Home Savings posts first-quarter earnings

YOUNGSTOWN — United Community Financial Corp., parent company of Youngstown-based Home Savings and Loan Co. announced a drop in first-quarter earnings today.

The bank reported that net income for the quarter ended March 31 totaled $3.3 million, or $0.069 per diluted common share compared with $3.7 million, or $0.074 per diluted common share for the quarter ended March 31, 2015.

Total loans, including loans held for sale, increased $195.5 million, or 16.3 percent to $1.4 billion at March 31 this year compared with March 31, 2015.

Total deposits increased $59.9 million, or 4.3 percent to $1.4 billion at March 31, this year, compared with last March 31.

The bank recognized a provision for loan losses expense of $2.2 million in the first quarter of 2016, compared with a recovery of $184,000 in the first quarter of 2015.

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