UNITED COMMUNITY Company increases profits

THE VINDICATOR, YOUNGSTOWN
YOUNGSTOWN -- The parent company of Home Savings and Loan Co. and Butler Wick Corp. increased its profits in the first quarter.
United Community Financial Corp. earned $3.2 million, or 10 cents a share, in the quarter ended March 31, compared with $3.1 million, or nine cents a share, in the same quarter a year earlier.
The earnings increase came despite reduced income at Butler Wick, a Youngstown-based stock brokerage. Butler Wick earned lower commissions in the quarter because of reduced trading volume, the company said.
Income that did not come from interest on banking accounts fell from $7.3 million in the first quarter of last year to $5.8 million in this past quarter. Noninterest income for the last quarter of 2000 was $5.9 million.
That decline was offset, however, by an increase in interest income, which rose from $21.9 million in the first quarter of 2000 to $24 million this past quarter.
Net loans increased 6 percent this past quarter and deposits increased 4 percent, mostly due to an increase in certificates of deposit, United Community said.
Douglas McKay, chairman and chief executive of United Community, said he is looking forward to the announced acquisition of Industrial Bancorp of Bellevue, Ohio, because it will provide new growth opportunities for the financial services company.