United Community Financial Corp. Announces Fourth Consecutive Quarter Of Positive Earnings

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 $1.7 million for the three months ended September 30, 2013. The Company also reported net income of $7.8 million (before amortization of the discount on preferred stock 1) for the nine months ended September 30, 2013.

Selected third quarter and year-to-date results:
  • Net income for the first nine months of 2013 was $7.8 million
  • Noninterest expense for the first nine months of 2013 was $41.8 million, down 17.8% from the first nine months of 2012
  • Delinquent loans and nonperforming assets at September 30, 2013, were down 41.2% and 44.4% respectively from December 31, 2012
  • The balance of real estate owned and other repossessed assets was $9.3 million at September 30, 2013, down 49.5% from December 31, 2012
  • Home Savings’ Tier 1 leverage ratio was 10.26% and the total risk based capital ratio was 19.78%, well in excess of regulatory minimums

Patrick W. Bevack, President and Chief Executive Officer of the Company and Home Savings, commented, “Performance throughout the third quarter continued the positive trend for our Company. With the exception of the third quarter of 2012 in which we conducted a bulk asset sale, the Company has been profitable for seven out of the last eight quarters.” Bevack continued, “We will continue to focus our efforts on maintaining the strength and profitability of our Company while maximizing shareholder value.”

Asset Quality

Delinquent loans continued to decline in the third quarter of 2013. As of September 30, 2013, delinquent loans were $27.9 million, down $20.3 million, or 42.1%, from $48.2 million at December 31, 2012. Nonperforming loans also continued to decline; as of September 30, 2013, nonperforming loans were $27.5 million, down $20.3 million, or 42.5%, from $47.8 million at December 31, 2012. Nonperforming assets were $36.8 million as of September 30, 2013, down $29.4 million, or 44.4%, from $66.2 million at December 31, 2012.

The provision for loan losses decreased to $657,000 in the third quarter of 2013, compared to $30.3 million in the third quarter of 2012. The provision for loan losses also decreased to $3.8 million in the first nine months of 2013, compared to $37.2 million in the first nine months of 2012. The decrease in the provision for loan losses in both time periods was primarily a result of the bulk asset sale that was completed in September 2012. As a result of the sale, an additional provision of $30.2 million was required in September 2012. This was the result of loans charged off in excess of specific reserves on loans included in the bulk sale. In addition, the Company recognized a recovery of $1.9 million in the third quarter of 2013 as a result of the sale of one nonperforming loan, offset by the downgrade of one commercial loan relationship resulting in a provision of $1.4 million.

In addition, the Company continued to make significant progress in the resolution of foreclosed properties in the third quarter and for the year to date. At December 31, 2012, other real estate owned and other repossessed assets (OREO) consisted of 166 properties with a book value of $18.4 million. The Company sold 37 properties totaling $1.5 million in the third quarter of 2013 and 117 properties totaling $7.9 million in the first nine months of 2013, bringing total OREO, net of inflows, to 73 properties with a net book value of $9.3 million as of September 30, 2013.

Net Interest Income and Margin

Net interest income for the three months ended September 30, 2013 and September 30, 2012 was $12.7 million and $14.1 million, respectively.

Total interest income decreased $2.2 million in the third quarter of 2013 compared to the third quarter of 2012, primarily as a result of a decrease of $205.2 million in the average balance of outstanding loans despite experiencing an increase in the yield on net loans of 5 basis points. Exclusive of the bulk sale, average loans declined by $90.4 million between the two quarterly periods.

Total interest expense decreased $758,000 for the quarter ended September 30, 2013, as compared to the same quarter last year. The change was due primarily to reductions of $753,000 in interest paid on deposits. The overall decrease in interest expense was attributable to a planned decision to decrease certificate of deposit balances. The average outstanding balance of certificates of deposit in the third quarter of 2013 declined by $111.1 million as compared to the third quarter of 2012. Also contributing to the decrease between the two quarterly periods was a reduction of 18 basis points in the cost of certificates of deposit, as well as a decrease in the cost of non-time deposits of 7 basis points.

Net interest income for the nine months ended September 30, 2013 and September 30, 2012 was $38.3 million and $46.4 million, respectively.

Total interest income decreased $12.2 million in the first nine months of 2013 compared to the first nine months of 2012, primarily as a result of a decrease of $265.7 million in the average balance of outstanding loans. Exclusive of the bulk sale, average loans for the first nine months of 2013 declined by $151.0 million as compared to the same period a year ago. The Company also experienced a decrease in the yield on net loans between the two nine month periods of 26 basis points.

Total interest expense decreased $4.0 million for the nine months ended September 30, 2013, as compared to the same period last year. The change was due primarily to reductions of $3.7 million in interest paid on deposits. The overall decrease in deposit interest expense was attributable to a shift in deposit balances from certificates of deposit to relatively less expensive non-time deposits. The average outstanding balance of certificates of deposit for the nine months ended September 30, 2013 declined by $138.1 million as compared to the same period a year ago, while non-time deposits increased by $23.7 million. Also contributing to the decrease in interest expense was a reduction of 39 basis points in the cost of certificates of deposit, offset by an increase in the cost of non-time deposits of 10 basis points.

Noninterest Income

Noninterest income in the third quarter of 2013 was $3.5 million, as compared to noninterest income for the third quarter of 2012 of $3.8 million. Decreased noninterest income was a result of lower gains recognized on the sale of securities available for sale. There was no sales activity during the third quarter of 2013, as compared to gains recognized on the sale of securities available for sale of $1.2 million in the third quarter of 2012. Also affecting the comparison, Home Savings recognized $1.2 million less in mortgage banking income in the third quarter of 2013 as compared to the same quarter in 2012. Lower mortgage banking income was the result of a lower volume of loans originated for sale during the quarter ended September 30, 2013, as compared to the same quarter in 2012. These reductions in noninterest income for the third quarter of 2013 as compared to the third quarter of 2012 were partially offset by lower losses recognized on the valuation and disposal of OREO, as well as higher service fees and other charges earned, due primarily to a recovery on the valuation of deferred mortgage servicing rights of $30,000 in the third quarter of 2013 as compared to a $672,000 expense recognized in the third quarter of 2012.

Noninterest income decreased $167,000 in the first nine months of 2013 to $15.6 million, as compared to noninterest income for the first nine months of 2012 of $15.8 million. The decrease in noninterest income was primarily attributable to a decline of $1.5 million in gains on the sale of securities in the first nine months of 2013, as compared to the same period last year. However, this was partially offset by an increase in service fees and other charges as a result of a positive valuation adjustment on deferred mortgage servicing rights of $676,000. Additionally, other income increased $1.4 million due primarily to Home Savings’ recognition of a positive valuation adjustment of $547,000 on interest rate caps during 2013 as compared to a negative valuation adjustment of $1.1 million during the first nine months of 2012. Increased debit card fee income of $342,000 earned during the first nine months of 2013 also contributed to the increase in noninterest income.

Noninterest Expense

Noninterest expense declined to $13.5 million in the third quarter of 2013, compared to $17.3 million in the third quarter of 2012. In the third quarter of 2013, salaries and employee benefits decreased because of lower expenses associated with incentive payments and a lower level of salaries as a result of fewer full-time equivalent employees at September 30, 2013, as compared to September 30, 2012. Deposit insurance premiums were lower in the third quarter of 2013 due to Home Savings being able to avail itself of more favorable insurance rates and a lower average asset base used in the calculation of insurance premiums. Professional fees were $1.5 million lower during the quarter ended September 30, 2013, as compared to the same quarter last year. The improvement in asset quality has reduced the need to engage legal counsel and other consultants to assist in the resolution of problem assets, and the third quarter of 2012 included professional fees associated with the bulk asset sale. Other expenses were lower in the third quarter of 2013, as compared to the same quarter in 2012. This positive variance is the result of lower expenses incurred for real estate taxes and other expenses paid prior to loans going into foreclosure.

Noninterest expense declined to $41.8 million in the first nine months of 2013, compared to $50.9 million in the first nine months of 2012. In the first nine months of 2013, salaries and employee benefits decreased because of the recognition of expenses associated with a restricted stock grant that occurred in the first quarter of 2012. A similar award was not granted in 2013. As was the case with the quarterly comparison described above, deposit insurance premiums were lower in the first nine months of 2013 due to Home Savings being able to avail itself of more favorable insurance rates and a lower average asset base used in the calculation of insurance premiums. Professional fees were $2.1 million lower during the nine months ended September 30, 2013 as compared to the same period last year. The improvement in asset quality reduced the need to engage legal counsel and other consultants to assist in the resolution of problem assets, and the third quarter of 2012 included professional fees associated with the bulk asset sale. Other expenses were lower in the first nine months of 2013, as compared to the same period in 2012. This positive variance is the result of lower expenses incurred for real estate taxes and other expenses paid prior to loans going into foreclosure. Lastly, prepayment penalties incurred on the early payoff of Federal Home Loan Bank advances in the second quarter of 2012 were not a recurring expenditure in 2013.

Capital and Book Value per Common Share

Home Savings’ Tier 1 leverage ratio was 10.26% as of September 30, 2013, as compared to 8.70% as of December 31, 2012 and well in excess of the minimum 8.50% Tier 1 capital ratio required under the MOU (as described below). Home Savings’ total risk-based capital ratio was 19.78% at September 30, 2013, as compared to 16.21% at December 31, 2012 well in excess of the minimum 12.00% total risk-based capital ratio required under the MOU. Tangible book value per common share at September 30, 2013 was $3.65, as compared to $5.16 at December 31, 2012. Book value per share at September 30, 2013 was affected by two items that took place in the first nine months of 2013: the $38.0 million unrealized loss on available for sale securities and the dilutive effect of the capital raise that took place in the first half of 2013, in which the Company issued 17.1 million shares in exchange for net proceeds of $42.4 million, after expenses.

Home Savings is considered well capitalized and is no longer considered a troubled institution. The Memorandum of Understanding (MOU) entered into on January 31, 2013, requires Home Savings to maintain a Tier 1 leverage ratio of 8.5% and a total risk-based capital ratio of 12.0%. As of September 30, 2013, Home Savings was in compliance with the MOU.

As of September 30, 2013, the net deferred tax asset (DTA), before valuation allowance, was $39.7 million, and at December 31, 2012, the net DTA was $28.8 million. The net DTA at September 30, 2013, includes the tax effect of the unrealized loss on available for sale securities. The Company has established a full valuation allowance against the entire net DTA.

Home Savings is a wholly-owned subsidiary of the Company and operates 33 full-service banking offices and nine loan production offices located throughout Ohio and western Pennsylvania. Additional information on the Company and Home Savings may be found on the Company’s web site: www.ucfconline.com.

When used in this press release, the words or phrases “believes,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “will have” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

_____________

(1) As part of the capital raise, we issued preferred stock that was later converted to common stock. No dividend was declared or paid on the preferred stock. However, because the preferred stock was issued at a price below the then market price of our common stock, the difference is deemed a non-cash dividend under U.S. Generally Accepted Accounting Principles and is deducted in the calculation of net income available to common shareholders. Please refer to Note 12 of the Consolidated Financial Statements found in the Company’s Form 10-Q for the period ended September 30, 2013 for further detail.
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
     
September 30, December 31,
2013 2012
(Dollars in thousands)
Assets:
Cash and deposits with banks $ 22,918 $ 26,041
Federal funds sold   63,212     16,572  
Total cash and cash equivalents 86,130 42,613
Securities:
Available for sale, at fair value 542,811 574,562
Loans held for sale 2,894 13,031
Loans, net of allowance for loan losses of $21,032 and $21,130 1,009,029 1,066,240
Federal Home Loan Bank stock, at cost 26,464 26,464
Premises and equipment, net 20,938 21,549
Accrued interest receivable 5,200 6,238
Real estate owned and other repossessed assets 9,315 18,440
Core deposit intangible 172 238
Cash surrender value of life insurance 44,603 28,881
Other assets   8,646     10,109  
Total assets $ 1,756,202   $ 1,808,365  
 
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Interest bearing $ 1,243,443 $ 1,302,307
Non-interest bearing   167,167     159,767  
Total deposits 1,410,610 1,462,074
Borrowed funds:
Federal Home Loan Bank advances 50,000 50,000
Repurchase agreements and other   90,583     90,598  
Total borrowed funds 140,583 140,598
Advance payments by borrowers for taxes and insurance 12,126 23,590
Accrued interest payable 592 563
Accrued expenses and other liabilities   8,969     10,780  
Total liabilities   1,572,880     1,637,605  
 
Shareholders' Equity:
Preferred stock-no par value; 1,000,000 shares authorized and no shares outstanding - -

Common stock-no par value; 499,000,000 shares authorized; 54,138,910 and 37,804,457 shares, respectively, issued and 50,225,367 and 33,027,886 shares, respectively, outstanding
175,282 128,026
Retained earnings 80,460 86,345
Accumulated other comprehensive income (loss) (31,324 ) 6,682
Treasury stock, at cost, 3,913,543 and 4,776,571 shares, respectively   (41,096 )   (50,293 )
Total shareholders’ equity   183,322     170,760  
Total liabilities and shareholders’ equity $ 1,756,202   $ 1,808,365  
 
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
               
For the Three Months Ended For the Nine Months Ended
September 30, June 30 September 30, September 30, September 30,
2013 2013 2012 2013 2012
(Dollars in thousands, except per share data)
Interest income
Loans $ 12,233 $ 12,207 $ 14,567 $ 37,067 $ 49,182
Loans held for sale 80 78 101 247 305
Securities:
Available for sale 3,364 3,384 3,219 10,176 10,253
Federal Home Loan Bank stock dividends 280 277 279 840 859
Other interest earning assets   52     41     25     102     48  
Total interest income 16,009 15,987 18,191 48,432 60,647
Interest expense
Deposits 1,847 1,909 2,600 5,843 9,574
Federal Home Loan Bank advances 529 524 535 1,576 1,880
Repurchase agreements and other   929     918     928     2,756     2,766  
Total interest expense   3,305     3,351     4,063     10,175     14,220  
Net interest income 12,704 12,636 14,128 38,257 46,427
Provision for loan losses   657     1,113     30,279     3,834     37,223  
Net interest income after provision for loan losses   12,047     11,523     (16,151 )   34,423     9,204  
Non-interest income
Non-deposit investment income 275 373 478 1,189 1,525
Service fees and other charges
Mortgage servicing fees 702 698 934 2,104 2,338
Deposit related fees 1,471 1,334 1,378 4,065 4,022
Mortgage servicing rights valuation 30 211 (672 ) 676 (230 )
Mortgage servicing rights amortization (482 ) (570 ) (859 ) (1,712 ) (2,141 )
Other service fees 13 18 12 74 22
Net gains (losses):
Securities available for sale - 1,857 1,192 2,578 5,161
Mortgage banking income 895 1,389 2,110 3,927 5,308
Real estate owned and other repossessed assets (395 ) (1,140 ) (1,795 ) (1,966 ) (3,447 )
Card fees 821 1,179 1,025 2,734 2,614
Other income   218     1,035     (51 )   1,956     620  
Total non-interest income   3,548     6,384     3,752     15,625     15,792  
Non-interest expense
Salaries and employee benefits 7,379 7,709 8,634 22,539 25,651
Occupancy 811 851 845 2,484 2,495
Equipment and data processing 1,698 1,782 1,665 5,240 5,074
Franchise tax 385 400 521 1,216 1,396
Advertising 226 281 134 646 486
Amortization of core deposit intangible 20 23 26 66 83
Prepayment penalty - - 65 - 803
Deposit insurance premiums 598 603 1,012 1,755 3,176
Other insurance premiums 174 175 173 525 520
Professional fees
Legal and consulting fees 368 7 779 567 1,795
Other professional fees 393 867 1,440 1,476 2,343
Real estate owned and other repossessed asset expenses 354 293 383 1,140 1,504
Other expenses   1,122     1,377     1,653     4,106     5,541  
Total non-interest expenses   13,528     14,368     17,330     41,760     50,867  
Income before income taxes 2,067 3,539 (29,729 ) 8,288 (25,871 )
Income tax expense (includes $0 income tax expense from
reclassification items)   350     150     (2,838 )   500     (2,838 )
Net income 1,717 3,389 (26,891 ) 7,788 (23,033 )
Amortization of discount on preferred stock   -     5,930     -     6,751     -  
Earnings (loss) available to common shareholders $ 1,717   $ (2,541 ) $ (26,891 ) $ 1,037   $ (23,033 )
 
Earnings (loss) per common share
Basic $ 0.03 $ (0.06 ) $ (0.82 ) $ 0.02 $ (0.70 )
Diluted 0.03 (0.06 ) (0.82 ) 0.02 (0.70 )
 
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
         
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(In thousands, except per share data)
Financial Data
Total assets $ 1,756,202 $ 1,787,071 $ 1,831,776 $ 1,808,365 $ 1,830,944
Total loans, net 1,009,029 1,008,843 1,034,415 1,066,240 1,100,328
Total securities 542,811 555,188 602,107 574,562 551,795
Total deposits 1,410,610 1,433,815 1,460,960 1,462,074 1,490,642
Total shareholders' equity 183,322 183,759 206,511 170,760 171,580
Net interest income 12,704 12,636 12,917 14,011 14,128
Provision for loan losses 657 1,113 2,064 2,102 30,279
Noninterest income, excluding other-than-temporary impairment losses 3,548 6,384 5,693 6,952 3,752
Net impairment losses recognized in earnings - - - 13 -
Noninterest expense 13,528 14,368 13,864 14,302 17,330
Income tax expense (benefit) 350 150 - 1,950 (2,838 )
Net income (loss) 1,717 3,389 2,682 2,596 (26,891 )
 
Share Data
Basic earnings (loss) per common share $ 0.03 $ (0.06 ) $ 0.06 $ 0.08 $ (0.82 )
Diluted earnings (loss) per common share 0.03 (0.06 ) 0.05 0.08 (0.82 )
Book value per common share 3.65 3.66 4.81 5.17 5.22
Tangible book value per common share 3.65 3.66 4.81 5.16 5.21
Market value per common share 3.89 4.65 3.88 2.89 3.49
 
Common shares outstanding at end of period 50,225 50,189 39,607 33,028 32,891
Weighted average shares outstanding--basic 50,110 43,160 33,565 32,880 32,751
Weighted average shares outstanding--diluted 50,382 43,160 33,829 33,153 32,751
 
Key Ratios
Return on average assets (1) 0.39 % 0.74 % 0.59 % 0.57 % -5.67 %
Return on average equity (2) 3.75 % 6.46 % 6.14 % 6.06 % -53.53 %
Net interest margin 3.04 % 2.93 % 3.01 % 3.23 % 3.17 %
Efficiency ratio 81.14 % 78.38 % 75.55 % 69.50 % 93.62 %
 
Capital Ratios
Tier 1 leverage ratio 10.26 % 10.03 % 9.84 % 8.70 % 8.27 %
Tier 1 risk-based capital ratio 18.52 % 18.17 % 17.02 % 14.95 % 14.59 %
Total risk-based capital ratio 19.78 % 19.42 % 18.28 % 16.21 % 15.85 %
Equity to assets 10.44 % 10.28 % 11.27 % 9.44 % 9.37 %
Tangible common equity to tangible assets (3) 10.43 % 10.27 % 11.26 % 9.43 % 9.36 %
 
   
(1) Net income divided by average total assets
(2) Net income divided by average total equity
(3) We use certain non-GAAP financial measures, such as the tangible common equity to tangible common assets ratio (TCE), to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. We believe TCE is useful because it is a measure utilized by regulators, market analysts and investors in evaluating a Company's financial condition and capital strength. TCE, as defined by us, represents common equity less core deposit intangible assets. A reconciliation form our GAAP total equity to total assets ratio to the non-GAAP tangible common equity to tangible assets ratio is presented below:
 
  At or for the quarters ended

September 30,2013
 

June 30,2013
 

March 31,2013
 

December 31,2012
 

September 30,2012
(Dollars in thousands)
 
Total assets $ 1,756,202 $ 1,787,071 $ 1,831,776 $ 1,808,365 $ 1,830,944
Less: Core deposit intangible   172     192     215     238     263  
Tangible assets (Non-GAAP) $ 1,756,030 $ 1,786,879 $ 1,831,561 $ 1,808,127 $ 1,830,681
 
Total common equity 183,322 183,759 206,511 170,760 171,580
Less: Core deposit intangible   172     192     215     238     263  
Tangible common equity (Non-GAAP) $ 183,150 $ 183,567 $ 206,296 $ 170,522 $ 171,317
 
Total equity/Total assets 10.44 % 10.28 % 11.27 % 9.44 % 9.37 %
Tangible common equity/Tangible assets (non-GAAP) 10.43 % 10.27 % 11.26 % 9.43 % 9.36 %
 
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
         
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(Dollars in thousands)
Loan Portfolio Composition
Real Estate Loans
One-to four-family residential $ 575,791 $ 572,575 $ 570,377 $ 577,249 $ 587,220
Multi-family residential* 55,696 62,559 69,857 80,923 82,518
Nonresidential* 127,699 120,586 132,662 138,188 150,693
Land* 9,546 9,821 15,216 15,808 16,363
Construction Loans
One-to four-family residential and land development 38,932 32,512 32,866 28,318 32,483
Multi-family and nonresidential*   -     4,584     4,584     4,534     4,480  
Total real estate loans 807,664 802,637 825,562 845,020 873,757
Consumer Loans 194,383 199,634 206,496 214,593 222,995
Commercial Loans   26,888     24,526     23,077     26,543     22,183  
Total Loans 1,028,935 1,026,797 1,055,135 1,086,156 1,118,935
Less:
Allowance for loan losses 21,032 19,037 21,827 21,130 20,048
Deferred loan costs, net   (1,126 )   (1,083 )   (1,107 )   (1,214 )   (1,441 )
Total   19,906     17,954     20,720     19,916     18,607  
Loans, net $ 1,009,029   $ 1,008,843   $ 1,034,415   $ 1,066,240   $ 1,100,328  
* Categories are considered commercial real estate
 
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(Dollars in thousands)
 
Real Estate Owned and Other Repossessed Assets
Beginning balance $ 11,359 $ 15,782 $ 18,440 $ 20,206 $ 24,778
Acquisitions 772 389 664 2,237 1,486
Sales, net of gains (2,352 ) (3,780 ) (3,017 ) (3,560 ) (4,834 )
Changes in valuation allowance   (464 )   (1,032 )   (305 )   (443 )   (1,224 )
Ending balance $ 9,315   $ 11,359   $ 15,782   $ 18,440   $ 20,206  
 
Real Estate Owned and Other Repossessed Assets Expenses
Net (gain)/loss on sales $ (69 ) $ 126 $ 108 $ 301 $ 210
Net loss on sales from bulk asset transaction - - - - 413
Provision for unrealized losses, net 464 1,014 323 443 1,172
Operating expenses, net of rental income   354     293     493     239     383  
Total $ 749   $ 1,433   $ 924   $ 983   $ 2,178  
 
 
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(Dollars in thousands)
Deposit Portfolio Composition
Checking accounts
Interest bearing checking accounts $ 134,766 $ 135,228 $ 136,952 $ 132,947 $ 128,794
Non-interest bearing checking accounts   167,167     165,224     169,790     159,767     159,361  
Total checking accounts 301,933 300,452 306,742 292,714 288,155
Savings accounts 267,062 272,991 274,419 264,411 259,578
Money market accounts   331,449     334,242     341,804     345,651     345,428  
Total non-time deposits 900,444 907,685 922,965 902,776 893,161
Retail certificates of deposit   510,166     526,130     537,995     559,298     597,481  
Total certificates of deposit   510,166     526,130     537,995     559,298     597,481  
Total deposits $ 1,410,610   $ 1,433,815   $ 1,460,960   $ 1,462,074   $ 1,490,642  
Certificates of deposit as a percent of total deposits 36.17 % 36.69 % 36.82 % 38.25 % 40.08 %
 

UNITED COMMUNITY FINANCIAL CORP.

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)
         
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(Dollars in thousands)
 
Allowance For Loan Losses
Beginning balance $ 19,037 $ 21,827 $ 21,130 $ 20,048 $ 30,933
Provision 657 1,113 2,064 2,102 30,279
Net recoveries (chargeoffs)   1,338     (3,903 )   (1,367 )   (1,020 )   (41,164 )
Ending balance $ 21,032   $ 19,037   $ 21,827   $ 21,130   $ 20,048  
 
Net Charge-offs (Recoveries)
Real Estate Loans
One-to four-family $ 201 $ 487 $ 637 $ 317 $ 15,010
Multi-family (13 ) 113 41 (1 ) 5,632
Nonresidential 381 1,288 459 224 15,340
Land (10 ) 1,639 (196 ) (155 ) 1,561
Construction Loans
One-to four-family residential and land development (1,876 ) 108 (75 ) 259 2,658
Multi-family and nonresidential   -     (4 )   18     (16 )   (120 )
Total real estate loans (1,317 ) 3,631 884 628 40,081
Consumer Loans 143 387 443 397 1,536
Commercial Loans   (164 )   (115 )   40     (5 )   (453 )
Total $ (1,338 ) $ 3,903   $ 1,367   $ 1,020   $ 41,164  
 
 
At or for the quarters ended

September 30,2013

June 30,2013

March 31,2013

December 31,2012

September 30,2012
(Dollars in thousands)
Nonperforming Loans
Real Estate Loans
One-to four-family residential $ 6,127 $ 4,993 $ 5,978 $ 5,437 $ 5,817
Multi-family residential 705 727 1,727 2,027 1,512
Nonresidential 8,963 10,429 21,021 20,743 17,484
Land 628 656 5,957 6,047 6,228
Construction Loans
One-to four-family residential and land development 3,320 4,385 4,931 7,465 9,527
Multi-family and nonresidential   -     -     -     -     -  
Total real estate loans 19,743 21,190 39,614 41,719 40,568
Consumer Loans 3,564 3,459 3,608 4,843 4,921
Commercial Loans   4,177     4,453     1,492     1,225     1,068  
Total Loans $ 27,484   $ 29,102   $ 44,714   $ 47,787   $ 46,557  
 
Total Nonperforming Loans and Nonperforming Assets
Past due 90 days and on nonaccrual status $ 20,946 $ 22,487 $ 36,515 $ 38,378 $ 41,335
Past due 90 days and still accruing   3,413     3,501     3,594     3,678     47  
Past due 90 days 24,359 25,988 40,109 42,056 41,382
Past due less than 90 days and on nonaccrual   3,125     3,114     4,605     5,731     5,175  
Total Nonperforming Loans 27,484 29,102 44,714 47,787 46,557
Other Real Estate Owned 9,276 11,203 15,349 18,075 19,732
Repossessed Assets   39     156     433     365     474  
Total Nonperforming Assets $ 36,799   $ 40,461   $ 60,496   $ 66,227   $ 66,763  
 
Total Troubled Debt Restructured Loans
Accruing $ 26,629 $ 25,165 $ 23,812 $ 21,006 $ 17,002
Nonaccruing   5,474     5,455     3,616     4,430     4,531  
Total $ 32,103   $ 30,620   $ 27,428   $ 25,436   $ 21,533  
 

Copyright Business Wire 2010

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