Bank: 2nd quarter results strong
YOUNGSTOWN – United Community Financial Corp., the holding company of The Home Savings and Loan Co., on Friday reported a strong 2013 first half, up 57 percent when compared to the first half of 2012.
Net income for the first six months of the year was $6.1 million, according to the quarter earnings report released Friday. Helping to boost the income was a decrease in both delinquent loans and nonperforming assets. Delinquent loans dropped by 29 percent from Dec. 31 to $34.1 million, and nonperforming assets were down 43 percent to $40.5 million from six months ago, the company reported.
“Strong performance throughout the second quarter continues the positive trend for our company,” said Patrick W. Bevack, president and chief executive officer.
He noted that shareholders in May approved the conversion of preferred shares issued earlier in the year into common shares and an investment of $2.1 million by certain inside investors.
“We also completed the rights offering whereby existing shareholders invested another $5 million in capital. These final steps brought to a close our successful efforts in raising $47 million in capital,” he said.
As a result, the Federal Reserve lifted the order to cease and desist that United Community had been operating under since August 2008.