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) April 21,2003
UNITED COMMUNITY BANCORP
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(Exact name of Registrant as specified in its charter)
North Carolina 0-26551 56-2137427
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) number)
1039 Second Street, NE, Hickory, NC 28601-3843
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(Address of principal executive offices)
Registrant's telephone number, including area code (828) 894-2483
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(Former name or address, if changed since last report.)
Item 5. Other Material Events
HICKORY - United Community Bancorp reported earnings of $1.193 million during
the first quarter of 2003, an increase of $356,506 over the same period last
year.
United Community Bancorp is the holding company for Catawba Valley
Bank, First Gaston Bank, and Northwestern Bank (a division of Catawba Valley
Bank). Those community banks cover 15 branches in six counties north and west of
Charlotte.
Combined assets for the quarter ending March 31, 2003 were $570.4
million, an increase of $16.5 million over the December 31, 2002 (year-end)
report.
The banks showed increases in key areas over the first quarter of last
year, including net loans ($425.9 million as of March 31, 2003) and deposits
($456.8 million as of March 31, 2003).
Net income per share was down slightly, from $0.30 on March 31, 2002
to $0.29 on March 31, 2003, due to additional shares being issued following
Catawba Valley Bank's acquisition of Northwestern Bank, as well as
merger-related expenses. Gains in operating efficiencies due to the merger will
be recognized throughout the year.
"Our earnings are up and our performance exceeds many of our peer
banks," United Community Bancorp president Steve Aaron said. "We are satisfied
with the progress in our merger with Northwestern Bank, and we continue to carry
creative new products and services to those markets. We are seeing, even after
just one quarter, a substantial increase in transactions."
Aaron added that the continued compression of interest margins for
banks affects earnings, yet profits are enhanced through better operating
efficiencies and a continued increase in non-interest income. Additionally,
mortgage activity remains strong.
Catawba Valley Bank has four offices in Catawba County, with two
additional offices under construction in Iredell County planned for openings in
late summer. First Gaston Bank has five offices, all in Gaston County.
Northwestern Bank has six offices in Wilkes, Alexander, Watauga, and Ashe
Counties.
United Community Bancorp will change its holding company name to
Integrity Financial Corp following the annual meeting for stockholders on April
29.
For more information about the bank stock, currently listed on the
NASDAQ under the symbol UCBB, or the banks individually, call the stockholder
relations office at 888-894-2483 or 828-431-2300.
April 21, 2003
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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 hereunto duly authorized.
UNITED COMMUNITY BANCORP
By: /s/ R. Steve Aaron
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R. Steve Aaron
President and Chief Executive Officer
Dated: April 21, 2003
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EXHIBIT INDEX
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Exhibit
Number Description of Exhibit
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99 Press Release dated April 21, 2003
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