Loan losses continue to affect UCFC’s earnings

YOUNGSTOWN — The parent company of Home Savings and Loan Co. continues to be dragged down by bad loans and foreclosed properties.

Youngstown-based United Community Financial Corp. lost $867,000, or 3 cents a share, in the third quarter.

It attributed the loss to $5.6 million being set aside to cover loan losses and the write-down of $3.9 million in lost value on properties that have been foreclosed and taken back over by the bank. These foreclosures mainly are commercial properties.

The losses, however, were offset by an increase in interest income and lower expenses.

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