EXHIBIT 99
![(UNITED COMMUNITY LOGO)](https://capedge.com/proxy/8-K/0000950123-11-076859/c21381c2138101.gif)
275 West Federal Street
Youngstown, Ohio 44503-1203
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 Second Quarter Results
YOUNGSTOWN, Ohio (August 12, 2011) — United Community Financial Corp. (Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company of Youngstown, Ohio (Home Savings), today reported a consolidated net loss of $1.8 million, or $(0.06) per diluted share, for the three months ended June 30, 2011. This compares to a net loss of $4.9 million, or $(0.16) per diluted share, for the three months ended June 30, 2010. The Company also reported cumulative net income of $1.2 million, or $0.04 per diluted share, for the six months ended June 30, 2011, as compared to a cumulative net loss of $10.0 million, or $(0.33) per diluted share, for the six months ended June 30, 2010.
Selected second quarter results:
• | Delinquent loans declined $16.5 million to $141.8 million from the prior quarter |
• | Nonperforming loans declined $6.8 million to $139.1 million from the prior quarter |
• | Nonperforming assets declined $6.0 million to $182.8 million from the prior quarter |
• | Home Savings’ Tier 1 leverage ratio decreased 4 basis points from the prior quarter to 8.40%, still exceeding its required regulatory threshold of 8.00%. Total Risk Based Capital increased 45 basis points from the prior quarter to 13.47% |
• | Tangible book value per share at June 30, 2011 was $5.90, up from $5.72 at March 31, 2011 |
Net Interest Income and Margin
Net interest income for the three months ended June 30, 2011 was $17.1 million compared to $18.0 million for the three months ended June 30, 2010. Total interest income decreased $3.3 million in the second quarter of 2011 compared to the second quarter of 2010, primarily as a result of a decrease of $204.1 million in the average balance of outstanding loans. The Company also experienced a decrease in the yield on net loans of 17 basis points. Total interest expense, however, decreased $2.4 million for the quarter ended June 30, 2011, as compared to the same quarter last year. The change was due primarily to reductions of $2.3 million 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.
Net interest margin was 3.39% for the second quarter of 2011 compared with 3.30% for the second quarter of 2010.
Net interest income for the six months ended June 30, 2011, was $34.7 million compared to $35.7 million for the six months ended June 30, 2010. Total interest income decreased $6.4 million in the first six months of 2011 compared to the first six months of 2010, primarily as a result of a decrease of $209.6 million in the average balance of outstanding loans during the six month period ended June 30, 2011. The Company also experienced a decrease in the yield on net loans of 13 basis points. Total interest expense decreased $5.4 million for the six months ended June 30, 2011, as compared to the same period last year. The change was due primarily to reductions of $5.3 million in interest paid on deposits.
Net interest margin was 3.45% for the first six months of 2011 compared with 3.29% for the first six months of 2010.
Asset Quality
Nonperforming loans at June 30, 2011 decreased to $139.1 million, compared to $145.9 million at March 31, 2011, a decrease of $6.8 million during the period. Additional declines were seen in both delinquent loans and nonaccrual loans during the same time period. Delinquent loans declined to $141.8 million at June 30, 2011 from $158.3 at March 31, 2011. During the same time period nonperforming assets decreased $6.0 million to $182.8 million.
Patrick W. Bevack, President and Chief Executive Officer of UCFC and Home Savings, commented that, “We are encouraged by the positive trend of decreasing past-due loans. Nonperforming loans and nonperforming assets were also down quarter over quarter. Continuing these trends and the resolution of problem assets remains our top priority.”
2
Noninterest Income
Noninterest income increased in the second quarter of 2011 to $5.3 million, as compared to $4.7 million in the second quarter of 2010. Affecting this comparison was the recognition of increased service fees during 2011. Service fees in the second quarter of 2010 were $424,000, but were negatively affected by a valuation allowance of $1.3 million for mortgage servicing rights; in the second quarter of 2011, the valuation allowance for such mortgage servicing rights were partially recovered, resulting in an $84,000 contribution to service fees. The second quarter of 2011 also reflected securities gains of $229,000, compared with $3.6 million that were recognized in the second quarter of 2010. Finally, the second quarter of 2011 included a gain of $2.7 million from a bulk mortgage loan sale.
Noninterest income decreased in the first half of 2011 to $9.3 million, as compared to the first half of 2010 of $11.3 million. Driving the decrease in noninterest income was the recognition of lower gains on the sale of securities and the gain recognized on the sale of Home Savings’ Findlay, Ohio branch in the prior year.
Noninterest Expense
Noninterest expense was $15.9 million in the second quarter of 2011, compared to $17.3 million in the second quarter of 2010. The decrease in noninterest expense was triggered by lower salaries and employee benefits paid to employees. This decrease was caused primarily as a result of the Employee Stock Ownership Plan’s repayment in 2010 of the loan made by the Company to the ESOP.
Noninterest expense was $32.4 million in the first six months of 2011, compared to $34.3 million in the first six months of 2010. The decrease in noninterest expense for the period was affected by lower salaries and employee benefits paid to employees.
Capital and Book Value
Home Savings’ Tier 1 leverage ratio was 8.40% as of June 30, 2011, compared to 8.44% at March 31, 2011. The Company’s total risk-based capital ratio was 13.47% at June 30, 2011, as compared to 13.02% at March 31, 2011. Tangible book value per share at June 30, 2011 was $5.90, up from $5.72 at March 31, 2011.
Home Savings is a wholly-owned subsidiary of the Company and operates 38 full-service banking offices and seven 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.
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3
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 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.
4
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and deposits with banks | $ | 25,085 | $ | 18,627 | ||||
Federal funds sold and other | 30,413 | 18,480 | ||||||
Total cash and cash equivalents | 55,498 | 37,107 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 392,749 | 362,042 | ||||||
Loans held for sale | 4,824 | 10,870 | ||||||
Loans, net of allowance for loan losses of $46,223 and $50,883, respectively | 1,509,399 | 1,649,486 | ||||||
Federal Home Loan Bank stock, at cost | 26,464 | 26,464 | ||||||
Premises and equipment, net | 21,489 | 22,076 | ||||||
Accrued interest receivable | 7,201 | 7,720 | ||||||
Real estate owned and other repossessed assets | 43,685 | 40,336 | ||||||
Core deposit intangible | 412 | 485 | ||||||
Cash surrender value of life insurance | 27,822 | 27,303 | ||||||
Other assets | 12,876 | 13,409 | ||||||
Total assets | $ | 2,102,419 | $ | 2,197,298 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Interest bearing | $ | 1,559,045 | $ | 1,551,210 | ||||
Non-interest bearing | 138,752 | 138,571 | ||||||
Total deposits | 1,697,797 | 1,689,781 | ||||||
Borrowed funds: | ||||||||
Federal Home Loan Bank advances | 96,365 | 202,818 | ||||||
Repurchase agreements and other | 98,962 | 97,797 | ||||||
Total borrowed funds | 195,327 | 300,615 | ||||||
Advance payments by borrowers for taxes and insurance | 15,963 | 20,668 | ||||||
Accrued interest payable | 838 | 809 | ||||||
Accrued expenses and other liabilities | 9,352 | 9,370 | ||||||
Total liabilities | 1,919,277 | 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 30,968,960 and 30,937,704 shares, respectively, outstanding | 142,513 | 142,318 | ||||||
Retained earnings | 111,910 | 111,049 | ||||||
Accumulated other comprehensive income (loss) | 923 | (4,778 | ) | |||||
Treasury stock, at cost, 6,835,497 and 6,866,753 shares, respectively | (72,204 | ) | (72,534 | ) | ||||
Total shareholders’ equity | 183,142 | 176,055 | ||||||
Total liabilities and shareholders’ equity | $ | 2,102,419 | $ | 2,197,298 | ||||
5
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Interest income | ||||||||||||||||
Loans | $ | 21,421 | $ | 24,918 | $ | 43,931 | $ | 50,761 | ||||||||
Loans held for sale | 41 | 69 | 107 | 139 | ||||||||||||
Securities: | ||||||||||||||||
Available for sale | 3,094 | 2,896 | 5,941 | 5,481 | ||||||||||||
Federal Home Loan Bank stock dividends | 294 | 294 | 594 | 594 | ||||||||||||
Other interest earning assets | 13 | 8 | 22 | 15 | ||||||||||||
Total interest income | 24,863 | 28,185 | 50,595 | 56,990 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 6,081 | 8,408 | 12,412 | 17,726 | ||||||||||||
Federal Home Loan Bank advances | 796 | 875 | 1,621 | 1,723 | ||||||||||||
Repurchase agreements and other | 928 | 931 | 1,850 | 1,854 | ||||||||||||
Total interest expense | 7,805 | 10,214 | 15,883 | 21,303 | ||||||||||||
Net interest income | 17,058 | 17,971 | 34,712 | 35,687 | ||||||||||||
Provision for loan losses | 8,244 | 10,310 | 10,436 | 22,760 | ||||||||||||
Net interest income after provision for loan losses | 8,814 | 7,661 | 24,276 | 12,927 | ||||||||||||
Non-interest income | ||||||||||||||||
Non-deposit investment income | 308 | 484 | 662 | 912 | ||||||||||||
Service fees and other charges | 1,588 | 424 | 3,041 | 2,175 | ||||||||||||
Net gains (losses): | ||||||||||||||||
Securities available for sale | 229 | 3,671 | 1,542 | 6,514 | ||||||||||||
Other -than-temporary loss on equity securities | ||||||||||||||||
Total impairment loss | (28 | ) | — | (38 | ) | — | ||||||||||
Loss recognized in other comprehensive income | — | — | — | — | ||||||||||||
Net impairment loss recognized in earnings | (28 | ) | — | (38 | ) | — | ||||||||||
Mortgage banking income | 3,128 | 651 | 3,750 | 1,037 | ||||||||||||
Real estate owned and other repossessed assets | (1,362 | ) | (1,755 | ) | (2,354 | ) | (3,239 | ) | ||||||||
Gain on retail branch sale | — | — | — | 1,387 | ||||||||||||
Other income | 1,437 | 1,270 | 2,685 | 2,519 | ||||||||||||
Total non-interest income | 5,300 | 4,745 | 9,288 | 11,305 | ||||||||||||
Non-interest expense | ||||||||||||||||
Salaries and employee benefits | 7,686 | 9,105 | 15,370 | 17,279 | ||||||||||||
Occupancy | 856 | 839 | 1,761 | 1,843 | ||||||||||||
Equipment and data processing | 1,624 | 1,720 | 3,318 | 3,387 | ||||||||||||
Franchise tax | 402 | 503 | 871 | 1,014 | ||||||||||||
Advertising | 141 | 147 | 262 | 369 | ||||||||||||
Amortization of core deposit intangible | 36 | 45 | 73 | 93 | ||||||||||||
Deposit insurance premiums | 1,057 | 1,459 | 2,462 | 2,920 | ||||||||||||
Professional fees | 293 | 940 | 1,255 | 1,973 | ||||||||||||
Real estate owned and other repossessed asset expenses | 891 | 1,024 | 1,764 | 1,631 | ||||||||||||
Other expenses | 2,924 | 1,509 | 5,262 | 3,750 | ||||||||||||
Total non-interest expenses | 15,910 | 17,291 | 32,398 | 34,259 | ||||||||||||
Income (loss) before income taxes | (1,796 | ) | (4,885 | ) | 1,166 | (10,027 | ) | |||||||||
Income tax expense (benefit) | — | — | — | — | ||||||||||||
Net income (loss) | $ | (1,796 | ) | $ | (4,885 | ) | $ | 1,166 | $ | (10,027 | ) | |||||
Earnings (loss) per share | ||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.16 | ) | 0.04 | (0.33 | ) | |||||||
Diluted | (0.06 | ) | (0.16 | ) | 0.04 | (0.33 | ) |
6
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Financial Data | ||||||||||||||||||||
Total assets | $ | 2,102,419 | $ | 2,115,080 | $ | 2,197,298 | $ | 2,317,948 | $ | 2,314,109 | ||||||||||
Total loans, net | 1,509,399 | 1,620,094 | 1,649,486 | 1,726,381 | 1,786,038 | |||||||||||||||
Total securities | 392,749 | 289,388 | 362,042 | 390,636 | 307,154 | |||||||||||||||
Total deposits | 1,697,797 | 1,712,523 | 1,689,781 | 1,685,033 | 1,696,531 | |||||||||||||||
Total shareholders’ equity | 183,142 | 177,371 | 176,055 | 201,333 | 212,691 | |||||||||||||||
Net interest income | 17,058 | 17,654 | 16,888 | 18,786 | 17,971 | |||||||||||||||
Provision for loan losses | 8,244 | 2,192 | 22,551 | 17,116 | 10,310 | |||||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 5,328 | 3,998 | 6,487 | 4,159 | 4,745 | |||||||||||||||
Net impairment losses recognized in earnings | 28 | 10 | 14 | 44 | — | |||||||||||||||
Noninterest expense | 15,910 | 16,488 | 18,372 | 15,700 | 17,291 | |||||||||||||||
Income tax expense (benefit) | — | — | (231 | ) | — | �� | ||||||||||||||
Net income (loss) | (1,796 | ) | 2,962 | (17,331 | ) | (9,915 | ) | (4,885 | ) | |||||||||||
Share Data | ||||||||||||||||||||
Basic earnings (loss) per share | $ | (0.06 | ) | $ | 0.10 | $ | (0.56 | ) | $ | (0.32 | ) | $ | (0.16 | ) | ||||||
Diluted earnings (loss) per share | (0.06 | ) | 0.10 | (0.56 | ) | (0.32 | ) | (0.16 | ) | |||||||||||
Book value per share | 5.91 | 5.73 | 5.69 | 6.51 | 6.88 | |||||||||||||||
Tangible book value per share | 5.90 | 5.72 | 5.67 | 6.49 | 6.87 | |||||||||||||||
Market value per share | 1.27 | 1.33 | 1.34 | 1.33 | 1.68 | |||||||||||||||
Shares outstanding at end of period | 30,969 | 30,951 | 30,938 | 30,925 | 30,898 | |||||||||||||||
Weighted average shares outstanding—basic | 30,932 | 30,917 | 30,906 | 30,899 | 30,039 | |||||||||||||||
Weighted average shares outstanding—diluted | 30,932 | 30,919 | 30,906 | 30,899 | 30,039 | |||||||||||||||
Key Ratios | ||||||||||||||||||||
Return on average assets | -0.34 | % | 0.55 | % | -3.06 | % | -1.70 | % | -0.85 | % | ||||||||||
Return on average equity | -3.95 | % | 6.56 | % | -33.91 | % | -18.41 | % | -8.91 | % | ||||||||||
Net interest margin | 3.39 | % | 3.49 | % | 3.17 | % | 3.42 | % | 3.30 | % | ||||||||||
Efficiency ratio | 67.49 | % | 77.12 | % | 78.08 | % | 66.80 | % | 82.92 | % | ||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 8.40 | % | 8.44 | % | 7.84 | % | 8.23 | % | 8.71 | % | ||||||||||
Tier 1 risk-based capital ratio | 12.20 | % | 11.74 | % | 11.26 | % | 11.85 | % | 11.90 | % | ||||||||||
Total risk-based capital ratio | 13.47 | % | 13.02 | % | 12.54 | % | 13.12 | % | 13.16 | % | ||||||||||
Equity to assets | 8.71 | % | 8.39 | % | 8.01 | % | 8.69 | % | 9.19 | % | ||||||||||
Tangible common equity to tangible assets | 8.69 | % | 8.37 | % | 7.99 | % | 8.67 | % | 9.17 | % |
7
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Loan Portfolio Composition | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four-family residential | $ | 693,435 | $ | 762,065 | $ | 757,426 | $ | 778,005 | $ | 779,565 | ||||||||||
Multi-family residential* | 129,767 | 131,246 | 135,771 | 136,681 | 138,875 | |||||||||||||||
Nonresidential* | 307,702 | 328,772 | 331,390 | 355,914 | 383,882 | |||||||||||||||
Land* | 25,515 | 25,624 | 25,138 | 25,413 | 26,217 | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 87,827 | 88,075 | 108,583 | 117,297 | 133,534 | |||||||||||||||
Multi-family and nonresidential* | 5,524 | 11,201 | 15,077 | 14,537 | 14,870 | |||||||||||||||
Total real estate loans | 1,249,770 | 1,346,983 | 1,373,385 | 1,427,847 | 1,476,943 | |||||||||||||||
Consumer Loans | 266,075 | 272,478 | 279,453 | 289,296 | 295,007 | |||||||||||||||
Commercial Loans | 38,354 | 45,772 | 46,304 | 48,902 | 53,566 | |||||||||||||||
Total Loans | 1,554,199 | 1,665,233 | 1,699,142 | 1,766,045 | 1,825,516 | |||||||||||||||
Less: | ||||||||||||||||||||
Allowance for loan losses | 46,223 | 46,415 | 50,883 | 40,884 | 40,728 | |||||||||||||||
Deferred loan costs, net | (1,423 | ) | (1,276 | ) | (1,227 | ) | (1,220 | ) | (1,250 | ) | ||||||||||
Total | 44,800 | 45,139 | 49,656 | 39,664 | 39,478 | |||||||||||||||
Loans, net | $ | 1,509,399 | $ | 1,620,094 | $ | 1,649,486 | $ | 1,726,381 | $ | 1,786,038 | ||||||||||
* | Such categories are considered commercial real estate |
At or for the quarters ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Deposit Portfolio Composition | ||||||||||||||||||||
Checking accounts | ||||||||||||||||||||
Interest bearing checking accounts | $ | 112,412 | $ | 110,711 | $ | 110,092 | $ | 103,204 | $ | 104,905 | ||||||||||
Non-interest bearing checking accounts | 138,752 | 144,362 | 138,571 | 128,702 | 126,437 | |||||||||||||||
Total checking accounts | 251,164 | 255,073 | 248,663 | 231,906 | 231,342 | |||||||||||||||
Savings accounts | 245,838 | 234,295 | 218,946 | 214,197 | 212,778 | |||||||||||||||
Money market accounts | 322,955 | 318,395 | 311,692 | 310,884 | 310,506 | |||||||||||||||
Total non-time deposits | 819,957 | 807,763 | 779,301 | 756,987 | 754,626 | |||||||||||||||
Retail certificates of deposit | 877,840 | 904,760 | 910,480 | 928,046 | 939,568 | |||||||||||||||
Brokered certificates of deposit | — | — | — | — | 2,337 | |||||||||||||||
Total certificates of deposit | 877,840 | 904,760 | 910,480 | 928,046 | 941,905 | |||||||||||||||
Total deposits | $ | 1,697,797 | $ | 1,712,523 | $ | 1,689,781 | $ | 1,685,033 | $ | 1,696,531 | ||||||||||
Certificates of deposit as a percent of total deposits | 51.70 | % | 52.83 | % | 53.88 | % | 55.08 | % | 55.52 | % |
8
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
At or for the quarters ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Allowance For Loan Losses | ||||||||||||||||||||
Beginning balance | $ | 46,415 | $ | 50,883 | $ | 40,884 | $ | 40,728 | $ | 47,768 | ||||||||||
Provision | 8,244 | 2,192 | 22,551 | 17,116 | 10,310 | |||||||||||||||
Net chargeoffs | (8,436 | ) | (6,660 | ) | (12,552 | ) | (16,960 | ) | (17,350 | ) | ||||||||||
Ending balance | $ | 46,223 | $ | 46,415 | $ | 50,883 | $ | 40,884 | $ | 40,728 | ||||||||||
Net Charge-offs | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four-family | $ | 501 | $ | 924 | $ | 1,483 | $ | 1,834 | $ | 2,318 | ||||||||||
Multi-family | 1,451 | 163 | 1,819 | 160 | 1,067 | |||||||||||||||
Nonresidential | 1,873 | 1,038 | 6,923 | 7,041 | 25 | |||||||||||||||
Land | 233 | 504 | 284 | 11 | — | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 1,159 | 2,295 | 669 | 6,595 | 11,924 | |||||||||||||||
Multi-family and nonresidential | 101 | — | (1 | ) | — | 310 | ||||||||||||||
Total real estate loans | 5,318 | 4,924 | 11,177 | 15,641 | 15,644 | |||||||||||||||
Consumer Loans | 642 | 856 | 639 | 905 | 1,330 | |||||||||||||||
Commercial Loans | 2,476 | 880 | 736 | 414 | 376 | |||||||||||||||
Total | $ | 8,436 | $ | 6,660 | $ | 12,552 | $ | 16,960 | $ | 17,350 | ||||||||||
At or for the quarters ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Nonperforming Loans | ||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
One-to four family residential | $ | 28,776 | $ | 29,062 | $ | 27,417 | $ | 27,505 | $ | 30,279 | ||||||||||
Multi-family residential | 6,414 | 8,239 | 10,983 | 12,443 | 8,816 | |||||||||||||||
Nonresidential | 36,382 | 37,353 | 39,838 | 44,561 | 48,653 | |||||||||||||||
Land | 8,316 | 6,722 | 5,188 | 5,943 | 5,943 | |||||||||||||||
Construction Loans | ||||||||||||||||||||
One-to four-family residential and land development | 43,389 | 46,139 | 44,021 | 40,000 | 49,146 | |||||||||||||||
Multi-family and nonresidential | 382 | 382 | 2,414 | 2,414 | 2,414 | |||||||||||||||
Total real estate loans | 123,659 | 127,897 | 129,861 | 132,866 | 145,251 | |||||||||||||||
Consumer Loans | 5,781 | 4,224 | 3,725 | 3,543 | 3,482 | |||||||||||||||
Commercial Loans | 9,650 | 13,735 | 5,945 | 6,304 | 6,407 | |||||||||||||||
Total Loans | $ | 139,090 | $ | 145,856 | $ | 139,531 | $ | 142,713 | $ | 155,140 | ||||||||||
Total Nonperforming Loans and Nonperforming Assets | ||||||||||||||||||||
Past due 90 days and on nonaccrual status | $ | 122,856 | $ | 112,705 | $ | 117,499 | $ | 126,062 | $ | 129,534 | ||||||||||
Past due 90 days and still accruing | 1,121 | 2,868 | 6,330 | 4,253 | 2,628 | |||||||||||||||
Past due 90 days | 123,977 | 115,573 | 123,829 | 130,315 | 132,162 | |||||||||||||||
Past due less than 90 days and on nonaccrual | 15,112 | 30,283 | 15,702 | 12,398 | 22,978 | |||||||||||||||
Total Nonperforming Loans | 139,089 | 145,856 | 139,531 | 142,713 | 155,140 | |||||||||||||||
Other Real Estate Owned | 43,009 | 42,386 | 39,914 | 39,963 | 41,470 | |||||||||||||||
Repossessed Assets | 676 | 487 | 422 | 334 | 576 | |||||||||||||||
Total Nonperforming Assets | $ | 182,774 | $ | 188,729 | $ | 179,867 | $ | 183,010 | $ | 197,186 | ||||||||||
Total Troubled Debt Restructured Loans | ||||||||||||||||||||
Accruing | $ | 30,546 | $ | 30,129 | $ | 33,331 | $ | 13,254 | $ | 18,214 | ||||||||||
Non-accruing | 28,066 | 24,420 | 11,240 | 14,934 | 10,855 | |||||||||||||||
Total | $ | 58,612 | $ | 54,549 | $ | 44,571 | $ | 28,188 | $ | 29,069 | ||||||||||
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