[October 17, 2017] |
|
UCFC Announces Third Quarter Earnings and Dividend
United Community Financial Corp. (Company) (NASDAQ: UCFC), parent
company of Home Savings Bank (Home Savings), today announced net income
of $7.6 million, or $0.151 per diluted common share, a 37.3% improvement
over the $0.110 per diluted common share reported for the quarter ended
September 30, 2016.
Third quarter 2017 highlights:
-
Strong organic loan growth, including loans held for sale, at 15.8%
annualized
-
Net interest margin increased to 3.45%
-
Return on average assets of 1.17%
-
Return on average tangible equity of 11.35%
-
Efficiency ratio improved to 57.13%
-
Dividend of $0.04 declared per common share
Gary M. Small, President and Chief Executive Officer of the Company
commented, "We are very pleased to report strong performance for the
quarter. The team delivered excellent loan growth, stable margins, and
each business division and market is experiencing growth. Within our
markets, the economic conditions remain supportive of steady growth and
improvement in both the business and consumer sectors. We continue to
see great opportunities in the market."
Strong Organic Loan Growth
Loan growth for the third quarter, including loans held for sale,
totaled $77.0 million, or 15.8% on an annualized basis. Total loans,
including loans held for sale, were $2.03 billion at September 30, 2017
compared to $1.96 billion at June 30, 2017.
Commercial loan growth was $48.8 million for the quarter ended September
30, 2017, or 26.3% on an annualized basis. Consistent with strategic
objectives, the Company continues to focus on attracting and building
commercial relationships. Residential mortgage loans, including loans
held for sale, increased $16.0 million, or 6.6% annualized during the
quarter. Consumer loans increased $12.5 million, or 20.0%, annualized.
Net Interest Margin Expands
Net interest income was $20.5 million for the three months ended
September 30, 2017. Net interest income on a fully-taxable equivalent
basis increased slightly to $20.7 million for the quarter ended
September 30, 2017, compared to the quarter ended June 30, 2017, and
increased 30.0% from $15.9 million for the three months ended September
30, 2016. The increase in net interest income was primarily due to a
higher yield of 4.33% earned on loans, or 3 basis points higher than the
prior quarter and 22 basis points higher than the same quarter last
year. Cost of deposits increased 5 basis points to 0.47% from the
quarter ended June 30, 2017 and 9 basis points from the quarter ended
September 30, 2016.
The net interest margin was 3.45% for the three months ended September
30, 2017, a 1 basis point decrease from the 3.46% reported in the
quarter ended June 30, 2017. For the quarter ended September 30, 2016,
the net interest margin was 3.25%. The increased margin from the same
quarter last year was primarily due to continued growth in the yield on
earning assets along with the recognition of purchase accounting
adjustments. Yield on interest earning assets was 4.04%, an increase of
7 basis points from the prior quarter and 38 basis points from the same
quarter last year. Cost of funds for the quarter ended September 30,
2017 was 0.63%, an increase of 9 basis points from the quarter ended
June 30, 2017 and 18 basis points from the quarter ended September 30,
2016. Net interest margin was 3.40% for the nine months ended September
30, 2017, compared to 3.23% for the same period last year.
Excluding the impact of the amortization of premiums on time deposits
and the accretion of the loan portfolio discount of $670,000, the net
interest margin would have been 11 basis points lower, or 3.34%, for the
three months ended September 30, 2017. Excluding the impact of the
amortization of premiums on time deposits and the accretion of the loan
portfolio discount of $1.9 million, the net interest margin would have
been 11 basis points lower, or 3.29%, for the nine months ended
September 30, 2017.
Nonperforming Loans to Net Loans Ratio Decreases
The ratio of nonperforming loans to net loans continues to improve. The
ratio was 0.62% at September 30, 2017, which is down from 1.32% reported
at September 30, 2016. During the quarter ended September 30, 2017, the
Company recognized a net recovery of $174,000, or 3.7 basis points as a
percentage of average loans for the three months ended September 30,
2017.
The Company's provision for loan losses totaled $721,000 for the third
quarter of 2017, which was down in comparison to the prior quarter and
from the third quarter of 2016. As of September 30, 2017, the Company's
allowance for loan losses to total loans was 1.04%, versus 1.25% at
December 31, 2016 and 1.22% at September 30, 2016.
Loans acquired during the first quarter were recorded at fair value.
When combining the remaining fair value adjustment of $4.4 million and
the Company's allowance, the Company's allowance as a percentage of
total loans increases to 1.26%.
Non-Interest Income
Non-interest income was $6.3 million in the third quarter of 2017,
compared to $7.1 million in the second quarter of 2017 and increased
$6.0 million from the third quarter last year. Insurance agency income
was 7.8% higher than the previous quarter and 12.9% higher compared to
the same quarter last year. Debit/credit card fee income was up 6.1%
compared to the third quarter of 2016, but down $355,000 from the prior
quarter primarily due to a one-time fee received in the second quarter.
Deposit related fee income rose 6.2% in the third quarter of 2017,
compared to the second quarter of 2017 and 5.7% compared to the third
quarter of 2016.
Non-Interest Expense
Non-interest expense increased 1.9% to $15.5 million during the third
quarter of 2017 compared to $15.2 million during the second quarter of
2017 and increased 19.2% compared to $13.0 million recognized in the
third quarter of 2016. The Company's efficiency ratio remained on target
at 57.13% for the quarter ended September 30, 2017. Small continued,
"Home Savings is focused on providing the best possible service and
solutions for our clients and we continue to attract experienced and
respected financial professionals to the Home Savings team. Solid
performance in 2017 has enabled the organization to accelerate the
expansion efforts of our Wealth and Commercial teams across markets."
Tangible Book Value
Tangible book value per common share at September 30, 2017 was $5.39
compared to $5.32 at December 31, 2016. The increase was primarily due
to net income for the year, offset partially by the acquisition in the
first quarter.
Dividend to be Paid
On October 17, 2017, the Board of Directors declared a quarterly cash
dividend of $0.04 per common share payable November 17, 2017 to
shareholders of record at the close of business November 3, 2017.
Conference Call
United Community Financial Corp. will host an earnings conference call
on Wednesday, October 18, 2017, at 10:00 a.m. ET., to provide an
overview of the Company's third quarter 2017 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 3rd Quarter 2017 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
retail banking offices, loan production centers and wealth management
offices throughout Ohio, western Pennsylvania and West Virginia.
Additional information on the Company, Home Savings and James & Sons
Insurance may be found on the Company's web site: 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.
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UNITED COMMUNITY FINANCIAL CORP.
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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September 30,
|
|
June 30,
|
|
|
|
December 31,
|
|
|
|
|
|
2017
|
|
2017
|
|
F/(U)
|
|
2016
|
|
F/(U)
|
|
|
|
(Dollars in thousands)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits with banks
|
|
|
$
|
29,600
|
|
|
$
|
42,654
|
|
|
-30.6
|
%
|
|
$
|
27,690
|
|
|
6.9
|
%
|
Federal funds sold
|
|
|
|
8,410
|
|
|
|
9,360
|
|
|
-10.1
|
%
|
|
|
18,197
|
|
|
-53.8
|
%
|
Total cash and cash equivalents
|
|
|
|
38,010
|
|
|
|
52,014
|
|
|
-26.9
|
%
|
|
|
45,887
|
|
|
-17.2
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale, at fair value
|
|
|
|
274,822
|
|
|
|
287,179
|
|
|
-4.3
|
%
|
|
|
343,284
|
|
|
-19.9
|
%
|
Held to maturity (fair value of $85,024, $87,775 and $96,150,
respectively)
|
|
|
|
85,549
|
|
|
|
88,559
|
|
|
-3.4
|
%
|
|
|
97,519
|
|
|
-12.3
|
%
|
Loans held for sale, at lower of cost or market
|
|
|
|
194
|
|
|
|
199
|
|
|
-2.5
|
%
|
|
|
165
|
|
|
17.6
|
%
|
Loans held for sale, at fair value
|
|
|
|
84,351
|
|
|
|
85,954
|
|
|
-1.9
|
%
|
|
|
62,593
|
|
|
34.8
|
%
|
Loans, net of allowance for loan losses of $20,555, $19,660 and
$19,087
|
|
|
|
1,947,695
|
|
|
|
1,869,095
|
|
|
4.2
|
%
|
|
|
1,503,577
|
|
|
29.5
|
%
|
Federal Home Loan Bank stock, at cost
|
|
|
|
19,324
|
|
|
|
19,324
|
|
|
0.0
|
%
|
|
|
18,068
|
|
|
7.0
|
%
|
Premises and equipment, net
|
|
|
|
22,132
|
|
|
|
22,424
|
|
|
-1.3
|
%
|
|
|
20,963
|
|
|
5.6
|
%
|
Accrued interest receivable
|
|
|
|
7,253
|
|
|
|
7,420
|
|
|
-2.3
|
%
|
|
|
6,900
|
|
|
5.1
|
%
|
Real estate owned and other repossessed assets
|
|
|
|
1,143
|
|
|
|
1,197
|
|
|
-4.5
|
%
|
|
|
1,777
|
|
|
-35.7
|
%
|
Goodwill
|
|
|
|
19,488
|
|
|
|
19,467
|
|
|
0.1
|
%
|
|
|
208
|
|
|
9269.2
|
%
|
Core deposit intangible
|
|
|
|
2,017
|
|
|
|
2,099
|
|
|
-3.9
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%
|
|
|
5
|
|
|
40240.0
|
%
|
Customer list intangible
|
|
|
|
2,090
|
|
|
|
2,060
|
|
|
1.5
|
%
|
|
|
1,356
|
|
|
54.1
|
%
|
Cash surrender value of life insurance
|
|
|
|
62,050
|
|
|
|
56,628
|
|
|
9.6
|
%
|
|
|
55,861
|
|
|
11.1
|
%
|
Other assets
|
|
|
|
36,247
|
|
|
|
39,946
|
|
|
-9.3
|
%
|
|
|
33,182
|
|
|
9.2
|
%
|
Total assets
|
|
|
$
|
2,602,365
|
|
|
$
|
2,553,565
|
|
|
1.9
|
%
|
|
$
|
2,191,345
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
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Liabilities:
|
|
|
|
|
|
|
|
|
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|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
|
|
|
$
|
343,146
|
|
|
$
|
339,067
|
|
|
1.2
|
%
|
|
$
|
256,918
|
|
|
33.6
|
%
|
Interest bearing
|
|
|
|
1,595,553
|
|
|
|
1,554,926
|
|
|
2.6
|
%
|
|
|
1,258,073
|
|
|
26.8
|
%
|
Total deposits
|
|
|
|
1,938,699
|
|
|
|
1,893,993
|
|
|
2.4
|
%
|
|
|
1,514,991
|
|
|
28.0
|
%
|
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances
|
|
|
|
|
|
|
|
|
|
|
|
Long-term advances
|
|
|
|
48,341
|
|
|
|
48,146
|
|
|
0.4
|
%
|
|
|
47,756
|
|
|
1.2
|
%
|
Short-term advances
|
|
|
|
280,000
|
|
|
|
280,000
|
|
|
0.0
|
%
|
|
|
343,000
|
|
|
-18.4
|
%
|
Total Federal Home Loan Bank advances
|
|
|
|
328,341
|
|
|
|
328,146
|
|
|
0.1
|
%
|
|
|
390,756
|
|
|
-16.0
|
%
|
Repurchase agreements and other
|
|
|
|
10,191
|
|
|
|
8,045
|
|
|
26.7
|
%
|
|
|
512
|
|
|
1890.4
|
%
|
Total borrowed funds
|
|
|
|
338,532
|
|
|
|
336,191
|
|
|
0.7
|
%
|
|
|
391,268
|
|
|
-13.5
|
%
|
Advance payments by borrowers for taxes and insurance
|
|
|
|
16,048
|
|
|
|
21,989
|
|
|
-27.0
|
%
|
|
|
23,812
|
|
|
-32.6
|
%
|
Accrued interest payable
|
|
|
|
722
|
|
|
|
392
|
|
|
84.2
|
%
|
|
|
145
|
|
|
397.9
|
%
|
Accrued expenses and other liabilities
|
|
|
|
16,513
|
|
|
|
15,520
|
|
|
6.4
|
%
|
|
|
11,323
|
|
|
45.8
|
%
|
Total liabilities
|
|
|
|
2,310,514
|
|
|
|
2,268,085
|
|
|
1.9
|
%
|
|
|
1,941,539
|
|
|
19.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock-no par value; 1,000,000 shares authorized and no
shares outstanding
|
|
|
|
-
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
Common stock-no par value; 499,000,000 shares authorized;
54,138,910 shares issued and 49,758,487, 49,715,021 and 46,581,370
shares, respectively, outstanding
|
|
|
|
177,507
|
|
|
|
177,478
|
|
|
0.0
|
%
|
|
|
174,360
|
|
|
1.8
|
%
|
Retained earnings
|
|
|
|
164,941
|
|
|
|
159,422
|
|
|
3.5
|
%
|
|
|
152,675
|
|
|
8.0
|
%
|
Accumulated other comprehensive loss
|
|
|
|
(17,929
|
)
|
|
|
(18,448
|
)
|
|
-2.8
|
%
|
|
|
(21,040
|
)
|
|
-14.8
|
%
|
Treasury stock, at cost, 4,380,423, 4,423,889 and 7,557,540 shares,
respectively
|
|
|
|
(32,668
|
)
|
|
|
(32,972
|
)
|
|
-0.9
|
%
|
|
|
(56,189
|
)
|
|
-41.9
|
%
|
Total shareholders' equity
|
|
|
|
291,851
|
|
|
|
285,480
|
|
|
2.2
|
%
|
|
|
249,806
|
|
|
16.8
|
%
|
Total liabilities and shareholders' equity
|
|
|
$
|
2,602,365
|
|
|
$
|
2,553,565
|
|
|
1.9
|
%
|
|
$
|
2,191,345
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
F/(U)
|
|
2016
|
|
F/(U)
|
|
2017
|
|
2016
|
|
F/(U)
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
20,697
|
|
|
$
|
20,011
|
|
|
3.4
|
%
|
|
$
|
14,633
|
|
|
41.4
|
%
|
|
$
|
58,266
|
|
|
$
|
42,618
|
|
|
36.7
|
%
|
|
Loans held for sale
|
|
|
882
|
|
|
|
872
|
|
|
1.1
|
%
|
|
|
482
|
|
|
83.0
|
%
|
|
|
2,415
|
|
|
|
1,177
|
|
|
105.2
|
%
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale, nontaxable
|
|
|
416
|
|
|
|
418
|
|
|
-0.5
|
%
|
|
|
339
|
|
|
22.7
|
%
|
|
|
1,252
|
|
|
|
752
|
|
|
66.5
|
%
|
|
|
Available for sale, taxable
|
|
|
1,276
|
|
|
|
1,479
|
|
|
-13.7
|
%
|
|
|
1,630
|
|
|
-21.7
|
%
|
|
|
4,357
|
|
|
|
5,346
|
|
|
-18.5
|
%
|
|
|
Held to maturity, nontaxable
|
|
|
49
|
|
|
|
52
|
|
|
-5.8
|
%
|
|
|
66
|
|
|
-25.8
|
%
|
|
|
163
|
|
|
|
183
|
|
|
-10.9
|
%
|
|
|
Held to maturity, taxable
|
|
|
424
|
|
|
|
454
|
|
|
-6.6
|
%
|
|
|
466
|
|
|
-9.0
|
%
|
|
|
1,343
|
|
|
|
1,567
|
|
|
-14.3
|
%
|
|
Federal Home Loan Bank stock dividends
|
|
|
253
|
|
|
|
227
|
|
|
11.5
|
%
|
|
|
180
|
|
|
40.6
|
%
|
|
|
694
|
|
|
|
542
|
|
|
28.0
|
%
|
|
Other interest earning assets
|
|
|
51
|
|
|
|
40
|
|
|
27.5
|
%
|
|
|
19
|
|
|
168.4
|
%
|
|
|
171
|
|
|
|
49
|
|
|
249.0
|
%
|
|
|
|
Total interest income
|
|
|
24,048
|
|
|
|
23,553
|
|
|
2.1
|
%
|
|
|
17,815
|
|
|
35.0
|
%
|
|
|
68,661
|
|
|
|
52,234
|
|
|
31.4
|
%
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,226
|
|
|
|
1,987
|
|
|
-12.0
|
%
|
|
|
1,389
|
|
|
-60.3
|
%
|
|
|
5,834
|
|
|
|
4,497
|
|
|
-29.7
|
%
|
|
Federal Home Loan Bank advances
|
|
|
1,315
|
|
|
|
1,064
|
|
|
-23.6
|
%
|
|
|
661
|
|
|
-98.9
|
%
|
|
|
3,334
|
|
|
|
1,754
|
|
|
-90.1
|
%
|
|
Repurchase agreements and other
|
|
|
4
|
|
|
|
8
|
|
|
50.0
|
%
|
|
|
5
|
|
|
20.0
|
%
|
|
|
20
|
|
|
|
16
|
|
|
-25.0
|
%
|
|
|
|
Total interest expense
|
|
|
3,545
|
|
|
|
3,059
|
|
|
-15.9
|
%
|
|
|
2,055
|
|
|
-72.5
|
%
|
|
|
9,188
|
|
|
|
6,267
|
|
|
-46.6
|
%
|
Net interest income
|
|
|
20,503
|
|
|
|
20,494
|
|
|
0.0
|
%
|
|
|
15,760
|
|
|
30.1
|
%
|
|
|
59,473
|
|
|
|
45,967
|
|
|
29.4
|
%
|
Taxable equivalent adjustment
|
|
|
224
|
|
|
|
229
|
|
|
-2.2
|
%
|
|
|
185
|
|
|
21.1
|
%
|
|
|
690
|
|
|
|
466
|
|
|
48.1
|
%
|
Net interest income (FTE) (1)
|
|
|
20,727
|
|
|
|
20,723
|
|
|
0.0
|
%
|
|
|
15,945
|
|
|
30.0
|
%
|
|
|
60,163
|
|
|
|
46,433
|
|
|
29.6
|
%
|
Provision for loan losses
|
|
|
721
|
|
|
|
842
|
|
|
14.4
|
%
|
|
|
1,344
|
|
|
46.4
|
%
|
|
|
3,038
|
|
|
|
3,894
|
|
|
22.0
|
%
|
Net interest income after provision for loan losses (FTE)
|
|
|
20,006
|
|
|
|
19,881
|
|
|
0.6
|
%
|
|
|
14,601
|
|
|
37.0
|
%
|
|
|
57,125
|
|
|
|
42,539
|
|
|
34.3
|
%
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance agency income
|
|
|
509
|
|
|
|
472
|
|
|
7.8
|
%
|
|
|
451
|
|
|
12.9
|
%
|
|
|
1,454
|
|
|
|
1,269
|
|
|
14.6
|
%
|
|
Brokerage income
|
|
|
271
|
|
|
|
301
|
|
|
-10.0
|
%
|
|
|
337
|
|
|
-19.6
|
%
|
|
|
894
|
|
|
|
1,033
|
|
|
-13.5
|
%
|
|
Service fees and other charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit related fees
|
|
|
1,499
|
|
|
|
1,411
|
|
|
6.2
|
%
|
|
|
1,418
|
|
|
5.7
|
%
|
|
|
4,200
|
|
|
|
4,106
|
|
|
2.3
|
%
|
|
|
Mortgage servicing fees
|
|
|
761
|
|
|
|
729
|
|
|
4.4
|
%
|
|
|
715
|
|
|
6.4
|
%
|
|
|
2,225
|
|
|
|
2,114
|
|
|
5.3
|
%
|
|
|
Mortgage servicing rights valuation
|
|
|
(10
|
)
|
|
|
(2
|
)
|
|
400.0
|
%
|
|
|
25
|
|
|
-140.0
|
%
|
|
|
(15
|
)
|
|
|
(702
|
)
|
|
97.9
|
%
|
|
|
Mortgage servicing rights amortization
|
|
|
(492
|
)
|
|
|
(486
|
)
|
|
1.2
|
%
|
|
|
(525
|
)
|
|
-6.3
|
%
|
|
|
(1,426
|
)
|
|
|
(1,560
|
)
|
|
8.6
|
%
|
|
|
Other service fees
|
|
|
21
|
|
|
|
33
|
|
|
-36.4
|
%
|
|
|
43
|
|
|
-51.2
|
%
|
|
|
83
|
|
|
|
108
|
|
|
-23.1
|
%
|
|
Net gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale
|
|
|
236
|
|
|
|
301
|
|
|
-21.6
|
%
|
|
|
218
|
|
|
8.3
|
%
|
|
|
566
|
|
|
|
604
|
|
|
-6.3
|
%
|
|
|
Mortgage banking income
|
|
|
1,688
|
|
|
|
2,117
|
|
|
-20.3
|
%
|
|
|
1,957
|
|
|
-13.7
|
%
|
|
|
5,128
|
|
|
|
5,208
|
|
|
-1.5
|
%
|
|
|
Real estate owned and other repossessed assets charges, net
|
|
|
(73
|
)
|
|
|
(18
|
)
|
|
305.6
|
%
|
|
|
-
|
|
|
-100.0
|
%
|
|
|
(143
|
)
|
|
|
(76
|
)
|
|
-88.2
|
%
|
|
Debit/credit card fees
|
|
|
971
|
|
|
|
1,326
|
|
|
-26.8
|
%
|
|
|
915
|
|
|
6.1
|
%
|
|
|
3,220
|
|
|
|
2,916
|
|
|
10.4
|
%
|
|
Trust fee income
|
|
|
449
|
|
|
|
420
|
|
|
6.9
|
%
|
|
|
-
|
|
|
100.0
|
%
|
|
|
1,151
|
|
|
|
-
|
|
|
100.0
|
%
|
|
Other income
|
|
|
475
|
|
|
|
486
|
|
|
-2.3
|
%
|
|
|
449
|
|
|
5.8
|
%
|
|
|
1,442
|
|
|
|
1,421
|
|
|
1.5
|
%
|
|
|
|
Total non-interest income
|
|
|
6,305
|
|
|
|
7,090
|
|
|
-11.1
|
%
|
|
|
6,003
|
|
|
5.0
|
%
|
|
|
18,779
|
|
|
|
16,441
|
|
|
14.2
|
%
|
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
8,736
|
|
|
|
8,749
|
|
|
0.1
|
%
|
|
|
6,950
|
|
|
-25.7
|
%
|
|
|
26,460
|
|
|
|
21,224
|
|
|
-24.7
|
%
|
|
Occupancy
|
|
|
1,013
|
|
|
|
943
|
|
|
-7.4
|
%
|
|
|
847
|
|
|
-19.6
|
%
|
|
|
2,920
|
|
|
|
2,564
|
|
|
-13.9
|
%
|
|
Equipment and data processing
|
|
|
2,303
|
|
|
|
2,306
|
|
|
0.1
|
%
|
|
|
1,926
|
|
|
-19.6
|
%
|
|
|
6,688
|
|
|
|
5,648
|
|
|
-18.4
|
%
|
|
Financial institutions tax
|
|
|
348
|
|
|
|
510
|
|
|
31.8
|
%
|
|
|
411
|
|
|
15.3
|
%
|
|
|
1,348
|
|
|
|
1,284
|
|
|
-5.0
|
%
|
|
Advertising
|
|
|
285
|
|
|
|
265
|
|
|
-7.5
|
%
|
|
|
290
|
|
|
1.7
|
%
|
|
|
674
|
|
|
|
638
|
|
|
-5.6
|
%
|
|
Amortization of intangible assets
|
|
|
113
|
|
|
|
113
|
|
|
0.0
|
%
|
|
|
72
|
|
|
-56.9
|
%
|
|
|
309
|
|
|
|
95
|
|
|
-225.3
|
%
|
|
FDIC insurance premiums
|
|
|
301
|
|
|
|
340
|
|
|
11.5
|
%
|
|
|
155
|
|
|
-94.2
|
%
|
|
|
829
|
|
|
|
768
|
|
|
-7.9
|
%
|
|
Other insurance premiums
|
|
|
115
|
|
|
|
109
|
|
|
-5.5
|
%
|
|
|
89
|
|
|
-29.2
|
%
|
|
|
336
|
|
|
|
251
|
|
|
-33.9
|
%
|
|
Professional fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal and consulting fees
|
|
|
156
|
|
|
|
184
|
|
|
15.2
|
%
|
|
|
266
|
|
|
41.4
|
%
|
|
|
569
|
|
|
|
459
|
|
|
-24.0
|
%
|
|
|
Other professional fees
|
|
|
666
|
|
|
|
420
|
|
|
-58.6
|
%
|
|
|
286
|
|
|
-132.9
|
%
|
|
|
1,606
|
|
|
|
925
|
|
|
-73.6
|
%
|
|
Real estate owned and other repossessed asset expenses
|
|
|
33
|
|
|
|
23
|
|
|
-43.5
|
%
|
|
|
41
|
|
|
19.5
|
%
|
|
|
118
|
|
|
|
190
|
|
|
37.9
|
%
|
|
Acquisition related expenses
|
|
|
-
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
4,962
|
|
|
|
-
|
|
|
-100.0
|
%
|
|
Other expenses
|
|
|
1,395
|
|
|
|
1,214
|
|
|
-14.9
|
%
|
|
|
1,645
|
|
|
15.2
|
%
|
|
|
4,111
|
|
|
|
4,256
|
|
|
3.4
|
%
|
|
|
|
Total non-interest expenses
|
|
|
15,464
|
|
|
|
15,176
|
|
|
-1.9
|
%
|
|
|
12,978
|
|
|
-19.2
|
%
|
|
|
50,930
|
|
|
|
38,302
|
|
|
-33.0
|
%
|
Income before income taxes
|
|
|
10,847
|
|
|
|
11,795
|
|
|
-8.0
|
%
|
|
|
7,626
|
|
|
42.2
|
%
|
|
|
24,974
|
|
|
|
20,678
|
|
|
20.8
|
%
|
Taxable equivalent adjustment
|
|
|
224
|
|
|
|
229
|
|
|
2.2
|
%
|
|
|
185
|
|
|
-21.1
|
%
|
|
|
690
|
|
|
|
466
|
|
|
-48.1
|
%
|
Income tax expense
|
|
|
3,067
|
|
|
|
3,377
|
|
|
9.2
|
%
|
|
|
2,288
|
|
|
-34.0
|
%
|
|
|
7,001
|
|
|
|
6,409
|
|
|
-9.2
|
%
|
Net income
|
|
$
|
7,556
|
|
|
$
|
8,189
|
|
|
-7.7
|
%
|
|
$
|
5,153
|
|
|
46.6
|
%
|
|
$
|
17,283
|
|
|
$
|
13,803
|
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.152
|
|
|
$
|
0.165
|
|
|
-7.9
|
%
|
|
$
|
0.111
|
|
|
37.2
|
%
|
|
$
|
0.350
|
|
|
$
|
0.293
|
|
|
19.5
|
%
|
|
Diluted
|
|
|
0.151
|
|
|
|
0.163
|
|
|
-7.4
|
%
|
|
|
0.110
|
|
|
37.3
|
%
|
|
|
0.347
|
|
|
|
0.292
|
|
|
18.8
|
%
|
(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
|
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
|
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)
|
|
$
|
1,906,786
|
|
$
|
20,699
|
|
4.34
|
%
|
|
$
|
1,863,525
|
|
$
|
20,012
|
|
4.30
|
%
|
|
$
|
1,422,294
|
|
$
|
14,634
|
|
4.12
|
%
|
Loans held for sale
|
|
|
88,854
|
|
|
882
|
|
3.97
|
%
|
|
|
80,205
|
|
|
872
|
|
4.35
|
%
|
|
|
49,095
|
|
|
482
|
|
3.93
|
%
|
Total loans, net
|
|
|
1,995,640
|
|
|
21,581
|
|
4.33
|
%
|
|
|
1,943,730
|
|
|
20,884
|
|
4.30
|
%
|
|
|
1,471,389
|
|
|
15,116
|
|
4.11
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale-taxable
|
|
|
224,927
|
|
|
1,276
|
|
2.27
|
%
|
|
|
258,217
|
|
|
1,479
|
|
2.29
|
%
|
|
|
300,522
|
|
|
1,630
|
|
2.17
|
%
|
Available for sale-nontaxable (2)
|
|
|
59,057
|
|
|
611
|
|
4.14
|
%
|
|
|
59,209
|
|
|
619
|
|
4.18
|
%
|
|
|
49,489
|
|
|
489
|
|
3.95
|
%
|
Held to maturity-taxable
|
|
|
77,947
|
|
|
424
|
|
2.18
|
%
|
|
|
80,817
|
|
|
454
|
|
2.25
|
%
|
|
|
92,077
|
|
|
466
|
|
2.02
|
%
|
Held to maturity-nontaxable (2)
|
|
|
9,239
|
|
|
76
|
|
3.29
|
%
|
|
|
9,843
|
|
|
79
|
|
3.21
|
%
|
|
|
13,563
|
|
|
100
|
|
2.95
|
%
|
Total securities
|
|
|
371,170
|
|
|
2,387
|
|
2.57
|
%
|
|
|
408,086
|
|
|
2,631
|
|
2.58
|
%
|
|
|
455,651
|
|
|
2,685
|
|
2.36
|
%
|
Federal Home Loan Bank stock
|
|
|
19,324
|
|
|
253
|
|
5.24
|
%
|
|
|
19,324
|
|
|
227
|
|
4.70
|
%
|
|
|
18,068
|
|
|
180
|
|
3.98
|
%
|
Other interest earning assets
|
|
|
18,881
|
|
|
51
|
|
1.08
|
%
|
|
|
22,129
|
|
|
40
|
|
0.72
|
%
|
|
|
20,028
|
|
|
19
|
|
0.38
|
%
|
Total interest earning assets
|
|
|
2,405,015
|
|
|
24,272
|
|
4.04
|
%
|
|
|
2,393,269
|
|
|
23,782
|
|
3.97
|
%
|
|
|
1,965,136
|
|
|
18,000
|
|
3.66
|
%
|
Non-interest earning assets
|
|
|
185,773
|
|
|
|
|
|
|
180,524
|
|
|
|
|
|
|
132,922
|
|
|
|
|
Total assets
|
|
$
|
2,590,788
|
|
|
|
|
|
$
|
2,573,793
|
|
|
|
|
|
$
|
2,098,058
|
|
|
|
|
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
$
|
591,982
|
|
|
468
|
|
0.32
|
%
|
|
$
|
633,276
|
|
|
480
|
|
0.30
|
%
|
|
$
|
491,553
|
|
|
238
|
|
0.19
|
%
|
Savings accounts
|
|
|
308,829
|
|
|
28
|
|
0.04
|
%
|
|
|
308,683
|
|
|
27
|
|
0.03
|
%
|
|
|
290,998
|
|
|
24
|
|
0.03
|
%
|
Certificates of deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer certificates of deposit
|
|
|
526,697
|
|
|
1,333
|
|
1.01
|
%
|
|
|
504,397
|
|
|
1,166
|
|
0.92
|
%
|
|
|
425,307
|
|
|
1,127
|
|
1.06
|
%
|
Brokered certificates of deposit
|
|
|
135,956
|
|
|
397
|
|
1.17
|
%
|
|
|
133,082
|
|
|
314
|
|
0.94
|
%
|
|
|
-
|
|
|
-
|
|
-
|
%
|
Total certificates of deposit
|
|
|
662,653
|
|
|
1,730
|
|
1.04
|
%
|
|
|
637,479
|
|
|
1,480
|
|
0.93
|
%
|
|
|
425,307
|
|
|
1,127
|
|
1.06
|
%
|
Total interest bearing deposits
|
|
|
1,563,464
|
|
|
2,226
|
|
0.57
|
%
|
|
|
1,579,438
|
|
|
1,987
|
|
0.50
|
%
|
|
|
1,207,858
|
|
|
1,389
|
|
0.46
|
%
|
Federal Home Loan Bank advances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term advances
|
|
|
48,212
|
|
|
388
|
|
3.22
|
%
|
|
|
48,019
|
|
|
370
|
|
3.08
|
%
|
|
|
47,432
|
|
|
319
|
|
2.69
|
%
|
Short-term advances
|
|
|
310,152
|
|
|
927
|
|
1.20
|
%
|
|
|
286,604
|
|
|
694
|
|
0.97
|
%
|
|
|
326,250
|
|
|
342
|
|
0.42
|
%
|
Total Federal Home Loan Bank advances
|
|
|
358,364
|
|
|
1,315
|
|
1.47
|
%
|
|
|
334,623
|
|
|
1,064
|
|
1.27
|
%
|
|
|
373,682
|
|
|
661
|
|
0.71
|
%
|
Repurchase agreements and other
|
|
|
6,483
|
|
|
4
|
|
0.25
|
%
|
|
|
4,844
|
|
|
8
|
|
0.66
|
%
|
|
|
520
|
|
|
5
|
|
3.85
|
%
|
Total borrowed funds
|
|
|
364,847
|
|
|
1,319
|
|
1.45
|
%
|
|
|
339,467
|
|
|
1,072
|
|
1.26
|
%
|
|
|
374,202
|
|
|
666
|
|
0.71
|
%
|
Total interest bearing liabilities
|
|
$
|
1,928,311
|
|
|
3,545
|
|
0.74
|
%
|
|
$
|
1,918,905
|
|
|
3,059
|
|
0.64
|
%
|
|
$
|
1,582,060
|
|
|
2,055
|
|
0.52
|
%
|
Non-interest bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest bearing deposits
|
|
|
337,067
|
|
|
|
|
|
|
333,784
|
|
|
|
|
|
|
242,310
|
|
|
|
|
Other noninterest bearing liabilities
|
|
|
35,576
|
|
|
|
|
|
|
38,771
|
|
|
|
|
|
|
27,769
|
|
|
|
|
Total noninterest bearing liabilities
|
|
|
372,643
|
|
|
|
|
|
|
372,555
|
|
|
|
|
|
|
270,079
|
|
|
|
|
Total liabilities
|
|
$
|
2,300,954
|
|
|
|
|
|
$
|
2,291,460
|
|
|
|
|
|
$
|
1,852,139
|
|
|
|
|
Shareholders' equity
|
|
|
289,834
|
|
|
|
|
|
|
282,333
|
|
|
|
|
|
|
245,919
|
|
|
|
|
Total liabilities and equity
|
|
$
|
2,590,788
|
|
|
|
|
|
$
|
2,573,793
|
|
|
|
|
|
$
|
2,098,058
|
|
|
|
|
Net interest income and interest rate spread
|
|
|
|
$
|
20,727
|
|
3.30
|
%
|
|
|
|
$
|
20,723
|
|
3.33
|
%
|
|
|
|
$
|
15,945
|
|
3.14
|
%
|
Net interest margin
|
|
|
|
|
|
3.45
|
%
|
|
|
|
|
|
3.46
|
%
|
|
|
|
|
|
3.25
|
%
|
Average interest earning assets to average interest bearing
liabilities
|
|
|
|
|
|
124.72
|
%
|
|
|
|
|
|
124.72
|
%
|
|
|
|
|
|
124.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
$
|
591,982
|
|
$
|
468
|
|
0.32
|
%
|
|
$
|
633,276
|
|
$
|
480
|
|
0.30
|
%
|
|
$
|
491,553
|
|
$
|
238
|
|
0.19
|
%
|
Savings accounts
|
|
|
308,829
|
|
|
28
|
|
0.04
|
%
|
|
|
308,683
|
|
|
27
|
|
0.03
|
%
|
|
|
290,998
|
|
|
24
|
|
0.03
|
%
|
Customer certificates of deposit
|
|
|
526,697
|
|
|
1,333
|
|
1.01
|
%
|
|
|
504,397
|
|
|
1,166
|
|
0.92
|
%
|
|
|
425,307
|
|
|
1,127
|
|
1.06
|
%
|
Total customer deposits
|
|
|
1,427,508
|
|
|
1,829
|
|
0.51
|
%
|
|
|
1,446,356
|
|
|
1,673
|
|
0.46
|
%
|
|
|
1,207,858
|
|
|
1,389
|
|
0.46
|
%
|
Brokered certificates of deposit
|
|
|
135,956
|
|
|
397
|
|
1.17
|
%
|
|
|
133,082
|
|
|
314
|
|
0.94
|
%
|
|
|
-
|
|
|
-
|
|
-
|
%
|
Total interest bearing deposits
|
|
|
1,563,464
|
|
|
2,226
|
|
0.57
|
%
|
|
|
1,579,438
|
|
|
1,987
|
|
0.50
|
%
|
|
|
1,207,858
|
|
|
1,389
|
|
0.46
|
%
|
Noninterest bearing deposits
|
|
|
337,067
|
|
|
-
|
|
0.00
|
%
|
|
|
333,784
|
|
|
-
|
|
0.00
|
%
|
|
|
242,310
|
|
|
-
|
|
0.00
|
%
|
Total average deposits and cost of deposits
|
|
$
|
1,900,531
|
|
$
|
2,226
|
|
0.47
|
%
|
|
$
|
1,913,222
|
|
$
|
1,987
|
|
0.42
|
%
|
|
$
|
1,450,168
|
|
$
|
1,389
|
|
0.38
|
%
|
Other interest bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term advances
|
|
$
|
48,212
|
|
$
|
388
|
|
3.22
|
%
|
|
$
|
48,019
|
|
$
|
370
|
|
3.08
|
%
|
|
$
|
47,432
|
|
$
|
319
|
|
2.69
|
%
|
Short term advances
|
|
|
310,152
|
|
|
927
|
|
1.20
|
%
|
|
|
286,604
|
|
|
694
|
|
0.97
|
%
|
|
|
326,250
|
|
|
342
|
|
0.42
|
%
|
Total Federal Home Loan Bank advances
|
|
|
358,364
|
|
|
1,315
|
|
1.47
|
%
|
|
|
334,623
|
|
|
1,064
|
|
1.27
|
%
|
|
|
373,682
|
|
|
661
|
|
0.71
|
%
|
Repurchase agreements and other
|
|
|
6,483
|
|
|
4
|
|
0.25
|
%
|
|
|
4,844
|
|
|
8
|
|
0.66
|
%
|
|
|
520
|
|
|
5
|
|
3.85
|
%
|
Total borrowed funds
|
|
|
364,847
|
|
|
1,319
|
|
1.45
|
%
|
|
|
339,467
|
|
|
1,072
|
|
1.26
|
%
|
|
|
374,202
|
|
|
666
|
|
0.71
|
%
|
Total average deposits and other interest bearing liabilities and
total cost of funds
|
|
$
|
2,265,378
|
|
$
|
3,545
|
|
0.63
|
%
|
|
$
|
2,252,689
|
|
$
|
3,059
|
|
0.54
|
%
|
|
$
|
1,824,370
|
|
$
|
2,055
|
|
0.45
|
%
|
(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
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
(Dollars in thousands, except per share data)
|
Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
2,602,365
|
|
|
$
|
2,553,565
|
|
|
$
|
2,557,010
|
|
|
$
|
2,191,345
|
|
|
$
|
2,160,234
|
|
Total loans, net
|
|
|
|
1,947,695
|
|
|
|
1,869,095
|
|
|
|
1,835,000
|
|
|
|
1,503,577
|
|
|
|
1,473,949
|
|
Total securities
|
|
|
|
360,371
|
|
|
|
375,738
|
|
|
|
430,357
|
|
|
|
440,803
|
|
|
|
457,671
|
|
Total deposits
|
|
|
|
1,938,699
|
|
|
|
1,893,993
|
|
|
|
1,905,205
|
|
|
|
1,514,991
|
|
|
|
1,473,043
|
|
Average interest-bearing deposits
|
|
|
|
1,563,464
|
|
|
|
1,579,438
|
|
|
|
1,434,644
|
|
|
|
1,236,496
|
|
|
|
1,207,858
|
|
Average noninterest-bearing deposits
|
|
|
|
337,067
|
|
|
|
333,784
|
|
|
|
306,402
|
|
|
|
257,412
|
|
|
|
242,310
|
|
Total shareholders' equity
|
|
|
|
291,851
|
|
|
|
285,480
|
|
|
|
277,102
|
|
|
|
249,806
|
|
|
|
256,403
|
|
Net interest income
|
|
|
|
20,503
|
|
|
|
20,494
|
|
|
|
18,476
|
|
|
|
16,334
|
|
|
|
15,760
|
|
Net interest income (FTE) (1)
|
|
|
|
20,727
|
|
|
|
20,723
|
|
|
|
18,713
|
|
|
|
16,553
|
|
|
|
15,945
|
|
Provision for loan losses
|
|
|
|
721
|
|
|
|
842
|
|
|
|
1,475
|
|
|
|
1,493
|
|
|
|
1,344
|
|
Noninterest income
|
|
|
|
6,305
|
|
|
|
7,090
|
|
|
|
5,384
|
|
|
|
5,635
|
|
|
|
6,003
|
|
Noninterest expense
|
|
|
|
15,464
|
|
|
|
15,176
|
|
|
|
20,290
|
|
|
|
13,717
|
|
|
|
12,978
|
|
Income tax expense
|
|
|
|
3,067
|
|
|
|
3,377
|
|
|
|
557
|
|
|
|
1,734
|
|
|
|
2,288
|
|
Net income
|
|
|
|
7,556
|
|
|
|
8,189
|
|
|
|
1,538
|
|
|
|
5,025
|
|
|
|
5,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
|
$
|
0.152
|
|
|
$
|
0.165
|
|
|
$
|
0.032
|
|
|
$
|
0.108
|
|
|
$
|
0.111
|
|
Diluted earnings per common share
|
|
|
|
0.151
|
|
|
|
0.163
|
|
|
|
0.032
|
|
|
|
0.107
|
|
|
|
0.110
|
|
Book value per common share
|
|
|
|
5.87
|
|
|
|
5.74
|
|
|
|
5.58
|
|
|
|
5.36
|
|
|
|
5.51
|
|
Tangible book value per common share
|
|
|
|
5.39
|
|
|
|
5.27
|
|
|
|
5.10
|
|
|
|
5.32
|
|
|
|
5.48
|
|
Market value per common share
|
|
|
|
9.60
|
|
|
|
8.31
|
|
|
|
8.34
|
|
|
|
8.94
|
|
|
|
7.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period
|
|
|
|
49,758
|
|
|
|
49,715
|
|
|
|
49,695
|
|
|
|
46,581
|
|
|
|
46,542
|
|
Weighted average shares outstanding--basic
|
|
|
|
49,460
|
|
|
|
49,392
|
|
|
|
48,289
|
|
|
|
46,216
|
|
|
|
46,167
|
|
Weighted average shares outstanding--diluted
|
|
|
|
49,851
|
|
|
|
49,795
|
|
|
|
48,646
|
|
|
|
46,415
|
|
|
|
46,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (2)
|
|
|
|
1.17
|
%
|
|
|
1.27
|
%
|
|
|
0.25
|
%
|
|
|
0.93
|
%
|
|
|
0.98
|
%
|
Return on average equity (3)
|
|
|
|
10.43
|
%
|
|
|
11.60
|
%
|
|
|
2.24
|
%
|
|
|
8.00
|
%
|
|
|
8.38
|
%
|
Return on tangible equity (4)
|
|
|
|
11.35
|
%
|
|
|
12.66
|
%
|
|
|
2.39
|
%
|
|
|
8.05
|
%
|
|
|
8.43
|
%
|
Net interest margin
|
|
|
|
3.45
|
%
|
|
|
3.46
|
%
|
|
|
3.28
|
%
|
|
|
3.26
|
%
|
|
|
3.25
|
%
|
Efficiency ratio
|
|
|
|
57.13
|
%
|
|
|
54.71
|
%
|
|
|
83.78
|
%
|
|
|
61.89
|
%
|
|
|
59.40
|
%
|
Nonperforming loans to net loans, end of period
|
|
|
|
0.62
|
%
|
|
|
0.58
|
%
|
|
|
0.58
|
%
|
|
|
0.83
|
%
|
|
|
1.32
|
%
|
Nonperforming assets to total assets, end of period
|
|
|
|
0.75
|
%
|
|
|
0.72
|
%
|
|
|
0.74
|
%
|
|
|
0.94
|
%
|
|
|
0.98
|
%
|
Allowance for loan loss as a percent of loans, end of period
|
|
|
|
1.04
|
%
|
|
|
1.04
|
%
|
|
|
1.02
|
%
|
|
|
1.25
|
%
|
|
|
1.22
|
%
|
Delinquent loans to total net loans, end of period
|
|
|
|
0.89
|
%
|
|
|
0.77
|
%
|
|
|
0.81
|
%
|
|
|
1.26
|
%
|
|
|
1.48
|
%
|
(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
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
(Dollars in thousands)
|
Loan Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
$
|
126,977
|
|
|
$
|
121,565
|
|
|
$
|
108,330
|
|
|
$
|
93,597
|
|
|
$
|
107,066
|
|
Owner/nonowner occupied commercial real estate
|
|
|
|
366,747
|
|
|
|
342,300
|
|
|
|
325,633
|
|
|
|
231,401
|
|
|
|
225,699
|
|
Land
|
|
|
|
13,666
|
|
|
|
10,867
|
|
|
|
9,276
|
|
|
|
8,373
|
|
|
|
9,401
|
|
Construction
|
|
|
|
108,106
|
|
|
|
96,765
|
|
|
|
94,727
|
|
|
|
68,158
|
|
|
|
45,137
|
|
Commercial and industrial
|
|
|
|
175,580
|
|
|
|
170,758
|
|
|
|
170,398
|
|
|
|
102,729
|
|
|
|
106,880
|
|
Total
|
|
|
|
791,076
|
|
|
|
742,255
|
|
|
|
708,364
|
|
|
|
504,258
|
|
|
|
494,183
|
|
Residential mortgage loans
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
|
|
|
|
851,863
|
|
|
|
834,349
|
|
|
|
839,413
|
|
|
|
762,926
|
|
|
|
755,893
|
|
Construction
|
|
|
|
57,081
|
|
|
|
56,946
|
|
|
|
51,372
|
|
|
|
35,695
|
|
|
|
35,875
|
|
Total
|
|
|
|
908,944
|
|
|
|
891,295
|
|
|
|
890,785
|
|
|
|
798,621
|
|
|
|
791,768
|
|
Consumer loans
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
|
|
|
|
263,692
|
|
|
|
251,151
|
|
|
|
251,215
|
|
|
|
216,598
|
|
|
|
203,851
|
|
Total
|
|
|
|
263,692
|
|
|
|
251,151
|
|
|
|
251,215
|
|
|
|
216,598
|
|
|
|
203,851
|
|
Total loans
|
|
|
|
1,963,712
|
|
|
|
1,884,701
|
|
|
|
1,850,364
|
|
|
|
1,519,477
|
|
|
|
1,489,802
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
20,555
|
|
|
|
19,660
|
|
|
|
18,970
|
|
|
|
19,087
|
|
|
|
18,234
|
|
Deferred loan costs, net
|
|
|
|
(4,538
|
)
|
|
|
(4,054
|
)
|
|
|
(3,606
|
)
|
|
|
(3,187
|
)
|
|
|
(2,381
|
)
|
Total
|
|
|
|
16,017
|
|
|
|
15,606
|
|
|
|
15,364
|
|
|
|
15,900
|
|
|
|
15,853
|
|
Total loans, net
|
|
|
|
1,947,695
|
|
|
|
1,869,095
|
|
|
|
1,835,000
|
|
|
|
1,503,577
|
|
|
|
1,473,949
|
|
Loans held for sale, net
|
|
|
|
84,545
|
|
|
|
86,153
|
|
|
|
75,698
|
|
|
|
62,758
|
|
|
|
60,345
|
|
Total loans
|
|
|
$
|
2,032,240
|
|
|
$
|
1,955,248
|
|
|
$
|
1,910,698
|
|
|
$
|
1,566,335
|
|
|
$
|
1,534,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the quarters ended
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
(Dollars in thousands)
|
Deposit Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts
|
|
|
$
|
173,170
|
|
|
$
|
175,800
|
|
|
$
|
211,875
|
|
|
$
|
158,271
|
|
|
$
|
170,348
|
|
Non-interest bearing checking accounts
|
|
|
|
343,146
|
|
|
|
339,067
|
|
|
|
333,940
|
|
|
|
256,918
|
|
|
|
252,923
|
|
Total checking accounts
|
|
|
|
516,316
|
|
|
|
514,867
|
|
|
|
545,815
|
|
|
|
415,189
|
|
|
|
423,271
|
|
Savings accounts
|
|
|
|
307,169
|
|
|
|
310,012
|
|
|
|
308,533
|
|
|
|
294,563
|
|
|
|
290,325
|
|
Money market accounts
|
|
|
|
418,294
|
|
|
|
427,348
|
|
|
|
418,449
|
|
|
|
316,813
|
|
|
|
312,124
|
|
Total non-time deposits
|
|
|
|
1,241,779
|
|
|
|
1,252,227
|
|
|
|
1,272,797
|
|
|
|
1,026,565
|
|
|
|
1,025,720
|
|
Certificates of deposit less than $250,000
|
|
|
|
617,839
|
|
|
|
557,300
|
|
|
|
547,823
|
|
|
|
425,893
|
|
|
|
381,605
|
|
Certificates of deposit greater than $250,000
|
|
|
|
79,080
|
|
|
|
84,466
|
|
|
|
84,585
|
|
|
|
62,533
|
|
|
|
65,718
|
|
Total certificates of deposit
|
|
|
|
696,919
|
|
|
|
641,766
|
|
|
|
632,408
|
|
|
|
488,426
|
|
|
|
447,323
|
|
Total deposits
|
|
|
$
|
1,938,698
|
|
|
$
|
1,893,993
|
|
|
$
|
1,905,205
|
|
|
$
|
1,514,991
|
|
|
$
|
1,473,043
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED COMMUNITY FINANCIAL CORP.
|
SELECTED FINANCIAL HIGHLIGHTS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the quarters ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Allowance For Loan Losses
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$
|
19,660
|
|
|
$
|
18,970
|
|
|
$
|
19,087
|
|
|
$
|
18,234
|
|
|
$
|
17,172
|
|
Provision
|
|
|
721
|
|
|
|
842
|
|
|
|
1,475
|
|
|
|
1,493
|
|
|
|
1,344
|
|
Net recoveries (chargeoffs)
|
|
|
174
|
|
|
|
(152
|
)
|
|
|
(1,592
|
)
|
|
|
(640
|
)
|
|
|
(282
|
)
|
Ending balance
|
|
$
|
20,555
|
|
|
$
|
19,660
|
|
|
$
|
18,970
|
|
|
$
|
19,087
|
|
|
$
|
18,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the quarters ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands)
|
Net (Charge-offs) Recoveries
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
$
|
(4
|
)
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
35
|
|
Owner/nonowner occupied commercial real estate
|
|
|
39
|
|
|
|
24
|
|
|
|
(1,141
|
)
|
|
|
(570
|
)
|
|
|
17
|
|
Land
|
|
|
-
|
|
|
|
-
|
|
|
|
(25
|
)
|
|
|
(100
|
)
|
|
|
(250
|
)
|
Construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Commercial and industrial
|
|
|
314
|
|
|
|
108
|
|
|
|
1
|
|
|
|
139
|
|
|
|
192
|
|
Total
|
|
|
349
|
|
|
|
136
|
|
|
|
(1,164
|
)
|
|
|
(526
|
)
|
|
|
(6
|
)
|
Residential mortgage loans
|
|
|
|
|
|
|
|
|
|
|
Real estate
|
|
|
(291
|
)
|
|
|
(239
|
)
|
|
|
(196
|
)
|
|
|
(123
|
)
|
|
|
(146
|
)
|
Construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
|
|
|
(291
|
)
|
|
|
(239
|
)
|
|
|
(196
|
)
|
|
|
(123
|
)
|
|
|
(146
|
)
|
Consumer loans
|
|
|
|
|
|
|
|
|
|
|
Consumer
|
|
|
116
|
|
|
|
(49
|
)
|
|
|
(232
|
)
|
|
|
9
|
|
|
|
(130
|
)
|
Total
|
|
|
116
|
|
|
|
(49
|
)
|
|
|
(232
|
)
|
|
|
9
|
|
|
|
(130
|
)
|
Total net chargeoffs
|
|
$
|
174
|
|
|
$
|
(152
|
)
|
|
$
|
(1,592
|
)
|
|
$
|
(640
|
)
|
|
$
|
(282
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the quarters ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands)
|
Nonperforming Loans
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
$
|
402
|
|
|
$
|
413
|
|
|
$
|
419
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Owner/nonowner occupied commercial real estate
|
|
|
1,234
|
|
|
|
1,331
|
|
|
|
1,398
|
|
|
|
3,546
|
|
|
|
6,879
|
|
Land
|
|
|
9
|
|
|
|
9
|
|
|
|
9
|
|
|
|
34
|
|
|
|
134
|
|
Construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Commercial and industrial
|
|
|
234
|
|
|
|
190
|
|
|
|
354
|
|
|
|
361
|
|
|
|
4,242
|
|
Total
|
|
|
1,879
|
|
|
|
1,943
|
|
|
|
2,180
|
|
|
|
3,941
|
|
|
|
11,255
|
|
Residential mortgage loans
|
|
|
|
|
|
|
|
|
|
|
Real estate
|
|
|
6,627
|
|
|
|
6,701
|
|
|
|
5,868
|
|
|
|
6,084
|
|
|
|
5,835
|
|
Construction
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
|
|
|
6,627
|
|
|
|
6,701
|
|
|
|
5,868
|
|
|
|
6,084
|
|
|
|
5,835
|
|
Consumer loans
|
|
|
|
|
|
|
|
|
|
|
Consumer
|
|
|
2,340
|
|
|
|
2,139
|
|
|
|
2,513
|
|
|
|
2,414
|
|
|
|
2,358
|
|
Total
|
|
|
2,340
|
|
|
|
2,139
|
|
|
|
2,513
|
|
|
|
2,414
|
|
|
|
2,358
|
|
Total nonperforming loans
|
|
$
|
10,846
|
|
|
$
|
10,783
|
|
|
$
|
10,561
|
|
|
$
|
12,439
|
|
|
$
|
19,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nonperforming Loans and Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
|
Past due 90 days and on nonaccrual status
|
|
$
|
7,642
|
|
|
$
|
7,708
|
|
|
$
|
7,581
|
|
|
$
|
7,859
|
|
|
$
|
15,350
|
|
Past due 90 days and still accruing
|
|
|
8
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Past due 90 days
|
|
|
7,650
|
|
|
|
7,710
|
|
|
|
7,581
|
|
|
|
7,859
|
|
|
|
15,350
|
|
Past due less than 90 days and on nonaccrual
|
|
|
3,196
|
|
|
|
3,073
|
|
|
|
2,980
|
|
|
|
4,580
|
|
|
|
4,098
|
|
Total nonperforming loans
|
|
|
10,846
|
|
|
|
10,783
|
|
|
|
10,561
|
|
|
|
12,439
|
|
|
|
19,448
|
|
Other real estate owned
|
|
|
1,133
|
|
|
|
1,197
|
|
|
|
1,137
|
|
|
|
1,726
|
|
|
|
1,790
|
|
Other classified assets
|
|
|
6,384
|
|
|
|
6,384
|
|
|
|
6,384
|
|
|
|
6,384
|
|
|
|
-
|
|
Repossessed assets
|
|
|
10
|
|
|
|
-
|
|
|
|
-
|
|
|
|
51
|
|
|
|
3
|
|
Total nonperforming assets
|
|
$
|
18,373
|
|
|
$
|
18,364
|
|
|
$
|
18,082
|
|
|
$
|
20,600
|
|
|
$
|
21,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED COMMUNITY FINANCIAL CORP.
|
NON-GAAP DISCLOSURE RECONCILIATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Average Shareholders' Equity to Average
Tangible Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the quarters ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands, except per share data)
|
Average shareholders equity
|
|
$
|
289,834
|
|
|
$
|
282,335
|
|
|
$
|
274,277
|
|
|
$
|
251,230
|
|
|
$
|
245,919
|
|
Average intangible assets
|
|
|
23,642
|
|
|
|
23,699
|
|
|
|
26,935
|
|
|
|
1,543
|
|
|
|
1,556
|
|
Average tangible equity
|
|
$
|
266,192
|
|
|
$
|
258,636
|
|
|
$
|
247,342
|
|
|
$
|
249,687
|
|
|
$
|
244,363
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
7,556
|
|
|
$
|
8,189
|
|
|
$
|
1,538
|
|
|
$
|
5,025
|
|
|
$
|
5,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity
|
|
|
11.35
|
%
|
|
|
12.66
|
%
|
|
|
2.49
|
%
|
|
|
8.05
|
%
|
|
|
8.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Fully Taxable Equivalent Net Interest Income to
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarters ended
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
24,048
|
|
|
$
|
23,553
|
|
|
$
|
21,060
|
|
|
$
|
18,495
|
|
|
$
|
17,815
|
|
Fully taxable equivalent adjustment
|
|
|
224
|
|
|
|
229
|
|
|
|
237
|
|
|
|
219
|
|
|
|
185
|
|
Fully taxable equivalent interest income
|
|
|
24,272
|
|
|
|
23,782
|
|
|
|
21,297
|
|
|
|
18,714
|
|
|
|
18,000
|
|
Interest expense
|
|
|
3,545
|
|
|
|
3,059
|
|
|
|
2,584
|
|
|
|
2,161
|
|
|
|
2,055
|
|
Fully taxable net interest income
|
|
$
|
20,727
|
|
|
$
|
20,723
|
|
|
$
|
18,713
|
|
|
$
|
16,553
|
|
|
$
|
15,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
|
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
68,661
|
|
|
$
|
52,234
|
|
|
|
|
|
|
|
Fully taxable equivalent adjustment
|
|
|
690
|
|
|
|
466
|
|
|
|
|
|
|
|
Fully taxable equivalent interest income
|
|
|
69,351
|
|
|
|
52,700
|
|
|
|
|
|
|
|
Interest expense
|
|
|
9,188
|
|
|
|
6,267
|
|
|
|
|
|
|
|
Fully taxable net interest income
|
|
$
|
60,163
|
|
|
$
|
46,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Interest Margin without
Accretion/Amortization of Purchase Accounting Adjustments:
|
|
|
For the three
|
|
For the nine
|
|
|
|
|
|
|
|
|
months ended
|
|
months ended
|
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
(Dollars in
|
|
(Dollars in
|
|
|
|
|
|
|
|
|
thousands)
|
|
thousands)
|
|
|
|
|
|
|
Fully taxable net interest income
|
|
$
|
20,727
|
|
|
$
|
60,163
|
|
|
|
|
|
|
|
Accretion/amortization of purchase accounting adjustments
|
|
|
670
|
|
|
|
1,855
|
|
|
|
|
|
|
|
Fully taxable net interest income, without purchase accounting
adjustments
|
|
$
|
20,057
|
|
|
$
|
58,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest earning assets
|
|
$
|
2,405,015
|
|
|
$
|
2,359,579
|
|
|
|
|
|
|
|
Net interest margin excluding accretion amortization of purchase
accounting adjustments
|
|
|
3.34
|
%
|
|
|
3.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Coverage Ratio to Coverage Ratio with Fair
Value Adjustments Included with Allowance for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
|
|
|
|
|
|
|
|
|
|
|
thousands)
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
$
|
20,555
|
|
|
|
|
|
|
|
|
|
Fair value adjustments
|
|
|
4,383
|
|
|
|
|
|
|
|
|
|
|
|
|
24,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
|
|
$
|
1,947,695
|
|
|
|
|
|
|
|
|
|
Coverage ratio with the Fair Value adjustments included in
Allowance for loan losses
|
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
(Dollars in thousands, except per share data)
|
Total shareholders' equity
|
|
$
|
291,851
|
|
|
$
|
285,480
|
|
|
$
|
277,102
|
|
|
$
|
249,806
|
|
|
$
|
256,403
|
|
Goodwill
|
|
|
19,488
|
|
|
|
19,467
|
|
|
|
19,460
|
|
|
|
208
|
|
|
|
-
|
|
Customer list intangible
|
|
|
2,090
|
|
|
|
2,060
|
|
|
|
2,090
|
|
|
|
1,356
|
|
|
|
1,538
|
|
Core deposit intangible
|
|
|
2,017
|
|
|
|
2,099
|
|
|
|
2,182
|
|
|
|
5
|
|
|
|
6
|
|
Total common shares outstanding
|
|
|
49,758,487
|
|
|
|
49,715,021
|
|
|
|
49,695,487
|
|
|
|
46,581,370
|
|
|
|
46,542,388
|
|
Tangible book value, as reported
|
|
$
|
5.39
|
|
|
$
|
5.27
|
|
|
$
|
5.10
|
|
|
$
|
5.32
|
|
|
$
|
5.48
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171017006630/en/
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