-----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, HZK+CA5qlOzYhIpQT/U4anl6bO4Q2ugG6LZyeknDgjlcUDNQbRFeK9K8YiCvIOLK ZUxsyAZSEH2jC9wvuHdYOQ== 0001047469-99-014862.txt : 19990415 0001047469-99-014862.hdr.sgml : 19990415 ACCESSION NUMBER: 0001047469-99-014862 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990331 ITEM INFORMATION: FILED AS OF DATE: 19990414 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: 99593766 BUSINESS ADDRESS: STREET 1: 275 FEDERAL PLAZA WEST CITY: YOUNGSTOWN STATE: OH ZIP: 44503-1203 BUSINESS PHONE: 3307420500 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: April 14, 1999 -------------- 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 44503-1203 - ------------------------------------------------------------------------------- (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.) 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 CORP. ANNOUNCES EARNINGS FOR FIRST QUARTER 1999 Youngstown, Ohio - April 14, 1999 - United Community Financial Corp. (Nasdaq: UCFC), holding company for The Home Savings and Loan Company of Youngstown, Ohio, (Home Savings), announced net income for the three months ended March 31, 1999 of $4.7 million, or $.15 per share. Net income for the comparable period in 1998 was $2.7 million. United Community Financial Corp.'s (UCFC) annualized return on average assets and return on average equity were 1.49% and 4.04%, respectively, for the three months ended March 31, 1999. The annualized return on average assets and return on average equity for the comparable period in 1998 were 1.03% and 7.59%, respectively. Effective July 8, 1998, Home Savings converted from a mutual association to a stock company and formed UCFC. Douglas M. McKay, President of UCFC, said "There was a significant increase in earnings for the first quarter of 1999 compared to the same period in 1998. This increase was primarily attributable to a substantial increase in net interest income, due to a reduction in our overall cost of interest-bearing liabilities combined with an increase in interest-earning assets." Total shareholders' equity increased $2.4 million to $467.0 million at March 31, 1999 from $464.6 million at December 31, 1998. This increase was primarily due to first quarter earnings which were partially offset by the first quarter dividend of $0.075 per share paid in March 1999. Book value per share was $14.52 as of March 31, 1999. Total assets increased $5.9 million from December 31, 1998 to March 31, 1999. The primary reason for the increase in total assets was a result of an increase in net loans of $13.4 million which was partially offset by decreases of $4.4 million in the investment portfolio and $5.0 million in cash and cash equivalents. Deposits increased by $3.7 million as of March 31, 1999 compared to December 31, 1998. Home Savings has 14 offices located throughout Mahoning, Columbiana and Trumbull Counties in Northeastern Ohio. Additional information may be found on Home Savings' web site: www.homesavingsandloan.com. UNITED COMMUNITY FINANCIAL CORP.
As of As of March 31, 1999 December 31,1998 -------------- ---------------- (In thousands, except per share data) SELECTED FINANCIAL CONDITION DATA: ASSETS Cash and cash equivalents $ 165,494 $ 170,508 Mortgage-backed securities 264,123 281,889 Investment securities 129,221 115,881 Federal Home Loan Bank stock 12,164 11,958 Net loans receivable: Loans held for investment 673,020 659,903 Loans held for sale 4,306 3,993 Allowance for loan losses (6,461) (6,398) Real estate owned 196 78 Other assets 21,092 19,493 -------------------- ---------------------- Total assets $ 1,263,155 $ 1,257,305 LIABILITIES Deposits $ 781,301 $ 777,583 Other liabilities 14,815 15,077 -------------------- ---------------------- Total liabilities $ 796,116 $ 792,660 SHAREHOLDERS' EQUITY Preferred stock-no par value; 1,000,000 shares authorized and unissued at March 31, 1999 - - Common stock-no par value; 499,000,000 shares authorized; 34,715,625 shares issued-and 32,175,008 outstanding at March 31, 1999 $ 342,921 $ 342,840 Retained earnings 149,235 146,934 Other comprehensive income 289 733 Unearned compensation (25,406) (25,862) -------------------- ---------------------- Total shareholders' equity $ 467,039 $ 464,645 Book value per share $ 14.52 $ 14.46 Dividends paid per share $ 0.075 $ 0.075
Three Months Ended Three Months Ended Three Months Ended March 31, December 31, March 31, 1999 1998 1998 ----------------------- ----------------------- ---------------------- (In thousands, except per share data) SELECTED EARNINGS DATA: Interest income $ 21,598 $ 21,974 $ 19,678 Interest expense 7,507 7,777 9,556 ----------------------- ----------------------- ---------------------- Net interest income 14,091 14,197 10,122 Provision for loan losses 75 150 250 Noninterest income: Service fees and other charges 273 299 280 Net gains (losses) Securities - - 13 Other 1 (10) (52) Other income 116 193 137 ----------------------- ----------------------- ---------------------- Total noninterest income 390 482 378 Noninterest expense Salaries and employee benefits 4,183 4,306 3,581 Occupancy 301 317 313 Equipment and data processing 646 613 603 Other noninterest expense 1,983 2,010 1,598 ----------------------- ----------------------- ---------------------- Total noninterest expense 7,113 7,246 6,095 Income before taxes 7,293 7,283 4,155 Income taxes 2,582 2,725 1,454 ----------------------- ----------------------- ---------------------- Net income $ 4,711 $ 4,558 $ 2,701 ----------------------- ----------------------- ---------------------- ----------------------- ----------------------- ---------------------- Basic earnings per share $ 0.15 $ 0.14 N/A Diluted earnings per share $ 0.15 $ 0.14 N/A
Three Months Ended March 31, December 31, 1999 1998 ------------------- ---------------------- (Dollars in thousands) AVERAGE DAILY BALANCE OF SELECTED FINANCIAL CONDITION DATA: Net loans held for investment (including allowance for loan losses $ 660,225 $ 646,962 of $6,413 and $6,315, respectively) Net loans held for sale 4,035 3,679 Mortgage-backed securities 270,668 284,989 Investment securities 123,140 104,940 Other interest-earning assets 171,948 182,192 Total interest-earning assets 1,230,016 1,222,762 Total assets 1,261,453 1,253,463 Certificates of deposit 429,325 432,713 Checking, demand and savings accounts 340,454 331,182 Total interest-bearing deposits 769,779 763,895 Total noninterest-bearing deposits 6,712 6,752 Total liabilities 795,367 789,276 Shareholders' equity 466,086 464,187 Common shares outstanding 32,152,489 32,105,871 SUPPLEMENTAL LOAN DATA: Loans originated $ 56,542 $ 67,718 Loans purchased - - Loan chargeoffs 22 29 Recoveries on loans 9 16
As of As of March 31, 1999 December 31, 1998 ------------------- ---------------------- (Dollars in thousands) SUPPLEMENTAL DATA: Nonaccrual loans $ 4,856 $ 5,729 Restructured loans 1,822 1,832 Other real estate owned 196 78 Total nonperforming assets 6,874 7,639 Loans serviced for others 5,696 6,002 Number of full time equivalent employees 417 418 Mortgage-backed securities available for sale 97,127 98,890 Mortgage-backed securities held to maturity 166,996 182,999 Investment securities available for sale 129,221 110,888 Investment securities held to maturity - 4,993 Federal home loan bank stock 12,164 11,958 Fair value of held to maturity securities 170,127 192,026 REGULATORY CAPITAL DATA: Regulatory tangible capital $ 303,666 $ 299,617 Tangible capital ratio 26.97 26.80 Regulatory core capital 303,666 299,617 Core capital ratio 26.97 26.80 Regulatory total capital 310,031 305,919 Total risk adjusted assets 605,685 593,913 Total risk adjusted ratio 51.19 51.51
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