United Community Financial (UCFC) in Youngstown, Ohio, reported its third straight quarter of profitability as asset quality improved.
The $1.9 billion-asset company reported second-quarter earnings of $62,000, compared to a $1.8 million loss a year earlier. For the first six months of the year, United earned $3.9 million, tripling what it made a year earlier.
The company's securities gains totaled $3.6 million in the quarter, up from $229,000 from a year earlier. This helped noninterest income rise 31% from a year earlier, to $6.9 million.
United's loan-loss provision fell 24% from a year earlier, to $6.3 million. Nonperforming assets fell almost 24% from a year earlier, to $139.3 million.
Net interest income fell almost 4% from a year earlier, to $16.4 million. Noninterest expense rose 7% from a year earlier, to $17 million, because of increases in the costs for salaries and employee benefits, advertising and professional fees.
