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United Community Financial Corp. Announces Fourth Quarter Results; Profitability Returns

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 $2.6 million, or $0.08 per diluted share, for the three months ended December 31, 2012. The Company also reported a net loss of $20.4 million, or $(0.62) per diluted share, for the twelve months ended December 31, 2012.

Selected fourth quarter results:

  • Delinquent loans were $48.2 million at December 31, 2012, down 62.0% for the year
  • Nonperforming assets were $66.2 million at December 31, 2012, down 57.7% for the year
  • Classified loans were $59.9 million at December 31, 2012, down 72.8% for the year
  • Home Savings’ Tier 1 leverage ratio was 8.70% and the total risk based capital ratio was 16.21%

Patrick W. Bevack, President and Chief Executive Officer of UCFC and Home Savings, commented that, “Ending the year on a positive note with net income for the quarter is exactly where we want to be. More significantly, the announcements we made earlier this year regarding the capital raise and the rights offering, as well as the termination of the Consent Order, further exemplify the trust and confidence that investors and regulators have in our Company.”

Asset Quality

Delinquent loans were $48.2 million at December 31, 2012, down $147.0 million, or 75.3%, from their high point of $195.2 million at March 31, 2010. Nonperforming loans at December 31, 2012 were $47.8 million, down $107.3 million, or 69.2%, from their high point of $155.1 million at June 30, 2010. Nonperforming assets were $66.2 million at December 31, 2012, down $131.0 million, or 66.4%, from their high point of $197.2 million at June 30, 2010. Home Savings achieved this significant improvement in asset quality primarily as a result of the successful completion of a bulk asset sale in the third quarter of 2012. Of the loans sold in the bulk asset sale, $91.6 million were classified, $63.3 million were nonperforming and $53.0 million were noncurrent.

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