EXHIBIT 99
![(UNITED COMMUNITY FINANCIAL CORP. LOGO)](https://capedge.com/proxy/8-K/0000950123-10-037133/c99515c9951501.gif)
275 West Federal Street
Youngstown, Ohio 44503-1203
Youngstown, Ohio 44503-1203
FOR IMMEDIATE RELEASE
Media Contact: | Investor Contact: | |
Susan E. Stricklin Vice President, Marketing Home Savings (330) 742-0638 sstricklin@homesavings.com | James R. Reske Chief Financial Officer United Community Financial Corp. (330) 742-0592 jreske@ucfconline.com |
United Community Financial Corp. Announces First Quarter Results
YOUNGSTOWN, Ohio (April 21, 2010) — United Community Financial Corp. (Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company (Home Savings), today reported a consolidated net loss of $3.0 million, or $(0.10) per diluted share, for the three months ended March 31, 2010. This compares to net income of $3.3 million, or $0.11 per diluted share, for the three months ended March 31, 2009.
Selected first quarter results:
• | Net interest margin was 3.28% | ||
• | Tier 1 leverage ratio was 8.57% | ||
• | Total Risk Based Capital was 12.84% | ||
• | Tangible common equity to tangible assets was 9.47% | ||
• | Nonperforming loans were $138.6 million | ||
• | Nonperforming assets were $174.0 million | ||
• | Book value per share and tangible book value per share were $7.01 and $6.99, respectively |
Chairman, President and Chief Executive Officer Douglas M. McKay commented, “While we are disappointed in the lack of positive earnings for the first quarter, we recognize that the primary causes are the insufficient cash flows and reduced collateral valuations affecting the loans of our customers. In taking the difficult, but necessary, steps to provide for loan portfolio weaknesses, we are working together with our customers to take advantage of the opportunities that will present themselves once the effects of the slowly recovering economy are felt.”
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Net Interest Income
Net interest income was $17.7 million in the first quarter of 2010, a decrease from $18.7 million for the first quarter of 2009. The change in net interest income for the quarter ended March 31, 2010 as compared to the quarter ended March 31, 2009 is primarily due to a planned decline in average interest earning assets.
Deposit expenses declined in the first quarter of 2010 to $9.3 million compared to $12.7 million in the first quarter of 2009. Interest expense on Federal Home Loan Bank advances declined $1.0 million from $1.9 million for the three months ended March 31, 2009 to $848,000 for the three months ended March 31, 2010. Interest expense on deposits declined primarily because of a decrease in the average balance of certificates of deposit of $154.2 million along with a 59 basis point reduction in interest paid on those deposits. Interest expense on Federal Home Loan Bank advances declined because of the decline in average balance of those liabilities of $168.8 million and a 25 basis point reduction in interest paid on those advances. This decline is driven by reduced funding needs.
The Company’s net interest margin in the first quarter increased to 3.28% compared to 3.04% in the first quarter of 2009.
Noninterest Income
Noninterest income increased in the first quarter of 2010 to $6.6 million, as compared to the first quarter of 2009 of $2.7 million. Driving the increase in noninterest income was the recognition of gains on the sale of available for sale securities of $2.8 million along with a gain recognized on the sale of Home Savings’ Findlay, Ohio branch of $1.4 million. The Company sold approximately $116.1 million in securities available for sale in order to realize gains on certain securities.
On November 30, 2009, Home Savings entered into an agreement for the sale of Home Savings’ Findlay, Ohio branch. The sale was completed on March 26, 2010, at which time Home Savings recognized a $1.4 million gain on the transaction.
Noninterest Expense
Noninterest expense was $17.0 million in the first quarter of 2010, compared to $16.4 million in the first quarter of 2009. The increase in noninterest expense was driven by higher professional fees associated with legal expenses paid by the Company during the first quarter of 2010 as compared to the first quarter of 2009. Professional fees include legal, audit, tax consulting and other professional services obtained by the Company. Legal fees were elevated during the first quarter of 2010 primarily because of the continued resolution of asset quality issues.
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Asset Quality
The provision for loan losses increased to $10.3 million in the first quarter of 2010, compared to $8.4 million in the first quarter of 2009. The increase in the provision for loan losses in the first quarter of 2010 is primarily the result of credit downgrades within the commercial real estate portfolio and specific reserves assigned to a number of commercial real estate properties. Also contributing to the increase is the effect of charge-offs to record foreclosed and repossessed assets at fair market value before the Company takes possession of the properties in satisfaction of loans. The remaining increase in the provision for loan losses taken in the first quarter related primarily to the application of the Company’s elevated historical charge-off experience to the various pools of loans in the Company’s portfolio.
Net loan charge-offs were $7.0 million in the first quarter of 2010, compared to $6.6 million in the first quarter a year ago. The net charge-offs include partial charge-offs of select one-to four-family mortgage loans, multifamily loans, non-residential real estate loans and commercial loans to appropriately reflect the declining value of the collateral supporting such loans.
The allowance for loan losses increased to $45.6 million, or 2.44% of the loan portfolio, as of March 31, 2010, compared to $42.3 million, or 2.22% of the loan portfolio, as of December 31, 2009. The allowance for loan losses was equal to 32.93% of nonperforming loans at March 31, 2010, compared to 36.49% at December 31, 2009.
During the first three months of 2010, nonperforming loans increased $22.7 million, to $138.6 million at March 31, 2010 as compared to $115.9 million at December 31, 2009. During the first three months of 2010, eight loans in excess of $1.0 million each, aggregating $20.5 million, became nonperforming. Commercial real estate had the most significant increase in nonperforming loans, with four loans aggregating $16.0 million becoming nonperforming.
Nonperforming assets, which consist of the nonperforming loans discussed above plus real estate owned and other repossessed assets, increased $27.1 million to $174.0 million at March 31, 2010 compared to $146.8 million at December 31, 2009. The increase in nonperforming assets was due primarily to the increase in nonperforming loans mentioned above along with an increase in real estate and tangible property of $4.5 million acquired in satisfaction of loans.
Net Loans
Net loans decreased $40.0 million during the first three months of 2010. The primary source of the decrease is the overall decline in construction loans and commercial real estate loans. Home Savings has made a conscious effort to decrease its construction and commercial real estate portfolios. The Company expects to experience continued declines in construction and commercial real estate loan balances as it continues to reduce loan concentration levels.
Available for Sale Securities
Available for sale securities decreased $9.1 million during the first three months of 2010 as a result of various security transactions initiated in the first quarter. During the first quarter of 2010, the Company sold approximately $116.1 million in securities and realized paydowns and maturities of $14.1 million. The Company also sold its investments in a Fannie Mae auction rate pass through trust security and an equity investment in which impairment charges had previously been recognized. The sale of these two securities had the benefit of reducing the Company’s remaining net deferred tax asset.
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In order to replace the investments that were either sold, paid-down or matured, the Company purchased certain mortgage-backed and agency securities having a cost of $122.1 million.
Deposits and Borrowed Funds
Deposits decreased $40.9 million during the quarter ended March 31, 2010. The primary cause for the decline in deposits is the aforementioned sale of Home Savings’ Findlay, Ohio branch. Also affecting the change was the maturity and paydown of $12.7 million in brokered certificates of deposit during the first three months of 2010.
Borrowed funds decreased $7.5 million during the three-month period ending March 31, 2010. Federal Home Loan Bank advances declined $7.2 million and repurchase agreements and other borrowings decreased $280,000. The change is primarily the result of lower funding needs due to declining loan balances.
Income Taxes
Management recorded a valuation allowance against deferred tax assets at year-end 2009 based on its estimate of future reversal and utilization. When determining the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded as a benefit, the Company conducts a regular assessment of all available information. This information includes, but is not limited to, taxable income in prior periods, projected future income, tax planning strategies and projected future reversals of deferred tax items. Based on these criteria, the Company determined that it was not necessary to establish an additional valuation allowance against deferred tax assets as of March 31, 2010. The net deferred tax asset at March 31, 2010 is the amount of the asset supported by taxable income in prior periods available for carryback claims.
Home Savings is a wholly-owned subsidiary of the Company and operates 38 full-service banking offices and six loan production offices located throughout Ohio and western Pennsylvania. Additional information on the Company and Home Savings may be found on the Company’s web site: www.ucfconline.com.
###
When used in this press release, the words or phrases “believes,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project” 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 Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the
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Company’s 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 Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
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.
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UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and deposits with banks | $ | 20,609 | $ | 22,330 | ||||
Federal funds sold and other | 19,446 | 22,744 | ||||||
Total cash and cash equivalents | 40,055 | 45,074 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 272,239 | 281,348 | ||||||
Loans held for sale | 4,318 | 10,497 | ||||||
Loans, net of allowance for loan losses of $45,627 and $42,287, respectively | 1,826,040 | 1,866,018 | ||||||
Federal Home Loan Bank stock, at cost | 26,464 | 26,464 | ||||||
Premises and equipment, net | 22,697 | 23,139 | ||||||
Accrued interest receivable | 8,405 | 9,090 | ||||||
Real estate owned and other repossessed assets | 35,418 | 30,962 | ||||||
Core deposit intangible | 613 | 661 | ||||||
Cash surrender value of life insurance | 26,475 | 26,198 | ||||||
Other assets | 19,136 | 18,976 | ||||||
Total assets | $ | 2,281,860 | $ | 2,338,427 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Interest bearing | $ | 1,602,851 | $ | 1,642,722 | ||||
Non-interest bearing | 125,741 | 126,779 | ||||||
Total deposits | 1,728,592 | 1,769,501 | ||||||
Borrowed funds: | ||||||||
Federal Home Loan Bank advances | 214,099 | 221,323 | ||||||
Repurchase agreements and other | 96,553 | 96,833 | ||||||
Total borrowed funds | 310,652 | 318,156 | ||||||
Advance payments by borrowers for taxes and insurance | 13,761 | 19,791 | ||||||
Accrued interest payable | 1,751 | 1,421 | ||||||
Accrued expenses and other liabilities | 10,481 | 9,775 | ||||||
Total liabilities | 2,065,237 | 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 30,897,825 shares outstanding | 145,586 | 145,775 | ||||||
Retained earnings | 145,673 | 148,674 | ||||||
Accumulated other comprehensive income | 3,685 | 4,110 | ||||||
Unearned employee stock ownership plan shares | (5,366 | ) | (5,821 | ) | ||||
Treasury stock, at cost, 6,906,632 shares | (72,955 | ) | (72,955 | ) | ||||
Total shareholders’ equity | 216,623 | 219,783 | ||||||
Total liabilities and shareholders’ equity | $ | 2,281,860 | $ | 2,338,427 | ||||
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended | ||||||||
March 31, | ||||||||
2010 | 2009 | |||||||
(Dollars in thousands, | ||||||||
except per share data) | ||||||||
Interest income | ||||||||
Loans | $ | 25,843 | $ | 31,067 | ||||
Loans held for sale | 70 | 263 | ||||||
Securities: | ||||||||
Available for sale | 2,585 | 2,770 | ||||||
Federal Home Loan Bank stock dividends | 300 | 299 | ||||||
Other interest earning assets | 7 | 29 | ||||||
Total interest income | 28,805 | 34,428 | ||||||
Interest expense | ||||||||
Deposits | 9,318 | 12,651 | ||||||
Federal Home Loan Bank advances | 848 | 1,858 | ||||||
Repurchase agreements and other | 923 | 1,190 | ||||||
Total interest expense | 11,089 | 15,699 | ||||||
Net interest income | 17,716 | 18,729 | ||||||
Provision for loan losses | 10,309 | 8,444 | ||||||
Net interest income after provision for loan losses | 7,407 | 10,285 | ||||||
Non-interest income | ||||||||
Non-deposit investment income | 428 | 304 | ||||||
Service fees and other charges | 1,751 | 1,512 | ||||||
Net gains (losses): | ||||||||
Securities available for sale | 2,843 | — | ||||||
Other -than-temporary loss in equity securities | ||||||||
Total impairment loss | — | (150 | ) | |||||
Loss recognized in other comprehensive income | — | — | ||||||
Net impairment loss recognized in earnings | — | (150 | ) | |||||
Mortgage banking income | 386 | 1,140 | ||||||
Real estate owned and other repossessed assets | (1,484 | ) | (1,138 | ) | ||||
Gain on retail branch sale | 1,387 | — | ||||||
Other income | 1,249 | 1,075 | ||||||
Total non-interest income | 6,560 | 2,743 | ||||||
Non-interest expense | ||||||||
Salaries and employee benefits | 8,174 | 8,023 | ||||||
Occupancy | 1,004 | 984 | ||||||
Equipment and data processing | 1,667 | 1,730 | ||||||
Franchise tax | 511 | 592 | ||||||
Advertising | 222 | 229 | ||||||
Amortization of core deposit intangible | 48 | 60 | ||||||
Deposit insurance premiums | 1,461 | 1,783 | ||||||
Professional fees | 1,033 | 716 | ||||||
Real estate owned and other repossessed asset expenses | 607 | 951 | ||||||
Other expenses | 2,241 | 1,331 | ||||||
Total non-interest expenses | 16,968 | 16,399 | ||||||
Income (loss) before income taxes and discontinued operations | (3,001 | ) | (3,371 | ) | ||||
Income taxes expense (benefit) | — | (1,692 | ) | |||||
Net income (loss) before discontinued operations | (3,001 | ) | (1,679 | ) | ||||
Discontinued operations | ||||||||
Net income of Butler Wick Corp., net of tax | — | 4,949 | ||||||
Net income (loss) | $ | (3,001 | ) | $ | 3,270 | |||
Earnings (loss) per share | ||||||||
Basic—continuing operations | $ | (0.10 | ) | $ | (0.06 | ) | ||
Basic—discontinued operations | — | 0.17 | ||||||
Basic | (0.10 | ) | 0.11 | |||||
Diluted—continuing operations | (0.10 | ) | (0.06 | ) | ||||
Diluted—discontinued operations | — | 0.17 | ||||||
Diluted | ||||||||
(0.10 | ) | 0.11 |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Financial Data | ||||||||||||||||||||
Total assets | $ | 2,281,860 | $ | 2,338,427 | $ | 2,462,185 | $ | 2,487,055 | $ | 2,562,588 | ||||||||||
Total loans, net | 1,826,040 | 1,866,018 | 1,919,803 | 2,032,404 | 2,114,855 | |||||||||||||||
Total securities | 272,239 | 281,348 | 296,461 | 255,845 | 248,981 | |||||||||||||||
Total deposits | 1,728,592 | 1,769,501 | 1,755,503 | 1,828,214 | 1,835,515 | |||||||||||||||
Total shareholders’ equity | 216,623 | 219,783 | 235,926 | 234,613 | 239,297 | |||||||||||||||
Net interest income | 17,716 | 19,093 | 19,405 | 18,687 | 18,729 | |||||||||||||||
Provision for loan losses | 10,309 | 22,740 | 5,579 | 12,311 | 8,444 | |||||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 6,560 | 4,907 | 691 | 6,205 | 2,893 | |||||||||||||||
Net impairment losses recognized in earnings | — | 56 | 572 | — | 150 | |||||||||||||||
Noninterest expense | 16,968 | 14,654 | 15,385 | 17,202 | 16,399 | |||||||||||||||
Income tax expense (benefit) | — | 2,812 | (573 | ) | (1,707 | ) | (1,692 | ) | ||||||||||||
Net income (loss) | (3,001 | ) | (16,262 | ) | (867 | ) | (2,914 | ) | 3,270 | |||||||||||
Share Data | ||||||||||||||||||||
Basic earnings (loss) per share | $ | (0.10 | ) | $ | (0.54 | ) | $ | (0.03 | ) | $ | (0.10 | ) | $ | 0.11 | ||||||
Diluted earnings (loss) per share | (0.10 | ) | (0.54 | ) | (0.03 | ) | (0.10 | ) | 0.11 | |||||||||||
Dividends declared per share | — | — | — | — | — | |||||||||||||||
Book value per share | 7.01 | 7.11 | 7.64 | 7.59 | 7.74 | |||||||||||||||
Tangible book value per share | 6.99 | 7.09 | 7.61 | 7.57 | 7.72 | |||||||||||||||
Market value per share | 1.50 | 1.45 | 1.74 | 1.09 | 1.21 | |||||||||||||||
Shares outstanding at end of period | 30,898 | 30,898 | 30,898 | 30,898 | 30,898 | |||||||||||||||
Weighted average shares outstanding—basic | 29,955 | 29,879 | 29,803 | 29,727 | 29,632 | |||||||||||||||
Weighted average shares outstanding—diluted | 29,955 | 29,879 | 29,803 | 29,727 | 29,632 | |||||||||||||||
Key Ratios | ||||||||||||||||||||
Return on average assets | -0.52 | % | -2.69 | % | -0.14 | % | -0.46 | % | 0.50 | % | ||||||||||
Return on average equity | -5.36 | % | -27.18 | % | -1.45 | % | -4.74 | % | 5.30 | % | ||||||||||
Net interest margin | 3.28 | % | 3.33 | % | 3.32 | % | 3.12 | % | 3.04 | % | ||||||||||
Efficiency ratio | 78.59 | % | 56.97 | % | 65.02 | % | 69.38 | % | 71.85 | % | ||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 8.57 | % | 8.22 | % | 8.68 | % | 8.50 | % | 8.33 | % | ||||||||||
Tier 1 risk-based capital ratio | 11.58 | % | 11.53 | % | 11.77 | % | 11.50 | % | 11.22 | % | ||||||||||
Total risk-based capital ratio | 12.84 | % | 12.80 | % | 13.03 | % | 12.76 | % | 12.48 | % | ||||||||||
Equity to assets | 9.49 | % | 9.40 | % | 9.58 | % | 9.43 | % | 9.34 | % | ||||||||||
Tangible common equity to tangible assets | 9.47 | % | 9.37 | % | 9.56 | % | 9.41 | % | 9.31 | % |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Loan Portfolio Composition | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four-family residential | $ | 777,380 | $ | 773,831 | $ | 771,891 | $ | 852,833 | $ | 888,948 | ||||||||||
Multi-family residential* | 143,992 | 150,480 | 158,342 | 164,376 | 168,432 | |||||||||||||||
Nonresidential* | 389,407 | 397,895 | 407,853 | 396,688 | 381,263 | |||||||||||||||
Land* | 25,122 | 23,502 | 23,625 | 23,221 | 22,968 | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 161,625 | 178,095 | 190,123 | 209,610 | 233,708 | |||||||||||||||
Multi-family and nonresidential* | 14,682 | 13,741 | 13,675 | 15,007 | 33,992 | |||||||||||||||
Total real estate loans | 1,512,208 | 1,537,544 | 1,565,509 | 1,661,735 | 1,729,311 | |||||||||||||||
Consumer Loans | 301,457 | 309,202 | 320,106 | 322,874 | 331,853 | |||||||||||||||
Commercial Loans | 56,726 | 60,217 | 71,727 | 86,286 | 90,089 | |||||||||||||||
Total Loans | 1,870,391 | 1,906,963 | 1,957,342 | 2,070,895 | 2,151,253 | |||||||||||||||
Less: | ||||||||||||||||||||
Allowance for loan losses | 45,627 | 42,287 | 38,845 | 39,832 | 37,856 | |||||||||||||||
Deferred loan costs, net | (1,276 | ) | (1,342 | ) | (1,306 | ) | (1,341 | ) | (1,458 | ) | ||||||||||
Total | 44,351 | 40,945 | 37,539 | 38,491 | 36,398 | |||||||||||||||
Loans, net | $ | 1,826,040 | $ | 1,866,018 | $ | 1,919,803 | $ | 2,032,404 | $ | 2,114,855 | ||||||||||
* | Such categories are considered commercial real estate |
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Deposit Portfolio Composition | ||||||||||||||||||||
Checking accounts | ||||||||||||||||||||
Interest bearing checking accounts | $ | 101,068 | $ | 108,513 | $ | 102,525 | $ | 102,584 | $ | 99,326 | ||||||||||
Non-interest bearing checking accounts | 125,741 | 126,779 | 115,092 | 116,899 | 112,769 | |||||||||||||||
Total checking accounts | 226,809 | 235,292 | 217,617 | 219,483 | 212,095 | |||||||||||||||
Savings accounts | 210,091 | 202,900 | 199,233 | 196,541 | 194,107 | |||||||||||||||
Money market accounts | 300,610 | 291,320 | 282,438 | 274,931 | 274,345 | |||||||||||||||
Total non-time deposits | 737,510 | 729,512 | 699,288 | 690,955 | 680,547 | |||||||||||||||
Retail certificates of deposit | 988,747 | 1,024,961 | 1,041,196 | 1,045,079 | 1,062,837 | |||||||||||||||
Brokered certificates of deposit | 2,335 | 15,028 | 15,019 | 92,181 | 92,131 | |||||||||||||||
Total certificates of deposit | 991,082 | 1,039,989 | 1,056,215 | 1,137,260 | 1,154,968 | |||||||||||||||
Total deposits | $ | 1,728,592 | $ | 1,769,501 | $ | 1,755,503 | $ | 1,828,215 | $ | 1,835,515 | ||||||||||
Certificates of deposit as a percent of total deposits | 57.33 | % | 58.77 | % | 60.17 | % | 62.21 | % | 62.92 | % |
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Allowance For Loan Losses | ||||||||||||||||||||
Beginning balance | $ | 42,287 | $ | 38,845 | $ | 39,832 | $ | 37,856 | $ | 35,962 | ||||||||||
Provision | 10,309 | 22,740 | 5,579 | 12,311 | 8,444 | |||||||||||||||
Net chargeoffs | (6,969 | ) | (19,298 | ) | (6,566 | ) | (10,335 | ) | (6,550 | ) | ||||||||||
Ending balance | $ | 45,627 | $ | 42,287 | $ | 38,845 | $ | 39,832 | $ | 37,856 | ||||||||||
Net Charge-offs | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four-family | $ | 998 | $ | 762 | $ | 1,634 | $ | 1,258 | $ | 1,096 | ||||||||||
Multi-family | 1,585 | 208 | 254 | 652 | 1,381 | |||||||||||||||
Nonresidential | 1,951 | 1,410 | 435 | 1,693 | 652 | |||||||||||||||
Land | 318 | — | — | — | — | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 1,018 | 3,860 | 2,724 | 4,532 | 1,550 | |||||||||||||||
Multi-family and nonresidential | — | 118 | — | — | — | |||||||||||||||
Total real estate loans | 5,870 | 6,358 | 5,047 | 8,135 | 4,679 | |||||||||||||||
Consumer Loans | 904 | 1,312 | 1,447 | 1,466 | 1,078 | |||||||||||||||
Commercial Loans | 195 | 11,628 | 72 | 734 | 793 | |||||||||||||||
Total | $ | 6,969 | $ | 19,298 | $ | 6,566 | $ | 10,335 | $ | 6,550 | ||||||||||
At or for the quarters ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2010 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Nonperforming Loans | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four family residential | $ | 30,054 | $ | 26,766 | $ | 25,808 | $ | 23,081 | $ | 24,409 | ||||||||||
Multi-family residential | 7,885 | 7,863 | 5,612 | 5,349 | 5,747 | |||||||||||||||
Nonresidential | 36,083 | 24,091 | 16,623 | 15,046 | 13,191 | |||||||||||||||
Land | 11,627 | 5,160 | 5,168 | 5,169 | 5,179 | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 42,963 | 42,819 | 46,623 | 36,806 | 42,232 | |||||||||||||||
Multi-family and nonresidential | 382 | 392 | 531 | 555 | 789 | |||||||||||||||
Total real estate loans | 128,994 | 107,091 | 100,365 | 86,006 | 91,547 | |||||||||||||||
Consumer Loans | 3,898 | 5,383 | 5,253 | 5,889 | 6,375 | |||||||||||||||
Commercial Loans | 5,672 | 3,413 | 6,174 | 7,614 | 4,255 | |||||||||||||||
Total Loans | $ | 138,564 | $ | 115,887 | $ | 111,792 | $ | 99,509 | $ | 102,177 | ||||||||||
Total Nonperforming Loans and Nonperforming Assets | ||||||||||||||||||||
Past due 90 days and on nonaccrual status | $ | 131,951 | $ | 103,864 | $ | 93,806 | $ | 91,757 | $ | 90,573 | ||||||||||
Past due 90 days and still accruing | 536 | 3,669 | 4,330 | 3,007 | 607 | |||||||||||||||
Past due 90 days | 132,487 | 107,533 | 98,136 | 94,764 | 91,180 | |||||||||||||||
Past due less than 90 days and on nonaccrual | 6,077 | 8,354 | 13,656 | 4,745 | 10,997 | |||||||||||||||
Total Nonperforming Loans | 138,564 | 115,887 | 111,792 | 99,509 | 102,177 | |||||||||||||||
Other Real Estate Owned | 34,605 | 30,340 | 26,905 | 31,411 | 29,001 | |||||||||||||||
Repossessed Assets | 813 | 622 | 702 | 1,666 | 1,429 | |||||||||||||||
Total Nonperforming Assets | $ | 173,982 | $ | 146,849 | $ | 139,399 | $ | 132,586 | $ | 132,607 | ||||||||||
Total Troubled Debt Restructured Loans | ||||||||||||||||||||
Accruing | $ | 23,153 | $ | 17,640 | $ | 1,949 | $ | 2,494 | $ | 2,726 | ||||||||||
Non-accruing | 8,764 | 5,008 | 1,469 | 1,998 | 1,837 | |||||||||||||||
Total | $ | 31,917 | $ | 22,648 | $ | 3,418 | $ | 4,492 | $ | 4,563 | ||||||||||