Home Savings reports another strong quarter

Staff report

YOUNGSTOWN

United Community Financial Corp., parent company of the Home Savings and Loan Co. of Youngstown, reported a net gain of $1.18 million in income for the third quarter of 2014.

Home Savings reported a profit of $2.9 million, or 6 cents per share, for the third quarter of 2014 compared with $1.72 million, or 3 cents per share, profit during the same period last year.

“Our strong performance is evidence that our strategies are working. We have been able to grow our loan portfolio, manage expenses, reduce our funding costs and attract new customers. These are all signs that we are headed in the right direction,” Gary Small, president and chief executive officer of United Community and Home Savings, said in a statement.

Net loans increased $90.8 million from $1.0 billion at Dec. 31 to $1.1 billion at Sept. 30. Small said the growth in net loans represents the success in attracting new business. Noninterest income also increased to $4.2 million in the third quarter of 2014, compared to $3.5 million in the third quarter of 2013.

Additionally, nonperforming assets decreased 32 percent to $25.2 million from the same period last year.

Also, the UCFC Board of Directors declared a quarterly cash dividend of $0.01 per common share payable Nov. 14 to shareholders of record at the close of business Nov. 3.

Home Savings operates 32 full-service banking offices and nine loan-production offices located throughout Ohio and western Pennsylvania.