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Section 1: 8-K (FORM 8-K)

Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 16, 2018

 

 

UNITED COMMUNITY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

 

OHIO   000-024399   34-1856319

(State or other jurisdiction

of incorporation)

 

(Commission

File No.)

 

(IRS Employer

I.D. No.)

275 West Federal Street, Youngstown, Ohio 44503-1203

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (330) 742-0500

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Section 2 – Financial Information

 

Item 2.02

Results of Operation and Financial Condition

 

  (a)

On October 16, 2018, United Community Financial Corp. issued a press release announcing its results of operations for the third quarter of 2018. A copy of the press release is attached as Exhibit 99.

Section 9 – Financial Statements and Exhibits

 

Item 9.01

Financial Statements and Exhibits.

 

  (d)

Exhibits.

 

Exhibit
Number

  

Description

    
99    Press Release of United Community dated October 16, 2018.    Included herewith.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

UNITED COMMUNITY FINANCIAL CORP.
            By:  

/s/ Jude J. Nohra

 

Jude J. Nohra

General Counsel & Secretary

Date: October 16, 2018

 

3

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Section 2: EX-99 (EX-99)

EX-99

EXHIBIT 99

 

LOGO

275 West Federal Street

Youngstown, Ohio 44503-1203

FOR IMMEDIATE RELEASE

 

Media Contact:    Investor Contact:   
Kathy Bushway    Gary M. Small   
Senior Vice President, Marketing    President and Chief Executive Officer   
Home Savings Bank    United Community Financial Corp.   
(330) 742-0638    (330) 742-0472   
kbushway@homesavings.com      

UCFC ANNOUNCES STRONG EARNINGS FOR THE THIRD QUARTER AND

A DIVIDEND OF $0.07 PER COMMON SHARE

YOUNGSTOWN, Ohio (October 16, 2018) – United Community Financial Corp. (Company) (NASDAQ: UCFC), parent company of Home Savings Bank (Home Savings), announced today net income of $9.5 million and diluted earnings per share (“EPS”) of $0.190, a 25.8% improvement over the $0.151 per common share reported for the quarter ended September 30, 2017.

Third quarter 2018 highlights:

 

   

Total loans, net growth of 10.3% over the last twelve months, and 2.3% on a linked quarter basis

 

   

Monthly average customer deposit growth of 9.6% over the last twelve months

 

   

Total revenue up by 2.3% on a linked quarter basis

 

   

Efficiency Ratio of 57.3%

 

   

ROA of 1.37%, ROE of 12.25% and ROTE of 13.28%

 

   

Dividend of $0.07 per common share declared

Gary M. Small President and Chief Executive Officer of the Company commented, “Home Savings’ strong quarterly performance reflected the continued favorable economic and business environment experienced in each of the markets we serve. We delivered excellent loan and solid revenue growth creating positive operating leverage for the organization…a winning formula. While the interest rate environment and trade/tariff issues create uncertainty, I believe our balanced business approach and the strength of our client base will serve us very well in the future.”

Strong Loan and Deposit Growth

Total loans, net grew $201.2 million, or 10.3%, during the previous twelve months ended September 30, 2018, and $49.2 million, or 2.3% compared to the previous quarter. At September 30, 2018, total net loans aggregated $2.15 billion.


Home Savings has produced excellent results within all lending categories. The increase in total loans for the period was driven by an increase in commercial loans, which grew $140.7 million, or 17.8%, over the last twelve months and $31.0 million, or 3.4%, versus June 30, 2018. Mortgage loans increased $40.1 million, or 4.4%, over the previous twelve months and increased $19.8 million, or 2.1%, during the past three months. Consumer loans increased $19.4 million, or 7.4%, since September 30, 2017 and remained consistent with the prior quarter.

Monthly average customer deposits (which exclude brokered certificates of deposit) increased 9.6% from September 30, 2017 and remained consistent on a linked quarter basis. Average customer deposit growth in the third quarter was muted by seasonality associated with one large, public fund deposit. This relationship historically experiences a high point in the deposit level during the second quarter with decreasing balances through the end of the calendar year. The growth in average customer deposits was driven by increases in non-interest bearing accounts of 13.6% over the past twelve months and an increase of 2.4% over the past three months. Average business deposits continue to rise, increasing 21.9% over the past twelve months and 6.2% over the past three months.    

Net Interest Margin

The net interest margin was 3.33% for the three months ended September 30, 2018 compared to 3.36% for the previous quarter. This change is the result of several factors. First, the slowing of the recognition of loan and deposit marks from the 2017 acquisition accounted for one basis point of the decline. Also, the continued flattening of the yield curve during the third quarter put pressure on spreads. Finally, short-term LIBOR rates did not move in advance of the Federal Reserve Bank increasing rates at the end of September, as has occured previously, resulting in lower loan yields than expected. The Company expects the delayed increase seen in LIBOR to favorably impact net interest margin during the fourth quarter. Adjustments made during the quarter resulted in a positive margin trend within the period.

Excluding the impact of purchase accounting yield adjustments, the net interest margin would have been 3.27%, or six basis points lower than the 3.33% reported, for the quarter ended September 30, 2018.

Nonperforming Loans to Total Loans Ratio Continued to Decrease during the Third Quarter

Asset quality remained very strong during the third quarter. The Company’s level of nonperforming loans and classified assets all improved during the quarter. Net chargeoffs for the quarter were 6.1 basis points of average loans. Additionally, over the past three months, the ratio of the allowance for loan losses as a percent of nonperforming loans has increased from 198.4% to 235.43% at September 30, 2018. Nonperforming loans to total loans, net at September 30, 2018 declined to 0.42%. Nonperforming assets declined $5.7 million to 0.36% of total assets.

The Company recognized a provision for loan losses of $251,000 for the third quarter of 2018, which was up $389,000 in comparison to the previous quarter. Loan growth offset by continued asset quality improvements and an improved credit environment has impacted the provision level. As of September 30, 2018, the Company’s allowance for loan losses to total loans was 0.98%, versus 1.01% at June 30, 2018.

Loans acquired through the acquisition during the first quarter of 2017 were recorded at fair value. When combining the remaining fair value adjustment of $2.6 million and the Company’s allowance, the combined coverage as a percentage of total loans is 1.10%.


Non-Interest Income

Non-interest income increased 5.0% or $294,000 to $6.1 million on a linked quarter basis. During this same time period, the Company did see an increase of 16.9% in mortgage banking income. Additionally a 6.2% increase in agency income, a 13.0% increase in brokerage income, a 7.3% increase in deposit related fees and finally, a 2.1% increase in trust fees offset a 15% seasonal decrease in card fees. As experienced industry-wide, market conditions continue to impact the margin on salable loans. Also impacting the comparison negatively was the fact no security gains were recognized in the third quarter 2018.    

At the end of the third quarter, trust assets under management and advisory totaled $775 million.

Non-Interest Expense

Non-interest expense was $15.8 million for the third quarter of 2018 compared to $15.5 million for the same quarter last year, an increase of $308,000, or 2.0%. This increase is reflective of digital banking expansion and additional incentive compensation resulting from increased loan production. The Company’s efficiency ratio remains consistent at 57.3%, compared to the prior quarter.

Effective Tax Rate

The Company’s effective tax rate on an FTE basis for the three months ended September 30, 2018 was 19.5% compared to 30.3% for the three months ended September 30, 2017. The decline was due to the enactment of tax legislation at the end of the year.

Dividend to be Paid

On October 16, 2018, the Board of Directors declared a quarterly cash dividend of $0.07 per common share payable November 9, 2018 to shareholders of record October 26, 2018.

Conference Call

United Community Financial Corp. will host an earnings conference call on Wednesday, October 17, 2018, at 10:00 a.m. ET, to provide an overview of the Company’s third quarter 2018 results and highlights. The conference call may be accessed by calling 1-877-272-7661 ten minutes prior to the start time. Please ask to be joined into the United Community Financial Corp. (UCFC) call. Additionally, a live webcast may be accessed from the Company’s website ir.ucfconline.com. Click on 3rd Quarter 2018 Conference Call on our corporate profile page to join the webcast.

United Community Financial Corp.

Home Savings is a wholly owned subsidiary of the Company and operates retail banking offices and loan production centers in Ohio, western Pennsylvania and West Virginia. Additional information on the Company, Home Savings and James & Sons Insurance may be found on the Company’s web site: ir.ucfconline.com.

###


When used in this press release, the words or phrases “believes,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project”, “will have”, “can expect” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


UNITED COMMUNITY FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

 

     September 30,     December 31,        
     2018     2017     F/(U)  
     (Dollars in thousands)  

Assets:

      

Cash and deposits with banks

   $ 31,042     $ 34,365       -9.7

Federal funds sold

     23,223       12,515       85.6
  

 

 

   

 

 

   

 

 

 

Total cash and cash equivalents

     54,265       46,880       15.8

Securities:

      

Available for sale, at fair value

     242,106       270,561       -10.5

Held to maturity (fair value of $74,812 and $82,126, respectively)

     78,700       82,911       -5.1

Loans held for sale, at lower of cost or market

     —         211       -100.0

Loans held for sale, at fair value

     95,235       83,541       14.0

Loans, net of allowance for loan losses of $21,332 and $21,202

     2,148,942       1,999,877       7.5

Federal Home Loan Bank stock, at cost

     19,144       19,324       -0.9

Premises and equipment, net

     21,449       22,094       -2.9

Accrued interest receivable

     8,551       8,190       4.4

Real estate owned and other repossessed assets

     907       1,253       -27.6

Goodwill

     20,221       20,221       0.0

Core deposit intangible

     1,686       1,934       -12.8

Customer list intangible

     2,259       2,060       9.7

Cash surrender value of life insurance

     63,789       62,488       2.1

Other assets

     31,929       28,360       12.6
  

 

 

   

 

 

   

 

 

 

Total assets

   $ 2,789,183     $ 2,649,905       5.3
  

 

 

   

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

      

Liabilities:

      

Deposits:

      

Interest bearing

   $ 1,553,204     $ 1,445,293       7.5

Noninterest bearing

     383,535       354,970       8.0
  

 

 

   

 

 

   

 

 

 

Customer deposits

     1,936,739       1,800,263       7.6

Brokered deposits

     415,737       156,476       165.7
  

 

 

   

 

 

   

 

 

 

Total deposits

     2,352,476       1,956,739       20.2

Borrowed funds:

      

Federal Home Loan Bank advances

      

Long-term advances

     49,025       48,536       1.0

Short-term advances

     46,000       308,000       -85.1
  

 

 

   

 

 

   

 

 

 

Total Federal Home Loan Bank advances

     95,025       356,536       -73.3

Repurchase agreements and other

     238       197       20.8
  

 

 

   

 

 

   

 

 

 

Total borrowed funds

     95,263       356,733       -73.3

Advance payments by borrowers for taxes and insurance

     16,494       25,038       -34.1

Accrued interest payable

     1,177       1,097       7.3

Accrued expenses and other liabilities

     17,730       16,033       10.6
  

 

 

   

 

 

   

 

 

 

Total liabilities

     2,483,140       2,355,640       5.4
  

 

 

   

 

 

   

 

 

 

Shareholders’ Equity:

      

Preferred stock-no par value; 1,000,000 shares authorized and no shares outstanding

     —         —         0.0

Common stock-no par value; 499,000,000 shares authorized; 54,138,910 shares issued and 49,922,514 and 49,800,126 shares, respectively, outstanding

     177,412       177,458       0.0

Retained earnings

     186,000       167,852       10.8

Accumulated other comprehensive loss

     (25,783     (18,685     38.0

Treasury stock, at cost, 4,216,396 and 4,338,784 shares, respectively

     (31,586     (32,360     -2.4
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     306,043       294,265       4.0
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 2,789,183     $ 2,649,905       5.3
  

 

 

   

 

 

   

 

 

 


UNITED COMMUNITY FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

     For the Three Months Ended     For the Nine Months Ended  
     September 30,     September 30,                 September 30,     September 30,              
     2018     2017     Variance     F/(U)     2018     2017     Variance     F/(U)  
     (Dollars in thousands, except per share data)  

Interest income

                

Loans

   $ 24,031     $ 20,697     $ 3,334       16.1   $ 70,065     $ 58,266     $ 11,799       20.3

Loans held for sale

     1,264       882       382       43.3     3,134       2,415       719       29.8

Securities:

                

Available for sale, nontaxable

     333       416       (83     -20.0     1,077       1,252       (175     -14.0

Available for sale, taxable

     1,176       1,276       (100     -7.8     3,584       4,357       (773     -17.7

Held to maturity, nontaxable

     69       49       20       40.8     181       163       18       11.0

Held to maturity, taxable

     374       424       (50     -11.8     1,194       1,343       (149     -11.1

Federal Home Loan Bank stock dividends

     289       253       36       14.2     843       694       149       21.5

Other interest earning assets

     154       51       103       202.0     323       171       152       88.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest income

     27,690       24,048       3,642       15.1     80,401       68,661       11,740       17.1

Interest expense

                

Deposits

     5,044       2,226       (2,818     -126.6     11,931       5,834       (6,097     -104.5

Federal Home Loan Bank advances

     1,023       1,315       292       22.2     4,019       3,334       (685     -20.5

Repurchase agreements and other

     —         4       4       100.0     —         20       20       100.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     6,067       3,545       (2,522     -71.1     15,950       9,188       (6,762     -73.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     21,623       20,503       1,120       5.5     64,451       59,473       4,978       8.4

Taxable equivalent adjustment

     84       224       (140     -62.5     271       690       (419     -60.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income (FTE) (1)

     21,707       20,727       980       4.7     64,722       60,163       4,559       7.6

Provision for loan losses

     251       721       470       65.2     520       3,038       2,518       82.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for loan losses (FTE)

     21,456       20,006       1,450       7.2     64,202       57,125       7,077       12.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest income

                

Insurance agency income

     545       509       36       7.1     1,635       1,454       181       12.4

Brokerage income

     339       271       68       25.1     911       894       17       1.9

Service fees and other charges:

                

Deposit related fees

     1,494       1,499       (5     -0.3     4,186       4,200       (14     -0.3

Mortgage servicing fees

     821       760       61       8.0     2,446       2,225       221       9.9

Mortgage servicing rights valuation

     (6     (10     4       -40.0     (17     (15     2       -13.3

Mortgage servicing rights amortization

     (477     (491     14       -2.9     (1,519     (1,426     93       -6.5

Other service fees

     26       21       5       23.8     125       83       42       50.6

Net gains (losses):

                

Securities available for sale

     —         236       (236     -100.0     233       566       (333     -58.8

Mortgage banking income

     1,409       1,688       (279     -16.5     3,972       5,128       (1,156     -22.5

Real estate owned and other repossessed assets charges, net

     (45     (73     28       -38.4     (236     (143     93       -65.0

Debit/credit card fees

     1,000       971       29       3.0     3,126       3,220       (94     -2.9

Trust fee income

     483       449       34       7.6     1,425       1,151       274       23.8

Other income

     557       475       82       17.3     1,530       1,442       88       6.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest income

     6,146       6,305       (159     -2.5     17,817       18,779       (962     -5.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expense

                

Salaries and employee benefits

     9,107       8,736       (371     -4.2     28,042       26,460       (1,582     -6.0

Occupancy

     1,094       1,013       (81     -8.0     3,144       2,920       (224     -7.7

Equipment and data processing

     2,032       2,303       271       11.8     6,558       6,688       130       1.9

Financial institutions tax

     495       348       (147     -42.2     1,486       1,348       (138     -10.2

Advertising

     340       285       (55     -19.3     865       674       (191     -28.3

Amortization of intangible assets

     128       113       (15     -13.3     373       308       (65     -21.1

FDIC insurance premiums

     294       301       7       2.3     872       829       (43     -5.2

Other insurance premiums

     85       115       30       26.1     303       336       33       9.8

Professional fees:

                

Legal fees

     356       156       (200     -128.2     802       569       (233     -40.9

Other professional fees

     651       666       15       2.3     1,541       1,606       65       4.0

Supervisory fees

     34       —         (34     0.0     118       —         (118     -100.0

Real estate owned and other repossessed asset expenses

     25       33       8       24.2     95       118       23       19.5

Acquisition related expenses

     —         —         —         0.0     —         4,962       4,962       100.0

Other expenses

     1,131       1,395       264       18.9     3,703       4,112       409       9.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

     15,772       15,464       (308     -2.0     47,902       50,930       3,028       5.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     11,830       10,847       983       9.1     34,117       24,974       9,143       36.6

Taxable equivalent adjustment

     84       224       140       62.5     271       690       419       60.7

Income tax expense

     2,217       3,067       850       27.7     6,220       7,001       781       11.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 9,529     $ 7,556     $ 1,973       26.1   $ 27,626     $ 17,283     $ 10,343       59.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share:

                

Basic

   $ 0.191     $ 0.152     $ 0.039       25.7   $ 0.554     $ 0.350     $ 0.204       58.3

Diluted

     0.190       0.151       0.039       25.8     0.551       0.347       0.204       58.8

 

(1)

Net interest income is also presented on a fully taxable equivalent (FTE) basis, the Company believes this non-GAAP measure is the preferred industry measurement for this item.


UNITED COMMUNITY FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

     For the Three Months Ended  
     September 30,     June 30,              
     2018     2018     Variance     F/(U)  
     (Dollars in thousands, except per share data)  

Interest income

        

Loans

   $ 24,031     $ 23,275     $ 756       3.2

Loans held for sale

     1,264       1,012       252       24.9

Securities:

        

Available for sale, nontaxable

     333       356       (23     -6.5

Available for sale, taxable

     1,176       1,193       (17     -1.4

Held to maturity, nontaxable

     69       61       8       13.1

Held to maturity, taxable

     374       398       (24     -6.0

Federal Home Loan Bank stock dividends

     289       274       15       5.5

Other interest earning assets

     154       92       62       67.4
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest income

     27,690       26,661       1,029       3.9

Interest expense

        

Deposits

     5,044       3,790       (1,254     -33.1

Federal Home Loan Bank advances

     1,023       1,576       553       35.1

Repurchase agreements and other

     —         —         —         0.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     6,067       5,366       (701     -13.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     21,623       21,295       328       1.5

Taxable equivalent adjustment

     84       90       (6     -6.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income (FTE) (1)

     21,707       21,385       322       1.5

Provision for loan losses

     251       (138     (389     281.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for loan losses (FTE)

     21,456       21,523       (67     -0.3
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest income

        

Insurance agency income

     545       513       32       6.2

Brokerage income

     339       300       39       13.0

Service fees and other charges:

        

Deposit related fees

     1,494       1,392       102       7.3

Mortgage servicing fees

     821       813       8       1.0

Mortgage servicing rights valuation

     (6     (20     14       -70.0

Mortgage servicing rights amortization

     (477     (542     65       -12.0

Other service fees

     26       61       (35     -57.4

Net gains (losses):

        

Securities available for sale

     —         94       (94     -100.0

Mortgage banking income

     1,409       1,205       204       16.9

Real estate owned and other repossessed assets charges, net

     (45     (113     68       -60.2

Debit/credit card fees

     1,000       1,177       (177     -15.0

Trust fee income

     483       473       10       2.1

Other income

     557       499       58       11.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest income

     6,146       5,852       294       5.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expense

        

Salaries and employee benefits

     9,107       8,937       (170     -1.9

Occupancy

     1,094       950       (144     -15.2

Equipment and data processing

     2,032       2,372       340       14.3

Financial institutions tax

     495       495       —         0.0

Advertising

     340       290       (50     -17.2

Amortization of intangible assets

     128       132       4       3.0

FDIC insurance premiums

     294       288       (6     -2.1

Other insurance premiums

     85       109       24       22.0

Professional fees:

        

Legal fees

     356       147       (209     -142.2

Other professional fees

     651       499       (152     -30.5

Supervisory fees

     34       42       8       0.0

Real estate owned and other repossessed asset expenses

     25       34       9       26.5

Acquisition related expenses

     —         —         —         0.0

Other expenses

     1,131       1,235       104       8.4
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

     15,772       15,530       (242     -1.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     11,830       11,845       (15     -0.1

Taxable equivalent adjustment

     84       90       6       6.7

Income tax expense

     2,217       2,214       (3     -0.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 9,529     $ 9,541     $ (12     -0.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share:

        

Basic

   $ 0.191     $ 0.191     $ —         0.0

Diluted

     0.190       0.190       —         0.0

 

(1)

Net interest income is also presented on a fully taxable equivalent (FTE) basis, the Company believes this non-GAAP measure is the preferred industry measurement for this item.


UNITED COMMUNITY FINANCIAL CORP.

CONSOLIDATED AVERAGE BALANCES

(Unaudited)

 

    For the three months ended  
    September 30, 2018     June 30, 2018     September 30, 2017  
    Average     Interest           Average     Interest           Average     Interest        
    outstanding     earned/     Yield/     outstanding     earned/     Yield/     outstanding     earned/     Yield/  
    balance     paid     rate     balance     paid     rate     balance     paid     rate  
    (Dollars in thousands)  

Interest earning assets:

                 

Net loans (1)

  $ 2,115,227     $ 24,031       4.54   $ 2,075,307     $ 23,275       4.49   $ 1,906,786     $ 20,699       4.34

Loans held for sale

    111,295       1,264       4.51     91,836       1,012       4.42     88,854       882       3.97
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total loans, net

    2,226,522       25,295       4.54     2,167,143       24,287       4.48     1,995,640       21,581       4.33

Securities:

                 

Available for sale-taxable

    204,924       1,176       2.30     207,908       1,193       2.30     224,927       1,276       2.27

Available for sale-nontaxable (2)

    48,370       400       3.31     50,710       429       3.38     59,057       611       4.14

Held to maturity-taxable

    67,979       374       2.20     70,406       398       2.26     77,947       424       2.18

Held to maturity-nontaxable (2)

    12,215       86       2.82     11,265       78       2.77     9,239       76       3.29
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total securities

    333,488       2,036       2.44     340,289       2,098       2.47     371,170       2,387       2.57

Federal Home Loan Bank stock

    19,160       289       6.03     19,324       274       5.67     19,324       253       5.24

Other interest earning assets

    30,140       154       2.03     23,831       92       1.55     18,881       51       1.08
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total interest earning assets

    2,609,310       27,774       4.26     2,550,587       26,751       4.20     2,405,015       24,272       4.04

Non-interest earning assets

    177,553           174,270           185,773      
 

 

 

       

 

 

       

 

 

     

Total assets

  $ 2,786,863         $ 2,724,857         $ 2,590,788      
 

 

 

       

 

 

       

 

 

     

Interest bearing liabilities:

                 

Deposits:

                 

Checking accounts

  $ 635,705       1,026       0.64   $ 638,910       948       0.60   $ 591,982       468       0.32

Savings accounts

    303,247       27       0.04     307,250       26       0.03     308,829       28       0.04

Certificates of deposit

                 

Customer certificates of deposit

    618,545       2,457       1.58     608,079       2,143       1.41     526,697       1,333       1.01

Brokered certificates of deposit

    327,120       1,534       1.86     164,400       673       1.64     135,956       397       1.17
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total certificates of deposit

    945,665       3,991       1.67     772,479       2,816       1.46     662,653       1,730       1.04
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total interest bearing deposits

    1,884,617       5,044       1.06     1,718,639       3,790       0.88     1,563,464       2,226       0.57

Federal Home Loan Bank advances

                 

Long-term advances

    48,976       413       3.35     48,799       493       4.05     48,212       388       3.22

Short-term advances

    120,880       610       2.00     236,747       1,083       1.83     310,152       927       1.20
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total Federal Home Loan Bank advances

    169,856       1,023       2.39     285,546       1,576       2.21     358,364       1,315       1.47

Repurchase agreements and other

    213       —         0.00     195       —         0.00     6,483       4       0.25
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total borrowed funds

    170,069       1,023       2.39     285,741       1,576       2.21     364,847       1,319       1.45
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total interest bearing liabilities

  $ 2,054,686       6,067       1.17   $ 2,004,380       5,366       1.07   $ 1,928,311       3,545       0.74
   

 

 

       

 

 

       

 

 

   

Non-interest bearing liabilities

                 

Total noninterest bearing deposits

    382,044           376,905           337,067      

Other noninterest bearing liabilities

    39,075           39,839           35,576      
 

 

 

       

 

 

       

 

 

     

Total noninterest bearing liabilities

    421,119           416,744           372,643      
 

 

 

       

 

 

       

 

 

     

Total liabilities

  $ 2,475,805         $ 2,421,124         $ 2,300,954      

Shareholders’ equity

    311,058           303,733           289,834      
 

 

 

       

 

 

       

 

 

     

Total liabilities and equity

  $ 2,786,863         $ 2,724,857         $ 2,590,788      
 

 

 

       

 

 

       

 

 

     

Net interest income and interest rate spread

    $ 21,707       3.09     $ 21,385       3.12     $ 20,727       3.30
   

 

 

       

 

 

       

 

 

   

Net interest margin

        3.33         3.36         3.45

Average interest earning assets to average interest bearing liabilities

        126.99         127.25         124.72

Interest bearing deposits

                 

Checking accounts

  $ 635,705     $ 1,026       0.64   $ 638,910     $ 948       0.60   $ 591,982     $ 468       0.32

Savings accounts

    303,247       27       0.04     307,250       26       0.03     308,829       28       0.04

Customer certificates of deposit

    618,545       2,457       1.58     608,079       2,143       1.41     526,697       1,333       1.01
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total interest bearing customer deposits

    1,557,497       3,510       0.90     1,554,239       3,117       0.80     1,427,508       1,829       0.51

Brokered certificates of deposit

    327,120       1,534       1.86     164,400       673       1.64     135,956       397       1.17
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total interest bearing deposits

    1,884,617       5,044       1.06     1,718,639       3,790       0.88     1,563,464       2,226       0.57

Noninterest bearing deposits

    382,044       —         0.00     376,905       —         0.00     337,067       —         0.00
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total average deposits and cost of deposits

  $ 2,266,661     $ 5,044       0.89   $ 2,095,544     $ 3,790       0.72   $ 1,900,531     $ 2,226       0.47

Other interest bearing liabilities

                 

Federal Home Loan Bank advances

                 

Long term advances

  $ 48,976     $ 413       3.35   $ 48,799     $ 493       4.05   $ 48,212     $ 388       3.22

Short term advances

    120,880       610       2.00     236,747       1,083       1.83     310,152       927       1.20
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total Federal Home Loan Bank advances

    169,856       1,023       2.39     285,546       1,576       2.21     358,364       1,315       1.47

Repurchase agreements and other

    213       —         0.00     195       —         0.00     6,483       4       0.25
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total borrowed funds

    170,069       1,023       2.39     285,741       1,576       2.21     364,847       1,319       1.45
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Total average deposits and other interest bearing liabilities and total cost of funds

  $ 2,436,730     $ 6,067       1.00   $ 2,381,285     $ 5,366       0.90   $ 2,265,378     $ 3,545       0.63
 

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

Customer deposits interest bearing and noninterest bearing

  $ 1,939,541     $ 3,510       0.72   $ 1,931,144     $ 3,117       0.65   $ 1,764,575     $ 1,829       0.41

Brokered deposits

    327,120       1,534       1.86     164,400       673       1.64     135,956       397       1.17

Total borrowings

    170,069       1,023       2.39     285,741       1,576       2.21     364,847       1,319       1.45

Cost of funds

    2,436,730       6,067       1.00     2,381,285       5,366       0.90     2,265,378       3,545       0.63

 

(1)

Nonaccrual loans are included in the average balance at a yield of 0%.     

(2)

Yields are on a fully taxable equivalent basis.    


UNITED COMMUNITY FINANCIAL CORP.

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

 

     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands, except per share data)  

Financial Data

          

Total assets

   $ 2,789,183     $ 2,770,558     $ 2,690,707     $ 2,649,905     $ 2,602,365  

Total loans, net

     2,148,942       2,099,781       2,061,443       1,999,877       1,947,695  

Total securities

     320,806       328,924       338,593       353,472       360,371  

Total deposits

     2,352,476       2,135,345       2,066,978       1,956,739       1,938,699  

Average interest-bearing deposits

     1,884,617       1,718,639       1,644,165       1,598,922       1,563,464  

Average noninterest-bearing deposits

     382,044       376,905       375,142       355,225       337,067  

Total shareholders’ equity

     306,043       301,484       296,195       294,265       291,851  

Net interest income

     21,623       21,295       21,533       20,880       20,503  

Net interest income (FTE) (1)

     21,707       21,385       21,630       21,101       20,727  

Provision (recovery) for loan losses

     251       (138     407       1,215       721  

Noninterest income

     6,146       5,852       5,819       6,460       6,305  

Noninterest expense

     15,772       15,530       16,600       17,329       15,464  

Income tax expense

     2,217       2,214       1,789       4,294       3,067  

Net income

     9,529       9,541       8,556       4,502       7,556  

Share Data

          

Basic earnings per common share

   $ 0.191     $ 0.191     $ 0.172     $ 0.090     $ 0.152  

Diluted earnings per common share

     0.190       0.190       0.171       0.090       0.151  

Book value per common share

     6.13       6.04       5.94       5.90       5.87  

Tangible book value per common share

     5.65       5.56       5.45       5.41       5.38  

Market value per common share

     9.67       10.99       9.86       9.13       9.60  

Common shares outstanding at end of period

     49,923       49,904       49,882       49,800       49,758  

Weighted average shares outstanding—basic

     49,683       49,694       49,611       49,497       49,460  

Weighted average shares outstanding—diluted

     49,947       49,944       49,885       49,827       49,851  

Key Ratios

          

Return on average assets (ROA) (2)

     1.37     1.40     1.28     0.68     1.17

Return on average equity (ROE)(3)

     12.25     12.56     11.44     6.09     10.43

Return on tangible equity (ROTE)(4)

     13.28     13.65     12.44     6.62     11.35

Net interest margin

     3.33     3.36     3.47     3.43     3.45

Efficiency ratio

     57.30     57.75     60.20     63.73     57.13

Nonperforming loans to net loans, end of period

     0.42     0.51     0.59     0.59     0.62

Nonperforming assets to total assets, end of period

     0.36     0.57     0.65     0.64     0.75

Allowance for loan loss as a percent of loans, end of period

     0.98     1.01     1.04     1.05     1.04

Delinquent loans to total net loans, end of period

     0.69     0.67     0.81     0.86     0.89

 

(1) 

Net interest income is presented on a fully taxable equivalent (FTE) basis, the Company believes this non-GAAP measure is the preferred industry measurement for this item

(2) 

Net income divided by average total assets

(3) 

Net income divided by average total equity

(4) 

Net income divided by average total equity, minus average intangible assets


UNITED COMMUNITY FINANCIAL CORP.

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

 

     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands)  

Loan Portfolio Composition

          

Commercial loans

          

Multi-family

   $ 139,938     $ 141,004     $ 137,836     $ 120,480     $ 126,977  

Owner/nonowner occupied commercial real estate

     408,938       396,624       384,533       381,611       366,747  

Land

     16,129       16,887       15,452       15,162       13,666  

Construction

     132,961       127,691       134,181       116,863       108,105  

Commercial and industrial

     233,801       218,611       201,132       188,500       175,581  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     931,767       900,817       873,134       822,616       791,076  

Residential mortgage loans

          

Real estate

     909,626       888,583       882,873       870,939       851,863  

Construction

     39,396       40,623       42,453       49,092       57,081  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     949,022       929,206       925,326       920,031       908,944  

Consumer loans

          

Consumer

     283,108       284,909       279,110       273,494       263,692  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     283,108       284,909       279,110       273,494       263,692  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

     2,163,897       2,114,932       2,077,570       2,016,141       1,963,712  

Less:

          

Allowance for loan losses

     21,332       21,405       21,610       21,202       20,555  

Deferred loan costs, net

     (6,377     (6,254     (5,483     (4,938     (4,538
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     14,955       15,151       16,127       16,264       16,017  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans, net

     2,148,942       2,099,781       2,061,443       1,999,877       1,947,695  

Loans held for sale, net

     95,235       107,701       79,292       83,752       84,545  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

   $ 2,244,177     $ 2,207,482     $ 2,140,735     $ 2,083,629     $ 2,032,240  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands)  

Deposit Portfolio Composition

          

Checking accounts

          

Interest bearing checking accounts

   $ 140,722     $ 138,812     $ 140,740     $ 170,478     $ 173,171  

Non-interest bearing checking accounts

     383,535       383,082       376,904       354,970       343,146  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total checking accounts

     524,257       521,894       517,644       525,448       516,317  

Savings accounts

     300,007       306,283       308,025       301,716       307,169  

Money market accounts

     489,668       502,560       483,840       424,234       418,294  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-time deposits

     1,313,932       1,330,737       1,309,509       1,251,398       1,241,780  

Certificates of deposit less than or equal to $250,000

     977,588       744,770       704,147       651,255       617,839  

Certificates of deposit greater than $250,000

     60,956       59,838       53,322       54,086       79,080  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total certificates of deposit

     1,038,544       804,608       757,469       705,341       696,919  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

   $ 2,352,476     $ 2,135,345     $ 2,066,978     $ 1,956,739     $ 1,938,699  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


UNITED COMMUNITY FINANCIAL CORP.

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

 

     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands)  

Allowance For Loan Losses

          

Beginning balance

   $ 21,405     $ 21,610     $ 21,202     $ 20,555     $ 19,660  

Provision

     251       (138     407       1,215       721  

Net (chargeoffs) recoveries

     (324     (67     1       (568     174  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

   $ 21,332     $ 21,405     $ 21,610     $ 21,202     $ 20,555  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands)  

Net Recoveries (Charge-offs)

          

Commercial loans

          

Multi-family

   $ 4     $ 9     $ 6     $ (126   $ (4

Owner/nonowner occupied commercial real estate

     12       29       40       23       39  

Land

     150       —         —         —         —    

Construction

     11       10       7       —         —    

Commercial and industrial

     (275     (72     104       (90     314  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     (98     (24     157       (193     349  

Residential mortgage loans

          

Real estate

     (141     (14     (66     (257     (291

Construction

     —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     (141     (14     (66     (257     (291

Consumer loans

          

Consumer

     (85     (29     (90     (118     116  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     (85     (29     (90     (118     116  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net chargeoffs

   $ (324   $ (67   $ 1     $ (568   $ 174  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands)  

Nonperforming Loans

          

Commercial loans

          

Multi-family

   $ 275     $ 275     $ 275     $ 275     $ 402  

Owner/nonowner occupied commercial real estate

     1,101       1,111       1,206       1,218       1,234  

Land

     —         —         9       9       9  

Construction

     —         —         —         —         —    

Commercial and industrial

     1,489       1,475       1,459       1,505       234  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     2,865       2,861       2,949       3,007       1,879  

Residential mortgage loans

          

Real estate

     4,426       6,146       7,045       6,076       6,627  

Construction

     —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     4,426       6,146       7,045       6,076       6,627  

Consumer loans

          

Consumer

     1,770       1,783       2,180       2,620       2,332  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     1,770       1,783       2,180       2,620       2,332  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming loans

   $ 9,061     $ 10,790     $ 12,174     $ 11,703     $ 10,838  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Nonperforming Loans and Nonperforming Assets

          

Past due 90 days and on nonaccrual status

   $ 8,200     $ 8,395     $ 8,326     $ 8,620     $ 7,634  

Past due 90 days and still accruing

     —         —         —         —         8  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Past due 90 days

     8,200       8,395       8,326       8,620       7,642  

Past due less than 90 days and on nonaccrual

     861       2,395       3,848       3,083       3,196  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming loans

     9,061       10,790       12,174       11,703       10,838  

Other real estate owned

     907       802       1,030       1,047       1,133  

Other classified assets

     —         4,050       4,050       4,050       6,384  

Repossessed assets

     —         75       263       206       10  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets

   $ 9,968     $ 15,717     $ 17,517     $ 17,006     $ 18,365  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


UNITED COMMUNITY FINANCIAL CORP.

NON-GAAP DISCLOSURE RECONCILIATION

(Unaudited)

Reconciliation of Average Shareholders’ Equity to Average Tangible Equity:

 

     At or for the quarters ended  
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 
     (Dollars in thousands, except per share data)  

Average shareholders equity

   $ 311,058     $ 303,733     $ 299,284     $ 295,506     $ 295,506  

Average intangible assets

     24,144       24,063       24,175       23,563       23,642  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible equity

   $ 286,914     $ 279,670     $ 275,109     $ 271,943     $ 271,864  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 9,529     $ 9,541     $ 8,556     $ 4,502     $ 7,556  

Return on tangible equity

     13.28     13.65     12.44     6.62     11.12

Reconciliation of Fully Taxable Equivalent Net Interest Income to Net Interest Income:

 

     For the quarters ended  
     September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
 
     (Dollars in thousands)  

Interest income

   $ 27,690      $ 26,661      $ 26,050      $ 24,849      $ 24,048  

Fully taxable equivalent adjustment

     84        90        97        221        224  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fully taxable equivalent interest income

     27,774        26,751        26,147        25,070        24,272  

Interest expense

     6,067        5,366        4,517        3,969        3,545  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fully taxable net interest income

   $ 21,707      $ 21,385      $ 21,630      $ 21,101      $ 20,727  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reconciliation of Coverage Ratio to Coverage Ratio with Fair Value Adjustments Included with Allowance for Loan Losses:

 

     September 30,
2018
 
     (Dollars in
thousands)
 

Allowance for loan losses

   $ 21,332  

Fair value adjustments

     2,644  
  

 

 

 
     23,976  
  

 

 

 

Loans, net

   $ 2,148,942  

Add: Allowance for loan losses and fair value adjustment

     23,976  
  

 

 

 

Gross loans

   $ 2,172,918  
  

 

 

 

Coverage ratio with the Fair Value adjustments included in Allowance for loan losses

     1.10

Tangible Book Value Per Share:

Tangible book value, per share is defined at shareholders equity minus intangible assets divided by the number of shares outstanding.

 

     At the quarters ended  
     September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
 
     (Dollars in thousands, except per share data)  

Total shareholders’ equity

   $ 306,043      $ 301,484      $ 296,195      $ 294,265      $ 291,851  

Goodwill

     20,221        20,221        20,221        20,221        19,488  

Customer list intangible

     2,259        1,980        2,030        2,060        2,090  

Core deposit intangible

     1,686        1,769        1,851        1,934        2,017  

Total common shares outstanding

     49,922,514        49,904,074        49,882,491        49,800,126        49,758,487  

Tangible book value, as reported

   $ 5.65      $ 5.56      $ 5.45      $ 5.41      $ 5.38  
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