,359,146 | 1,316,192 | |||||||
| Federal Home Loan Bank stock, at cost | 18,068 | 18,068 | |||||||
| Premises and equipment, net | 20,594 | 20,678 | |||||||
| Accrued interest receivable | 5,783 | 5,978 | |||||||
| Real estate owned and other repossessed assets | 1,846 | 2,727 | |||||||
| Goodwill | 1,620 | — | |||||||
| Core deposit intangible | 17 | 30 | |||||||
| Cash surrender value of life insurance | 54,731 | 54,366 | |||||||
| Other assets | 24,850 | 29,870 | |||||||
| Total assets | $ | 2,036,430 | $ | 1,987,989 | |||||
| Liabilities and Shareholders' Equity | |||||||||
| Liabilities: | |||||||||
| Deposits: | |||||||||
| Interest bearing | $ | 1,235,783 | $ | 1,208,238 | |||||
| Non-interest bearing | 230,831 | 227,505 | |||||||
| Total deposits | 1,466,614 | 1,435,743 | |||||||
| Borrowed funds: | |||||||||
| Federal Home Loan Bank advances | |||||||||
| Long-term advances | 47,170 | 46,975 | |||||||
| Short-term advances | 244,000 | 232,000 | |||||||
| Total Federal Home Loan Bank advances | 291,170 | 278,975 | |||||||
| Repurchase agreements and other | 529 | 535 | |||||||
| Total borrowed funds | 291,699 | 279,510 | |||||||
| Advance payments by borrowers for taxes and insurance | 16,247 | 21,174 | |||||||
| Accrued interest payable | 110 | 53 | |||||||
| Accrued expenses and other liabilities | 9,956 | 7,264 | |||||||
| Total liabilities | 1,784,626 | 1,743,744 | |||||||
| 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 shares issued and 47,506,526 and 47,517,644 shares, respectively, outstanding |
173,037 | 174,304 | |||||||
| Retained earnings | 142,616 | 140,819 | |||||||
| Accumulated other comprehensive loss | (12,938 | ) | (19,220 | ) | |||||
| Treasury stock, at cost, 6,632,384 and 6,621,266 shares, respectively | (50,911 | ) | (51,658 | ) | |||||
| Total shareholders’ equity | 251,804 | 244,245 | |||||||
| Total liabilities and shareholders’ equity | $ | 2,036,430 | $ | 1,987,989 | |||||
| UNITED COMMUNITY FINANCIAL CORP. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
| 2016 | 2015 | 2015 | |||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Interest income | |||||||||||||||
| Loans | $ | 13,801 | $ | 13,612 | $ | 12,691 | |||||||||
| Loans held for sale | 332 | 371 | 294 | ||||||||||||
| Securities: | |||||||||||||||
| Available for sale, nontaxable | 123 | 35 | — | ||||||||||||
| Available for sale, taxable | 1,935 | 2,002 | 2,861 | ||||||||||||
| Held to maturity, nontaxable | 55 | 51 | — | ||||||||||||
| Held to maturity, taxable | 577 | 573 | — | ||||||||||||
| Federal Home Loan Bank stock dividends | 182 | 182 | 182 | ||||||||||||
| Other interest earning assets | 15 | 10 | 6 | ||||||||||||
| Total interest income | 17,020 | 16,836 | 16,034 | ||||||||||||
| Interest expense | |||||||||||||||
| Deposits | 1,612 | 1,664 | 1,533 | ||||||||||||
| Federal Home Loan Bank advances | 530 | 387 | 305 | ||||||||||||
| Repurchase agreements and other | 5 | 295 | 316 | ||||||||||||
| Total interest expense | 2,147 | 2,346 | 2,154 | ||||||||||||
| Net interest income | 14,873 | 14,490 | 13,880 | ||||||||||||
| Taxable equivalent adjustment | 95 | 45 | — | ||||||||||||
| Net interest income (FTE) (1) | 14,968 | 14,535 | 13,880 | ||||||||||||
| Provision (recovery) for loan losses | 2,155 | 893 | (184 | ) | |||||||||||
| Net interest income after provision for loan losses (FTE) | 12,813 | 13,642 | 14,064 | ||||||||||||
| Non-interest income | |||||||||||||||
| Non-deposit investment income | 300 | 316 | 292 | ||||||||||||
| Service fees and other charges: | |||||||||||||||
| Mortgage servicing fees | 698 | 692 | 674 | ||||||||||||
| Deposit related fees | 1,326 | 1,573 | 1,065 | ||||||||||||
| Mortgage servicing rights valuation | (435 | ) | 111 | (161 | ) | ||||||||||
| Mortgage servicing rights amortization | (468 | ) | (445 | ) | (443 | ) | |||||||||
| Other service fees | 18 | 19 | 17 | ||||||||||||
| Net gains (losses): | |||||||||||||||
| Securities available for sale | 153 | 131 | 11 | ||||||||||||
| Mortgage banking income | 1,382 | 1,538 | 1,553 | ||||||||||||
| Real estate owned and other repossessed assets charges, net | (13 | ) | (134 | ) | (90 | ) | |||||||||
| Card fees | 881 | 907 | 816 | ||||||||||||
| Other income | 816 | 743 | 384 | ||||||||||||
| Total non-interest income | 4,658 | 5,451 | 4,118 | ||||||||||||
| Non-interest expense | |||||||||||||||
| Salaries and employee benefits | 7,088 | 5,756 | 7,176 | ||||||||||||
| Occupancy | 862 | 744 | 918 | ||||||||||||
| Equipment and data processing | 1,835 | 1,760 | 1,672 | ||||||||||||
| Financial institutions tax | 442 | 317 | 326 | ||||||||||||
| Advertising | 127 | 191 | 142 | ||||||||||||
| Amortization of core deposit intangible | 13 | 13 | 14 | ||||||||||||
| Prepayment penalty | — | 1,280 | — | ||||||||||||
| FDIC insurance premiums | 326 | 295 | 326 | ||||||||||||
| Other insurance premiums | 89 | 102 | 84 | ||||||||||||
| Professional fees: | |||||||||||||||
| Legal and consulting fees | 197 | 338 | 217 | ||||||||||||
| Other professional fees | 70 | 502 | 376 | ||||||||||||
| Real estate owned and other repossessed asset expenses | 72 | 45 | 141 | ||||||||||||
| Other expenses | 1,343 | 1,412 | 1,289 | ||||||||||||
| Total non-interest expenses | 12,464 | 12,755 | 12,681 | ||||||||||||
| Income before income taxes | 5,007 | 6,338 | 5,501 | ||||||||||||
| Taxable equivalent adjustment | 95 | 45 | — | ||||||||||||
| Income tax expense (benefit) | 1,592 | 1,965 | 1,815 | ||||||||||||
| Net income | $ | 3,320 | $ | 4,328 | $ | 3,686 | |||||||||
| Earnings per common share: | |||||||||||||||
| Basic | $ | 0.070 | $ | 0.091 | $ | 0.075 | |||||||||
| Diluted | 0.069 | 0.090 | 0.074 | ||||||||||||
| (1) |
Net interest income is also presented on a fully taxable equivalent (FTE) basis, the Company believes this non-GAAP measure is the preferred industry measurement for this item. |
|
| UNITED COMMUNITY FINANCIAL CORP. | |||||||||||||||||||||||||||
| CONSOLIDATED AVERAGE BALANCES | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| For the three months ended | |||||||||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||||||||||||||||||||
| Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||
| outstanding | earned/ | Yield/ | outstanding | earned/ | Yield/ | outstanding | earned/ | Yield/ | |||||||||||||||||||
| balance | paid | rate | balance | paid | rate | balance | paid | rate | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||||||||
| Net loans (1) | $ | 1,331,265 | $ | 13,802 | 4.15 | % | $ | 1,290,238 | $ | 13,612 | 4.22 | % | $ | 1,151,729 | $ | 12,691 | 4.41 | % | |||||||||
| Loans held for sale | 35,359 | 332 | 3.76 | % | 39,589 | 371 | 3.75 | % | 26,633 | 294 | 4.42 | % | |||||||||||||||
| Securities: | |||||||||||||||||||||||||||
| Available for sale-taxable | 337,226 | 1,935 | 2.30 | % | 355,438 | 2,002 | 2.25 | % | 498,777 | 2,861 | 2.29 | % | |||||||||||||||
| Available for sale-nontaxable (2) | 18,134 | 189 | 4.17 | % | 5,199 | 53 | 4.08 | % | — | — | — | % | |||||||||||||||
| Held to maturity-taxable | 99,043 | 577 | 2.33 | % | 102,172 | 573 | 2.24 | % | — | — | — | % | |||||||||||||||
| Held to maturity-nontaxable (2) | 10,375 | 83 | 3.20 | % | 9,401 | 77 | 3.28 | % | — | — | — | % | |||||||||||||||
| Federal Home Loan Bank stock | 18,068 | 182 | 4.03 | % | 18,068 | 182 | 4.03 | % | 18,068 | 182 | 4.03 | % | |||||||||||||||
| Other interest earning assets | 18,130 | 15 | 0.33 | % | 18,185 | 10 | 0.22 | % | 20,362 | 6 | 0.12 | % | |||||||||||||||
| Total interest earning assets | 1,867,600 | 17,115 | 3.67 | % | 1,838,290 | 16,880 | 3.67 | % | 1,715,569 | 16,034 | 3.74 | % | |||||||||||||||
| Non-interest earning assets | 133,988 | 134,366 | 132,105 | ||||||||||||||||||||||||
| Total assets | $ | 2,001,588 | $ | 1,972,656 | $ | 1,847,674 | |||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||
| Checking accounts | $ | 481,350 | 266 | 0.22 | % | $ | 474,213 | 262 | 0.22 | % | $ | 469,224 | 230 | 0.20 | % | ||||||||||||
| Savings accounts | 283,892 | 41 | 0.06 | % | 278,748 | 41 | 0.06 | % | 278,163 | 40 | 0.06 | % | |||||||||||||||
| Certificates of deposit | 447,459 | 1,305 | 1.17 | % | 456,102 | 1,361 | 1.19 | % | 431,690 | 1,263 | 1.17 | % | |||||||||||||||
| Federal Home Loan Bank advances | |||||||||||||||||||||||||||
| Long-term advances | 47,043 | 289 | 2.46 | % | 46,847 | 272 | 2.32 | % | 46,261 | 258 | 2.23 | % | |||||||||||||||
| Short-term advances | 236,747 | 241 | 0.41 | % | 192,674 | 114 | 0.24 | % | 121,978 | 47 | 0.15 | % | |||||||||||||||
| Repurchase agreements and other | 532 | 5 | 3.76 | % | 27,929 | 295 | 4.22 | % | 30,555 | 316 | 4.14 | % | |||||||||||||||
| Total interest bearing liabilities | $ | 1,497,023 | 2,147 | 0.57 | % | $ | 1,476,513 | 2,345 | 0.64 | % | $ | 1,377,871 | 2,154 | 0.63 | % | ||||||||||||
| Non-interest bearing liabilities | |||||||||||||||||||||||||||
| Total noninterest bearing deposits | 228,308 | 219,379 | 196,049 | ||||||||||||||||||||||||
| Other noninterest bearing liabilities | 27,111 | 30,256 | 27,596 | ||||||||||||||||||||||||
| Total noninterest bearing liabilities | 255,419 | 249,635 | 223,645 | ||||||||||||||||||||||||
| Total liabilities | $ | 1,752,442 | $ | 1,726,148 | $ | 1,601,516 | |||||||||||||||||||||
| Shareholders’ equity | 249,146 | 246,508 | 246,158 | ||||||||||||||||||||||||
| Total liabilities and equity | $ | 2,001,588 | $ | 1,972,656 | $ | 1,847,674 | |||||||||||||||||||||
| Net interest income and interest rate spread | $ | 14,968 | 3.09 | % | $ | 14,535 | 3.04 | % | $ | 13,880 | 3.11 | % | |||||||||||||||
| Net interest margin | 3.21 | % | 3.16 | % | 3.24 | % | |||||||||||||||||||||
| Average interest earning assets to average interest bearing liabilities | 124.75 | % | 124.50 | % | 124.51 | % | |||||||||||||||||||||
|
(1) |
Nonaccrual loans are included in the average balance at a yield of 0%. |
|
|
(2) |
Yields are on a fully taxable equivalent basis. |
|
| UNITED COMMUNITY FINANCIAL CORP. | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| At or for the quarters ended | ||||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Total assets | $ | 2,036,430 | $ | 1,987,989 | $ | 1,970,887 | $ | 1,922,789 | $ | 1,860,620 | ||||||||||
| Total loans, net | 1,359,146 | 1,316,192 | 1,277,330 | 1,224,468 | 1,168,434 | |||||||||||||||
| Total securities | 473,207 | 468,369 | 479,817 | 477,747 | 492,412 | |||||||||||||||
| Total deposits | 1,466,614 | 1,435,743 | 1,410,484 | 1,439,247 | 1,406,744 | |||||||||||||||
| Average interest-bearing deposits | 1,212,701 | 1,209,063 | 1,219,735 | 1,218,467 | 1,179,077 | |||||||||||||||
| Average noninterest-bearing deposits | 228,308 | 219,379 | 211,923 | 209,174 | 196,049 | |||||||||||||||
| Total shareholders' equity | 251,804 | 244,245 | 243,929 | 236,462 | 247,104 | |||||||||||||||
| Net interest income | 14,873 | 14,490 | 14,301 | 13,851 | 13,880 | |||||||||||||||
| Net interest income (FTE) (1) | 14,968 | 14,535 | 14,320 | 13,857 | 13,880 | |||||||||||||||
| Provision (recovery) for loan losses | 2,155 | 893 | 673 | 753 | (184 | ) | ||||||||||||||
| Noninterest income | 4,658 | 5,451 | 4,873 | 5,275 | 4,118 | |||||||||||||||
| Noninterest expense | 12,464 | 12,755 | 12,285 | 12,208 | 12,681 | |||||||||||||||
| Income tax expense (benefit) | 1,592 | 1,965 | 2,073 | 2,040 | 1,815 | |||||||||||||||
| Net income | 3,320 | 4,328 | 4,143 | 4,125 | 3,686 | |||||||||||||||
| Share Data | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.070 | $ | 0.091 | $ | 0.087 | $ | 0.085 | $ | 0.075 | ||||||||||
| Diluted earnings per common share | 0.069 | 0.090 | 0.086 | 0.084 | 0.074 | |||||||||||||||
| Book value per common share | 5.30 | 5.14 | 5.12 | 4.95 | 5.01 | |||||||||||||||
| Tangible book value per common share | 5.27 | 5.14 | 5.12 | 4.95 | 5.01 | |||||||||||||||
| Market value per common share | 5.87 | 5.90 | 5.00 | 5.35 | 5.46 | |||||||||||||||
| Common shares outstanding at end of period | 47,507 | 47,518 | 47,614 | 47,763 | 49,309 | |||||||||||||||
| Weighted average shares outstanding--basic | 47,272 | 47,356 | 47,480 | 48,359 | 49,022 | |||||||||||||||
| Weighted average shares outstanding--diluted | 47,551 | 47,636 | 47,744 | 48,634 | 49,295 | |||||||||||||||
| Key Ratios | ||||||||||||||||||||
| Return on average assets (2) | 0.66 | % | 0.88 | % | 0.85 | % | 0.88 | % | 0.80 | % | ||||||||||
| Return on average equity (3) | 5.33 | % | 7.02 | % | 6.87 | % | 6.73 | % | 5.99 | % | ||||||||||
| Net interest margin | 3.21 | % | 3.16 | % | 3.18 | % | 3.16 | % | 3.24 | % | ||||||||||
| Efficiency ratio (4) | 63.90 | % | 63.74 | % | 63.54 | % | 63.40 | % | 70.07 | % | ||||||||||
| Nonperforming loans to net loans, end of period | 1.48 | % | 1.27 | % | 1.20 | % | 1.55 | % | 1.72 | % | ||||||||||
| Nonperforming assets to total assets, end of period | 1.08 | % | 0.98 | % | 0.95 | % | 1.16 | % | 1.25 | % | ||||||||||
| Allowance for loan loss as a percent of loans, end of period | 1.23 | % | 1.33 | % | 1.35 | % | 1.36 | % | 1.45 | % | ||||||||||
| Delinquent loans to total net loans, end of period | 1.52 | % | 1.72 | % | 1.65 | % | 1.45 | % | 1.66 | % | ||||||||||
|
_____________________________ |
||
|
(1) |
Net interest income is presented on a fully taxable equivalent (FTE) basis, the Company believes this non-GAAP measure is the preferred industry measurement for this item |
|
|
(2) |
Net income divided by average total assets |
|
|
(3) |
Net income divided by average total equity |
|
|
(4) |
Excludes penalty on the prepayment of repurchase agreements |
|
| UNITED COMMUNITY FINANCIAL CORP. | |||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| At or for the quarters ended | |||||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Loan Portfolio Composition | |||||||||||||||||||||
| Commercial loans | |||||||||||||||||||||
| Multi-family | $ | 80,581 | $ | 80,170 | $ | 74,042 | $ | 69,485 | $ | 63,597 | |||||||||||
| Owner/nonowner occupied commercial real estate | 184,279 | 175,456 | 167,366 | 148,025 | 132,305 | ||||||||||||||||
| Land | 8,938 | 9,301 | 9,709 | 10,231 | 9,437 | ||||||||||||||||
| Construction | 49,858 | 38,812 | 26,545 | 16,265 | 11,030 | ||||||||||||||||
| Commercial and industrial | 83,256 | 66,013 | 65,004 | 69,269 | 54,036 | ||||||||||||||||
| Total | 406,912 | 369,752 | 342,666 | 313,275 | 270,405 | ||||||||||||||||
| Residential mortgage loans | |||||||||||||||||||||
| Real estate | 741,401 | 733,685 | 723,619 | 709,342 | 696,387 | ||||||||||||||||
| Construction | 38,994 | 40,898 | 40,723 | 34,074 | 37,293 | ||||||||||||||||
| Total | 780,395 | 774,583 | 764,342 | 743,416 | 733,680 | ||||||||||||||||
| Consumer loans | |||||||||||||||||||||
| Consumer | 187,323 | 188,258 | 186,661 | 183,696 | 180,735 | ||||||||||||||||
| Total | 187,323 | 188,258 | 186,661 | 183,696 | 180,735 | ||||||||||||||||
| Total loans | 1,374,630 | 1,332,593 | 1,293,669 | 1,240,387 | 1,184,820 | ||||||||||||||||
| Less: | |||||||||||||||||||||
| Allowance for loan losses | 16,903 | 17,712 | 17,482 | 16,881 | 17,221 | ||||||||||||||||
| Deferred loan costs, net | (1,419 | ) | (1,311 | ) | (1,143 | ) | (962 | ) | (835 | ) | |||||||||||
| Total | 15,484 | 16,401 | 16,339 | 15,919 | 16,386 | ||||||||||||||||
| Total loans, net | 1,359,146 | 1,316,192 | 1,277,330 | 1,224,468 | 1,168,434 | ||||||||||||||||
| Loans held for sale, net | 35,998 | 35,801 | 38,274 | 35,102 | 31,243 | ||||||||||||||||
| Total loans | $ | 1,395,144 | $ | 1,351,993 | $ | 1,315,604 | $ | 1,259,570 | $ | 1,199,677 | |||||||||||
| At or for the quarters ended | |||||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
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| (Dollars in thousands) | |||||||||||||||||||||
| Deposit Portfolio Composition | |||||||||||||||||||||
| Checking accounts | |||||||||||||||||||||
| Interest bearing checking accounts | $ | 194,586 | $ | 160,264 | $ | 168,025 | $ | 179,969 | $ | 184,029 | |||||||||||
| Non-interest bearing checking accounts | 230,831 | 227,505 | 208,598 | 206,228 | 199,512 | ||||||||||||||||
| Total checking accounts | 425,417 | 387,769 | 376,623 | 386,197 | 383,541 | ||||||||||||||||
| Savings accounts | 288,324 | 280,889 | 277,313 | 282,737 | 282,643 | ||||||||||||||||
| Money market accounts | 312,577 | 312,125 | 309,004 | 313,602 | 310,983 | ||||||||||||||||
| Total non-time deposits | 1,026,318 | 980,783 | 962,940 | 982,536 | 977,167 | ||||||||||||||||
| Retail certificates of deposit | 440,296 | 454,960 | 447,544 | 456,711 | 429,577 | ||||||||||||||||
| Total certificates of deposit | 440,296 | 454,960 | 447,544 | 456,711 | 429,577 | ||||||||||||||||
| Total deposits | $ | 1,466,614 | $ | 1,435,743 | $ | 1,410,484 | $ | 1,439,247 | $ | 1,406,744 | |||||||||||
| Certificates of deposit as a percent of total deposits | 30.02 | % | 31.69 | % | 31.73 | % | 31.73 | % | 30.54 | % | |||||||||||
| UNITED COMMUNITY FINANCIAL CORP. | ||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||
| (Unaudited) | ||||||||||
| At or for the quarters ended | ||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||
| (Dollars in thousands) | ||||||||||
| Allowance For Loan Losses | ||||||||||
| Beginning balance | $ 17,712 | $ 17,482 | $ 16,881 | $ 17,221 | $ 17,687 | |||||
| Provision (recovery) | 2,155 | 893 | 673 | 753 | (184) | |||||
| Net chargeoffs | (2,964) | (663) | (72) | (1,093) | (282) | |||||
| Ending balance | $ 16,903 | $ 17,712 | $ 17,482 | $ 16,881 | $ 17,221 | |||||
| At or for the quarters ended | ||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||
| (Dollars in thousands) | ||||||||||
| Net (Charge-offs) Recoveries | ||||||||||
| Commercial loans | ||||||||||
| Multi-family | $ 7 | $ 7 | $ 9 | $ (64) | $ 13 | |||||
| Owner/nonowner occupied commercial real estate | (2,213) | (67) | (109) | (31) | 9 | |||||
| Land | — | (100) | (12) | — | — | |||||
| Construction | — | 21 | (88) | (603) | — | |||||
| Commercial and industrial | (74) | 141 | 137 | 127 | 75 | |||||
| Total | (2,280) | 2 | (63) | (571) | 97 | |||||
| Residential mortgage loans | ||||||||||
| Real estate | (300) | (611) | (17) | (306) | 20 | |||||
| Construction | — | — | — | — | — | |||||
| Total | (300) | (611) | (17) | (306) | 20 | |||||
| Consumer loans | ||||||||||
| Consumer | (384) | (54) | 8 | (216) | (399) | |||||
| Total | (384) | (54) | 8 | (216) | (399) | |||||
| Total net chargeoffs | $ (2,964) | $ (663) | $ (72) | $ (1,093) | $ (282) | |||||
| At or for the quarters ended | ||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||
| (Dollars in thousands) | ||||||||||
| Nonperforming Loans | ||||||||||
| Commercial loans | ||||||||||
| Multi-family | $ — | $ — | $ — | $ 85 | $ 85 | |||||
| Owner/nonowner occupied commercial real estate | 7,557 | 3,599 | 3,694 | 5,637 | 5,700 | |||||
| Land | 384 | 384 | 484 | 496 | 531 | |||||
| Construction | — | — | 415 | 415 | 1,051 | |||||
| Commercial and industrial | 4,652 | 4,016 | 4,016 | 4,016 | 4,016 | |||||
| Total | 12,593 | 7,999 | 8,609 | 10,649 | 11,383 | |||||
| Residential mortgage loans | ||||||||||
| Real estate | 5,312 | 6,181 | 4,845 | 6,475 | 6,652 | |||||
| Construction | — | — | — | — | — | |||||
| Total | 5,312 | 6,181 | 4,845 | 6,475 | 6,652 | |||||
| Consumer loans | ||||||||||
| Consumer | 2,200 | 2,567 | 1,887 | 1,887 | 2,061 | |||||
| Total | 2,200 | 2,567 | 1,887 | 1,887 | 2,061 | |||||
| Total nonperforming loans | $ 20,105 | $ 16,747 | $ 15,341 | $ 19,011 | $ 20,096 | |||||
| Total Nonperforming Loans and Nonperforming Assets | ||||||||||
| Past due 90 days and on nonaccrual status | $ 15,663 | $ 16,279 | $ 14,891 | $ 14,246 | $ 15,357 | |||||
| Past due 90 days and still accruing | — | — | — | — | — | |||||
| Past due 90 days | 15,663 | 16,279 | 14,891 | 14,246 | 15,357 | |||||
| Past due less than 90 days and on nonaccrual | 4,442 | 468 | 450 | 4,765 | 4,739 | |||||
| Total nonperforming loans | 20,105 | 16,747 | 15,341 | 19,011 | 20,096 | |||||
| Other real estate owned | 1,832 | 2,651 | 3,262 | 3,127 | 2,908 | |||||
| Repossessed assets | 14 | 76 | 54 | 234 | 211 | |||||
| Total nonperforming assets | $ 21,951 | $ 19,474 | $ 18,657 | $ 22,372 | $ 23,215 | |||||
