Home Savings parent company announces $3.7 million net income for first quarter
YOUNGSTOWN
United Community Financial Corp., parent company of Youngstown-based Home Savings & Loan Co., announced a net income for its first quarter totaling $3.7 million or $.074 per diluted common share.
This is up from the $2.1 million or $.041 per common share generated for the same quarter last year.
Total loans increased from $30.9 million to $1.2 billion in the first quarter 2015. Commercial loans drove this increase, which were up 7.8 percent.
Residential loans increased 1.4 percent.
Non-interest income was $4.1 million in the first quarter of 2015 compared to $3.2 million in the first quarter of 2014 and up from $2.9 million in the previous quarter. Total non-interest expense was $12.7 million in the first quarter of 2015, an increase of $755,000 over the fourth quarter of 2014 when adjusted for a $2.0 million prepayment penalty that occurred at that time.
For the first quarter of 2015, the allowance for loan loss as a percentage of total loans was 1.45 percent at March 31, 2015 compared with 1.52 percent at Dec. 31, 2014 and 1.90 percent at March 31, 2014.