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)) |
Exhibit | ||||||
Number | Description | |||||
99 | Press Release of United Community dated
April 26, 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 Vice President of Marketing Home Savings (330) 742-0638 cscott@homesavings.com |
James R. Reske Chief Financial Officer United Community Financial Corp. (330) 742-0592 jreske@ucfconline.com |
| Delinquent loans declined $7.3 million to $158.3 million from the prior quarter |
| Net interest margin increased 32 basis points to 3.49% from the prior quarter |
| Home Savings Tier 1 leverage ratio increased 60 basis points from the prior quarter to
8.44% |
| Home Savings Total Risk Based Capital increased 48 basis points from the prior quarter
to 13.02% |
| Book value per share and tangible book value per share increased $0.04 and $0.05,
respectively, from the prior quarter to $5.73 and $5.72, respectively |
2
3
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Assets: |
||||||||
Cash and deposits with banks |
$ | 18,497 | $ | 18,627 | ||||
Federal funds sold and other |
20,181 | 18,480 | ||||||
Total cash and cash equivalents |
38,678 | 37,107 | ||||||
Securities: |
||||||||
Available for sale, at fair value |
289,388 | 362,042 | ||||||
Loans held for sale |
2,531 | 10,870 | ||||||
Loans, net of allowance for loan losses of $46,415 and $50,883, respectively |
1,620,094 | 1,649,486 | ||||||
Federal Home Loan Bank stock, at cost |
26,464 | 26,464 | ||||||
Premises and equipment, net |
21,760 | 22,076 | ||||||
Accrued interest receivable |
7,684 | 7,720 | ||||||
Real estate owned and other repossessed assets |
42,873 | 40,336 | ||||||
Core deposit intangible |
448 | 485 | ||||||
Cash surrender value of life insurance |
27,560 | 27,303 | ||||||
Other assets |
37,600 | 13,409 | ||||||
Total assets |
$ | 2,115,080 | $ | 2,197,298 | ||||
Liabilities and Shareholders Equity |
||||||||
Liabilities: |
||||||||
Deposits: |
||||||||
Interest bearing |
$ | 1,568,161 | $ | 1,551,210 | ||||
Non-interest bearing |
144,362 | 138,571 | ||||||
Total deposits |
1,712,523 | 1,689,781 | ||||||
Borrowed funds: |
||||||||
Federal Home Loan Bank advances |
100,954 | 202,818 | ||||||
Repurchase agreements and other |
100,446 | 97,797 | ||||||
Total borrowed funds |
201,400 | 300,615 | ||||||
Advance payments by borrowers for taxes and insurance |
13,219 | 20,668 | ||||||
Accrued interest payable |
905 | 809 | ||||||
Accrued expenses and other liabilities |
9,662 | 9,370 | ||||||
Total liabilities |
1,937,709 | 2,021,243 | ||||||
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 30,951,032 and 30,937,704 shares, respectively, outstanding |
142,404 | 142,318 | ||||||
Retained earnings |
113,911 | 111,049 | ||||||
Accumulated other comprehensive income (loss) |
(6,551 | ) | (4,778 | ) | ||||
Treasury stock, at cost, 6,853,425 and 6,866,753 shares, respectively |
(72,393 | ) | (72,534 | ) | ||||
Total shareholders equity |
177,371 | 176,055 | ||||||
Total liabilities and shareholders equity |
$ | 2,115,080 | $ | 2,197,298 | ||||
4
For the Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(Dollars in thousands, except per share data) | ||||||||
Interest income |
||||||||
Loans |
$ | 22,510 | $ | 25,843 | ||||
Loans held for sale |
66 | 70 | ||||||
Securities: |
||||||||
Available for sale |
2,847 | 2,585 | ||||||
Federal Home Loan Bank stock dividends |
300 | 300 | ||||||
Other interest earning assets |
9 | 7 | ||||||
Total interest income |
25,732 | 28,805 | ||||||
Interest expense |
||||||||
Deposits |
6,331 | 9,318 | ||||||
Federal Home Loan Bank advances |
825 | 848 | ||||||
Repurchase agreements and other |
922 | 923 | ||||||
Total interest expense |
8,078 | 11,089 | ||||||
Net interest income |
17,654 | 17,716 | ||||||
Provision for loan losses |
2,192 | 12,450 | ||||||
Net interest income after provision for loan losses |
15,462 | 5,266 | ||||||
Non-interest income |
||||||||
Non-deposit investment income |
354 | 428 | ||||||
Service fees and other charges |
1,453 | 1,751 | ||||||
Net gains (losses): |
||||||||
Securities available for sale |
1,313 | 2,843 | ||||||
Other -than-temporary loss on equity securities |
||||||||
Total impairment loss |
(10 | ) | | |||||
Loss recognized in other comprehensive income |
| | ||||||
Net impairment loss recognized in earnings |
(10 | ) | | |||||
Mortgage banking income |
622 | 386 | ||||||
Real estate owned and other repossessed assets |
(992 | ) | (1,484 | ) | ||||
Gain on retail branch sale |
| 1,387 | ||||||
Other income |
1,248 | 1,249 | ||||||
Total non-interest income |
3,988 | 6,560 | ||||||
Non-interest expense |
||||||||
Salaries and employee benefits |
7,684 | 8,174 | ||||||
Occupancy |
905 | 1,004 | ||||||
Equipment and data processing |
1,694 | 1,667 | ||||||
Franchise tax |
469 | 511 | ||||||
Advertising |
121 | 222 | ||||||
Amortization of core deposit intangible |
37 | 48 | ||||||
Deposit insurance premiums |
1,405 | 1,461 | ||||||
Professional fees |
962 | 1,033 | ||||||
Real estate owned and other repossessed asset expenses |
873 | 607 | ||||||
Other expenses |
2,338 | 2,241 | ||||||
Total non-interest expenses |
16,488 | 16,968 | ||||||
Income (loss) before income taxes |
2,962 | (5,142 | ) | |||||
Income taxes expense (benefit) |
| | ||||||
Net income (loss) |
$ | 2,962 | $ | (5,142 | ) | |||
Earnings (loss) per share |
||||||||
Basiccontinuing operations |
$ | 0.10 | $ | (0.17 | ) | |||
Basicdiscontinued operations |
| | ||||||
Basic |
0.10 | (0.17 | ) | |||||
Dilutedcontinuing operations |
0.10 | (0.17 | ) | |||||
Diluteddiscontinued operations |
| | ||||||
Diluted |
0.10 | (0.17 | ) |
5
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Financial Data |
||||||||||||||||||||
Total assets |
$ | 2,115,080 | $ | 2,197,298 | $ | 2,317,948 | $ | 2,314,109 | $ | 2,279,719 | ||||||||||
Total loans, net |
1,620,094 | 1,649,486 | 1,726,381 | 1,786,038 | 1,823,899 | |||||||||||||||
Total securities |
289,388 | 362,042 | 390,636 | 307,154 | 272,239 | |||||||||||||||
Total deposits |
1,712,523 | 1,689,781 | 1,685,033 | 1,696,531 | 1,728,592 | |||||||||||||||
Total shareholders equity |
177,371 | 176,055 | 201,333 | 212,691 | 214,482 | |||||||||||||||
Net interest income |
17,654 | 16,888 | 18,786 | 17,971 | 17,716 | |||||||||||||||
Provision for loan losses |
2,192 | 22,551 | 17,116 | 10,310 | 12,450 | |||||||||||||||
Noninterest income, excluding
other-than-temporary impairment losses |
3,998 | 6,487 | 4,159 | 4,745 | 6,560 | |||||||||||||||
Net impairment losses recognized in earnings |
10 | 14 | 44 | | | |||||||||||||||
Noninterest expense |
16,488 | 18,372 | 15,700 | 17,291 | 16,968 | |||||||||||||||
Income tax expense (benefit) |
| (231 | ) | | | | ||||||||||||||
Net income (loss) |
2,962 | (17,331 | ) | (9,915 | ) | (4,885 | ) | (5,142 | ) | |||||||||||
Share Data |
||||||||||||||||||||
Basic earnings (loss) per share |
$ | 0.10 | $ | (0.56 | ) | $ | (0.32 | ) | $ | (0.16 | ) | $ | (0.17 | ) | ||||||
Diluted earnings (loss) per share |
0.10 | (0.56 | ) | (0.32 | ) | (0.16 | ) | (0.17 | ) | |||||||||||
Book value per share |
5.73 | 5.69 | 6.51 | 6.88 | 6.94 | |||||||||||||||
Tangible book value per share |
5.72 | 5.67 | 6.49 | 6.87 | 6.92 | |||||||||||||||
Market value per share |
1.33 | 1.34 | 1.33 | 1.68 | 1.50 | |||||||||||||||
Shares outstanding at end of period |
30,951 | 30,938 | 30,925 | 30,898 | 30,898 | |||||||||||||||
Weighted average shares outstandingbasic |
30,917 | 30,906 | 30,899 | 30,039 | 29,955 | |||||||||||||||
Weighted average shares outstandingdiluted |
30,919 | 30,906 | 30,899 | 30,039 | 29,955 | |||||||||||||||
Key Ratios |
||||||||||||||||||||
Return on average assets |
0.55 | % | -3.06 | % | -1.70 | % | -0.85 | % | -0.90 | % | ||||||||||
Return on average equity |
6.56 | % | -33.91 | % | -18.41 | % | -8.91 | % | -9.18 | % | ||||||||||
Net interest margin |
3.49 | % | 3.17 | % | 3.42 | % | 3.30 | % | 3.28 | % | ||||||||||
Efficiency ratio |
77.12 | % | 78.08 | % | 66.80 | % | 82.92 | % | 78.59 | % | ||||||||||
Capital Ratios |
||||||||||||||||||||
Tier 1 leverage ratio |
8.44 | % | 7.84 | % | 8.23 | % | 8.71 | % | 8.47 | % | ||||||||||
Tier 1 risk-based capital ratio |
11.74 | % | 11.26 | % | 11.85 | % | 11.90 | % | 11.47 | % | ||||||||||
Total risk-based capital ratio |
13.02 | % | 12.54 | % | 13.12 | % | 13.16 | % | 12.73 | % | ||||||||||
Equity to assets |
8.39 | % | 8.01 | % | 8.69 | % | 9.19 | % | 9.41 | % | ||||||||||
Tangible common equity to tangible assets |
8.37 | % | 7.99 | % | 8.67 | % | 9.17 | % | 9.38 | % |
6
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Loan Portfolio Composition |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family residential |
$ | 762,065 | $ | 757,426 | $ | 778,005 | $ | 779,565 | $ | 777,380 | ||||||||||
Multi-family residential* |
131,246 | 135,771 | 136,681 | 138,875 | 143,992 | |||||||||||||||
Nonresidential* |
328,772 | 331,390 | 355,914 | 383,882 | 389,407 | |||||||||||||||
Land* |
25,624 | 25,138 | 25,413 | 26,217 | 25,122 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential
and land development |
88,075 | 108,583 | 117,297 | 133,534 | 161,625 | |||||||||||||||
Multi-family and nonresidential* |
11,201 | 15,077 | 14,537 | 14,870 | 14,682 | |||||||||||||||
Total real estate loans |
1,346,983 | 1,373,385 | 1,427,847 | 1,476,943 | 1,512,208 | |||||||||||||||
Consumer Loans |
272,478 | 279,453 | 289,296 | 295,007 | 301,457 | |||||||||||||||
Commercial Loans |
45,772 | 46,304 | 48,902 | 53,566 | 56,726 | |||||||||||||||
Total Loans |
1,665,233 | 1,699,142 | 1,766,045 | 1,825,516 | 1,870,391 | |||||||||||||||
Less: |
||||||||||||||||||||
Allowance for loan losses |
46,415 | 50,883 | 40,884 | 40,728 | 47,768 | |||||||||||||||
Deferred loan costs, net |
(1,276 | ) | (1,227 | ) | (1,220 | ) | (1,250 | ) | (1,276 | ) | ||||||||||
Total |
45,139 | 49,656 | 39,664 | 39,478 | 46,492 | |||||||||||||||
Loans, net |
$ | 1,620,094 | $ | 1,649,486 | $ | 1,726,381 | $ | 1,786,038 | $ | 1,823,899 | ||||||||||
* | Such categories are considered commercial real estate |
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Deposit Portfolio Composition |
||||||||||||||||||||
Checking accounts |
||||||||||||||||||||
Interest bearing checking accounts |
$ | 110,711 | $ | 110,092 | $ | 103,204 | $ | 104,905 | $ | 101,068 | ||||||||||
Non-interest bearing checking accounts |
144,362 | 138,571 | 128,702 | 126,437 | 125,741 | |||||||||||||||
Total checking accounts |
255,073 | 248,663 | 231,906 | 231,342 | 226,809 | |||||||||||||||
Savings accounts |
234,295 | 218,946 | 214,197 | 212,778 | 210,091 | |||||||||||||||
Money market accounts |
318,395 | 311,692 | 310,884 | 310,506 | 300,610 | |||||||||||||||
Total non-time deposits |
807,763 | 779,301 | 756,987 | 754,626 | 737,510 | |||||||||||||||
Retail certificates of deposit |
904,760 | 910,480 | 928,046 | 939,568 | 988,747 | |||||||||||||||
Brokered certificates of deposit |
| | | 2,337 | 2,335 | |||||||||||||||
Total certificates of deposit |
904,760 | 910,480 | 928,046 | 941,905 | 991,082 | |||||||||||||||
Total deposits |
$ | 1,712,523 | $ | 1,689,781 | $ | 1,685,033 | $ | 1,696,531 | $ | 1,728,592 | ||||||||||
Certificates of deposit as a percent
of total deposits |
52.83 | % | 53.88 | % | 55.08 | % | 55.52 | % | 57.33 | % |
7
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Allowance For Loan Losses |
||||||||||||||||||||
Beginning balance |
$ | 50,883 | $ | 40,884 | $ | 40,728 | $ | 47,768 | $ | 42,287 | ||||||||||
Provision |
2,192 | 22,551 | 17,116 | 10,310 | 12,450 | |||||||||||||||
Net chargeoffs |
(6,660 | ) | (12,552 | ) | (16,960 | ) | (17,350 | ) | (6,969 | ) | ||||||||||
Ending balance |
$ | 46,415 | $ | 50,883 | $ | 40,884 | $ | 40,728 | $ | 47,768 | ||||||||||
Net Charge-offs |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family |
$ | 924 | $ | 1,483 | $ | 1,834 | $ | 2,318 | $ | 998 | ||||||||||
Multi-family |
163 | 1,819 | 160 | 1,067 | 1,585 | |||||||||||||||
Nonresidential |
1,038 | 6,923 | 7,041 | 25 | 1,951 | |||||||||||||||
Land |
504 | 284 | 11 | | 318 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential
and land development |
2,295 | 669 | 6,595 | 11,924 | 1,018 | |||||||||||||||
Multi-family and nonresidential |
| (1 | ) | | 310 | | ||||||||||||||
Total real estate loans |
4,924 | 11,177 | 15,641 | 15,644 | 5,870 | |||||||||||||||
Consumer Loans |
856 | 639 | 905 | 1,330 | 904 | |||||||||||||||
Commercial Loans |
880 | 736 | 414 | 376 | 195 | |||||||||||||||
Total |
$ | 6,660 | $ | 12,552 | $ | 16,960 | $ | 17,350 | $ | 6,969 | ||||||||||
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Nonperforming Loans |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four family residential |
$ | 29,062 | $ | 27,417 | $ | 27,505 | $ | 30,279 | $ | 30,054 | ||||||||||
Multi-family residential |
8,239 | 10,983 | 12,443 | 8,816 | 7,885 | |||||||||||||||
Nonresidential |
37,353 | 39,838 | 44,561 | 48,653 | 36,083 | |||||||||||||||
Land |
6,722 | 5,188 | 5,943 | 5,943 | 11,627 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
46,139 | 44,021 | 40,000 | 49,146 | 42,963 | |||||||||||||||
Multi-family and nonresidential |
382 | 2,414 | 2,414 | 2,414 | 382 | |||||||||||||||
Total real estate loans |
127,897 | 129,861 | 132,866 | 145,251 | 128,994 | |||||||||||||||
Consumer Loans |
4,224 | 3,725 | 3,543 | 3,482 | 3,898 | |||||||||||||||
Commercial Loans |
13,735 | 5,945 | 6,304 | 6,407 | 5,672 | |||||||||||||||
Total Loans |
$ | 145,856 | $ | 139,531 | $ | 142,713 | $ | 155,140 | $ | 138,564 | ||||||||||
Total Nonperforming Loans and Nonperforming Assets |
||||||||||||||||||||
Past due 90 days and on nonaccrual status |
$ | 112,705 | $ | 117,499 | $ | 126,062 | $ | 129,534 | $ | 131,951 | ||||||||||
Past due 90 days and still accruing |
2,868 | 6,330 | 4,253 | 2,628 | 536 | |||||||||||||||
Past due 90 days |
115,573 | 123,829 | 130,315 | 132,162 | 132,487 | |||||||||||||||
Past due less than 90 days and on nonaccrual |
30,283 | 15,702 | 12,398 | 22,978 | 6,077 | |||||||||||||||
Total Nonperforming Loans |
145,856 | 139,531 | 142,713 | 155,140 | 138,564 | |||||||||||||||
Other Real Estate Owned |
42,386 | 39,914 | 39,963 | 41,470 | 34,605 | |||||||||||||||
Repossessed Assets |
487 | 422 | 334 | 576 | 813 | |||||||||||||||
Total Nonperforming Assets |
$ | 188,729 | $ | 179,867 | $ | 183,010 | $ | 197,186 | $ | 173,982 | ||||||||||
Total Troubled Debt Restructured Loans |
||||||||||||||||||||
Non-accruing |
$ | 24,420 | $ | 11,240 | $ | 14,934 | $ | 10,855 | $ | 8,764 | ||||||||||
Accruing |
30,129 | 33,331 | 13,254 | 18,214 | 23,153 | |||||||||||||||
Total |
$ | 54,549 | $ | 44,571 | $ | 28,188 | $ | 29,069 | $ | 31,917 | ||||||||||
8
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