-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C7n9WJFySgchFKebIn8bGccA4bjxBUx9Mx1PgL4JIaIvYYag5dueSKvzV+1pBWAU pTZkcLG9/2b5Wirz8RMGtA== 0001047469-98-026630.txt : 19980709 0001047469-98-026630.hdr.sgml : 19980709 ACCESSION NUMBER: 0001047469-98-026630 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980708 ITEM INFORMATION: FILED AS OF DATE: 19980708 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED COMMUNITY FINANCIAL CORP CENTRAL INDEX KEY: 0000707886 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 341856319 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24399 FILM NUMBER: 98661766 BUSINESS ADDRESS: STREET 1: 275 FEDERAL PLAZA WEST CITY: YOUNGSTOWN STATE: OH ZIP: 49348 BUSINESS PHONE: 6167922282 8-K 1 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report July 8, 1998 United Community Financial Corp. - -------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 0-24399 34-1856319 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation ) File Number) Identification Number) 275 Federal Plaza West Youngstown, Ohio 44503-0500 - ------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (330) 742-0500 ----------------------------- Not Applicable - ---------------------------------------------------------------------------- (Former name or former address, if changes since last report.) TABLE OF CONTENTS
PAGE ---- Items 1 - 4 - Not Applicable Item 5 Other Events Exhibit 1 Second Quarter Financial Information News Release. . . 1-3 Items 6 - 9 - Not Applicable
UNITED COMMUNITY FINANCIAL CORP. 275 Federal Plaza West Youngstown, Ohio 44503-1203 FOR IMMEDIATE RELEASE Douglas M. McKay President (330) 742-0500, ext. 801 UNITED COMMUNITY FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER EARNINGS AND SUBSTANTIAL INCREASE IN CORE EARNINGS Youngstown, Ohio - July 8, 1998 - United Community Financial Corp. (NASDAQ/NMS:UCFC), Holding Company for The Home Savings and Loan Company of Youngstown, Ohio, (the "Company"), announced that net income for the three months ended June 30, 1998 was $3.5 million. Net income for the comparable period in the prior year was $6.1 million. The change in the current period when compared to the prior period was due to a significant recovery in June 1997 of two previously delinquent loans that had previously been charged off resulting in a recovery of $3.1 million of interest and a loan loss recovery of $2.8 million. A more direct comparison of operating results is to compare pretax core earnings for the two periods. Core earnings are defined as pretax earnings adjusted for securities sales transactions and unusual or nonrecurring expense or income items. On this basis, core earnings for the three months ended June 30, 1998 were $5.1 million compared to $3.4 million in the prior year period. Net income for the six months ended June 30, 1998 was $6.2 million. Net income for the comparable period in the prior year was $8.8 million. The change in the current period is primarily due to the significant recovery discussed above. Core earnings as defined above for the six months ended June 30, 1998 were $9.2 million compared to $7.4 million in the prior year period. Earnings per common share have not been presented in this information release as United Community Financial Corp. is currently in the process of completing the Conversion from a mutual to a stock association. Earnings per common share will be presented from the effective date of the Conversion. Douglas M. McKay, President of United Community Financial Corp. said, "Earnings, particularly when viewed on the basis of pretax core earnings, reflect a substantial increase in net interest income. This is primarily due to a reduction in our overall cost of 1 interest bearing liabilities as well as continued management of our costs which corresponds to our business plan." On December 9, 1997 the Board of Directors of the Company adopted a Plan of Conversion to convert from an Ohio mutual savings and loan association to an Ohio capital stock savings and loan association, and to form a Holding Company to own the savings and loan association. The Holding Company was formed in February 1998. The Conversion is expected to be completed on July 8, 1998. The increase in deposits and assets at June 30, 1998, compared to June 30, 1997 is primarily attributable to funds held in special subscription savings accounts in connection with the conversion. The Company continues to be well capitalized under the Prompt Corrective Action provisions of Federal banking laws and regulations. The equity to total assets of the Company as of June 30, 1998 was 8.71%. The Company has 14 offices located throughout Mahoning, Columbiana and Trumbull Counties in Northeastern Ohio. Additional information may be found at the Company's web site: www.homesavingsandloan.com. 2 UNITED COMMUNITY FINANCIAL CORP. SELECTED FINANCIAL DATA (IN THOUSANDS)
June 30, -------- 1998 1997 ---- ---- SELECTED FINANCIAL CONDITION DATA: Total assets $1,692,707 $1,062,412 - ---------------------------------------------------------------- Allowance for loan losses 6,172 5,313 - ---------------------------------------------------------------- Total deposits 1,527,893 906,450 - ---------------------------------------------------------------- Total equity 147,500 136,803 - ----------------------------------------------------------------
Three months ended June 30, -------- 1998 1997 ---- ---- SUMMARY OF EARNINGS: Net interest income $11,057 $12,917 - ---------------------------------------------------------------- Provision for loan losses 150 (2,246) - ---------------------------------------------------------------- Total noninterest income 684 376 - ---------------------------------------------------------------- Total noninterest expense 6,263 6,228 - ---------------------------------------------------------------- Net income 3,462 6,124 - ----------------------------------------------------------------
Three months ended June 30, -------- 1998 1997 ---- ---- SUMMARY OF CORE EARNINGS: Net interest income $11,057 $9,809 - ---------------------------------------------------------------- Provision for loan losses 150 600 - ---------------------------------------------------------------- Total noninterest income, excluding gains & losses 450 392 - ---------------------------------------------------------------- Total noninterest expense 6,263 6,228 - ---------------------------------------------------------------- Pre-tax Core Earnings 5,088 3,357 - ----------------------------------------------------------------
Six months ended June 30, -------- 1998 1997 ---- ---- SUMMARY OF EARNINGS: Net interest income $21,179 $22,707 - ---------------------------------------------------------------- Provision for loan losses 400 (2,246) - ---------------------------------------------------------------- Total noninterest income 1,062 674 - ---------------------------------------------------------------- Total noninterest expense 12,358 12,233 - ---------------------------------------------------------------- Net income 6,163 8,847 - ----------------------------------------------------------------
Six months ended June 30, -------- 1998 1997 ---- ---- SUMMARY OF CORE EARNINGS: Net interest income $21,179 $19,599 - ---------------------------------------------------------------- Provision for loan losses 400 600 - ---------------------------------------------------------------- Total noninterest income, excluding gains & losses 867 681 - ---------------------------------------------------------------- Total noninterest expense 12,358 12,233 - ---------------------------------------------------------------- Pre-tax Core Earnings 9,230 7,440 - ----------------------------------------------------------------
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