UNITED STATES
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 (Date of earliest event reported): May 10, 2013
UNITED COMMUNITY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
OHIO | 000-024399 | 34-1856319 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(IRS Employer I.D. No.) |
275 West Federal Street, Youngstown, Ohio 44503-1203
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (330) 742-0500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 2 Financial Information
Item 2.02 | Results of Operation and Financial Condition |
(a) On May 10, 2013, United Community Financial Corp. issued a press release announcing its results of operations for the first quarter of 2013. A copy of the press release is attached as Exhibit 99.
Section 9 Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit Number |
Description |
|||||
99 | Press Release of United Community dated May 10, 2013. | Included herewith. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
UNITED COMMUNITY FINANCIAL CORP. | ||||
By: | /s/ James R. Reske | |||
James R. Reske, Chief Financial Officer |
Date: May 10, 2013
3
Exhibit 99
275 West Federal Street
Youngstown, Ohio 44503-1203
FOR IMMEDIATE RELEASE
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 |
United Community Financial Corp. Announces
First Quarter Net Income of $2.7 million
YOUNGSTOWN, Ohio (May 10, 2013) 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 $2.7 million for the three months ended March 31, 2013.
Selected first quarter results:
| Delinquent loans were $46.7 million at March 31, 2013, down 3.2% for the year to date |
| Nonperforming assets were $60.5 million at March 31, 2013, down 8.7% for the year to date |
| Classified loans were $57.6 million at March 31, 2013, down 3.8% for the year to date |
| Home Savings Tier 1 leverage ratio was 9.84% and the total risk based capital ratio was 18.28% |
Patrick W. Bevack, President and Chief Executive Officer of United Community and Home Savings, commented that, Net income for the quarter, along with improvement in asset quality and the successful completion of the private equity offering continues to move our Company forward. These positive steps provide United Community and Home Savings with the capital to grow our Company, raise our capital levels to levels that are commensurate with our risk profile and continue to execute our business plan.
1
Asset Quality
Delinquent loans continued to decline through the first quarter of 2013. As of March 31, 2013, delinquent loans were $46.7 million, down $1.5 million, or 3.2%, from December 31, 2012. Nonperforming loans also continued to decline. Nonperforming loans as of March 31, 2013 were down $3.1 million, or 6.4%, from $47.8 million at December 31, 2012. Nonperforming assets were $60.5 million as of March 31, 2013, down $5.7 million, or 8.7%, from $66.2 million at December 31, 2012.
The provision for loan losses increased to $2.1 million in the first quarter of 2013, compared to $680,000 in the first quarter of 2012. This $1.4 million increase in the provision for loan losses is primarily a result of chargeoffs of $560,000 associated with one commercial lending relationship and a $382,000 specific reserve established on another commercial relationship due to events surrounding these credits that occurred in the first quarter of 2013.
Net Interest Income and Margin
Net interest income for the three months ended March 31, 2013 and December 31, 2012, was $12.9 million and $14.0 million, respectively. Total interest income decreased $1.4 million in the first quarter of 2013 compared to the prior quarter, primarily because of a decrease of $36.7 million in the average balance of outstanding loans. United Community also experienced a decrease in the yield on net loans of 29 basis points.
Total interest expense decreased $267,000 for the quarter ended March 31, 2013, as compared to the prior quarter. The change was due primarily to reductions of $235,000 in interest paid on deposits. The overall decrease in interest expense was attributable to a shift in deposit balances from certificates of deposit to relatively less expensive non-time deposits. Between December 31, 2012, and March 31, 2013, the average outstanding balance of certificates of deposit declined by $30.2 million, while non-time deposits increased by $9.4 million. Also contributing to the decrease was a reduction of six basis points in the cost of certificates of deposit, as well as a decrease of three basis points in the cost of non-time deposits.
Noninterest Income
Noninterest income decreased in the first quarter of 2013 to $5.7 million, as compared to noninterest income for the prior quarter of $6.9 million. Decreased noninterest income was a result of lower service fees and other charges, lower gains recognized on the sale of securities available for sale and decreased mortgage banking income recognized in the first quarter of 2013 as compared to the previous quarter.
The overall change in service fees and other charges was a result of a higher valuation adjustment recognized on deferred mortgage servicing rights in the last quarter of 2012 as compared to the first quarter of 2013. A lower gain recognized on the sale of available for sale securities was the result of fewer sales during the current quarter as compared to the prior quarter. The decline in mortgage banking income is attributable to a lower volume of sales in the first quarter of 2013 as compared to the prior quarter, as Home Savings retained a more significant portion of 15-year mortgage originations in its loan portfolio rather than selling such loans in the secondary market.
Noninterest Expense
Noninterest expense was $13.9 million in the first quarter of 2013, compared to $14.3 million in the prior quarter. In the first quarter of 2013, deposit insurance premiums were lower due to the bank being able to avail itself of more favorable insurance rates and a lower average asset base used in the calculation of insurance premiums. Professional fees were $796,000 lower during the quarter ended March 31, 2013 as compared to the quarter ended December 31, 2012. The improvement in asset quality has reduced the need to engage legal and other consultants to assist in the resolution of problem assets. Other expenses were $635,000 higher in the first quarter of 2013 as compared to the last quarter in 2012. This variance is the result of higher expenses accrued in the first quarter for loans expected to be repurchased from Fannie Mae and Freddie Mac.
2
Capital and Book Value per Common Share
Home Savings Tier 1 leverage ratio was 9.84% as of March 31, 2013, as compared to 8.70% as of December 31, 2012. Home Savings total risk-based capital ratio was 18.28% at March 31, 2013, as compared to 16.21% at December 31, 2012. Tangible book value per common share at March 31, 2013 was $4.81, as compared to $5.16 at December 31, 2012.
The Consent Order issued by the FDIC and the Ohio Division of Financial Institutions in 2012 required Home Savings to maintain a Tier 1 Leverage Capital Ratio at a minimum of 9.0% and a total risk-based capital ratio of no less than 12.0%. The FDIC and the Ohio Division terminated the Consent Order on January 31, 2013. Home Savings is now considered well capitalized and is no longer considered a troubled institution. The Memorandum of Understanding (MOU) entered into on January 31, 2013, now requires Home Savings to maintain these ratios at 8.5% and 12.0%, respectively. As of March 31, 2013, Home Savings was in compliance with the MOU.
On January 11, 2013, United Community entered into securities purchase agreements with 28 accredited investors, pursuant to which the Investors agreed to invest an aggregate of approximately $39.9 million in United Community for 6,574,272 newly issued common shares of United Community at a purchase price of $2.75 per share, and 7,942 newly created and issued perpetual mandatorily convertible non-cumulative preferred shares of United Community at a purchase price of $2,750 per share. On March 22, 2013, UCFC received $39.9 million from the completion of this portion of the capital raise. On March 26, 2013, United Community invested $16.0 million from those proceeds into Home Savings.
Home Savings is a wholly-owned subsidiary of the Company and operates 33 full-service banking offices and nine loan production offices located throughout Ohio and western Pennsylvania. Additional information on the Company and Home Savings may be found on the Companys web site: www.ucfconline.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended (the Act). The securities offered in the private offerings have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
###
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 Companys market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Companys 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 Companys financial performance and could cause the Companys actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
3
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
4
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, 2013 |
December 31, 2012 |
|||||||
(Dollars in thousands) | ||||||||
Assets: |
||||||||
Cash and deposits with banks |
$ | 20,739 | $ | 26,041 | ||||
Federal funds sold |
57,345 | 16,572 | ||||||
|
|
|
|
|||||
Total cash and cash equivalents |
78,084 | 42,613 | ||||||
Securities: |
||||||||
Available for sale, at fair value |
602,107 | 574,562 | ||||||
Loans held for sale |
9,268 | 13,031 | ||||||
Loans, net of allowance for loan losses of $21,827 and $21,130 |
1,034,415 | 1,066,240 | ||||||
Federal Home Loan Bank stock, at cost |
26,464 | 26,464 | ||||||
Premises and equipment, net |
21,400 | 21,549 | ||||||
Accrued interest receivable |
5,587 | 6,238 | ||||||
Real estate owned and other repossessed assets |
15,782 | 18,440 | ||||||
Core deposit intangible |
215 | 238 | ||||||
Cash surrender value of life insurance |
29,106 | 28,881 | ||||||
Other assets |
9,348 | 10,109 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,831,776 | $ | 1,808,365 | ||||
|
|
|
|
|||||
Liabilities and Shareholders Equity |
||||||||
Liabilities: |
||||||||
Deposits: |
||||||||
Interest bearing |
$ | 1,291,170 | $ | 1,302,307 | ||||
Non-interest bearing |
169,790 | 159,767 | ||||||
|
|
|
|
|||||
Total deposits |
1,460,960 | 1,462,074 | ||||||
Borrowed funds: |
||||||||
Federal Home Loan Bank advances |
50,000 | 50,000 | ||||||
Repurchase agreements and other |
90,593 | 90,598 | ||||||
|
|
|
|
|||||
Total borrowed funds |
140,593 | 140,598 | ||||||
Advance payments by borrowers for taxes and insurance |
14,258 | 23,590 | ||||||
Accrued interest payable |
597 | 563 | ||||||
Accrued expenses and other liabilities |
8,857 | 10,780 | ||||||
|
|
|
|
|||||
Total liabilities |
1,625,265 | 1,637,605 | ||||||
|
|
|
|
|||||
Shareholders Equity: |
||||||||
Preferred stock-no par value; 1,000,000 shares authorized and 7,942 and 0 shares, respectively issued and outstanding, $21,841 and $0 liquidation value, respectively |
15,911 | | ||||||
Common stock-no par value; 499,000,000 shares authorized; 44,378,729 and 37,804,457 shares, respectively, issued and 39,606,586 and 33,027,886 shares, respectively, outstanding |
148,937 | 128,026 | ||||||
Retained earnings |
88,191 | 86,345 | ||||||
Accumulated other comprehensive income |
3,719 | 6,682 | ||||||
Treasury stock, at cost, 4,772,143 and 4,776,571 shares, respectively |
(50,247 | ) | (50,293 | ) | ||||
|
|
|
|
|||||
Total shareholders equity |
206,511 | 170,760 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders equity |
$ | 1,831,776 | $ | 1,808,365 | ||||
|
|
|
|
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
For the Three Months Ended | ||||||||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Interest income |
||||||||||||
Loans |
$ | 12,627 | $ | 13,862 | $ | 17,656 | ||||||
Loans held for sale |
89 | 119 | 100 | |||||||||
Securities: |
||||||||||||
Available for sale |
3,428 | 3,488 | 3,494 | |||||||||
Federal Home Loan Bank stock dividends |
283 | 316 | 300 | |||||||||
Other interest earning assets |
9 | 12 | 12 | |||||||||
|
|
|
|
|
|
|||||||
Total interest income |
16,436 | 17,797 | 21,562 | |||||||||
Interest expense |
||||||||||||
Deposits |
2,087 | 2,322 | 4,032 | |||||||||
Federal Home Loan Bank advances |
523 | 535 | 732 | |||||||||
Repurchase agreements and other |
909 | 929 | 919 | |||||||||
|
|
|
|
|
|
|||||||
Total interest expense |
3,519 | 3,786 | 5,683 | |||||||||
|
|
|
|
|
|
|||||||
Net interest income |
12,917 | 14,011 | 15,879 | |||||||||
Provision for loan losses |
2,064 | 2,102 | 680 | |||||||||
|
|
|
|
|
|
|||||||
Net interest income after provision for loan losses |
10,853 | 11,909 | 15,199 | |||||||||
|
|
|
|
|
|
|||||||
Non-interest income |
||||||||||||
Non-deposit investment income |
541 | 373 | 541 | |||||||||
Service fees and other charges |
1,782 | 2,794 | 2,317 | |||||||||
Net gains (losses): |
||||||||||||
Securities available for sale (includes $721, $1,164 and $414, respectively, accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities) |
721 | 1,164 | 414 | |||||||||
Other -than-temporary loss on equity securities |
||||||||||||
Total impairment loss |
| (13 | ) | | ||||||||
Loss recognized in other comprehensive income |
| | | |||||||||
|
|
|
|
|
|
|||||||
Net impairment loss recognized in earnings |
| (13 | ) | | ||||||||
Mortgage banking income |
1,643 | 2,083 | 1,471 | |||||||||
Real estate owned and other repossessed assets |
(431 | ) | (744 | ) | (729 | ) | ||||||
Other income |
1,437 | 1,282 | 1,077 | |||||||||
|
|
|
|
|
|
|||||||
Total non-interest income |
5,693 | 6,939 | 5,091 | |||||||||
|
|
|
|
|
|
|||||||
Non-interest expense |
||||||||||||
Salaries and employee benefits |
7,451 | 7,253 | 8,333 | |||||||||
Occupancy |
822 | 849 | 799 | |||||||||
Equipment and data processing |
1,760 | 1,821 | 1,689 | |||||||||
Franchise tax |
431 | 445 | 438 | |||||||||
Advertising |
139 | 292 | 141 | |||||||||
Amortization of core deposit intangible |
23 | 25 | 29 | |||||||||
Deposit insurance premiums |
554 | 1,026 | 1,109 | |||||||||
Professional fees |
408 | 1,204 | 880 | |||||||||
Real estate owned and other repossessed asset expenses |
493 | 239 | 702 | |||||||||
Other expenses |
1,783 | 1,148 | 2,374 | |||||||||
|
|
|
|
|
|
|||||||
Total non-interest expenses |
13,864 | 14,302 | 16,494 | |||||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
2,682 | 4,546 | 3,796 | |||||||||
Income tax expense (includes $0 income tax expense from reclassification items, respectively) |
| 1,950 | | |||||||||
|
|
|
|
|
|
|||||||
Net income |
2,682 | 2,596 | 3,796 | |||||||||
Amortization of discount on preferred stock |
821 | | | |||||||||
|
|
|
|
|
|
|||||||
Earnings available to common shareholders |
$ | 1,861 | $ | 2,596 | $ | 3,796 | ||||||
|
|
|
|
|
|
|||||||
Earnings per common share |
||||||||||||
Basic |
$ | 0.06 | $ | 0.08 | $ | 0.12 | ||||||
Diluted |
0.05 | 0.08 | 0.12 |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Financial Data |
||||||||||||||||||||
Total assets |
$ | 1,831,776 | $ | 1,808,365 | $ | 1,830,944 | $ | 1,906,995 | $ | 2,041,964 | ||||||||||
Total loans, net |
1,034,415 | 1,066,240 | 1,100,328 | 1,249,595 | 1,325,101 | |||||||||||||||
Total securities |
602,107 | 574,562 | 551,795 | 431,040 | 530,283 | |||||||||||||||
Total deposits |
1,460,960 | 1,462,074 | 1,490,642 | 1,541,699 | 1,571,859 | |||||||||||||||
Total shareholders equity |
206,511 | 170,760 | 171,580 | 195,631 | 190,014 | |||||||||||||||
Net interest income |
12,917 | 14,011 | 14,128 | 16,420 | 15,879 | |||||||||||||||
Provision for loan losses |
2,064 | 2,102 | 30,279 | 6,264 | 680 | |||||||||||||||
Noninterest income, excluding other-than-temporary impairment losses |
5,693 | 6,952 | 3,752 | 6,949 | 5,091 | |||||||||||||||
Net impairment losses recognized in earnings |
| 13 | | | | |||||||||||||||
Noninterest expense |
13,864 | 14,302 | 17,330 | 17,043 | 16,494 | |||||||||||||||
Income tax expense (benefit) |
| 1,950 | (2,838 | ) | | | ||||||||||||||
Net income (loss) |
2,682 | 2,596 | (26,891 | ) | 62 | 3,796 | ||||||||||||||
Share Data |
||||||||||||||||||||
Basic earnings (loss) per common share |
$ | 0.06 | $ | 0.08 | $ | (0.82 | ) | $ | | $ | 0.12 | |||||||||
Diluted earnings (loss) per common share |
0.05 | 0.08 | (0.82 | ) | | 0.12 | ||||||||||||||
Book value per common share |
4.81 | 5.17 | 5.22 | 5.95 | 5.78 | |||||||||||||||
Tangible book value per common share |
4.81 | 5.16 | 5.21 | 5.94 | 5.77 | |||||||||||||||
Market value per common share |
3.88 | 2.89 | 3.49 | 2.98 | 2.44 | |||||||||||||||
Common shares outstanding at end of period |
39,607 | 33,028 | 32,891 | 32,885 | 32,876 | |||||||||||||||
Weighted average shares outstandingbasic |
33,565 | 32,880 | 32,751 | 32,802 | 32,693 | |||||||||||||||
Weighted average shares outstandingdiluted |
33,829 | 33,153 | 32,751 | 32,843 | 23,697 | |||||||||||||||
Key Ratios |
||||||||||||||||||||
Return on average assets |
0.59 | % | 0.57 | % | -5.67 | % | 0.01 | % | 0.74 | % | ||||||||||
Return on average equity |
6.14 | % | 6.06 | % | -53.53 | % | 0.12 | % | 7.89 | % | ||||||||||
Net interest margin |
3.01 | % | 3.23 | % | 3.17 | % | 3.55 | % | 3.30 | % | ||||||||||
Efficiency ratio |
75.55 | % | 69.50 | % | 93.62 | % | 78.50 | % | 77.35 | % | ||||||||||
Capital Ratios |
||||||||||||||||||||
Tier 1 leverage ratio |
9.84 | % | 8.70 | % | 8.27 | % | 9.32 | % | 8.96 | % | ||||||||||
Tier 1 risk-based capital ratio |
17.02 | % | 14.95 | % | 14.59 | % | 15.16 | % | 13.94 | % | ||||||||||
Total risk-based capital ratio |
18.28 | % | 16.21 | % | 15.85 | % | 16.43 | % | 15.21 | % | ||||||||||
Equity to assets |
11.27 | % | 9.44 | % | 9.37 | % | 10.26 | % | 9.31 | % | ||||||||||
Tangible common equity to tangible assets |
10.07 | % | 9.43 | % | 9.36 | % | 10.24 | % | 9.29 | % |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Loan Portfolio Composition |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family residential |
$ | 570,377 | $ | 577,249 | $ | 587,220 | $ | 635,756 | $ | 649,000 | ||||||||||
Multi-family residential* |
69,857 | 80,923 | 82,518 | 98,545 | 114,493 | |||||||||||||||
Nonresidential* |
132,662 | 138,188 | 150,693 | 229,303 | 263,891 | |||||||||||||||
Land* |
15,216 | 15,808 | 16,363 | 19,113 | 19,735 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
32,866 | 28,318 | 32,483 | 42,077 | 49,311 | |||||||||||||||
Multi-family and nonresidential* |
4,584 | 4,534 | 4,480 | 4,528 | 4,527 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total real estate loans |
825,562 | 845,020 | 873,757 | 1,029,322 | 1,100,957 | |||||||||||||||
Consumer Loans |
206,496 | 214,593 | 222,995 | 225,067 | 231,008 | |||||||||||||||
Commercial Loans |
23,077 | 26,543 | 22,183 | 24,799 | 26,434 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans |
1,055,135 | 1,086,156 | 1,118,935 | 1,279,188 | 1,358,399 | |||||||||||||||
Less: |
||||||||||||||||||||
Allowance for loan losses |
21,827 | 21,130 | 20,048 | 30,933 | 34,523 | |||||||||||||||
Deferred loan costs, net |
(1,107 | ) | (1,214 | ) | (1,441 | ) | (1,340 | ) | (1,225 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
20,720 | 19,916 | 18,607 | 29,593 | 33,298 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans, net |
$ | 1,034,415 | $ | 1,066,240 | $ | 1,100,328 | $ | 1,249,595 | $ | 1,325,101 | ||||||||||
|
|
|
|
|
|
|
|
|
|
* | Categories are considered commercial real estate |
At or for the quarters ended | ||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Deposit Portfolio Composition |
||||||||||||||||||||
Checking accounts |
||||||||||||||||||||
Interest bearing checking accounts |
$ | 136,952 | $ | 132,947 | $ | 128,794 | $ | 126,502 | $ | 129,795 | ||||||||||
Non-interest bearing checking accounts |
169,790 | 159,767 | 159,361 | 162,152 | 164,155 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total checking accounts |
306,742 | 292,714 | 288,155 | 288,654 | 293,950 | |||||||||||||||
Savings accounts |
274,419 | 264,411 | 259,578 | 259,593 | 256,628 | |||||||||||||||
Money market accounts |
341,804 | 345,651 | 345,428 | 344,750 | 339,824 | |||||||||||||||
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|
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Total non-time deposits |
922,965 | 902,776 | 893,161 | 892,997 | 890,402 | |||||||||||||||
Retail certificates of deposit |
537,995 | 559,298 | 597,481 | 648,632 | 681,457 | |||||||||||||||
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|
|
|
|
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|
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Total certificates of deposit |
537,995 | 559,298 | 597,481 | 648,632 | 681,457 | |||||||||||||||
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|
|
|
|
|
|
|||||||||||
Total deposits |
$ | 1,460,960 | $ | 1,462,074 | $ | 1,490,642 | $ | 1,541,629 | $ | 1,571,859 | ||||||||||
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|
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Certificates of deposit as a percent of total deposits |
36.82 | % | 38.25 | % | 40.08 | % | 42.07 | % | 43.35 | % |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Allowance For Loan Losses |
||||||||||||||||||||
Beginning balance |
$ | 21,130 | $ | 20,048 | $ | 30,933 | $ | 34,523 | $ | 42,271 | ||||||||||
Provision |
2,064 | 2,102 | 30,279 | 6,264 | 680 | |||||||||||||||
Net chargeoffs |
(1,367 | ) | (1,020 | ) | (41,164 | ) | (9,854 | ) | (8,428 | ) | ||||||||||
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|
|
|
|
|
|
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|
|||||||||||
Ending balance |
$ | 21,827 | $ | 21,130 | $ | 20,048 | $ | 30,933 | $ | 34,523 | ||||||||||
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|
|
|
|||||||||||
Net Charge-offs |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four-family |
$ | 637 | $ | 317 | $ | 15,010 | $ | 962 | $ | 762 | ||||||||||
Multi-family |
41 | (1 | ) | 5,632 | 588 | 68 | ||||||||||||||
Nonresidential |
459 | 224 | 15,340 | 7,057 | 2,579 | |||||||||||||||
Land |
(196 | ) | (155 | ) | 1,561 | 44 | 1,776 | |||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
(75 | ) | 259 | 2,658 | 516 | 2,098 | ||||||||||||||
Multi-family and nonresidential |
18 | (16 | ) | (120 | ) | 4 | | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total real estate loans |
884 | 628 | 40,081 | 9,171 | 7,283 | |||||||||||||||
Consumer Loans |
443 | 397 | 1,536 | 160 | 745 | |||||||||||||||
Commercial Loans |
40 | (5 | ) | (453 | ) | 523 | 400 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 1,367 | $ | 1,020 | $ | 41,164 | $ | 9,854 | $ | 8,428 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
At or for the quarters ended | ||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Nonperforming Loans |
||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||
One-to four family residential |
$ | 5,978 | $ | 5,437 | $ | 5,817 | $ | 26,705 | $ | 23,721 | ||||||||||
Multi-family residential |
1,727 | 2,027 | 1,512 | 9,582 | 5,411 | |||||||||||||||
Nonresidential |
21,021 | 20,743 | 17,484 | 43,103 | 41,871 | |||||||||||||||
Land |
5,957 | 6,047 | 6,228 | 8,316 | 8,472 | |||||||||||||||
Construction Loans |
||||||||||||||||||||
One-to four-family residential and land development |
4,931 | 7,466 | 9,527 | 18,335 | 22,455 | |||||||||||||||
Multi-family and nonresidential |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total real estate loans |
39,614 | 41,720 | 40,568 | 106,041 | 101,930 | |||||||||||||||
Consumer Loans |
3,608 | 4,842 | 4,921 | 6,702 | 6,165 | |||||||||||||||
Commercial Loans |
1,492 | 1,225 | 1,068 | 1,786 | 1,813 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans |
$ | 44,714 | $ | 47,787 | $ | 46,557 | $ | 114,529 | $ | 109,908 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Nonperforming Loans and Nonperforming Assets |
||||||||||||||||||||
Past due 90 days and on nonaccrual status |
$ | 36,515 | $ | 38,378 | $ | 41,335 | $ | 97,357 | $ | 91,153 | ||||||||||
Past due 90 days and still accruing |
3,594 | 3,678 | 47 | 47 | 303 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Past due 90 days |
40,109 | 42,056 | 41,382 | 97,404 | 91,456 | |||||||||||||||
Past due less than 90 days and on nonaccrual |
4,605 | 5,731 | 5,175 | 17,125 | 18,452 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Nonperforming Loans |
44,714 | 47,787 | 46,557 | 114,529 | 109,908 | |||||||||||||||
Other Real Estate Owned |
15,349 | 18,075 | 19,732 | 24,325 | 28,517 | |||||||||||||||
Repossessed Assets |
433 | 365 | 474 | 453 | 540 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Nonperforming Assets |
$ | 60,496 | $ | 66,227 | $ | 66,763 | $ | 139,307 | $ | 138,965 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Troubled Debt Restructured Loans |
||||||||||||||||||||
Accruing |
$ | 23,812 | $ | 21,006 | $ | 17,002 | $ | 18,530 | $ | 35,657 | ||||||||||
Non-accruing |
3,616 | 4,430 | 4,531 | 14,250 | 15,161 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 27,428 | $ | 25,436 | $ | 21,533 | $ | 32,780 | $ | 50,818 | ||||||||||
|
|
|
|
|
|
|
|
|
|
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