United Community Financial Corp. (Company) (NASDAQ: UCFC),
parent company of Home Savings Bank (Home Savings), announced today
net income of $8.6 million and diluted earnings per share (“EPS”)
of $0.171 for the quarter ended March 31, 2018. The first quarter
of 2017 results included two months of operations from Premier Bank
& Trust that was acquired on January 31, 2017. In comparison,
the first quarter of 2018 results include a full quarter of
operations.
First quarter 2018 highlights:
- Loan growth of 2.7% for the
quarter
- Customer deposit growth of 5.8% for the
quarter
- Net interest margin improved four basis
points to 3.47% for the quarter
- ROA of 1.28%, ROE of 11.44% for the
quarter
- Dividend of $0.06 per common share
declared
Gary M. Small President and Chief Executive Officer of the
Company commented, “I am very pleased with the first quarter
results. We achieved excellent loan and deposit growth while margin
metrics remained very strong. The investments made in our team and
the expansion of our product offerings in 2017, are clearly making
a difference in our results today.”
Strong Loan and Deposit Growth
Total loan growth for the first quarter was $57.1 million, or
11.0% on an annualized basis. At March 31, 2018, total net loans
aggregated $2.14 billion.
Commercial loan growth was $50.5 million for the quarter ended
March 31, 2018, or 24.6% on an annualized basis. Consumer loans
increased $5.6 million, or 8.2% annualized, during the same time
period. The increase in consumer loans was primarily due to the
growth and expansion of indirect auto lending, which grew 16.7%
during the first quarter of 2018.
Total customer deposit growth for the first quarter was $104.9
million, or 5.8% for the quarter. Included in that growth was an
increase of $21.9 million of non-interest bearing deposits, which
grew at an annualized rate of 24.7%. The Company experienced
deposit gains from all lines of business including commercial,
private banking, consumer and public funds. Total customer deposits
totaled $1.9 billion at March 31, 2018.
Net Interest Margin Expands
Net interest income totaled $21.5 million and $21.6 million on a
fully taxable equivalent (FTE) basis for the quarter ended March
31, 2018, up 2.5% from the quarter ended December 31, 2017. The
positive change is a result of a higher level of earning assets
compared to the prior period as well as fees associated with the
early payoff of loans.
The net interest margin on a fully taxable equivalent basis was
3.47% for the first quarter, which was four basis points higher
than the fourth quarter of 2017. This was partially offset by a
lower FTE adjustment of approximately two basis points, due to the
tax law change.
Excluding purchase accounting yield adjustments, the net
interest margin would have been 8 basis points lower, or 3.39%, for
the three months ended March 31, 2018.
Nonperforming Loans to Total Loans Ratio
Decreases during the First Quarter
Asset quality remained stable during the first quarter. The
ratio of nonperforming loans to total loans was 0.59% at March 31,
2018, which is comparable to what was reported in the previous
quarter and the quarter a year ago.
The provision for loan losses totaled $407,000 for the first
quarter of 2018, which was down $808,000 in comparison to the prior
quarter. Net charge-offs for the quarter, both gross and net,
remained negligible. As of March 31, 2018, the Company’s allowance
for loan losses to total loans was 1.04%, versus 1.05% at December
31, 2017 and 1.02% at March 31, 2017.
Loans acquired through the acquisition during the first quarter
of 2017 were recorded at fair value. When combining the remaining
fair value adjustment of $3.3 million and the Company’s allowance,
the Company’s allowance as a percentage of total loans increases to
1.20%.
Non-Interest Income
Non-interest income increased to $5.8 million in the first
quarter of 2018 from $5.4 million reported in the first quarter of
2017. The Company realized strong gains in insurance agency income,
mortgage servicing fees and trust fees along with additional gains
on the sale of available for sale securities. Mortgage banking
income was up slightly from the same period a year ago even as
mortgage rates have climbed. The Company continues to make strides
in increasing its share of the business in this segment even in a
more difficult operating environment.
Non-Interest Expense
Non-interest expense was $16.6 million for the first quarter of
2018 compared to $15.3 million in the first quarter of 2017 when
merger expense is excluded. The resulting increase is due to higher
operating expenses after the acquisition, which occurred on January
31, 2017, with only two months of expense included in the 2017
results. In addition, the Company took advantage of timing
opportunities in the market during the latter half of 2017 to add
talented employees to expand several lines of business including
treasury management, wealth management and commercial lending. The
additional staff increased salary expense in the first quarter of
2018 compared to the first quarter of 2017, but also contributed to
the deposit and revenue growth success.
Effective Tax Rate
The Company’s effective tax rate on an FTE basis at March 31,
2018 was 18.06% compared to 34.05% at March 31, 2017. The decline
was due to the enactment of recent tax legislation.
Dividend to be Paid
On April 17, 2018, the Board of Directors declared a quarterly
cash dividend of $0.06 per common share payable May 11, 2018 to
shareholders of record at the close of business April 27, 2018.
Conference Call
United Community Financial Corp. will host an earnings
conference call on Wednesday, April 18, 2018, at 10:00 a.m. ET., to
provide an overview of the Company's first quarter 2018 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 ir.ucfconline.com. Click on 1st Quarter 2018 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,
offering a full line of commercial, wealth management and consumer
banking products and services with 35 retail banking offices (34 in
Ohio and one in Pennsylvania). Home Savings also has residential
mortgage loan centers servicing Ohio, West Virginia, western
Pennsylvania, northern Kentucky, and eastern Indiana. Additional
information on the Company, Home Savings and James & Sons
Insurance is available at ir.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.
UNITED COMMUNITY FINANCIAL CORP. CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, December 31, 2018 2017 F/(U) (Dollars in
thousands)
Assets:
Cash and deposits with banks $ 27,683 $ 34,365 -19.4 % Federal
funds sold 19,058 12,515 52.3 % Total
cash and cash equivalents 46,741 46,880 -0.3 % Securities:
Available for sale, at fair value 257,908 270,561 -4.7 % Held to
maturity (fair value of $78,033 and $82,126, respectively) 80,685
82,911 -2.7 % Loans held for sale, at lower of cost or market — 211
-100.0
%
Loans held for sale, at fair value 79,292 83,541 -5.1 % Loans, net
of allowance for loan losses of $21,610 and $21,202 2,061,443
1,999,877 3.1 % Federal Home Loan Bank stock, at cost 19,324 19,324
0.0 % Premises and equipment, net 21,795 22,094 -1.4 % Accrued
interest receivable 7,615 8,190 -7.0 % Real estate owned and other
repossessed assets 1,293 1,253 3.2 % Goodwill 20,221 20,221 0.0 %
Core deposit intangible 1,851 1,934 -4.3 % Customer list intangible
2,030 2,060 -1.5 % Cash surrender value of life insurance 62,922
62,488 0.7 % Other assets 27,587 28,360
-2.7 %
Total assets $ 2,690,707 $ 2,649,905
1.5 %
Liabilities and Shareholders' Equity
Liabilities: Deposits: Interest bearing $ 1,528,262 $
1,445,293 5.7 % Noninterest bearing 376,904
354,970 6.2 % Customer deposits 1,905,166 1,800,263 5.8 %
Brokered deposits 161,812 156,476 3.4 %
Total deposits 2,066,978 1,956,739 5.6 % Borrowed funds: Federal
Home Loan Bank advances Long-term advances 48,731 48,536 0.4 %
Short-term advances 245,000 308,000
-20.5 % Total Federal Home Loan Bank advances 293,731 356,536 -17.6
% Repurchase agreements and other 233 197
18.3 % Total borrowed funds 293,964 356,733 -17.6 % Advance
payments by borrowers for taxes and insurance 18,444 25,038 -26.3 %
Accrued interest payable 1,363 1,097 24.2 % Accrued expenses and
other liabilities 13,763 16,033 -14.2 %
Total liabilities 2,394,512 2,355,640
1.7 %
Shareholders' Equity: Preferred stock-no
par value; 1,000,000 shares authorized and no shares outstanding —
— 0.0 %
Common stock-no par value; 499,000,000
shares authorized; 54,138,910 shares issued and 49,882,491 and
49,800,126 shares, respectively, outstanding
177,297 177,458 -0.1 % Retained earnings 173,419 167,852 3.3 %
Accumulated other comprehensive loss (22,675 ) (18,685 ) 21.4 %
Treasury stock, at cost, 4,256,419 and 4,338,784 shares,
respectively (31,846 ) (32,360 ) -1.6 %
Total
shareholders’ equity 296,195 294,265
0.7 %
Total liabilities and shareholders’ equity $
2,690,707 $ 2,649,905 1.5 %
UNITED COMMUNITY FINANCIAL CORP. CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited)
For the Three Months Ended March 31, December 31,
March 31, 2018 2017 F/(U) 2017 F/(U) (Dollars in thousands,
except per share data)
Interest income Loans $ 22,759 $
21,529 5.7 % $ 17,558 29.6 % Loans held for sale 858 886 -3.2 % 661
29.8 % Securities: Available for sale, nontaxable 388 416 -6.7 %
418 -7.2 % Available for sale, taxable 1,215 1,222 -0.6 % 1,602
-24.2 % Held to maturity, nontaxable 51 51 0.0 % 62 -17.7 % Held to
maturity, taxable 422 421 0.2 % 465 -9.2 % Federal Home Loan Bank
stock dividends 280 267 4.9 % 214 30.8 % Other interest earning
assets 77 57 35.1 % 80
-3.8 % Total interest income 26,050 24,849 4.8 % 21,060 23.7 %
Interest expense Deposits 3,097 2,603 -19.0 % 1,621 -91.1 %
Federal Home Loan Bank advances 1,420 1,365 -4.0 % 955 -48.7 %
Repurchase agreements and other —
1
100.0 % 8 100.0 % Total interest expense
4,517 3,969 -13.8 % 2,584
-74.8 %
Net interest income 21,533 20,880 3.1 % 18,476 16.5
%
Taxable equivalent adjustment 97 221
-56.1 % 237 -59.1 %
Net interest income
(FTE) (1) 21,630 21,101 2.5 % 18,713 15.6 %
Provision
for loan losses 407 1,215 66.5 %
1,475 72.4 %
Net interest income after provision
for loan losses (FTE) 21,223 19,886
6.7 % 17,238 23.1 %
Non-interest income
Insurance agency income 577 552 4.5 % 473 22.0 % Brokerage income
272 264 3.0 % 322 -15.5 % Service fees and other charges: Deposit
related fees 1,300 1,436 -9.5 % 1,290 0.8 % Mortgage servicing fees
812 780 4.1 % 735 10.5 % Mortgage servicing rights valuation 9 6
50.0 % (3 ) -400.0 % Mortgage servicing rights amortization (500 )
(518 ) -3.5 % (448 ) 11.6 % Other service fees 38 42 -9.5 % 29 31.0
% Net gains (losses): Securities available for sale 139 — 100.0 %
29 379.3 % Mortgage banking income 1,358 1,375 -1.2 % 1,323 2.6 %
Real estate owned and other repossessed assets charges, net (78 )
(46 ) 69.6 % (52 ) -100.0 % Debit/credit card fees 949 995 -4.6 %
923 2.8 % Trust fee income 469 467 0.4 % 282 100.0 % Other income
474 1,107 -57.2 % 481
-1.5 % Total non-interest income 5,819 6,460
-9.9 % 5,384 8.1 %
Non-interest expense
Salaries and employee benefits 9,998 8,347 -19.8 % 8,975 -11.4 %
Occupancy 1,100 1,023 -7.5 % 964 -14.1 % Equipment and data
processing 2,154 2,256 4.5 % 2,079 -3.6 % Financial institutions
tax 496 300 -65.3 % 490 -1.2 % Advertising 235 317 25.9 % 124 -89.5
% Amortization of intangible assets 113 114 0.9 % 83 -36.1 % FDIC
insurance premiums 290 249 -16.5 % 188 -54.3 % Other insurance
premiums 109 113 3.5 % 112 2.7 % Professional fees: Legal fees 299
155 -92.9 % 229 -30.6 % Other professional fees 391 461 15.2 % 520
24.8 % Supervisory fees 42 84 50.0 % — 0.0 % Real estate owned and
other repossessed asset expenses 36 17 -111.8 % 62 41.9 %
Acquisition related expenses — 39 0.0 % 4,962 0.0 % Other expenses
1,337 3,854 65.3 % 1,502
11.0 % Total non-interest expenses 16,600
17,329 4.2 % 20,290 18.2 %
Income before
income taxes 10,442 9,017 15.8 % 2,332 347.8 %
Taxable
equivalent adjustment 97 221 56.1 % 237 59.1 %
Income tax
expense 1,789 4,294 58.3 %
557 -221.2 %
Net income $ 8,556 $ 4,502
90.0 % $ 1,538 456.3 %
Earnings per common
share: Basic $ 0.172 $ 0.090 91.1 % $ 0.032 437.5 % Diluted
0.171 0.090 90.0 % 0.032 434.4 %
(1)
Net interest income is also presented on a
fully taxable equivalent (FTE) basis, the Company believes this
non-GAAP measure is the preferred industry measurement for this
item.
UNITED COMMUNITY FINANCIAL CORP. CONSOLIDATED
AVERAGE BALANCES (Unaudited) For the three
months ended March 31, 2018 December 31, 2017 March
31, 2017 Average Interest Average Interest
Average Interest outstanding earned/ Yield/
outstanding earned/ Yield/ outstanding earned/ Yield/ balance paid
rate balance paid rate balance paid rate (Dollars in thousands)
Interest earning assets: Net loans (1) $ 2,026,266 $ 22,760 4.49 %
$ 1,975,847 $ 21,531 4.36 % $ 1,706,009 $ 17,560 4.12 % Loans held
for sale 80,681 858 4.31 % 88,247 886
4.02 % 67,860 661 3.90 %
Total loans, net
2,106,947 23,618 4.49 % 2,064,094 22,417 4.34 % 1,773,869 18,221
4.11 %
Securities:
Available for sale-taxable 211,332 1,215 2.30 % 214,631 1,222 2.28
% 287,775 1,602 2.23 % Available for sale-nontaxable (2) 54,737 472
3.45 % 58,903 609 4.14 % 59,361 621 4.18 % Held to maturity-taxable
72,627 422 2.32 % 75,136 421 2.24 % 83,655 465 2.22 % Held to
maturity-nontaxable (2) 9,227 63 2.73 % 9,233
77 3.34 % 12,451 94 3.02 % Total securities
347,923 2,172 2.50 % 357,903 2,329 2.60 % 443,242 2,782 2.51 %
Federal Home Loan Bank stock 19,324 280 5.80 % 19,324 267 5.53 %
18,905 214 4.53 % Other interest earning assets 22,479
77 1.39 % 22,656 57 1.01 % 43,059
80 0.74 % Total interest earning assets 2,496,673 26,147
4.19 % 2,463,977 25,070 4.07 % 2,279,075 21,297 3.74 % Non-interest
earning assets 176,785 179,023 166,070 Total
assets $ 2,673,458 $ 2,643,000 $ 2,445,145 Interest bearing
liabilities: Deposits: Checking accounts $ 593,499 687 0.47 % $
600,249 589 0.39 % $ 564,903 337 0.24 % Savings accounts 303,639 27
0.04 % 304,229 27 0.04 % 301,675 30 0.04 % Certificates of deposit
Customer certificates of deposit 581,858 1,817 1.27 % 530,297 1,458
1.10 % 468,686 1,073 0.92 % Brokered certificates of deposit
165,169 566 1.39 % 164,147 529 1.29 %
99,380 181 0.73 % Total certificates of deposit
747,027 2,383 1.28 % 694,444 1,987 1.14 %
568,066 1,254 0.88 % Total interest bearing deposits
1,644,165 3,097 0.76 % 1,598,922 2,603 0.65 % 1,434,644 1,621 0.45
% Federal Home Loan Bank advances Long-term advances 48,603 431
3.60 % 48,409 404 3.34 % 47,823 349 2.92 % Short-term advances
265,322 989 1.51 % 301,424 961 1.28 %
347,050 606 0.70 % Total Federal Home Loan Bank
advances 313,925 1,420 1.83 % 349,833 1,365 1.56 % 394,873 955 0.97
% Repurchase agreements and other 213 — 0.00 %
2,114 1 0.19 % 1,051 8 3.04 % Total borrowed
funds 314,138 1,420 1.83 % 351,947
1,366 1.55 % 395,924 963 0.97 % Total interest
bearing liabilities $ 1,958,303 4,517 0.94 % $ 1,950,869
3,969 0.81 % $ 1,830,568 2,584 0.56 % Non-interest
bearing liabilities Total noninterest bearing deposits 375,142
355,225 306,402 Other noninterest bearing liabilities 40,729
41,400 33,898 Total noninterest bearing liabilities
415,871 396,625 340,300 Total liabilities $
2,374,174 $ 2,347,494 $ 2,170,868 Shareholders’ equity
299,284 295,506 274,277 Total liabilities and equity
$ 2,673,458 $ 2,643,000 $ 2,445,145 Net interest income and
interest rate spread $ 21,630 3.25 % $ 21,101 3.26 % $ 18,713 3.17
% Net interest margin 3.47 % 3.43 % 3.28 % Average interest earning
assets to average interest bearing liabilities 127.49 % 126.30 %
124.50 % Interest bearing deposits Checking accounts
$ 593,499 $ 687 0.47 % $ 600,249 $ 589 0.39 % $ 564,903 $ 337 0.24
% Savings accounts 303,639 27 0.04 % 304,229 27 0.04 % 301,675 30
0.04 % Customer certificates of deposit 581,858 1,817
1.27 % 530,297 1,458 1.10 % 468,686
1,073 0.92 % Total customer deposits 1,478,996 2,531 0.68 %
1,434,775 2,074 0.58 % 1,335,264 1,440 0.43 % Brokered certificates
of deposit 165,169 566 1.39 % 164,147
529 1.29 % 99,380 181 0.73 % Total interest bearing
deposits 1,644,165 3,097 0.76 % 1,598,922 2,603 0.65 % 1,434,644
1,621 0.45 % Noninterest bearing deposits 375,142 —
0.00 % 355,225 — 0.00 % 306,402 — 0.00
% Total average deposits and cost of deposits $ 2,019,307 $ 3,097
0.62 % $ 1,954,147 $ 2,603 0.53 % $ 1,741,046 $ 1,621 0.37 % Other
interest bearing liabilities Federal Home Loan Bank advances Long
term advances $ 48,603 $ 431 3.60 % $ 48,409 $ 404 3.34 % $ 47,823
$ 349 2.92 % Short term advances 265,322 989 1.51 %
301,424 961 1.28 % 347,050 606 0.70 %
Total Federal Home Loan Bank advances 313,925 1,420 1.83 % 349,833
1,365 1.56 % 394,873 955 0.97 % Repurchase agreements and other
213 — 0.00 % 2,114 1 0.19 %
1,051 8 3.04 % Total borrowed funds 314,138
1,420 1.83 % 351,947 1,366 1.55 % 395,924
963 0.97 % Total average deposits and other interest bearing
liabilities and total cost of funds $ 2,333,445 $ 4,517 0.79 % $
2,306,094 $ 3,969 0.69 % $ 2,136,970 $ 2,584 0.48 %
Customer deposits interest bearing and noninterest bearing $
1,854,138 $ 2,531 0.55 % $ 1,790,000 $ 2,074 0.46 % $ 1,641,666 $
1,440 0.35 % Brokered deposits 165,169 566 1.39 % 164,147 529 1.29
% 99,380 181 0.73 % Total borrowings 314,138 1,420 1.83 % 351,947
1,366 1.55 % 395,924 963 0.97 % Cost of funds 2,333,445 4,517 0.79
% 2,306,094 3,969 0.69 % 2,136,970 2,584 0.48 %
(1)
Nonaccrual loans are included in the
average balance at a yield of 0%.
(2)
Yields are on a fully taxable equivalent
basis.
UNITED COMMUNITY FINANCIAL CORP. SELECTED
FINANCIAL HIGHLIGHTS (Unaudited)
At or for the quarters ended March 31, December 31,
September 30, June 30, March 31, 2018 2017 2017 2017 2017 (Dollars
in thousands, except per share data)
Financial Data Total
assets $ 2,690,707 $ 2,649,905 $ 2,602,365 $ 2,553,565 $ 2,557,010
Total loans, net 2,061,443 1,999,877 1,947,695 1,869,095 1,835,000
Total securities 338,593 353,472 360,371 375,738 430,357 Total
deposits 2,066,978 1,956,739 1,938,699 1,893,993 1,905,205 Average
interest-bearing deposits 1,644,165 1,598,922 1,563,464 1,579,438
1,434,644 Average noninterest-bearing deposits 375,142 355,225
337,067 333,784 306,402 Total shareholders' equity 296,195 294,265
291,851 285,480 277,102 Net interest income 21,533 20,880 20,503
20,494 18,476 Net interest income (FTE) (1) 21,630 21,101 20,727
20,723 18,713 Provision for loan losses 407 1,215 721 842 1,475
Noninterest income 5,819 6,460 6,305 7,090 5,384 Noninterest
expense 16,600 17,329 15,464 15,176 20,290 Income tax expense 1,789
4,294 3,067 3,377 557 Net income 8,556 4,502 7,556 8,189 1,538
Share Data Basic earnings per common share $ 0.172 $
0.090 $ 0.152 $ 0.165 $ 0.032 Diluted earnings per common share
0.171 0.090 0.151 0.163 0.032 Book value per common share 5.94 5.90
5.87 5.74 5.58 Tangible book value per common share 5.45 5.41 5.38
5.27 5.10 Market value per common share 9.86 9.13 9.60 8.31 8.34
Common shares outstanding at end of period 49,882 49,800
49,758 49,715 49,695 Weighted average shares outstanding--basic
49,611 49,497 49,460 49,392 48,289 Weighted average shares
outstanding--diluted 49,885 49,827 49,851 49,795 48,646
Key Ratios Return on average assets (2) 1.28 % 0.68 % 1.17 %
1.27 % 0.25 % Return on average equity (3) 11.44 % 6.09 % 10.43 %
11.60 % 2.24 % Return on tangible equity (4) 12.44 % 6.62 % 11.35 %
12.66 % 2.39 % Net interest margin 3.47 % 3.43 % 3.45 % 3.46 % 3.28
% Efficiency ratio 60.20 % 63.73 % 57.13 % 54.71 % 83.78 %
Nonperforming loans to net loans, end of period 0.59 % 0.59 % 0.62
% 0.58 % 0.58 % Nonperforming assets to total assets, end of period
0.65 % 0.64 % 0.75 % 0.72 % 0.74 % Allowance for loan loss as a
percent of loans, end of period 1.04 % 1.05 % 1.04 % 1.04 % 1.02 %
Delinquent loans to total net loans, end of period 0.81 % 0.86 %
0.89 % 0.77 % 0.81 %
(1)
Net interest income is presented on a
fully taxable equivalent (FTE) basis, 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)
Net income divided by average total
equity, minus average intangible assets
UNITED COMMUNITY
FINANCIAL CORP. SELECTED FINANCIAL HIGHLIGHTS
(Unaudited) At or for the quarters ended March 31,
December 31,
September 30,
June 30, March 31, 2018 2017
2017
2017 2017 (Dollars in thousands)
Loan Portfolio Composition
Commercial loans Multi-family $ 137,836 $ 120,480 $ 126,977
$ 121,565 $ 108,330 Owner/nonowner occupied commercial real estate
384,533 381,611 366,747 342,300 325,633 Land 15,452 15,162 13,666
10,867 9,276 Construction 134,181 116,863 108,105 96,765 94,727
Commercial and industrial 201,132 188,500
175,581 170,758 170,398
Total 873,134 822,616 791,076 742,255 708,364
Residential mortgage loans Real estate 882,873 870,939
851,863 834,349 839,413 Construction 42,453
49,092 57,081 56,946
51,372
Total 925,326 920,031 908,944 891,295 890,785
Consumer loans Consumer 279,110 273,494
263,692 251,151 251,215
Total 279,110 273,494
263,692 251,151 251,215
Total loans 2,077,570 2,016,141 1,963,712 1,884,701
1,850,364 Less: Allowance for loan losses 21,610 21,202 20,555
19,660 18,970 Deferred loan costs, net (5,483 )
(4,938 ) (4,538 ) (4,054 ) (3,606 )
Total 16,127 16,264
16,017 15,606 15,364
Total
loans, net 2,061,443 1,999,877 1,947,695 1,869,095 1,835,000
Loans held for sale, net 79,292 83,752
84,545 86,153 75,698
Total loans $ 2,140,735 $ 2,083,629 $
2,032,240 $ 1,955,248 $ 1,910,698 At or
for the quarters ended March 31, December 31,
September 30,
June 30, March 31, 2018 2017
2017
2017 2017 (Dollars in thousands)
Deposit Portfolio
Composition Checking accounts Interest bearing checking
accounts $ 140,740 $ 170,478 $ 173,171 $ 175,800 $ 211,875
Non-interest bearing checking accounts 376,904
354,970 343,146 339,067
333,940
Total checking accounts 517,644 525,448
516,317 514,867 545,815 Savings accounts 308,025 301,716 307,169
310,012 308,533 Money market accounts 483,840
424,234 418,294 427,348
418,449
Total non-time deposits 1,309,509 1,251,398
1,241,780 1,252,227 1,272,797 Certificates of deposit less than or
equal to $250,000 704,147 651,255 617,839 557,300 547,823
Certificates of deposit greater than $250,000 53,322
54,086 79,080 84,466
84,585
Total certificates of deposit
757,469 705,341 696,919
641,766 632,408
Total deposits $
2,066,978 $ 1,956,739 $ 1,938,699 $ 1,893,993
$ 1,905,205
UNITED COMMUNITY
FINANCIAL CORP. SELECTED FINANCIAL HIGHLIGHTS
(Unaudited) At or for the
quarters ended March 31, December 31, September 30, June 30, March
31, 2018 2017 2017 2017 2017 (Dollars in thousands)
Allowance For Loan Losses Beginning balance $ 21,202 $
20,555 $ 19,660 $ 18,970 $ 19,087 Provision 407 1,215 721 842 1,475
Net recoveries (chargeoffs) 1 (568 )
174 (152 ) (1,592 ) Ending balance $ 21,610
$ 21,202 $ 20,555 $ 19,660 $ 18,970
At or for the quarters ended March 31, December 31,
September 30, June 30, March 31, 2018 2017 2017 2017 2017 (Dollars
in thousands)
Net Recoveries (Charge-offs) Commercial
loans Multi-family $ 6 $ (126 ) $ (4 ) $ 4 $ 1 Owner/nonowner
occupied commercial real estate 40 23 39 24 (1,141 ) Land — — — —
(25 ) Construction 7 — — — — Commercial and industrial 104
(90 ) 314 108 1
Total 157 (193 ) 349 136 (1,164 )
Residential
mortgage loans Real estate (66 ) (257 ) (291 ) (239 ) (196 )
Construction — — —
— —
Total (66 ) (257 ) (291 ) (239 )
(196 )
Consumer loans Consumer (90 ) (118 )
116 (49 ) (232 )
Total
(90 ) (118 ) 116 (49 ) (232 )
Total net chargeoffs $ 1 $ (568 ) $ 174 $ (152
) $ (1,592 ) At or for the quarters ended March 31, December
31, September 30, June 30, March 31, 2018 2017 2017 2017 2017
(Dollars in thousands)
Nonperforming Loans Commercial
loans Multi-family $ 275 $ 275 $ 402 $ 413 $ 419 Owner/nonowner
occupied commercial real estate 1,206 1,218 1,234 1,331 1,398 Land
9 9 9 9 9 Construction — — — — — Commercial and industrial
1,459 1,505 234 190
354
Total 2,949 3,007 1,879 1,943 2,180
Residential mortgage loans Real estate 7,045 6,076 6,627
6,701 5,868 Construction — — —
— —
Total 7,045 6,076
6,627 6,701 5,868
Consumer loans Consumer 2,180
2,620 2,332 2,137
2,513
Total 2,180 2,620
2,332 2,137 2,513
Total nonperforming loans $ 12,174 $ 11,703 $
10,838 $ 10,781 $ 10,561
Total
Nonperforming Loans and Nonperforming Assets Past due 90 days
and on nonaccrual status $ 8,326 $ 8,620 $ 7,634 $ 7,706 $ 7,581
Past due 90 days and still accruing — —
8 2 — Past due 90 days
8,326 8,620 7,642 7,708 7,581 Past due less than 90 days and on
nonaccrual 3,848 3,083 3,196
3,073 2,980
Total
nonperforming loans 12,174 11,703 10,838 10,781 10,561 Other
real estate owned 1,030 1,047 1,133 1,197 1,137 Other classified
assets 4,050 4,050 6,384 6,384 6,384 Repossessed assets 263
206 10 — —
Total nonperforming assets $ 17,517 $ 17,006
$ 18,365 $ 18,362 $ 18,082
UNITED COMMUNITY FINANCIAL CORP. NON-GAAP
DISCLOSURE RECONCILIATION (Unaudited)
Reconciliation of Average Shareholders'
Equity to Average Tangible Equity: At or for the
quarters ended March 31, December 31, September 30, June 30, March
31, 2018 2017 2017 2017 2017 (Dollars in thousands, except per
share data) Average shareholders equity $ 299,284 $ 295,506 $
295,506 $ 282,335 $ 274,277 Average intangible assets 24,175
23,563 23,642 23,699
26,935 Average tangible equity $ 275,109
$ 271,943 $ 271,864 $ 258,636 $ 247,342
Net income $ 8,556 $ 4,502 $ 7,556 $ 8,189 $ 1,538
Return on tangible equity 12.44 % 6.62 % 11.12 % 12.66 %
2.49 %
Reconciliation of Fully Taxable Equivalent Net
Interest Income to Net Interest Income: For the quarters
ended March 31, December 31, September 30, June 30, March 31, 2018
2017 2017 2017 2017 (Dollars in thousands) Interest income $
26,050 $ 24,849 $ 24,048 $ 23,553 $ 21,060 Fully taxable equivalent
adjustment 97 221 224
229 237 Fully taxable equivalent
interest income 26,147 25,070 24,272 23,782 21,297 Interest expense
4,517 3,969 3,545
3,059 2,584 Fully taxable net interest income
$ 21,630 $ 21,101 $ 20,727 $ 20,723 $
18,713
Reconciliation of Coverage Ratio to
Coverage Ratio with Fair Value Adjustments Included with Allowance
for Loan Losses: March 31, 2018 (Dollars in thousands)
Allowance for loan losses $ 21,610 Fair value adjustments
3,340 24,950 Loans, net $ 2,061,443
Add: Allowance for loan losses and fair value adjustment
24,950 Gross loans $ 2,086,393
Coverage ratio with the Fair Value
adjustments included in Allowance for loan losses
1.20 %
Tangible Book Value Per Share:
Tangible book value, per share is defined at shareholders equity
minus intangible assets divided by the number of shares
outstanding. At the quarters ended March 31, December 31,
September 30, June 30, March 31, 2018 2017 2017 2017 2017 (Dollars
in thousands, except per share data) Total shareholders' equity $
296,195 $ 294,265 $ 291,851 $ 285,480 $ 277,102 Goodwill 20,221
20,221 19,488 19,467 19,460 Customer list intangible 2,030 2,060
2,090 2,060 2,090 Core deposit intangible 1,851 1,934 2,017 2,099
2,182 Total common shares outstanding 49,882,491 49,800,126
49,758,487 49,715,021 49,695,487 Tangible book value, as reported $
5.45 $ 5.42 $ 5.39 $ 5.27 $ 5.10
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180417006654/en/
Media Contact:Home Savings BankKathy Bushway,
330-742-0638Senior Vice President, MarketingorInvestor
Contact:United Community Financial Corp.Gary M. Small,
330-742-0472President and Chief Executive
Officerkbushway@homesavings.com
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