OHIO | 0-024399 | 34-1856319 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
275 West Federal Street, Youngstown, Ohio |
44503-1203 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit | ||||
Number | Description | |||
99
|
Press Release of United Community dated March 25, 2011. | Included herewith. |
2
UNITED COMMUNITY FINANCIAL CORP. |
||||
By: | /s/ James R. Reske | |||
James R. Reske, Chief Financial Officer | ||||
3
Media Contact: | Investor Contact: | |
Colleen Scott | James R. Reske | |
Vice President of Marketing | Chief Financial Officer | |
Home Savings | United Community Financial Corp. | |
(330) 742-0638 | (330) 742-0592 | |
cscott@homesavings.com | jreske@ucfconline.com |
| Nonperforming loans reduced $3.2 million to $139.5 million from the prior quarter |
||
| Nonperforming assets reduced $3.1 million to $179.9 million from the prior last quarter |
||
| Net interest margin reduced 25 basis points to 3.17% from the prior quarter |
1
| Increased the allowance for loan losses by $10.0 million from the prior quarter |
||
| Home Savings Tier 1 leverage ratio reduced 39 basis points from the prior quarter to
7.84% |
||
| Home Savings Total Risk Based Capital reduced 58 basis points from the prior quarter to
12.54% |
||
| Book value per share and tangible book value per share each declined $0.82 from the
prior quarter to $5.69 and $5.67, respectively |
2
3
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
Assets: |
||||||||
Cash and deposits with banks |
$ | 18,627 | $ | 22,330 | ||||
Federal funds sold and other |
18,480 | 22,744 | ||||||
Total cash and cash equivalents |
37,107 | 45,074 | ||||||
Securities: |
||||||||
Available for sale, at fair value |
362,042 | 281,348 | ||||||
Loans held for sale |
10,870 | 10,497 | ||||||
Loans, net of allowance for loan losses of $50,883 and $42,287, respectively |
1,649,486 | 1,866,018 | ||||||
Federal Home Loan Bank stock, at cost |
26,464 | 26,464 | ||||||
Premises and equipment, net |
22,076 | 23,139 | ||||||
Accrued interest receivable |
7,720 | 9,090 | ||||||
Real estate owned and other repossessed assets |
40,336 | 30,962 | ||||||
Core deposit intangible |
485 | 661 | ||||||
Cash surrender value of life insurance |
27,303 | 26,198 | ||||||
Other assets |
13,409 | 18,976 | ||||||
Total assets |
$ | 2,197,298 | $ | 2,338,427 | ||||
Liabilities and Shareholders Equity |
||||||||
Liabilities: |
||||||||
Deposits: |
||||||||
Interest bearing |
$ | 1,551,210 | $ | 1,642,722 | ||||
Non-interest bearing |
138,571 | 126,779 | ||||||
Total deposits |
1,689,781 | 1,769,501 | ||||||
Borrowed funds: |
||||||||
Federal Home Loan Bank advances |
202,818 | 221,323 | ||||||
Repurchase agreements and other |
97,797 | 96,833 | ||||||
Total borrowed funds |
300,615 | 318,156 | ||||||
Advance payments by borrowers for taxes and insurance |
20,668 | 19,791 | ||||||
Accrued interest payable |
809 | 1,421 | ||||||
Accrued expenses and other liabilities |
9,370 | 9,775 | ||||||
Total liabilities |
2,021,243 | 2,118,644 | ||||||
Shareholders Equity: |
||||||||
Preferred stock-no par value; 1,000,000 shares authorized and unissued |
| | ||||||
Common stock-no par value; 499,000,000 shares authorized; 37,804,457
shares issued and 30,937,704 and 30,897,825 shares, respectively, outstanding |
142,318 | 145,775 | ||||||
Retained earnings |
111,049 | 148,674 | ||||||
Accumulated other comprehensive income (loss) |
(4,778 | ) | 4,110 | |||||
Unearned employee stock ownership plan shares |
| (5,821 | ) | |||||
Treasury stock, at cost, 6,866,753 and 6,906,632 shares, respectively |
(72,534 | ) | (72,955 | ) | ||||
Total shareholders equity |
176,055 | 219,783 | ||||||
Total liabilities and shareholders equity |
$ | 2,197,298 | $ | 2,338,427 | ||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Interest income |
||||||||||||||||
Loans |
$ | 22,063 | $ | 27,590 | $ | 97,413 | $ | 118,122 | ||||||||
Loans held for sale |
167 | 428 | 415 | 1,006 | ||||||||||||
Securities: |
||||||||||||||||
Available for sale |
3,011 | 2,964 | 11,727 | 11,455 | ||||||||||||
Federal Home Loan Bank stock dividends |
267 | 300 | 1,158 | 1,223 | ||||||||||||
Other interest earning assets |
10 | 7 | 35 | 57 | ||||||||||||
Total interest income |
25,518 | 31,289 | 110,748 | 131,863 | ||||||||||||
Interest expense |
||||||||||||||||
Deposits |
6,808 | 10,223 | 32,062 | 45,985 | ||||||||||||
Federal Home Loan Bank advances |
881 | 1,022 | 3,588 | 5,797 | ||||||||||||
Repurchase agreements and other |
941 | 951 | 3,737 | 4,167 | ||||||||||||
Total interest expense |
8,630 | 12,196 | 39,387 | 55,949 | ||||||||||||
Net interest income |
16,888 | 19,093 | 71,361 | 75,914 | ||||||||||||
Provision for loan losses |
22,551 | 22,740 | 62,427 | 49,074 | ||||||||||||
Net interest income after provision for loan losses |
(5,663 | ) | (3,647 | ) | 8,934 | 26,840 | ||||||||||
Non-interest income |
||||||||||||||||
Non-deposit investment income |
319 | 350 | 1,619 | 1,424 | ||||||||||||
Service fees and other charges |
2,631 | 2,286 | 6,369 | 8,531 | ||||||||||||
Net gains (losses): |
||||||||||||||||
Securities available for sale |
1,508 | | 8,803 | 1,863 | ||||||||||||
Other -than-temporary loss on equity securities |
||||||||||||||||
Total impairment loss |
(14 | ) | (56 | ) | (58 | ) | (778 | ) | ||||||||
Loss recognized in other comprehensive income |
| | | | ||||||||||||
Net impairment loss recognized in earnings |
(14 | ) | (56 | ) | (58 | ) | (778 | ) | ||||||||
Mortgage banking income |
1,909 | 2,677 | 4,365 | 6,164 | ||||||||||||
Real estate owned and other repossessed assets |
(1,611 | ) | (1,617 | ) | (6,123 | ) | (7,918 | ) | ||||||||
Gain on retail branch sale |
| | 1,387 | | ||||||||||||
Other income |
1,731 | 1,211 | 5,531 | 4,632 | ||||||||||||
Total non-interest income |
6,473 | 4,851 | 21,893 | 13,918 | ||||||||||||
Non-interest expense |
||||||||||||||||
Salaries and employee benefits |
7,852 | 7,148 | 32,699 | 30,493 | ||||||||||||
Occupancy |
890 | 871 | 3,583 | 3,669 | ||||||||||||
Equipment and data processing |
1,678 | 1,557 | 6,627 | 6,525 | ||||||||||||
Franchise tax |
499 | 399 | 2,011 | 2,083 | ||||||||||||
Advertising |
286 | 459 | 860 | 1,136 | ||||||||||||
Amortization of core deposit intangible |
40 | 51 | 176 | 223 | ||||||||||||
Deposit insurance premiums |
1,375 | 1,050 | 5,686 | 7,304 | ||||||||||||
Professional fees |
1,185 | 946 | 4,106 | 3,520 | ||||||||||||
Real estate owned and other repossessed asset expenses |
2,313 | 431 | 4,971 | 2,713 | ||||||||||||
Other expenses |
2,254 | 1,742 | 7,612 | 5,974 | ||||||||||||
Total non-interest expenses |
18,372 | 14,654 | 68,331 | 63,640 | ||||||||||||
Income (loss) before income taxes and discontinued operations |
(17,562 | ) | (13,450 | ) | (37,504 | ) | (22,882 | ) | ||||||||
Income taxes expense (benefit) |
(231 | ) | 2,812 | (231 | ) | (1,160 | ) | |||||||||
Net income (loss) before discontinued operations |
(17,331 | ) | (16,262 | ) | (37,273 | ) | (21,722 | ) | ||||||||
Discontinued operations |
||||||||||||||||
Net income of Butler Wick Corp. |
| | | 4,949 | ||||||||||||
Net income (loss) |
$ | (17,331 | ) | $ | (16,262 | ) | $ | (37,273 | ) | $ | (16,773 | ) | ||||
Earnings (loss) per share |
||||||||||||||||
Basiccontinuing operations |
$ | (0.56 | ) | $ | (0.54 | ) | $ | (1.22 | ) | $ | (0.73 | ) | ||||
Basicdiscontinued operations |
| | | 0.17 | ||||||||||||
Basic |
(0.56 | ) | (0.54 | ) | (1.22 | ) | (0.56 | ) | ||||||||
Dilutedcontinuing operations |
(0.56 | ) | (0.54 | ) | (1.22 | ) | (0.73 | ) | ||||||||
Diluteddiscontinued operations |
| | | 0.17 | ||||||||||||
Diluted |
(0.56 | ) | (0.54 | ) | (1.22 | ) | (0.56 | ) |
At or for the quarters ended | ||||||||||||||||||||
December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Financial Data |
||||||||||||||||||||
Total assets |
$ | 2,197,298 | $ | 2,317,948 | $ | 2,314,109 | $ | 2,279,719 | $ | 2,338,427 | ||||||||||
Total loans, net |
1,649,486 | 1,726,381 | 1,786,038 | 1,823,899 | 1,866,018 | |||||||||||||||
Total securities |
362,042 | 390,636 | 307,154 | 272,239 | 281,348 | |||||||||||||||
Total deposits |
1,689,781 | 1,685,033 | 1,696,531 | 1,728,592 | 1,769,501 | |||||||||||||||
Total shareholders equity |
176,055 | 201,333 | 212,691 | 214,482 | 219,783 | |||||||||||||||
Net interest income |
16,888 | 18,786 | 17,971 | 17,716 | 19,093 | |||||||||||||||
Provision for loan losses |
22,551 | 17,116 | 10,310 | 12,450 | 22,740 | |||||||||||||||
Noninterest income, excluding other-than-temporary impairment losses |
6,487 | 4,159 | 4,745 | 6,560 | 4,907 | |||||||||||||||
Net impairment losses recognized in earnings |
14 | 44 | | | 56 | |||||||||||||||
Noninterest expense |
18,372 | 15,700 | 17,291 | 16,968 | 14,654 | |||||||||||||||
Income tax expense (benefit) |
(231 | ) | | | | 2,812 | ||||||||||||||
Net loss |
(17,331 | ) | (9,915 | ) | (4,885 | ) | (5,142 | ) | (16,262 | ) | ||||||||||
Share Data |
||||||||||||||||||||
Basic loss per share |
$ | (0.56 | ) | $ | (0.32 | ) | $ | (0.16 | ) | $ | (0.17 | ) | $ | (0.54 | ) | |||||
Diluted loss per share |
(0.56 | ) | (0.32 | ) | (0.16 | ) | (0.17 | ) | (0.54 | ) | ||||||||||
Book value per share |
5.69 | 6.51 | 6.88 | 6.94 | 7.11 | |||||||||||||||
Tangible book value per share |
5.67 | 6.49 | 6.87 | 6.92 | 7.09 | |||||||||||||||
Market value per share |
1.34 | 1.33 | 1.68 | 1.50 | 1.45 | |||||||||||||||
Shares outstanding at end of period |
30,938 | 30,925 | 30,898 | 30,898 | 30,898 | |||||||||||||||
Weighted average shares outstandingbasic |
30,906 | 30,899 | 30,039 | 29,955 | 29,879 | |||||||||||||||
Weighted average shares outstandingdiluted |
30,906 | 30,899 | 30,039 | 29,955 | 29,879 | |||||||||||||||
Key Ratios |
||||||||||||||||||||
Return on average assets |
-3.06 | % | -1.70 | % | -0.85 | % | -0.90 | % | -2.69 | % | ||||||||||
Return on average equity |
-33.91 | % | -18.41 | % | -8.91 | % | -9.18 | % | -27.18 | % | ||||||||||
Net interest margin |
3.17 | % | 3.42 | % | 3.30 | % | 3.28 | % | 3.33 | % | ||||||||||
Efficiency ratio |
78.08 | % | 66.80 | % | 82.92 | % | 78.59 | % | 56.97 | % | ||||||||||
Capital Ratios |
||||||||||||||||||||
Tier 1 leverage ratio |
7.84 | % | 8.23 | % | 8.71 | % | 8.47 | % | 8.22 | % | ||||||||||
Tier 1 risk-based capital ratio |
11.26 | % | 11.85 | % | 11.90 | % | 11.47 | % | 11.53 | % | ||||||||||
Total risk-based capital ratio |
12.54 | % | 13.12 | % | 13.16 | % | 12.73 | % | 12.80 | % | ||||||||||
Equity to assets |
8.01 | % | 8.69 | % | 9.19 | % | 9.41 | % | 9.40 | % | ||||||||||
Tangible common equity to tangible assets |
7.99 | % | 8.67 | % | 9.17 | % | 9.38 | % | 9.37 | % |
At or for the quarters ended | ||||||||||||||||||||
December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Loan Portfolio Composition |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family residential |
$ | 757,426 | $ | 778,005 | $ | 779,565 | $ | 777,380 | $ | 773,831 | ||||||||||
Multi-family residential* |
135,771 | 136,681 | 138,875 | 143,992 | 150,480 | |||||||||||||||
Nonresidential* |
331,390 | 355,914 | 383,882 | 389,407 | 397,895 | |||||||||||||||
Land* |
25,138 | 25,413 | 26,217 | 25,122 | 23,502 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
108,583 | 117,297 | 133,534 | 161,625 | 178,095 | |||||||||||||||
Multi-family and nonresidential* |
15,077 | 14,537 | 14,870 | 14,682 | 13,741 | |||||||||||||||
Total real estate loans |
1,373,385 | 1,427,847 | 1,476,943 | 1,512,208 | 1,537,544 | |||||||||||||||
Consumer Loans |
279,453 | 289,296 | 295,007 | 301,457 | 309,202 | |||||||||||||||
Commercial Loans |
46,304 | 48,902 | 53,566 | 56,726 | 60,217 | |||||||||||||||
Total Loans |
1,699,142 | 1,766,045 | 1,825,516 | 1,870,391 | 1,906,963 | |||||||||||||||
Less: |
||||||||||||||||||||
Allowance for loan losses |
50,883 | 40,884 | 40,728 | 47,768 | 42,287 | |||||||||||||||
Deferred loan costs, net |
(1,227 | ) | (1,220 | ) | (1,250 | ) | (1,276 | ) | (1,342 | ) | ||||||||||
Total |
49,656 | 39,664 | 39,478 | 46,492 | 40,945 | |||||||||||||||
Loans, net |
$ | 1,649,486 | $ | 1,726,381 | $ | 1,786,038 | $ | 1,823,899 | $ | 1,866,018 | ||||||||||
* | Such categories are considered commercial real estate |
At or for the quarters ended | ||||||||||||||||||||
December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Deposit Portfolio Composition |
||||||||||||||||||||
Checking accounts |
||||||||||||||||||||
Interest bearing checking accounts |
$ | 110,092 | $ | 103,204 | $ | 104,905 | $ | 101,068 | $ | 108,513 | ||||||||||
Non-interest bearing checking accounts |
138,571 | 128,702 | 126,437 | 125,741 | 126,779 | |||||||||||||||
Total checking accounts |
248,663 | 231,906 | 231,342 | 226,809 | 235,292 | |||||||||||||||
Savings accounts |
218,946 | 214,197 | 212,778 | 210,091 | 202,900 | |||||||||||||||
Money market accounts |
311,692 | 310,884 | 310,506 | 300,610 | 291,320 | |||||||||||||||
Total non-time deposits |
779,301 | 756,987 | 754,626 | 737,510 | 729,512 | |||||||||||||||
Retail certificates of deposit |
910,480 | 928,046 | 939,568 | 988,747 | 1,024,961 | |||||||||||||||
Brokered certificates of deposit |
| | 2,337 | 2,335 | 15,028 | |||||||||||||||
Total certificates of deposit |
910,480 | 928,046 | 941,905 | 991,082 | 1,039,989 | |||||||||||||||
Total deposits |
$ | 1,689,781 | $ | 1,685,033 | $ | 1,696,531 | $ | 1,728,592 | $ | 1,769,501 | ||||||||||
Certificates of deposit as a percent of total deposits |
53.88 | % | 55.08 | % | 55.52 | % | 57.33 | % | 58.77 | % |
At or for the quarters ended | ||||||||||||||||||||
December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Allowance For Loan Losses |
||||||||||||||||||||
Beginning balance |
$ | 40,884 | $ | 40,728 | $ | 47,768 | $ | 42,287 | $ | 38,845 | ||||||||||
Provision |
22,551 | 17,116 | 10,310 | 12,450 | 22,740 | |||||||||||||||
Net chargeoffs |
(12,552 | ) | (16,960 | ) | (17,350 | ) | (6,969 | ) | (19,298 | ) | ||||||||||
Ending balance |
$ | 50,883 | $ | 40,884 | $ | 40,728 | $ | 47,768 | $ | 42,287 | ||||||||||
Net Charge-offs |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family |
$ | 1,483 | $ | 1,834 | $ | 2,318 | $ | 998 | $ | 762 | ||||||||||
Multi-family |
1,819 | 160 | 1,067 | 1,585 | 208 | |||||||||||||||
Nonresidential |
6,923 | 7,041 | 25 | 1,951 | 1,410 | |||||||||||||||
Land |
284 | 11 | | 318 | | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
669 | 6,595 | 11,924 | 1,018 | 3,860 | |||||||||||||||
Multi-family and nonresidential |
(1 | ) | | 310 | | 118 | ||||||||||||||
Total real estate loans |
11,177 | 15,641 | 15,644 | 5,870 | 6,358 | |||||||||||||||
Consumer Loans |
639 | 905 | 1,330 | 904 | 1,312 | |||||||||||||||
Commercial Loans |
736 | 414 | 376 | 195 | 11,628 | |||||||||||||||
Total |
$ | 12,552 | $ | 16,960 | $ | 17,350 | $ | 6,969 | $ | 19,298 | ||||||||||
At or for the quarters ended | ||||||||||||||||||||
December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Nonperforming Loans |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four family residential |
$ | 27,417 | $ | 27,505 | $ | 30,279 | $ | 30,054 | $ | 26,766 | ||||||||||
Multi-family residential |
10,983 | 12,443 | 8,816 | 7,885 | 7,863 | |||||||||||||||
Nonresidential |
39,838 | 44,561 | 48,653 | 36,083 | 24,091 | |||||||||||||||
Land |
5,188 | 5,943 | 5,943 | 11,627 | 5,160 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
44,021 | 40,000 | 49,146 | 42,963 | 42,819 | |||||||||||||||
Multi-family and nonresidential |
2,414 | 2,414 | 2,414 | 382 | 392 | |||||||||||||||
Total real estate loans |
129,861 | 132,866 | 145,251 | 128,994 | 107,091 | |||||||||||||||
Consumer Loans |
3,725 | 3,543 | 3,482 | 3,898 | 5,383 | |||||||||||||||
Commercial Loans |
5,945 | 6,304 | 6,407 | 5,672 | 3,413 | |||||||||||||||
Total Loans |
$ | 139,531 | $ | 142,713 | $ | 155,140 | $ | 138,564 | $ | 115,887 | ||||||||||
Total Nonperforming Loans and Nonperforming Assets |
||||||||||||||||||||
Past due 90 days and on nonaccrual status |
$ | 117,499 | $ | 126,062 | $ | 129,534 | $ | 131,951 | $ | 103,864 | ||||||||||
Past due 90 days and still accruing |
6,330 | 4,253 | 2,628 | 536 | 3,669 | |||||||||||||||
Past due 90 days |
123,829 | 130,315 | 132,162 | 132,487 | 107,533 | |||||||||||||||
Past due less than 90 days and on nonaccrual |
15,702 | 12,398 | 22,978 | 6,077 | 8,354 | |||||||||||||||
Total Nonperforming Loans |
139,531 | 142,713 | 155,140 | 138,564 | 115,887 | |||||||||||||||
Other Real Estate Owned |
39,914 | 39,963 | 41,470 | 34,605 | 30,340 | |||||||||||||||
Repossessed Assets |
422 | 334 | 576 | 813 | 622 | |||||||||||||||
Total Nonperforming Assets |
$ | 179,867 | $ | 183,010 | $ | 197,186 | $ | 173,982 | $ | 146,849 | ||||||||||
Total Troubled Debt Restructured Loans |
||||||||||||||||||||
Accruing |
$ | 11,240 | $ | 13,254 | $ | 18,214 | $ | 23,153 | $ | 17,640 | ||||||||||
Non-accruing |
33,331 | 14,934 | 10,855 | 8,764 | 5,008 | |||||||||||||||
Total |
$ | 44,571 | $ | 28,188 | $ | 29,069 | $ | 31,917 | $ | 22,648 | ||||||||||
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