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 $2.2 million for the three months ended December 31, 2013. The Company also reported net income of $10.0 million (before amortization of the discount on preferred stock 1) for the twelve months ended December 31, 2013.
- Net income for 2013 was $10.0 million compared to a net loss of $20.4 million for 2012
- Noninterest expense for 2013 was $56.7 million, down 12.9% from 2012
- Delinquent loans and nonperforming assets at December 31, 2013, were down 50.5% and 54.8% respectively from December 31, 2012
- The balance of real estate owned and other repossessed assets was $6.3 million at December 31, 2013, down 65.6% from December 31, 2012
- Home Savings’ Tier 1 leverage ratio was 10.50% and the total risk based capital ratio was 19.76%
Patrick W. Bevack, President and Chief Executive Officer of the Company and Home Savings, commented, “The year 2013 represented the culmination of many years of hard effort on the part of our team and Board of Directors. Not only did we successfully complete our capital raise, but as of today, we are free of all regulatory orders and agreements.” Bevack stated, “The Company is building a solid track record of consistent earnings, having been profitable in eight of the last nine quarters, including the last five consecutive quarters. As we celebrate Home Savings’ 125 th anniversary, we are excited as to what the future has to offer.”
Asset QualityDelinquent loans continued to decline in the fourth quarter of 2013. As of December 31, 2013, delinquent loans were $23.8 million, down $24.4 million, or 50.5%, from $48.2 million at December 31, 2012. Nonperforming loans also continued to decline; as of December 31, 2013, nonperforming loans were $23.6 million, down $24.2 million, or 50.6%, from $47.8 million at December 31, 2012. Nonperforming assets were $29.9 million as of December 31, 2013, down $36.3 million, or 54.8%, from $66.2 million at December 31, 2012.
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