Wednesday, October 21, 2015
Staff report
YOUNGSTOWN
United Community Financial Corp., parent company of Youngstown-based The Home Savings and Loan Co., announced Tuesday that net income for the quarter ending Sept. 30 totaled $4.1 million, or $0.086 per diluted common share.
Net income for the nine months ended Sept. 30 totaled $12 million, or $0.245 per diluted common share.
“We are pleased with the pace of performance improvement and see all aspects of our business improving,” said Gary M. Small, president and chief executive officer of the company and Home Savings. “Quality loan growth, strong fee income and diligent expense management are creating outstanding momentum.”
Total outstanding loans increased $146.8 million to $1.3 billion, or 15 percent on Sept. 30, compared with Dec. 31, 2014. The increase was driven by a 35.5 percent increase of $89.8 million in commercial loans during the first nine months of this year.
Total deposits increased $62.6 million, or 6.2 percent, to $1.4 billion as of Sept. 30, compared with $1.3 billion Dec. 31, 2014.
Noninterest-bearing accounts increased $20.6 million, or 11 percent, as a result of increasing commercial deposits since the end of 2014. During the same time period, interest-bearing deposits increased 3.6 percent, or $42 million.