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

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.

4 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 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs