United Community Bancorp reports loss in Q4

Aug 11, 2008 (Datamonitor via COMTEX) -- UCBA | Quote | Chart | News | PowerRating -- United Community Bancorp has reported a net loss of $75,000, or $0.01 per share for the fourth quarter ended June 30, 2008 compared to a net income of $559,000, or $0.07 per diluted share for the fourth quarter ended June 30, 2007.

According to the company, the decrease in net income was the result of a $923,000 increase in provision for loan losses as compared to the quarter ended June 30, 2007, partially offset by a $275,000 gain on sale of land in the quarter ended June 30, 2008 that did not occur in the prior year quarter.

Net interest income for the quarter totaled $2.8 million as compared to $2.9 million from the corresponding quarter last year.

Net loss for the year ended June 30, 2008 was $1.5 million, or $0.19 per share, as compared to a net income of $2.5 million, or $0.31 per diluted share for the year ended June 30, 2007. The net loss for the year was primarily the result of a $4 million increase in provision for loan losses compared to the previous year.

United Community's net interest income for the 12-month period decreased to $10.3 million from $11.1 million recorded a year ago.

Total assets reached $382.7 million at June 30, 2008, higher than $381.1 million at June 30, 2007. Likewise, total liabilities for the same dates increased $9.6 million to $328.2 million from $318.6 million.

http://www.datamonitor.com

Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index