Home Savings Reports Record 3Q Earnings of $10.5M
YOUNGSTOWN, Ohio – United Community Financial Corp., the holding company of Home Savings Bank, reports record third-quarter net income of $10.5 million, or diluted earnings per share of 21.8 cents.
The earnings are up 10.2% from the year-ago quarterly earnings of $9.5 million, or 21.8 cents per share.
In a statement, President and CEO Gary Small said, “We are very pleased to report a 10.2% earnings increase for the quarter in light of the very challenging rate environment the industry is experiencing. …. Expect a continuation of this theme over the remainder of the year. We are very well positioned to deliver a strong financial contribution to the Home Savings/First Defiance combination slated for the first quarter of 2020.”
Key performance ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2018, include:
Return on average equity: 13.14%, 13.22%, 12.25%.
Return on average assets: 1.46%, 1.48%, 1.37%.
Net interest margin: 3.21%, 3.33%, 3.33%.
Efficiency: 52.15%, 55.37%, 57.3%.
UCFC’s total assets at the end of the third quarter were $2.91 billion, up from both the second quarter level of $2.87 billion and the year-ago quarter’s $2.79 billion.
Loans at the bank totaled $2.25 billion in the quarter, up slightly from the $2.23 billion in the second quarter of the year and the $2.15 billion reported in the third quarter of 2018.
Net interest income was $21.58 million, dropping from both the second quarter mark of $22.04 million and the year-ago quarter’s $21.62 million.
Noninterest income was $7.01 million, up from $6.67 million in the second quarter and $6.15 million in the third quarter of 2018.
Noninterest expenses – including wages, benefits, rent, data processing and Federal Deposit Insurance Corp. premiums, among others – totaled $15.01 million, down from $15.98 million in the prior quarter and $15.77 million in the year-ago quarter.
Published by The Business Journal, Youngstown, Ohio.