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United Community Financial Corp. Announces Second Quarter Results; Asset Quality Improvement Continues

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 $62,000 for the three months ended June 30, 2012. The Company also reported net income of $3.9 million, or $0.12 per diluted share, for the six months ended June 30, 2012.

Selected second quarter results:

  • Delinquent loans were $109.8 million at June 30, 2012, down $17.1 million year to date
  • Nonperforming assets were $139.3 million at June 30, 2012, down $17.3 million year to date
  • Classified loans were $171.8 million at June 30, 2012, down $48.6 million year to date
  • Home Savings’ Tier 1 leverage ratio of 9.32% and the total risk based capital ratio of 16.43% both reflected increases from the prior quarter and were in excess of regulatory minimums

Patrick W. Bevack, President and Chief Executive Officer of UCFC and Home Savings, commented that, “We are pleased that the Company has now achieved profitability for three consecutive quarters. The Company is continuing to see positive results from improvements in asset quality since year-end.”

Asset Quality

Delinquent loans were $109.8 million at June 30, 2012, down $85.4 million, or 43.8%, from their high point of $195.2 million at March 31, 2010. Nonperforming loans at June 30, 2012 were $114.5 million, down $40.6 million, or 26.2%, from their high point of $155.1 million at June 30, 2010. Nonperforming assets were $139.3 million at June 30, 2012, down $57.9 million, or 29.4%, from their high point of $197.2 million at June 30, 2010. Delinquent loan totals, nonperforming loan totals and nonperforming asset totals were negatively affected in the second quarter by a single loan relationship consisting of seven loans totaling $8.4 million that went into bankruptcy proceedings in the second quarter.

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