United Community Financial Corp. Announces Profitable First Quarter 2014

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 $2.1 million for the three months ended March 31, 2014.

Selected results:
  • Net loans increased $31.7 million from the prior quarter, or 3.0%
  • Net income for first quarter of 2014 was $2.1 million compared to a net income of $2.2 million for the prior quarter and $2.7 million for the same quarter last year
  • Noninterest expense for the first quarter of 2014 was $13.5 million, down 9.6% from the previous quarter and down 2.3% from the first quarter of 2013
  • Credit quality continues to improve as nonperforming loans, nonperforming assets and delinquent loans decreased during the first quarter of 2014
  • Home Savings’ continues to be well capitalized. At quarter end, the Tier 1 leverage ratio was 10.71% and the total risk based capital ratio was 19.68%

Gary M. Small, President and Chief Executive Officer of the Company and Home Savings, commented, “We are very pleased to deliver first quarter loan growth of $31 million, up 3%, with meaningful growth in both the residential mortgage and commercial and industrial loan categories. Credit quality remains strong and our cost of funds has improved 9 basis points as compared to the first quarter of 2013. These achievements are in keeping with 2014 objectives to grow and diversify our loan portfolio and improve operating efficiencies.”

Net Interest Income

Net interest income for the three months ended March 31, 2014 and 2013 was $12.6 million and $12.9 million, respectively. Net interest margin for the three months ended March 31, 2014 and 2013 was 3.07% and 3.01%, respectively.

Total interest income decreased $731,000 in the first quarter of 2014 compared to the first quarter of 2013, primarily as a result of a decrease of $5.4 million in the average balance of outstanding loans as well as a decrease in the yield on net loans of 17 basis points. Further impacting the comparison, the Company also recognized a decrease in the average balance of available for sale securities of $86.2 million in the first quarter of 2014 as compared to the same quarter last year, despite an increase in the yield on those assets of 23 basis points.

Total interest expense decreased $416,000 for the quarter ended March 31, 2014, as compared to the same quarter last year. The change was due primarily to reductions of $410,000 in interest paid on deposits. The overall decrease in interest expense was partially attributable to a 9.3% growth in noninterest bearing deposits. Also contributing to the decrease between the two quarterly periods was a reduction of 8 basis points in the cost of certificates of deposit. . The average outstanding balance of certificates of deposit in the first quarter of 2014 declined by $69.0 million as compared to the first quarter of 2013. Furthermore, the average balance of non-time deposits decreased $10.6 million and the cost of non-time deposits decreased 5 basis points.

Net interest income for the three months ended March 31, 2014 and December 31, 2013 was $12.6 million and $13.1 million, respectively. Net interest margin for the three months ended March 31, 2014 and December 31, 2013 was 3.07% and 3.17%, respectively.

Total interest income decreased $607,000 in first quarter of 2014 compared to the fourth quarter of 2013, primarily as a result of a decrease in the yield on net loans of 34 basis points offset by an increase of $26.9 million in the average balance of outstanding loans. Further affecting the comparison, the Company also recognized a decrease in the average balance of available for sale securities of $7.7 million in the first quarter of 2014 as compared to the prior quarter despite a minimal increase in the yield on available for sale securities of one basis point.

Total interest expense decreased $135,000 for the three months ended March 31, 2014, as compared to the quarter ended December 31, 2013. The change was due primarily to reductions of $103,000 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 less expensive non-time deposits. Between December 31, 2013, and March 31, 2014, the average outstanding balance of certificates of deposit declined by $24.1 million, while non-time deposits increased by $5.7 million. Also contributing to the decrease in interest expense was a reduction of three basis points in the cost of certificates of deposit.

Asset Quality

Delinquent loans continued to decline in the first quarter of 2014. As of March 31, 2014, delinquent loans were $22.0 million, down $1.8 million, or 7.7%, from $23.8 million at December 31, 2013. Nonperforming loans also continued to decline; as of March 31, 2014, nonperforming loans were $23.0 million, down $605,000, or 2.6%, from $23.6 million at December 31, 2013. Nonperforming assets were $27.7 million as of March 31, 2014, down $2.2 million, or 7.5%, from $29.9 million at December 31, 2013.

The provision for loan losses decreased to $33,000 in the first quarter of 2014, compared to $2.1 million in the first quarter of 2013, and $282,000 in the preceding quarter reflecting the continual improvement in asset quality.

The Company continued to make significant progress in the resolution of foreclosed properties in the first quarter of 2014. At March 31, 2014, other real estate owned and other repossessed assets consisted of properties with a net book value of $4.7 million, a decrease of $1.6 million from the prior quarter.

Noninterest Income

Noninterest income in the first quarter of 2014 was $3.2 million, as compared to noninterest income for the first quarter of 2013 of $5.7 million. The decrease in noninterest income was driven by decreases in investment advisory income, mortgage banking income, gains on the sale of available for sale securities and other income. The decrease in investment advisory income was the result of lower sales volume in the current quarter, as compared to the same quarter last year. A $50.5 million reduction in mortgage originations sold resulted in a $1.0 million decline in mortgage banking income. The change in gains recognized on the sale of available for sale securities was the result of sales made in the first quarter of 2013 that did not reoccur in the first quarter of 2014. The change in other income was the result of lower net rental income received on real estate owned in the current quarter, compared to the same quarter last year. Also, Home Savings recognized a recovery of $138,000 on interest rate caps in the first quarter of 2013.

When comparing the current quarter to the prior quarter, noninterest income decreased $900,000. Deposit related fee income, mortgage banking income, and losses on the valuation and disposal of other real estate owned (“OREO”) accounted for the change. The change in deposit related fees can be attributed to a decline in NSF and overdraft service charges. A $238,000 reduction in mortgage banking income was due to a decline in volume of $9.6 million in mortgages being sold. In addition a $209,000 OREO valuation reserve was established in the first quarter.

Noninterest Expense

Noninterest expense was $13.5 million in the first quarter of 2014, compared to $13.9 million in the first quarter of 2013; a difference of $321,000. In the first quarter of 2014, other expenses decreased primarily because of lower expenses incurred on loans sold in the secondary market. Reduced FDIC premiums of $301,000 and franchise/financial institutions tax expenses of $233,000 also contributed to the change. These reductions were offset by an increase of $707,000 in salaries and employee benefits, due primarily to annual wage and benefit increases, incentive accruals, and lower deferred salary expenses related to loan origination.

Compared to the prior quarter, noninterest expense in the first quarter of 2014 decreased $1.4 million. Compared to the prior quarter, other expenses decreased because of lower expenses incurred on loans sold in the secondary market. Reduced FDIC insurance premiums of $339,000 and franchise/financial institutions tax expense of $153,000 also contributed to the positive variance. Professional fees were $320,000 lower during the three months ended March 31, 2014 as compared to the prior quarter. These reductions were offset by an increase of $729,000 in salaries and employee benefits, substantially due to annual wage and benefit increases and lower deferred salary expenses related to loan originations.

Capital and Book Value per Common Share

Home Savings’ Tier 1 leverage ratio was 10.71% as of March 31, 2014, as compared to 10.50% as of December 31, 2013. Home Savings’ total risk-based capital ratio was 19.68% at March 31, 2014, as compared to 19.76% at December 31, 2013. Home Savings is considered well capitalized. Tangible book value per common share at March 31, 2014 was $3.76, as compared to $3.47 at December 31, 2013.

As of March 31, 2014, the net deferred tax asset (DTA), before valuation allowance, was $37.3 million compared to $42.8 million at December 31, 2013. The primary cause of the change in the net DTA at March 31, 2014 was the tax effect of the redemption of stock by the Federal Home Loan Bank in March. The Company has established a full valuation allowance against the entire net DTA. Management will continue to conduct a regular assessment of the need to maintain a full valuation allowance against its deferred tax asset. To that end, management will continue to apply its judgment in weighing positive and negative evidence in anticipation of the ultimate reversal of the deferred tax asset valuation allowance.

Home Savings is a wholly-owned subsidiary of the Company and operates 33 full-service banking offices and 10 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.
     
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
 
March 31, December 31,
2014 2013
(Dollars in thousands)
Assets:
Cash and deposits with banks $ 21,762 $ 20,937
Federal funds sold   40,473     56,394  
Total cash and cash equivalents 62,235 77,331
Securities:
Available for sale, at fair value 517,388 511,006
Loans held for sale 4,230 4,838
Loans, net of allowance for loan losses of $20,554 and $21,116 1,060,901 1,029,192
Federal Home Loan Bank stock, at cost 18,068 26,464
Premises and equipment, net 20,602 20,924
Accrued interest receivable 5,161 5,694
Real estate owned and other repossessed assets 4,700 6,341
Core deposit intangible 133 152
Cash surrender value of life insurance 45,322 44,972
Other assets   10,404     10,936  
Total assets $ 1,749,144   $ 1,737,850  
 
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Interest bearing $ 1,212,447 $ 1,221,162
Non-interest bearing   185,620     170,590  
Total deposits 1,398,067 1,391,752
Borrowed funds:
Federal Home Loan Bank advances 50,000 50,000
Repurchase agreements and other   90,572     90,578  
Total borrowed funds 140,572 140,578
Advance payments by borrowers for taxes and insurance 12,246 20,060
Accrued interest payable 585 550
Accrued expenses and other liabilities   7,845     9,836  
Total liabilities   1,559,315     1,562,776  
 
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 shares
issued and 50,422,161 and 50,339,089 shares, respectively, outstanding 174,522 174,719
Retained earnings 82,847 81,515
Accumulated other comprehensive loss (29,097 ) (41,665 )
Treasury stock, at cost, 3,716,749 and 3,799,821 shares, respectively   (38,443 )   (39,495 )
Total shareholders’ equity   189,829     175,074  
Total liabilities and shareholders’ equity $ 1,749,144   $ 1,737,850  
 
     
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
     
For the Three Months Ended
March 31, December 31, March 31,
2014 2013 2013
(Dollars in thousands, except per share data)
Interest income
Loans $ 12,122 $ 12,657 $ 12,627
Loans held for sale 49 63 89
Securities:
Available for sale 3,241 3,278 3,428
Federal Home Loan Bank stock dividends 267 267 283
Other interest earning assets   26     47     9  
Total interest income 15,705 16,312 16,436
Interest expense
Deposits 1,677 1,780 2,087
Federal Home Loan Bank advances 518 530 523
Repurchase agreements and other   908     928     909  
Total interest expense   3,103     3,238     3,519  
Net interest income 12,602 13,074 12,917
Provision for loan losses   33     282     2,064  
Net interest income after provision for loan losses   12,569     12,792     10,853  
Non-interest income
Non-deposit investment income 341 373 541
Service fees and other charges
Mortgage servicing fees 689 704 704
Deposit related fees 1,198 1,499 1,260
Mortgage servicing rights valuation (1 ) 4 435
Mortgage servicing rights amortization (392 ) (431 ) (660 )
Other service fees - - 43
Net gains (losses):
Securities available for sale 3 (1 ) 721
Mortgage banking income 612 850 1,643
Real estate owned and other repossessed assets charges, net (383 ) (215 ) (431 )
Card fees 772 850 734
Other income   385     491     703  
Total non-interest income   3,224     4,124     5,693  
Non-interest expense
Salaries and employee benefits 7,580 6,851 6,873
Occupancy 933 906 822
Equipment and data processing 1,798 1,863 1,760
Franchise tax 198 351 431
Advertising 189 247 139
Amortization of core deposit intangible 19 20 23
Deposit insurance premiums 253 592 554
Other insurance premiums 137 137 176
Professional fees
Legal and consulting fees 161 354 192
Other professional fees 392 519 216
Real estate owned and other repossessed asset expenses 213 310 493
Other expenses   1,670     2,827     2,185  
Total non-interest expenses   13,543     14,977     13,864  
Income before income taxes 2,250 1,939 2,682
Income tax expense   156     (300 )   -  
Net income 2,094 2,239 2,682
Amortization of discount on preferred stock   -     -     821  
Earnings available to common shareholders $ 2,094   $ 2,239   $ 1,861  
 
Earnings per common share
Basic $ 0.04 $ 0.04 $ 0.06
Diluted 0.04 0.04 0.05
 
         
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
 
At or for the quarters ended
March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
(In thousands, except per share data)
Financial Data
Total assets $ 1,749,144 $ 1,737,850 $ 1,756,202 $ 1,787,071 $ 1,831,776
Total loans, net 1,060,901 1,029,192 1,009,029 1,008,843 1,034,415
Total securities 517,388 511,006 542,811 555,188 602,107
Total deposits 1,398,067 1,391,752 1,410,610 1,433,815 1,460,960
Total shareholders' equity 189,829 175,074 183,322 183,759 206,511
Net interest income 12,602 13,074 12,704 12,636 12,917
Provision for loan losses 33 282 657 1,113 2,064
Noninterest income 3,224 4,124 3,548 6,384 5,693
Noninterest expense 13,543 14,977 13,528 14,368 13,864
Income tax expense (benefit) 156 (300 ) 350 150 -
Net income 2,094 2,239 1,717 3,389 2,682
 
Share Data
Basic earnings (loss) per common share $ 0.04 $ 0.04 $ 0.03 $ (0.06 ) $ 0.06

Diluted earnings (loss) per common share
0.04 0.04 0.03 (0.06 ) 0.05
Book value per common share 3.76 3.48 3.65 3.66 4.81
Tangible book value per common share 3.76 3.47 3.65 3.66 4.81
Market value per common share 3.92 3.57 3.89 4.65 3.88
 
Common shares outstanding at end of period 50,422 50,339 50,225 50,189 39,607
Weighted average shares outstanding--basic 50,196 50,114 50,110 43,160 33,565
Weighted average shares outstanding--diluted 50,451 50,360 50,382 43,160 33,829
 
Key Ratios
Return on average assets (1) 0.48 % 0.51 % 0.39 % 0.74 % 0.59 %
Return on average equity (2) 4.52 % 4.82 % 3.75 % 6.46 % 6.14 %
Net interest margin 3.07 % 3.17 % 3.04 % 2.93 % 3.01 %
Efficiency ratio 83.45 % 85.89 % 81.14 % 78.38 % 75.55 %
Nonperforming loans to total loans, end of period 2.17 % 2.29 % 2.72 % 2.88 % 4.32 %
Nonperforming assets to total assets, end of period 1.58 % 1.72 % 2.10 % 2.26 % 3.30 %
Allowance for loan loss as a percent of loans, end of period 1.90 % 2.01 % 2.04 % 1.85 % 2.07 %
Delinquent loans to total loans, end of period 2.07 % 2.32 % 2.77 % 3.38 % 4.51 %
 
Capital Ratios
Tier 1 leverage ratio 10.71 % 10.50 % 10.26 % 10.03 % 9.84 %
Tier 1 risk-based capital ratio 18.42 % 18.50 % 18.52 % 18.17 % 17.02 %
Total risk-based capital ratio 19.68 % 19.76 % 19.78 % 19.42 % 18.28 %
Equity to assets 10.85 % 10.07 % 10.44 % 10.28 % 11.27 %

Tangible common equity to tangible assets (3)
10.85 % 10.07 % 10.43 % 10.27 % 11.26 %
 

(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
March 31,   December 31,   September 30,   June 30,   March 31,
2014 2013 2013 2013 2013
(Dollars in thousands)
 
Total assets $ 1,749,144 $ 1,737,850 $ 1,756,202 $ 1,787,071 $ 1,831,776
Less: Core deposit intangible   133     152     172     192     215  
Tangible assets (Non-GAAP) $ 1,749,011 $ 1,737,698 $ 1,756,030 $ 1,786,879 $ 1,831,561
 
Total common equity 189,829 175,074 183,322 183,759 206,511
Less: Core deposit intangible   133     152     172     192     215  
Tangible common equity (Non-GAAP) $ 189,696 $ 174,922 $ 183,150 $ 183,567 $ 206,296
 
Total equity/Total assets 10.85 % 10.07 % 10.44 % 10.28 % 11.27 %
Tangible common equity/Tangible assets (non-GAAP) 10.85 % 10.07 % 10.43 % 10.27 % 11.26 %
 
       
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

 
At or for the quarters ended
March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
(Dollars in thousands)
Loan Portfolio Composition
Real Estate Loans
One-to four-family residential $ 610,879 $ 585,025 $ 575,791 $ 572,575 $ 570,377
Multi-family residential* 54,233 54,485 55,696 62,559 69,857
Nonresidential* 125,796 131,251 127,699 120,586 132,662
Land* 9,829 9,683 9,546 9,821 15,216
Construction Loans
One-to four-family residential and land development 55,082 53,349 38,932 32,512 32,866
Multi-family and nonresidential*   207     -     -     4,584     4,584  
Total real estate loans 856,026 833,793 807,664 802,637 825,562
Consumer Loans 184,409 189,231 194,383 199,634 206,496
Commercial Loans   40,013     26,141     26,888     24,526     23,077  
Total Loans 1,080,448 1,049,165 1,028,935 1,026,797 1,055,135
Less:
Allowance for loan losses 20,554 21,116 21,032 19,037 21,827
Deferred loan costs, net   (1,007 )   (1,143 )   (1,126 )   (1,083 )   (1,107 )
Total   19,547     19,973     19,906     17,954     20,720  
Loans, net $ 1,060,901   $ 1,029,192   $ 1,009,029   $ 1,008,843   $ 1,034,415  
* Categories are considered commercial real estate
 
 
At or for the quarters ended
March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
(Dollars in thousands)
Deposit Portfolio Composition
Checking accounts
Interest bearing checking accounts $ 136,031 $ 132,751 $ 134,766 $ 135,228 $ 136,952
Non-interest bearing checking accounts   185,620     170,590     167,167     165,224     169,790  
Total checking accounts 321,651 303,341 301,933 300,452 306,742
Savings accounts 278,906 267,515 267,062 272,991 274,419
Money market accounts   329,163     328,625     331,449     334,242     341,804  
Total non-time deposits 929,720 899,481 900,444 907,685 922,965
Retail certificates of deposit   468,347     492,271     510,166     526,130     537,995  
Total certificates of deposit   468,347     492,271     510,166     526,130     537,995  
Total deposits $ 1,398,067   $ 1,391,752   $ 1,410,610   $ 1,433,815   $ 1,460,960  
Certificates of deposit as a percent of total deposits 33.50 % 35.37 % 36.17 % 36.69 % 36.82 %
 
         
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
 
At or for the quarters ended
March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
(Dollars in thousands)
 
Allowance For Loan Losses
Beginning balance $ 21,116 $ 21,032 $ 19,037 $ 21,827 $ 21,130
Provision 33 282 657 1,113 2,064
Net recoveries (chargeoffs)   (595 )   (198 )   1,338     (3,903 )   (1,367 )
Ending balance $ 20,554   $ 21,116   $ 21,032   $ 19,037   $ 21,827  
 
Net Charge-offs (Recoveries)
Real Estate Loans
One-to four-family $ (163 ) $ (42 ) $ 201 $ 487 $ 637
Multi-family (5 ) - (13 ) 113 41
Nonresidential (252 ) 29 381 1,288 459
Land - (12 ) (10 ) 1,639 (196 )
Construction Loans
One-to four-family residential and land development (79 ) (451 ) (1,876 ) 108 (75 )
Multi-family and nonresidential   -     620     -     (4 )   18  
Total real estate loans (499 ) 144 (1,317 ) 3,631 884
Consumer Loans (233 ) 193 143 387 443
Commercial Loans   137     (139 )   (164 )   (115 )   40  
Total $ (595 ) $ 198   $ (1,338 ) $ 3,903   $ 1,367  
 
 
At or for the quarters ended
March 31, December 31, September 30, June 30, March 31,
2014 2013 2013 2013 2013
(Dollars in thousands)
Nonperforming Loans
Real Estate Loans
One-to four-family residential $ 6,132 $ 6,356 $ 6,127 $ 4,993 $ 5,978
Multi-family residential 1,158 641 705 727 1,727
Nonresidential 5,033 5,560 8,963 10,429 21,021
Land 532 496 628 656 5,957
Construction Loans
One-to four-family residential and land development   2,884     3,084     3,320     4,385     4,931  
Total real estate loans 15,739 16,137 19,743 21,190 39,614
Consumer Loans 3,089 3,293 3,564 3,459 3,608
Commercial Loans   4,155     4,158     4,177     4,453     1,492  
Total Loans $ 22,983   $ 23,588   $ 27,484   $ 29,102   $ 44,714  
 
Total Nonperforming Loans and Nonperforming Assets
Past due 90 days and on nonaccrual status $ 18,708 $ 20,188 $ 20,946 $ 22,487 $ 36,515
Past due 90 days and still accruing   -     45     3,413     3,501     3,594  
Past due 90 days 18,708 20,233 24,359 25,988 40,109
Past due less than 90 days and on nonaccrual   4,276     3,356     3,125     3,114     4,605  
Total Nonperforming Loans 22,984 23,589 27,484 29,102 44,714
Other Real Estate Owned 4,700 6,318 9,276 11,203 15,349
Repossessed Assets   -     23     39     156     433  
Total Nonperforming Assets $ 27,684   $ 29,930   $ 36,799   $ 40,461   $ 60,496  
 
Total Troubled Debt Restructured Loans
Accruing $ 26,614 $ 26,577 $ 26,629 $ 25,165 $ 23,812
Nonaccruing   4,724     4,941     5,474     5,455     3,616  
Total $ 31,338   $ 31,518   $ 32,103   $ 30,620   $ 27,428  
 

Copyright Business Wire 2010

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