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

Noninterest Expense

Noninterest expense was $14.3 million in the fourth quarter of 2012 as compared to $17.3 million in the third quarter of 2012, a decrease of $3.0 million. Professional fees, including legal and other consultants, were lower during the fourth quarter of 2012 due to the engagement of professionals in the third quarter to assist management in completing the bulk asset sale. Professional fees specifically associated with the bulk asset sale aggregated $1.2 million. Lower salaries and employee benefits also contributed to the change. Other expenses were also lower in the fourth quarter as the Bank recognized expenses in the third quarter aggregating $1.8 million for the payment of delinquent real estate taxes on properties that were part of the bulk asset sale.

Noninterest expense was $65.2 million in 2012, compared to $63.5 million in 2011. During 2012, salaries and employee benefits increased because of the recognition of expenses associated with severance payments made during the year resulting from our expense reduction efforts, as well as increased hospitalization and incentive plans. Also contributing to the increase were expenses incurred due to the prepayment of FHLB term advances. Professional fees and real estate tax payments were higher in 2012 as a direct result of the bulk asset sale.

Capital and Book Value

Home Savings’ Tier 1 leverage ratio was 8.70% as of December 31, 2012, as compared to 8.27% at September 30, 2012. Home Savings’ total risk-based capital ratio was 16.21% at December 31, 2012, as compared to 15.85% at September 30, 2012. Tangible book value per share at December 31, 2012 was $5.16, as compared to $5.21 at September 30, 2012.

The Consent Order issued by the FDIC and the Ohio Division of Financial Institutions in 2012 required Home Savings to maintain a Tier 1 Leverage Capital Ratio at a minimum of 9.0% and a total risk-based capital ratio of no less than 12.0%; however, the Memorandum of Understanding entered into on January 31, 2013, now requires Home Savings to maintain these ratios at 8.5% and 12.0%, respectively.

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