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United Community Financial Corp. Announces Second Quarter Results

Stocks in this article: UCFC

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 $42.4 million (including the recognition of $38.8 million of income tax benefit from the reversal of a deferred tax asset valuation reserve) for the three months ended June 30, 2014. The Company also reported net income of $44.5 million (including the recognition of $38.7 million of income tax benefit from the reversal of a deferred tax asset valuation reserve) for the six months ended June 30, 2014.

Gary M. Small, President and Chief Executive Officer of United Community and Home Savings, commented that, “The second quarter results reflect solid core earnings progress for Home Savings. The growth in commercial loan commitments combined with meaningful cost reduction efforts across the organization and expected to fuel continued performance improvement in future quarters.”

Net Interest Income and Margin

Net interest income was $12.7 million in the second quarter of 2014 compared to $12.6 million in second quarter of 2013. Net interest margin increased from 2.93% during the second quarter of 2013 to 3.09% in the second quarter of 2014. The increase in net interest margin over the last year is reflective of the migration of lower interest earning assets into loans outstanding. The yield on earning assets was 3.83% for the second quarter of 2014 compared to 3.71% for the second quarter of 2013 and average loan balances increased $52.9 million over this same period.

Net interest income for the six months ended June 30, 2014, was $25.3 million compared to $25.6 million for the six months ended June 30, 2013. The net interest margin was 3.08% for the six months ended June 30, 2014 compared to 2.97% for the six months ended June 30, 2013. The yield on interest-earning assets increased from 3.77% to 3.83% during this period while the cost of interest-bearing liabilities decreased four basis points during the period to 0.92%.

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