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 $7.9 million, or $0.25 per diluted share, for the three months ended December 31, 2011. This compares to a net loss of $17.3 million, or $(0.56) per diluted share, for the three months ended December 31, 2010. Current earnings have been positively impacted by the successful completion of the sale of four branches and gains recognized on the sale of securities. Fourth quarter earnings also benefited from the need for only $2.4 million in loan loss provision expense, down from $22.6 million in the fourth quarter of 2010. The Company also reported net income of $230,000, or $0.01 per diluted share, for the year ended December 31, 2011, as compared to a net loss of $37.3 million, or $(1.22) per diluted share, for the year ended December 31, 2010.
Selected fourth quarter results:
- Delinquent loans declined $4.0 million from the prior quarter to $126.9 million
- Nonperforming loans declined $11.0 million from the prior quarter to $123.1 million
- Nonperforming assets declined $15.8 million from the prior quarter to $156.6 million
- Home Savings’ Tier 1 leverage ratio of 8.61% and the total risk based capital ratio of 14.57% both reflected increases from the prior quarter
- Tangible book value per share at December 31, 2011 was $5.78
Patrick W. Bevack, President and Chief Executive Officer of UCFC and Home Savings, commented that, “The year 2011 was a year of progress. During the year, not only did UCFC return to profitability, but more significantly, Home Savings has positioned itself for the future with very positive improvement in asset quality measures. Delinquent loans, nonperforming loans and nonperforming assets are all headed in the right direction.” Bevack further commented, “I was also pleased that the Company was successful in attracting additional capital from an investor in the fourth quarter.”
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