United Community Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Asset Write Down for the Fourth Quarter Ended December 31, 2017
For the year, the company reported total interest income of $93,510,000 against $70,729,000 a year ago. Net interest income was $80,353,000 against $62,301,000 a year ago. Net interest income on fully taxable equivalent (FTE) basis was $81,264,000 against $62,987,000 a year ago. Net interest income after provision for loan losses on fully taxable equivalent (FTE) basis was $77,011,000 against $57,600,000 a year ago. Income before income taxes was $33,991,000 against $27,657,000 a year ago. Net income was $21,785,000 or $0.437 diluted per share against $18,828,000 or $0.399 diluted per share a year ago. Book value per common share as on December 31, 2017 was $5.90 against $5.36 as at December 31, 2016. Return on average assets was 0.85%. Return on average equity was 7.63%. Normalized net income was $28,456,000 or $0.571. Normalized return on average assets was 1.11%. Normalized return on average equity was 9.97%.
The company announced asset write down for the fourth quarter ended December 31, 2017. For the quarter, the company reported asset write down after tax of $1.5 million. During the quarter ended December 31, 2017, the company recognized total net charge offs of $568,000, or 11.5 basis points as a percentage of average loans.