This Day On The Street
Continue to site
ADVERTISEMENT
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 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.

1 of 6

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,598.41 -56.36 -0.34%
S&P 500 1,984.01 -3.65 -0.18%
NASDAQ 4,802.4660 -10.2420 -0.21%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs