United Community Financial Corporation (UCFC) has reported 53.67 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $1.54 million, or $0.03 a share in the quarter, compared with $3.32 million, or $0.07 a share for the same period last year. Revenue during the quarter grew 29.48 percent to $22.62 million from $17.47 million in the previous year period. Net interest income for the quarter rose 25.02 percent over the prior year period to $18.71 million. Non-interest income for the quarter rose 15.59 percent over the last year period to $5.38 million.
United Community Financial Corp has made provision of $1.48 million for loan losses during the quarter, down 31.55 percent from $2.16 million in the same period last year.
Net interest margin improved 7 basis points to 3.28 percent in the quarter from 3.21 percent in the last year period. Efficiency ratio for the quarter deteriorated to 83.78 percent from 63.90 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Gary M. Small President and chief executive officer of the Company commented, “We are very pleased to announce solid core earnings along with the completion of a significant acquisition integration effort in March. New clients are on-boarded, financial performance is in line with expectations, and we are currently expanding our Wealth Management group to capitalize on our newly acquired capabilities. I could not be more proud of the team certainly an outstanding effort all around."
Investments stood at $430.36 million as on Mar. 31, 2017. Shareholders equity was at $277.10 million as on Mar. 31, 2017.
Return on average assets moved down 41 basis points to 0.25 percent in the quarter from 0.66 percent in the last year period. At the same time, return on average equity decreased 309 basis points to 2.24 percent in the quarter from 5.33 percent in the last year period.
Nonperforming assets moved down 17.63 percent or $3.87 million to $18.08 million on Mar. 31, 2017 from $21.95 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.74 percent in the quarter, down from 1.08 percent in the last year period.
Book value per share was $5.58 for the quarter, up 5.28 percent or $0.28 compared to $5.30 for the same period last year.
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