This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

United Community Financial Corp. Announces Third Quarter Results

United Community Financial Corp. (Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company (Home Savings), today reported a consolidated net loss of $9.9 million, or $(0.32) per diluted share, for the three months ended September 30, 2010. This compares to a net loss of $867,000, or $(0.03) per diluted share, for the three months ended September 30, 2009. The Company also reported a cumulative net loss of $19.9 million, or $(0.66) per diluted share, for the nine months ended September 30, 2010 as compared to a cumulative net loss of $511,000, or $(0.02) per diluted share, for the nine months ended September 30, 2009.

The increased losses in both the third quarter and the nine months ended September 30, 2010 are substantially a result of increases in the provision for loan losses. The increased provision in both time periods is a result of a higher level of chargeoff activity, additional loan downgrades within the commercial real estate portfolio and increased specific reserves assigned to a number of commercial real estate loans.

Selected third quarter results:
  • Nonperforming loans reduced $12.4 million to $142.7 million from last quarter
  • Nonperforming assets reduced $14.2 million to $183.0 million from last quarter
  • Net interest margin improved 12 basis points to 3.42% compared to 3.30% last quarter
  • Tier 1 leverage ratio was 8.23%
  • Total Risk Based Capital was 13.12%
  • Book value per share and tangible book value per share were $6.51 and $6.49, respectively

As previously announced, the Board of Directors of UCFC has approved the appointment of Patrick W. Bevack as the President and Chief Executive Officer of UCFC, in addition to his current role as President and Chief Executive Officer of Home Savings. In accordance with applicable law, UCFC was required to obtain the consent of the Office of Thrift Supervision for this appointment, which the Board is pleased to announce it received on October 19, 2010. Mr. Bevack's appointment will be effective January 1, 2011, following the retirement of Douglas M. McKay on December 31, 2010.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $234.18 0.80%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs