Home Savings reports full-year, 4Q earnings

Staff report

YOUNGSTOWN

United Community Financial Corp., parent company of Youngstown-based Home Savings Bank, reported net income of $4.5 million for the fourth quarter of 2017, down from $5 million reported in the fourth quarter of 2016.

For the year, net income was $21.8 million, up from last year’s $18.8 million.

In the fourth quarter, a revaluation of net deferred tax assets increased tax expense $1.9 million and an asset writedown of $1.5 million, after tax, was prompted by an unfavorable ruling from an appellate court. For the year, nonrecurring acquisition-related expenses totaling $3.3 million, after tax, were also recognized.

When earnings are adjusted for these nonrecurring items, the company’s net income would be $7.9 million for the quarter and full-year net income was $28.5 million.

Total loan growth for the fourth quarter was $51.4 million. At year-end, total loans aggregated $2.08 billion. Commercial loan growth was $31.5 million for the quarter. Residential mortgage loans, including loans held for sale, increased $10.3 million. Consumer loans increased $9.8 million.

Average customer deposit growth for the fourth quarter of 2017 totaled $25.4 million.

The board of directors declared a quarterly cash dividend of $0.06 per common share, a 50 percent increase from the quarterly dividend paid last quarter. The dividend is payable Feb. 16 to shareholders of record at the close of business Feb. 2.