Home Savings posts income of $2.7 million
The Home Savings and Loan Co. of Youngstown reported Friday a first- quarter consolidated net income of $2.7 million.
The results were among some of the best for the company in recent quarters.
“Net income for the quarter, along with improvement in asset quality and the successful completion of the private-equity offering, continues to move our company forward,” President and Chief Executive Officer Patrick W. Bevack said in a statement.
“These positive steps provide United Community and Home Savings with the capital to grow our company, raise our capital levels to levels that are commensurate with our risk profile and continue to execute our business plan.”
Delinquent loans were $46.7 million, down 3.2 percent from a year earlier, while nonperforming assets decreased by 8.7 percent at the same time, to finish at $60.5 million at the end of the quarter.
Classified loans, or those the bank deemed impaired and uncollectible, totaled $57.6 million in the first quarter, down 3.8 percent from a year earlier.
Net interest income for the three months ended March 31, 2013, and Dec. 31, 2012, was $12.9 million and $14.0 million, respectively. Total interest income decreased $1.4 million in the first quarter of 2013 compared to the prior quarter, primarily because of a decrease of $36.7 million in the average balance of outstanding loans. United Community also experienced a decrease in the yield on net loans of 29 basis points.
The bank will have a special meeting for shareholders of its parent company, United Community Financial Corp., at 10 a.m., May 28, at the Edward W. Powers Auditorium in the De Yor Performing Arts Center, to approve the issuance of new stock to raise operating capital and to discuss other matters.