United Community posts earnings

Staff report

YOUNGSTOWN — United Community Financial Corp. earned $3.3 million, or 11 cents a share, in the first quarter, compared with earnings of $4 million, or 14 cents a share, in the same quarter last year.

Last quarter’s earnings primarily was the result of a gain from the sale of Butler Wick Trust, the company said. The gain was offset by an increase in money set aside to cover loan losses and increased federal deposit insurance premiums.

United Community, which is the parent of Home Saving and Loan Co., recorded an after-tax gain of $4.7 million from the sale of the trust company to Farmers National Banc Corp. of Canfield. United Community used some of those proceeds to pay off its debt.

United Community set aside $8.4 million in the first quarter of this year, compared with $2.5 million in the same quarter last year.