Home Savings reports 3Q net income increase

Staff report

YOUNGSTOWN

United Community Financial Corp., parent company of Home Savings Bank, reported net income of $7.6 million, a 37.3 percent increase from the third quarter of 2016.

Loan growth for the third quarter, including loans held for sale, totaled $77 million. Total loans, including loans held for sale, were $2.03 billion.

Commercial loan growth was $48.8 million for the quarter. Consistent with strategic objectives, the company continues to focus on attracting and building commercial relationships. Residential mortgage loans, including loans held for sale, increased $16 million. Consumer loans increased $12.5 million.

“We are very pleased to report strong performance for the quarter,” said Gary M. Small, president and chief executive officer of Home Savings, in a statement. “The team delivered excellent loan growth, stable margins, and each business division and market is experiencing growth. Within our markets, the economic conditions remain supportive of steady growth and improvement in both the business and consumer sectors. We continue to see great opportunities in the market.”

On Tuesday, the bank’s board of directors declared a quarterly cash dividend of $0.04 per common share payable Nov. 17 to shareholders of record at the close of business Nov. 3.