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| 8-K - FORM 8-K - UNITED COMMUNITY FINANCIAL CORP | d63990d8k.htm |
EXHIBIT 99
275 West Federal Street
Youngstown, Ohio 44503-1203
FOR IMMEDIATE RELEASE
| Media Contact: | Investor Contact: | |
| Colleen Scott | Gary M. Small | |
| Vice President of Marketing | President and Chief Executive Officer | |
| Home Savings | United Community Financial Corp. | |
| (330) 742-0638 | (330) 742-0472 | |
| cscott@homesavings.com |
UCFC ANNOUNCES THIRD QUARTER RESULTS
AND DECLARES DIVIDEND
| • | Net income of $4.1 million, or $0.086 per diluted share—Return on average assets 0.85% |
| • | Robust annualized loan growth of 17.8%, including loans held for sale |
| • | Maintained improved efficiency ratio of 63.5% |
| • | Tangible book value increased to $5.12 per share |
| • | Dividend of $0.025 per common share declared |
YOUNGSTOWN, Ohio (October 20, 2015) – United Community Financial Corp. (Company) (Nasdaq: UCFC), parent company of The Home Savings and Loan Company (Home Savings), announced today that net income for the quarter ended September 30, 2015 totaled $4.1 million, or $0.086 per diluted common share. Net income for the nine months ended September 30, 2015 totaled $12.0 million, or $0.245 per diluted common share.
Gary M. Small, President and Chief Executive Officer of the Company and Home Savings, commented that, “We are pleased with the pace of performance improvement and see all aspects of our business improving. Quality loan growth, strong fee income and diligent expense management are creating outstanding momentum.”
1
Balance Sheet Highlights
Total Loans
Total outstanding loans, including loans held for sale, increased $146.8 million to $1.3 billion, or 15.0% on an annualized basis at September 30, 2015, compared to December 31, 2014. The increase was driven by a 35.5% increase of $89.8 million in commercial loans during the first nine months of 2015. Additionally, during the year, unfunded commercial loan commitments grew by 42.0% to approximately $82.6 million at September 30, 2015. Residential loans, including residential loans held for sale, increased 6.7%, or $50.7 million during the first nine months of 2015.
Total Deposits
Total deposits increased $62.6 million, or 6.2% on an annualized basis, to $1.4 billion at September 30, 2015, compared to $1.3 billion at December 31, 2014. Non-interest bearing accounts increased $20.6 million, or 11.0%, as a result of increasing commercial deposits since year end. During the same time period, interest bearing deposits increased 3.6%, or $42.0 million.
Third Quarter Results
Net Interest Income and Margin
Net interest income on a fully taxable equivalent basis was $14.3 million in the third quarter of 2015, up from the $12.7 million recorded in the third quarter of 2014 and the $13.9 million recorded in the second quarter of 2015. The improvement in net interest income, when comparing the third quarter of 2015 to the third quarter of 2014, was due to an increase in average net loan balances totaling approximately $144.7 million. Additionally, funding costs were reduced due to a modification of an FHLB advance and the prepayment of two repurchase agreements late in 2014. Net interest margin was 3.18% for the third quarter of 2015, an increase from 3.06% for the third quarter of 2014, and an increase from the 3.16% recorded in the previous quarter.
Provision for Loan Losses
The Company recognized a provision for loan losses of $673,000 in the third quarter of 2015 compared to a provision of $116,000 in the third quarter of 2014, and a provision of $753,000 in the previous quarter. Provision expense continues to be driven primarily by strong loan growth as charge-off activity returned to more normal levels.
Non-Interest Income
Non-interest income was $4.9 million in the third quarter of 2015 compared to $4.2 million in the third quarter of 2014, and down from $5.3 million in the previous quarter. The increase in non-interest income in comparing the third quarter of 2015 to the third quarter of 2014 was primarily a result of greater mortgage banking income driven by an increase in the volume of loans sold into the secondary market. The decrease in noninterest income compared to the prior quarter is a result of an unfavorable adjustment in the mortgage servicing rights valuation allowance.
Non-Interest Expense
Non-interest expense was $12.3 million for the third quarter of 2015 compared to $14.3 million for the third quarter of 2014, a decrease of $2.0 million. Significantly impacting this comparison was the recognition of a $1.4 million prepayment penalty on the early termination of a $30.0 million borrowing in 2014. Additionally, all other major expense categories were down. Total non-interest expense remained flat, when comparing the third quarter of 2015 to the prior quarter.
2
Year to Date Results
Net Interest Income and Margin
Net interest income on a fully taxable equivalent basis was $42.1 million for the first nine months of 2015, an increase of $4.0 million from the same period in 2014. Net interest margin was 3.19% for the first nine months of 2015 compared to 3.07% in the first nine months of 2014. As in the second quarter of 2015, the net interest margin continues to be positively impacted by the modification of an FHLB advance and the prepayment of two repurchase agreements that occurred at the end of 2014.
Provision for Loan Losses
The Company recognized a provision for loan losses of $1.2 million in the first nine months of 2015 compared to a negative provision of $1.5 million in the first nine months of 2014. The increase in provision for loan losses resulted from the growth in outstanding loans during the first nine months of 2015. Also affecting the comparison, a large commercial real estate loan paid off in the second quarter of 2014, releasing approximately $748,000 in reserves.
Non-Interest Income
Non-interest income was $14.3 million for the nine months ended September 30, 2015, compared to $10.8 million for the nine months ended September 30, 2014. This favorable comparison is a result of increased mortgage banking income. During the period, the Company realized a high level of mortgage loan production being sold into the secondary market along with improved pricing on loans sold.
Non-Interest Expense
Total non-interest expense was $37.2 million in the first nine months of 2015, a decrease of $4.8 million over the first nine months of 2014. All major expense categories declined as a result of aggressive process improvements and cost reduction efforts.
Asset Quality
Measures of asset quality continued to improve during the first nine months of 2015 as evidenced by nonperforming assets to total assets decreasing to 0.95%, compared to 1.40% for the first nine months of 2014. The allowance for loan loss as a percentage of total loans was 1.35% at September 30, 2015 compared with 1.52% at December 31, 2014 and 1.59% at September 30, 2014.
Equity
Tangible book value per common share at September 30, 2015 improved to $5.12, as compared to $4.88 at December 31, 2014. During the third quarter, Home Savings reclassified approximately $105.0 million of available for sale securities to held to maturity providing for additional stability of tangible book value. The Company continues its share repurchase program, repurchasing 159,100 shares during the quarter.
Dividend to be Paid
The Board of Directors declared a quarterly cash dividend of $0.025 per common share payable November 13, 2015 to shareholders of record at the close of business November 2, 2015.
3
Conference Call
United Community Financial Corp. will host an earnings conference call on Wednesday, October 21, 2015, at 10:00 a.m. ET., to provide an overview of the Company’s third quarter 2015 results and highlights. The conference call may be accessed by calling 1-877-272-7661 ten minutes prior to the start time. Please ask to be joined into the United Community Financial Corp. (UCFC) call. Additionally, a live webcast may be accessed from the Company’s website www.ucfconline.com. Click on 3rd Quarter 2015 Conference Call on our corporate profile page to join the webcast.
United Community Financial Corp.
Home Savings is a wholly-owned subsidiary of the Company and operates 32 retail banking offices and nine loan production centers in 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”, “will have”, “can expect” 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)
| September 30, 2015 |
December 31, 2014 |
|||||||
| (Dollars in thousands) | ||||||||
| Assets: |
||||||||
| Cash and deposits with banks |
$ | 19,831 | $ | 21,152 | ||||
| Federal funds sold |
24,849 | 11,828 | ||||||
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|
|
|
|||||
| Total cash and cash equivalents |
44,680 | 32,980 | ||||||
| Securities: |
||||||||
| Available for sale, at fair value |
366,765 | 499,790 | ||||||
| Held to maturity (fair value of $113,152 and $0, respectively) |
113,052 | — | ||||||
| Loans held for sale, at lower of cost or market |
14,195 | 20,730 | ||||||
| Loans held for sale, at fair value |
24,079 | — | ||||||
| Loans, net of allowance for loan losses of $17,482 and $17,687 |
1,277,330 | 1,148,093 | ||||||
| Federal Home Loan Bank stock, at cost |
18,068 | 18,068 | ||||||
| Premises and equipment, net |
20,539 | 21,002 | ||||||
| Accrued interest receivable |
5,530 | 5,763 | ||||||
| Real estate owned and other repossessed assets |
3,316 | 3,467 | ||||||
| Core deposit intangible |
43 | 84 | ||||||
| Cash surrender value of life insurance |
54,482 | 46,401 | ||||||
| Other assets |
28,808 | 37,172 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 1,970,887 | $ | 1,833,550 | ||||
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|
|
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| Liabilities and Shareholders’ Equity |
||||||||
| Liabilities: |
||||||||
| Deposits: |
||||||||
| Interest bearing |
$ | 1,201,886 | $ | 1,159,871 | ||||
| Non-interest bearing |
208,598 | 187,965 | ||||||
|
|
|
|
|
|||||
| Total deposits |
1,410,484 | 1,347,836 | ||||||
| Borrowed funds: |
||||||||
| Federal Home Loan Bank advances |
||||||||
| Long-term advances |
46,780 | 46,194 | ||||||
| Short-term advances |
216,000 | 140,000 | ||||||
|
|
|
|
|
|||||
| Total Federal Home Loan Bank advances |
262,780 | 186,194 | ||||||
| Repurchase agreements and other |
30,540 | 30,558 | ||||||
|
|
|
|
|
|||||
| Total borrowed funds |
293,320 | 216,752 | ||||||
| Advance payments by borrowers for taxes and insurance |
14,360 | 19,904 | ||||||
| Accrued interest payable |
233 | 185 | ||||||
| Accrued expenses and other liabilities |
8,561 | 8,738 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,726,958 | 1,593,415 | ||||||
|
|
|
|
|
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| Shareholders’ Equity: |
||||||||
| Preferred stock-no par value; 1,000,000 shares authorized and no shares outstanding |
— | — | ||||||
| Common stock-no par value; 499,000,000 shares authorized; 54,138,910 shares issued and 47,613,582 and 49,239,004 shares, respectively, outstanding |
174,215 | 174,385 | ||||||
| Retained earnings |
137,743 | 128,512 | ||||||
| Accumulated other comprehensive loss |
(16,907 | ) | (19,998 | ) | ||||
| Treasury stock, at cost, 6,525,328 and 4,899,906 shares, respectively |
(51,122 | ) | (42,764 | ) | ||||
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|
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| Total shareholders’ equity |
243,929 | 240,135 | ||||||
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|
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| Total liabilities and shareholders’ equity |
$ | 1,970,887 | $ | 1,833,550 | ||||
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|
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5
UNITED COMMUNITY FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Interest income |
||||||||||||||||||||
| Loans |
$ | 13,426 | $ | 12,890 | $ | 12,436 | $ | 39,007 | $ | 36,919 | ||||||||||
| Loans held for sale |
390 | 341 | 114 | 1,025 | 237 | |||||||||||||||
| Securities: |
||||||||||||||||||||
| Available for sale |
2,599 | 2,679 | 3,002 | 8,139 | 9,368 | |||||||||||||||
| Held to maturity, nontaxable |
33 | 12 | — | 45 | — | |||||||||||||||
| Held to maturity, taxable |
17 | — | — | 17 | — | |||||||||||||||
| Federal Home Loan Bank stock dividends |
181 | 178 | 180 | 541 | 677 | |||||||||||||||
| Other interest earning assets |
8 | 11 | 4 | 25 | 51 | |||||||||||||||
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|
|
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|
|
|
|
|
|
|||||||||||
| Total interest income |
16,654 | 16,111 | 15,736 | 48,799 | 47,252 | |||||||||||||||
| Interest expense |
||||||||||||||||||||
| Deposits |
1,690 | 1,639 | 1,548 | 4,862 | 4,852 | |||||||||||||||
| Federal Home Loan Bank advances |
340 | 302 | 537 | 947 | 1,579 | |||||||||||||||
| Repurchase agreements and other |
323 | 319 | 926 | 958 | 2,753 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total interest expense |
2,353 | 2,260 | 3,011 | 6,767 | 9,184 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest income |
14,301 | 13,851 | 12,725 | 42,032 | 38,068 | |||||||||||||||
| Taxable equivalent adjustment |
19 | 6 | — | 25 | — | |||||||||||||||
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|
|
|
|||||||||||
| Net interest income (FTE) (1) |
14,320 | 13,857 | 12,725 | 42,057 | 38,068 | |||||||||||||||
| Provision (recovery) for loan losses |
673 | 753 | 116 | 1,242 | (1,465 | ) | ||||||||||||||
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|
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| Net interest income after provision for loan losses (FTE) |
13,647 | 13,104 | 12,609 | 40,815 | 39,533 | |||||||||||||||
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|
|||||||||||
| Non-interest income |
||||||||||||||||||||
| Non-deposit investment income |
259 | 248 | 408 | 799 | 1,156 | |||||||||||||||
| Service fees and other charges: |
||||||||||||||||||||
| Mortgage servicing fees |
683 | 681 | 678 | 2,038 | 2,053 | |||||||||||||||
| Deposit related fees |
1,405 | 1,341 | 1,321 | 3,811 | 3,850 | |||||||||||||||
| Mortgage servicing rights valuation |
(137 | ) | 206 | 2 | (92 | ) | (4 | ) | ||||||||||||
| Mortgage servicing rights amortization |
(450 | ) | (462 | ) | (435 | ) | (1,355 | ) | (1,259 | ) | ||||||||||
| Other service fees |
19 | 20 | 3 | 56 | 3 | |||||||||||||||
| Net gains (losses): |
||||||||||||||||||||
| Securities available for sale |
— | — | 328 | 11 | 362 | |||||||||||||||
| Mortgage banking income |
1,709 | 2,041 | 676 | 5,303 | 1,600 | |||||||||||||||
| Real estate owned and other repossessed assets charges, net |
(119 | ) | (102 | ) | (203 | ) | (311 | ) | (628 | ) | ||||||||||
| Card fees |
1,036 | 925 | 837 | 2,777 | 2,461 | |||||||||||||||
| Other income |
468 | 377 | 559 | 1,229 | 1,242 | |||||||||||||||
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|
|||||||||||
| Total non-interest income |
4,873 | 5,275 | 4,174 | 14,266 | 10,836 | |||||||||||||||
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| Non-interest expense |
||||||||||||||||||||
| Salaries and employee benefits |
6,894 | 6,898 | 7,001 | 20,968 | 22,863 | |||||||||||||||
| Occupancy |
819 | 768 | 874 | 2,505 | 2,622 | |||||||||||||||
| Equipment and data processing |
1,714 | 1,719 | 1,791 | 5,105 | 5,552 | |||||||||||||||
| Financial institutions tax |
272 | 326 | 198 | 924 | 594 | |||||||||||||||
| Advertising |
183 | 221 | 181 | 546 | 617 | |||||||||||||||
| Amortization of core deposit intangible |
14 | 13 | 17 | 41 | 52 | |||||||||||||||
| Prepayment penalty |
— | — | 1,396 | — | 1,396 | |||||||||||||||
| FDIC insurance premiums |
313 | 307 | 295 | 946 | 875 | |||||||||||||||
| Other insurance premiums |
84 | 85 | 138 | 253 | 410 | |||||||||||||||
| Professional fees: |
||||||||||||||||||||
| Legal and consulting fees |
361 | 311 | 184 | 889 | 522 | |||||||||||||||
| Other professional fees |
469 | 386 | 555 | 1,231 | 1,564 | |||||||||||||||
| Real estate owned and other repossessed asset expenses |
134 | 18 | 189 | 293 | 539 | |||||||||||||||
| Other expenses |
1,028 | 1,156 | 1,433 | 3,473 | 4,415 | |||||||||||||||
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|
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|
|||||||||||
| Total non-interest expenses |
12,285 | 12,208 | 14,252 | 37,174 | 42,021 | |||||||||||||||
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|||||||||||
| Income before income taxes |
6,235 | 6,171 | 2,531 | 17,907 | 8,348 | |||||||||||||||
| Taxable equivalent adjustment |
19 | 6 | — | 25 | — | |||||||||||||||
| Income tax expense (benefit) |
2,073 | 2,040 | (369 | ) | 5,928 | (39,050 | ) | |||||||||||||
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| Net income |
$ | 4,143 | $ | 4,125 | $ | 2,900 | $ | 11,954 | $ | 47,398 | ||||||||||
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| Earnings per common share: |
||||||||||||||||||||
| Basic |
$ | 0.087 | $ | 0.085 | $ | 0.058 | $ | 0.246 | $ | 0.942 | ||||||||||
| Diluted |
0.086 | 0.084 | 0.058 | 0.245 | 0.937 | |||||||||||||||
| (1) | Net interest income is also presented on a fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. |
6
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Financial Data |
||||||||||||||||||||
| Total assets |
$ | 1,970,887 | $ | 1,922,789 | $ | 1,860,620 | $ | 1,833,550 | $ | 1,801,540 | ||||||||||
| Total loans, net |
1,277,330 | 1,224,468 | 1,168,434 | 1,148,093 | 1,119,955 | |||||||||||||||
| Total securities |
479,817 | 477,747 | 492,412 | 499,790 | 507,125 | |||||||||||||||
| Total deposits |
1,410,484 | 1,439,247 | 1,406,744 | 1,347,836 | 1,346,377 | |||||||||||||||
| Total shareholders’ equity |
243,929 | 236,462 | 247,104 | 240,135 | 233,706 | |||||||||||||||
| Net interest income |
14,301 | 13,851 | 13,880 | 13,351 | 12,725 | |||||||||||||||
| Net interest income (FTE) (1) |
14,320 | 13,857 | 13,880 | 13,351 | 12,725 | |||||||||||||||
| Provision (recovery) for loan losses |
673 | 753 | (184 | ) | 194 | 116 | ||||||||||||||
| Noninterest income |
4,873 | 5,275 | 4,118 | 2,905 | 4,174 | |||||||||||||||
| Noninterest expense |
12,285 | 12,208 | 12,681 | 13,939 | 14,252 | |||||||||||||||
| Income tax expense (benefit) |
2,073 | 2,040 | 1,815 | (685 | ) | (369 | ) | |||||||||||||
| Net income |
4,143 | 4,125 | 3,686 | 2,808 | 2,900 | |||||||||||||||
| Share Data |
||||||||||||||||||||
| Basic earnings per common share |
$ | 0.087 | $ | 0.085 | $ | 0.075 | $ | 0.057 | $ | 0.058 | ||||||||||
| Diluted earnings per common share |
0.086 | 0.084 | 0.074 | 0.056 | 0.058 | |||||||||||||||
| Book value per common share |
5.12 | 4.95 | 5.01 | 4.88 | 4.70 | |||||||||||||||
| Tangible book value per common share |
5.12 | 4.95 | 5.01 | 4.88 | 4.70 | |||||||||||||||
| Market value per common share |
5.00 | 5.35 | 5.46 | 5.37 | 4.68 | |||||||||||||||
| Common shares outstanding at end of period |
47,614 | 47,763 | 49,309 | 49,239 | 49,682 | |||||||||||||||
| Weighted average shares outstanding—basic |
47,480 | 48,359 | 49,022 | 49,244 | 49,698 | |||||||||||||||
| Weighted average shares outstanding—diluted |
47,744 | 48,634 | 49,295 | 49,531 | 49,958 | |||||||||||||||
| Key Ratios |
||||||||||||||||||||
| Return on average assets (2) |
0.85 | % | 0.88 | % | 0.80 | % | 0.62 | % | 0.66 | % | ||||||||||
| Return on average equity (3) |
6.87 | % | 6.73 | % | 5.99 | % | 4.70 | % | 4.99 | % | ||||||||||
| Net interest margin |
3.18 | % | 3.16 | % | 3.24 | % | 3.16 | % | 3.06 | % | ||||||||||
| Efficiency ratio |
63.53 | % | 63.40 | % | 70.07 | % | 72.85 | %(4) | 76.55 | % | ||||||||||
| Nonperforming loans to net loans, end of period |
1.20 | % | 1.55 | % | 1.72 | % | 1.78 | % | 1.85 | % | ||||||||||
| Nonperforming assets to total assets, end of period |
0.95 | % | 1.16 | % | 1.25 | % | 1.30 | % | 1.40 | % | ||||||||||
| Allowance for loan loss as a percent of loans, end of period |
1.35 | % | 1.36 | % | 1.45 | % | 1.52 | % | 1.59 | % | ||||||||||
| Delinquent loans to total net loans, end of period |
1.65 | % | 1.45 | % | 1.66 | % | 1.82 | % | 2.10 | % | ||||||||||
| (1) | Net interest income is also presented on a fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item |
| (2) | Net income divided by average total assets |
| (3) | Net income divided by average total equity |
| (4) | Excludes penalty on the prepayment of repurchase agreements |
7
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loan Portfolio Composition |
||||||||||||||||||||
| Commercial loans |
||||||||||||||||||||
| Multi-family |
$ | 74,042 | $ | 69,485 | $ | 63,597 | $ | 60,546 | $ | 56,445 | ||||||||||
| Owner/nonowner occupied commercial real estate |
167,366 | 148,025 | 132,305 | 121,595 | 123,260 | |||||||||||||||
| Land |
9,709 | 10,231 | 9,437 | 9,484 | 9,487 | |||||||||||||||
| Construction |
26,545 | 16,265 | 11,030 | 16,064 | 4,667 | |||||||||||||||
| Commercial and industrial |
65,004 | 69,269 | 54,036 | 45,222 | 39,853 | |||||||||||||||
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|||||||||||
| Total |
342,666 | 313,275 | 270,405 | 252,911 | 233,712 | |||||||||||||||
| Residential mortgage loans |
||||||||||||||||||||
| Real estate |
723,619 | 709,342 | 696,387 | 694,105 | 669,270 | |||||||||||||||
| Construction |
40,723 | 34,074 | 37,293 | 37,113 | 52,735 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
764,342 | 743,416 | 733,680 | 731,218 | 722,005 | |||||||||||||||
| Consumer loans |
||||||||||||||||||||
| Consumer |
186,661 | 183,696 | 180,735 | 180,754 | 181,474 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
186,661 | 183,696 | 180,735 | 180,754 | 181,474 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans |
1,293,669 | 1,240,387 | 1,184,820 | 1,164,883 | 1,137,191 | |||||||||||||||
| Less: |
||||||||||||||||||||
| Allowance for loan losses |
17,482 | 16,881 | 17,221 | 17,687 | 18,132 | |||||||||||||||
| Deferred loan costs, net |
(1,143 | ) | (962 | ) | (835 | ) | (897 | ) | (896 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
16,339 | 15,919 | 16,386 | 16,790 | 17,236 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans, net |
1,277,330 | 1,224,468 | 1,168,434 | 1,148,093 | 1,119,955 | |||||||||||||||
| Loans held for sale, net |
38,274 | 35,102 | 31,243 | 20,730 | 10,567 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans |
$ | 1,315,604 | $ | 1,259,570 | $ | 1,199,677 | $ | 1,168,823 | $ | 1,130,522 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Deposit Portfolio Composition |
||||||||||||||||||||
| Checking accounts |
||||||||||||||||||||
| Interest bearing checking accounts |
$ | 168,025 | $ | 179,969 | $ | 184,029 | $ | 137,511 | $ | 131,266 | ||||||||||
| Non-interest bearing checking accounts |
208,598 | 206,228 | 199,512 | 187,965 | 181,632 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total checking accounts |
376,623 | 386,197 | 383,541 | 325,476 | 312,898 | |||||||||||||||
| Savings accounts |
277,313 | 282,737 | 282,643 | 274,149 | 273,192 | |||||||||||||||
| Money market accounts |
309,004 | 313,602 | 310,983 | 312,911 | 313,513 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total non-time deposits |
962,940 | 982,536 | 977,167 | 912,536 | 899,603 | |||||||||||||||
| Retail certificates of deposit |
447,544 | 456,711 | 429,577 | 435,300 | 446,774 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total certificates of deposit |
447,544 | 456,711 | 429,577 | 435,300 | 446,774 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total deposits |
$ | 1,410,484 | $ | 1,439,247 | $ | 1,406,744 | $ | 1,347,836 | $ | 1,346,377 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Certificates of deposit as a percent of total deposits |
31.73 | % | 31.73 | % | 30.54 | % | 32.30 | % | 33.18 | % | ||||||||||
8
UNITED COMMUNITY FINANCIAL CORP.
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Allowance For Loan Losses |
||||||||||||||||||||
| Beginning balance |
$ | 16,881 | $ | 17,221 | $ | 17,687 | $ | 18,132 | $ | 18,264 | ||||||||||
| Provision (recovery) |
673 | 753 | (184 | ) | 194 | 116 | ||||||||||||||
| Net chargeoffs |
(72 | ) | (1,093 | ) | (282 | ) | (639 | ) | (248 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ending balance |
$ | 17,482 | $ | 16,881 | $ | 17,221 | $ | 17,687 | $ | 18,132 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Net (Charge-offs) Recoveries |
||||||||||||||||||||
| Commercial loans |
||||||||||||||||||||
| Multi-family |
$ | 9 | $ | (64 | ) | $ | 13 | $ | — | $ | — | |||||||||
| Owner/nonowner occupied commercial real estate |
(109 | ) | (31 | ) | 9 | (25 | ) | (9 | ) | |||||||||||
| Land |
(12 | ) | — | — | — | — | ||||||||||||||
| Construction |
(88 | ) | (603 | ) | — | — | — | |||||||||||||
| Commercial and industrial |
137 | 127 | 75 | 199 | 158 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
(63 | ) | (571 | ) | 97 | 174 | 149 | |||||||||||||
| Residential mortgage loans |
||||||||||||||||||||
| Real estate |
(16 | ) | (306 | ) | 20 | (141 | ) | (278 | ) | |||||||||||
| Construction |
— | — | — | (488 | ) | (90 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
(16 | ) | (306 | ) | 20 | (629 | ) | (368 | ) | |||||||||||
| Consumer loans |
||||||||||||||||||||
| Consumer |
7 | (216 | ) | (399 | ) | (184 | ) | (29 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
7 | (216 | ) | (399 | ) | (184 | ) | (29 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total net chargeoffs |
$ | (72 | ) | $ | (1,093 | ) | $ | (282 | ) | $ | (639 | ) | $ | (248 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| At or for the quarters ended | ||||||||||||||||||||
| September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Nonperforming Loans |
||||||||||||||||||||
| Commercial loans |
||||||||||||||||||||
| Multi-family |
$ | — | $ | 85 | $ | 85 | $ | 93 | $ | 114 | ||||||||||
| Owner/nonowner occupied commercial real estate |
3,694 | 5,637 | 5,700 | 5,781 | 6,804 | |||||||||||||||
| Land |
484 | 496 | 531 | 531 | 531 | |||||||||||||||
| Construction |
415 | 415 | 1,051 | 1,051 | 2,453 | |||||||||||||||
| Commercial and industrial |
4,016 | 4,016 | 4,016 | 4,016 | 4,144 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
8,609 | 10,649 | 11,383 | 11,472 | 14,046 | |||||||||||||||
| Residential mortgage loans |
||||||||||||||||||||
| Real estate |
4,845 | 6,475 | 6,652 | 6,816 | 4,700 | |||||||||||||||
| Construction |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
4,845 | 6,475 | 6,652 | 6,816 | 4,700 | |||||||||||||||
| Consumer loans |
||||||||||||||||||||
| Consumer |
1,887 | 1,887 | 2,061 | 2,163 | 1,960 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
1,887 | 1,887 | 2,061 | 2,163 | 1,960 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming loans |
$ | 15,341 | $ | 19,011 | $ | 20,096 | $ | 20,451 | $ | 20,706 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Nonperforming Loans and Nonperforming Assets |
||||||||||||||||||||
| Past due 90 days and on nonaccrual status |
$ | 14,891 | $ | 14,246 | $ | 15,357 | $ | 16,018 | $ | 18,114 | ||||||||||
| Past due 90 days and still accruing |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Past due 90 days |
14,891 | 14,246 | 15,357 | 16,018 | 18,114 | |||||||||||||||
| Past due less than 90 days and on nonaccrual |
450 | 4,765 | 4,739 | 4,433 | 2,592 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming loans |
15,341 | 19,011 | 20,096 | 20,451 | 20,706 | |||||||||||||||
| Other real estate owned |
3,262 | 3,127 | 2,908 | 3,345 | 4,445 | |||||||||||||||
| Repossessed assets |
54 | 234 | 211 | 122 | 42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming assets |
$ | 18,657 | $ | 22,372 | $ | 23,215 | $ | 23,918 | $ | 25,193 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
9