United Community Bancorp reports loss in Q4

Mon. August 11, 2008; Posted: 05:01 AM

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.

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