United Community Financial Corp. 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended December 31, 2007
OR
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TRANSITIONS REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from to .
Commission file number: 0-024399
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A. |
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Full title of the plan and the address of the plan, if different from that of
the issuer below:
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THE HOME SAVINGS AND LOAN COMPANY 401(k) SAVINGS PLAN |
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B. |
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Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office: |
United Community Financial Corp.
275 West Federal Street
Youngstown, Ohio 44503
REQUIRED INFORMATION
The following financial statements and supplemental schedule for The Home Savings and Loan Company
401(k) Savings Plan are being filed herewith:
Description:
Contents of Financial Statements
Report of Independent Registered Public Accounting Firm
Audited Financial Statements:
Statement of Net Assets Available for Benefits at December 31, 2006
and December 31, 2007.
Statement of Changes in Net Assets Available for Benefits for the year
ended December 31, 2007.
Notes to Financial Statements
Supplemental Schedule:
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
The following exhibit is being filed herewith:
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Exhibit |
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No. |
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Description |
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23.1
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Consent of Crowe Chizek and Company LLC
Independent Auditors |
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
FINANCIAL STATEMENTS
December 31, 2007 and 2006
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
Youngstown, Ohio
FINANCIAL STATEMENTS
December 31, 2007 and 2006
CONTENTS
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1 |
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FINANCIAL STATEMENTS |
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2 |
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3 |
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4 |
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SUPPLEMENTAL SCHEDULE |
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9 |
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EX-23.1 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Home Savings & Loan Company
401(k) Savings Plan
Youngstown, Ohio
We have audited the accompanying statements of net assets available for benefits of the Home
Savings & Loan Company 401(k) Savings Plan as of December 31, 2007 and 2006, and the related
statement of changes in net assets available for benefits for the year ended December 31, 2007.
These financial statements are the responsibility of the Plans management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and
the changes in net assets available for benefits for the year ended December 31, 2007 in conformity
with U.S. generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the
purpose of additional analysis and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labors Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental
schedule is the responsibility of the Plans management. The supplemental schedule has been
subjected to the auditing procedures applied in the audit of the basic 2007 financial statements
and, in our opinion, are fairly stated in all material respects in relation to the basic 2007
financial statements taken as a whole.
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/s/ Crowe Chizek and Company LLC
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Oak Brook, Illinois June 27, 2008 |
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1.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2007 and 2006
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2007 |
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2006 |
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ASSETS |
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Investments, at fair value (Note 4) |
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Shares of registered investment companies |
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$ |
14,729,692 |
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$ |
13,186,439 |
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Shares of common collective fund |
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262,137 |
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43,530 |
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Shares of money market funds |
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7,959 |
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5,571 |
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United Community Financial Corp. common stock |
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2,513,896 |
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5,356,469 |
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Loans to plan participants |
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496,163 |
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471,466 |
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18,009,847 |
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19,063,475 |
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Receivables |
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Due from broker |
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1,047 |
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80,699 |
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Participant contributions |
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41,177 |
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Employer contribution |
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14,852 |
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1,047 |
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136,728 |
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Cash |
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5,398 |
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228,979 |
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Total assets |
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18,016,292 |
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19,429,182 |
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LIABILITIES |
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Due to broker |
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6,339 |
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161,621 |
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Total liabilities |
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6,339 |
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161,621 |
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Net assets reflecting all investments at fair value |
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18,009,953 |
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19,267,561 |
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Adjustments from fair value to contract value for fully
benefit-responsive contracts |
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NET ASSETS AVAILABLE FOR BENEFITS |
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$ |
18,009,953 |
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$ |
19,267,561 |
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See accompanying notes to financial statements.
2.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2007
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Additions to net assets attributed to: |
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Investment income (loss) |
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Net depreciation in fair value of
investments (Note 4) |
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$ |
(2,701,437 |
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Interest and dividends |
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1,224,433 |
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(1,477,004 |
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Contributions |
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Employer |
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516,214 |
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Participant |
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1,419,814 |
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Rollovers |
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149,083 |
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2,085,111 |
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Total additions |
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608,107 |
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Deductions from net assets attributed to: |
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Benefits paid to participants |
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1,854,458 |
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Administrative expenses |
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11,257 |
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Total deductions |
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1,865,715 |
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Net decrease |
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(1,257,608 |
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Net assets available for benefits |
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Beginning of year |
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19,267,561 |
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End of year |
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$ |
18,009,953 |
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See accompanying notes to financial statements.
3.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 1 DESCRIPTION OF PLAN
The following description of The Home Savings & Loan Company 401(k) Savings Plan (the Plan) is
provided for general information purposes only. Participants should refer to the Plan document for
a more complete description of the Plans provisions.
General: The Plan was established by The Home Savings & Loan Company (the Company)
effective January 1, 1993. The Plan is subject to the provisions of the Employee Retirement Income
Security Act (ERISA). Employees of the Company are eligible to become a participant in the Plan
upon completion of six months of service and after reaching age 20, if not a member of a union with
which the Company has a collective bargaining agreement, a nonresident alien, a leased employee, a
limited service employee, or a seasonal employee.
Contributions: Participants may authorize up to 100% of their annual pretax compensation,
subject to Internal Revenue Code limitations, to be withheld by the Company through payroll
deductions. The Plan also allows any participant who has attained age 50 by the end of the Plan
year to make catch-up contributions in accordance with Code Section 414(v). The Company may make a
matching contribution based on a percentage of participant contributions, as determined each year
by the Company. For 2007, the Company matched 50% of up to the first 6% of the participant
compensation deferred. Additional amounts may be contributed at the option of the Company and are
subject to certain limitations.
Participant Accounts: Each participant account is credited with the participants
contribution, and an allocation of (a) the Companys contributions, (b) net investment earnings,
and (c) forfeitures. Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit that can be provided from
the participants vested account. Each participant directs the investment of their account to any
of the investment options available under the Plan, including common stock of United Community
Financial Corp., the Companys parent.
Vesting: Participants are immediately vested in their contributions plus actual earnings
thereon. Any employer contributions vest accordingly to the following schedule:
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Years of Service |
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Vest % |
Less than 1
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0 |
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1
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0 |
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2
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0 |
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3
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100 |
% |
(Continued)
4.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 1 DESCRIPTION OF PLAN (Continued)
Forfeited Accounts: At December 31, 2007 and 2006, forfeited non-vested accounts totaled
$217 and $2,502, respectively. These accounts are first used to restore the previously forfeited
account balances of qualifying participants that resume employment with the Company. Any remaining
forfeitures are used to reduce future Company contributions or are reallocated to the remaining
Plan participants. During 2007, forfeitures of $21,101 were used to reduce employer contributions.
Retirement, Death and Disability: A participant is entitled to 100% of his or her account
balance upon retirement, death or disability.
Payment of Benefits: Participants who have attained age 59-1/2 may elect to withdraw all
or part of the value of the participants vested account balance. Withdrawals can also be made at
any time if an employee encounters a severe financial hardship. Vested amounts are distributed to
participants upon termination of employment. Participants may receive their distribution in either
a lump sum payment or in installment payments.
Participant Loans: Participants may borrow from their fund accounts up to $50,000 or 50
percent of their vested account balance, whichever is less. The loans are secured by the balance
in the participants account and bear a fixed interest at the prime rate plus 1% as of the
beginning of the quarter. The beginning interest rate is not reset. Principal and interest are
paid through payroll deductions.
NOTE 2 SUMMARY OF ACCOUNTING POLICIES
Accounting Method: The Plans financial statements are prepared on the accrual basis of
accounting in conformity with U.S. generally accepted accounting principles.
Investment Valuation and Income Recognition: The Plans investments are stated at fair
value. Quoted market prices are used to value shares of registered investment companies and common
stocks traded on a national exchange.
Loans to participants are valued at their outstanding balances, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded
on the accrual basis. Dividends are recorded on the ex-dividend date.
The fair values of the Plans interests in common collective trust funds, including stable value
funds, are based upon the net asset values of such funds reflecting all investments at fair value, including direct and indirect interests in fully benefit-responsive contracts, as reported by the
fund managers.
5.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 2 SUMMARY OF ACCOUNTING POLICIES (Continued)
While Plan investments are presented at fair value in the statement of net assets available for
benefits, any material difference between the fair value of the Plans direct and indirect
interests in fully benefit-responsive investment contracts and their contract value is presented as
an adjustment line in the statement of net assets available for benefits, because contract value is
the relevant measurement attribute for that portion of the Plans net assets available for
benefits. Contract value represents contributions made to a contract, plus earnings, less
participant withdrawals and administrative expenses. Participants in fully benefit-responsive
contracts may ordinarily direct the withdrawal or transfer of all or a portion of their investment
at contract value.
Management has determined that the estimated fair value of the Plans investments in fully
benefit-responsive contracts as of December 31, 2007 and 2006 approximates contract value.
Accordingly, the statements of net assets available for benefits reflect no adjustment for the
difference between net assets with all investments at fair value and net assets available for
benefits.
Estimates: The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires the plan administrator to make estimates and assumptions
that affect certain reported amounts and disclosures and actual results could differ from those
estimates. Estimates of investment valuation are particularly subject to change in the near term.
Payment of Benefits: Benefits are recorded when paid.
Risk and Uncertainties: The Plan provides for various investment options including any
combination of certain mutual funds, a common collective fund, a money market fund and common stock
of the parent of the Company (United Community Financial Corp.). The underlying investment
securities are exposed to various risks, such as interest rate, market and credit risks. Due to
the level of risk associated with certain investment securities, it is at least reasonably possible
that changes in the values of investment securities will occur in the near term and that such
changes could materially affect the amounts reported in the statement of net assets available for
benefits and participants individual account balances.
Concentration of Credit Risk: At December 31, 2007 and 2006, approximately 14% and 28%,
respectively, of the Plans assets were invested in United Community Financial Corp. common stock.
6.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 2 SUMMARY OF ACCOUNTING POLICIES (Continued)
Effect of Newly Issued But Not Yet Effective Accounting Standards: In September 2006, the FASB
issued Statement No. 157, Fair Value Measurements. This Statement defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. This
Statement establishes a fair value hierarchy about the assumptions used to measure fair value and
clarifies assumptions about risk and the effect of a restriction on the sale or use of an asset.
The standard is effective for fiscal years beginning after November 15, 2007.
In February 2008,
the FASB issued Staff Position (FSP) 157-2, Effective Date of FASB Statement No. 157. This FSP delays the effective date of FAS 157 for all nonfinancial assets and
nonfinancial liabilities, except those that are recognized or disclosed at fair value on a
recurring basis (at least annually) to fiscal years beginning after November 15, 2008, and interim periods
within those fiscal years. The impact of adoption of FASB Statement No. 157 on the Plans net
assets available for benefits and changes in net assets available for benefit is not anticipated to
be material.
In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial Assets and
Financial Liabilities. The standard provides reporting entities with an option to report selected
financial assets and liabilities at fair value and establishes presentation and disclosure
requirements designed to facilitate comparisons between reporting entities that choose different
measurement attributes for similar types of assets and liabilities. The new standard is effective
for the Plan on January 1, 2008. The Plan did not elect the fair value option for any financial
assets or financial liabilities as of January 1, 2008.
Reclassification: Certain items in the prior year financial statements were reclassified
to conform to the current presentation.
NOTE 3 RIGHTS UPON PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the provisions of
ERISA. In the event of plan termination, participants would become 100% vested in their accounts.
7.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 4 INVESTMENTS
The following presents investments that represent 5% or more of the Plans net assets.
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December 31, 2007 |
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Units or Shares |
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Fair Value |
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United Community Financial Corp. common stock |
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455,416 |
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$ |
2,513,896 |
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Registered Investment Companies |
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American Fundamental Investors Fund |
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31,278 |
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1,327,734 |
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Victory Diversified Stock Fund |
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72,578 |
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1,289,718 |
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American Investment Company of America Fund |
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36,428 |
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1,200,317 |
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Davis New York Venture Fund |
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24,561 |
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982,698 |
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American Growth Fund of America |
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29,220 |
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993,783 |
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American AMCAP Fund |
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46,455 |
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936,523 |
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December 31, 2006 |
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Units or Shares |
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Fair Value |
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United Community Financial Corp. common stock |
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437,620 |
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$ |
5,356,469 |
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Registered Investment Companies |
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American Fundamental Investors Fund |
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29,755 |
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1,191,705 |
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Victory Diversified Stock Fund |
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65,361 |
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1,179,763 |
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American Investment Company of America Fund |
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34,084 |
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1,142,155 |
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During 2007, the Plans investments (including gains and losses on investments bought and sold, as
well as held during the year) appreciated/(depreciated) in value as follows:
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Shares of common collective fund |
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$ |
8,120 |
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Shares of registered investment companies |
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220,805 |
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United Community Financial Corp. common stock |
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(2,930,362 |
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$ |
(2,701,437 |
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NOTE 5 INVESTMENT CONTRACT WITH INSURANCE COMPANY
The Plan invests in the MetLife Stable Value Fund which is the holder of one MetLife managed
guaranteed interest contract, which is a fully benefit responsive contract. MetLife maintains the
contributions in its general account. The account is credited with earnings on the underlying
investments and charged for participant withdrawals and administrative expenses. Participants may
ordinarily direct the withdrawal or transfer of all or a portion of their investments at contract
value. Contract value represents contributions made under the contract, plus earnings, less
participant withdrawals and administrative expenses. There are no reserves against contract value
for credit risk of MetLife or otherwise.
8.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 5 INVESTMENT CONTRACT WITH INSURANCE COMPANY (Continued)
The investment contract specifies certain conditions under which distributions from the contract
would be payable at amounts below contract value. Such circumstances include Plan termination,
Plan merger, premature contract termination initiated by the Company, and certain other
Company-initiated events that result in distributions exceeding a set amount. The contract limits
the circumstances under which MetLife may terminate the contracts. Examples of circumstances which
would allow MetLife to terminate the contracts include the Plans loss of its qualified status,
uncured material breaches of responsibilities, or material and adverse changes to the provisions of
the Plan. If one of these events were to occur, MetLife could terminate the contract at an amount
less than contract value. Currently, management believes that the occurrence of an event that
would cause the Plan to transact contract distributions at less than contract value is not
probable.
The crediting interest rate of the contract is based on an agreed-upon formula with MetLife Issuer,
as defined in the contract agreement, with a minimum credited rate of 0%. Such interest rate is
reviewed on a semi-annual basis for resetting. The key factors that influence future interest
crediting rates could include the following: the level of market interest rates; the amount and
timing of participant contributions, transfers and withdrawals into/out of the contracts; and the
duration of the underlying investments backing the contract. The resulting gain or loss in the
fair value of the investment contract relative to its contract value, if any, is reflected in the Statement of Net Assets Available for Benefits as Adjustment from fair value to contract value for
fully benefit-responsive investment contracts.
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2007 |
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2006 |
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Average yields: |
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Based on annualized earnings (1) |
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6.53 |
% |
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4.56 |
% |
Based on interest rate credited to participants (2) |
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4.69 |
% |
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4.66 |
% |
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(1) |
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Computed by dividing the annualized one-day actual earnings of the contract on the last
day of the Plan year by the fair value of the contract investments on the same date. |
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(2) |
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Computed by dividing the annualized one-day earnings credited to participants on the
last day of the Plan year by the fair value of the contract investments on the same date. |
9.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007 and 2006
NOTE 6 PARTY-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan,
any party rendering services to the Plan, the employer and certain others. Most administrative
expenses of the Plan are paid for by the Company. During 2007, the Plan paid fees of $11,257 to
Invesmart for administrative services. Approximately $165,360 of cash dividends were paid to the
Plan by United Community Financial Corp. during 2007 based on shares held by the Plan on the dates
of declaration. United Community Financial Corp. is the parent of the plan sponsor.
At year-end, the Plan held the following party-in-interest investments (at fair value):
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2007 |
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2006 |
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United Community Financial Corp. common stock |
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$ |
2,513,896 |
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$ |
5,356,469 |
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Loans to plan participants |
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496,163 |
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471,466 |
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Reliance Trust Company MetLife Stable Value Fund |
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262,137 |
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43,530 |
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NOTE 7 TERMINATED PARTICIPANTS
Included in net assets available for benefits are amounts allocated to individuals who have elected
to withdraw from the Plan, but who have not yet been paid. Plan assets allocated to these
participants were $98,882 and $194,813 at December 31, 2007 and 2006, respectively.
NOTE 8 TAX STATUS
The Internal Revenue Service has determined and informed the Company by letter dated February 14,
2005, that the Plan is designed in accordance with applicable sections of the Internal Revenue Code
(IRC). Although the Plan has been amended since receiving this determination letter, the Plan administrator believes that the Plan is designed and is currently being operated
in compliance with the applicable requirements of the IRC.
10.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2007
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Name of Plan Sponsor:
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The Home Savings & Loan Company
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Employer identification number:
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34-0296160
|
Three digit plan number:
|
|
001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
(c) |
|
|
|
|
|
|
Identity of Issue, |
|
Description of Investment Including |
|
|
|
(e) |
|
|
Borrower, Lessor |
|
Maturity Date, Rate of Interest, |
|
(d) |
|
Current |
(a) |
|
or Similar Party |
|
Collateral, Par or Maturity Value |
|
Cost |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
|
|
|
|
*
|
|
United Community Financial
Corp.
|
|
Common stock, 455,416 shares
|
|
**
|
|
$ |
2,513,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,513,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of registered
investment companies |
|
|
|
|
|
|
|
|
Pioneer Investments
|
|
Pioneer Mid-cap Value Fund,
17,572 shares
|
|
**
|
|
|
390,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Victory Funds
|
|
Victory Diversified Stock Fund,
72,578 shares
|
|
**
|
|
|
1,289,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIM Investments
|
|
AIM International Growth Fund,
23,520 shares
|
|
**
|
|
|
753,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Capital
Management
|
|
Alliance Bernstein Fund,
44,230 shares
|
|
**
|
|
|
740,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Capital
Management
|
|
Alliance Technology Fund,
3,913 shares
|
|
**
|
|
|
304,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
American Balanced Fund,
39,106 shares
|
|
**
|
|
|
755,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The Bond Fund of America,
24,065 shares
|
|
**
|
|
|
314,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Davis Funds
|
|
Davis New York Venture Fund,
24,561 shares
|
|
**
|
|
|
982,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
EuroPacific Growth Fund,
14,880 shares
|
|
**
|
|
|
756,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
Fundamental Investors Fund,
31,278 shares
|
|
**
|
|
|
1,327,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The Growth Fund of America,
29,220 shares
|
|
**
|
|
|
993,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The Investment Company of
America Fund, 36,428 shares
|
|
**
|
|
|
1,200,317 |
|
* Denotes party-in-interest
** All investments are participant directed, therefore, historical cost information is not required.
(Continued)
11.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
SCHEDULE H, LINE 4I SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2007
|
|
|
Name of Plan Sponsor:
|
|
The Home Savings & Loan Company
|
Employer identification number:
|
|
34-0296160
|
Three digit plan number:
|
|
001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
(c) |
|
|
|
|
|
|
|
Identity of Issue, |
|
Description of Investment Including |
|
|
|
(e) |
|
|
|
Borrower, Lessor |
|
Maturity Date, Rate of Interest, |
|
(d) |
|
Current |
|
(a) |
|
or Similar Party |
|
Collateral, Par or Maturity Value |
|
Cost |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds |
|
American Funds Company |
|
|
|
|
|
|
|
|
|
|
Class A Fund, 11,110 shares |
|
** |
|
$ |
453,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFS Investment |
|
MFS Total Return Fund, |
|
|
|
|
|
|
|
|
Management |
|
50,249 shares |
|
** |
|
|
765,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin Templeton |
|
Franklin Small Mid Cap |
|
|
|
|
|
|
|
|
Investments |
|
Growth Fund, 10,880 shares |
|
** |
|
|
385,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin Templeton |
|
Franklin U.S. Government |
|
|
|
|
|
|
|
|
Investments |
|
Securities Fund, 49,040 shares |
|
** |
|
|
318,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds |
|
AMCAP Fund, 46,455 shares |
|
** |
|
|
936,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seligman |
|
Seligman Communications & |
|
|
|
|
|
|
|
|
|
|
Information Fund, 8,141 shares |
|
** |
|
|
310,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thornburg |
|
Thornburg International Value Fund, |
|
|
|
|
|
|
|
|
|
|
22,533 shares |
|
** |
|
|
749,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pimco Advisors |
|
Pimco Low Duration Fund, |
|
|
|
|
|
|
|
|
|
|
32,574 shares |
|
** |
|
|
329,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federated Funds |
|
Federated Government Obligations |
|
|
|
|
|
|
|
|
|
|
Fund, 669,583 shares |
|
** |
|
|
669,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,729,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common collective fund |
|
|
|
|
|
|
|
|
Reliance Trust Company |
|
MetLife Stable Value Fund, |
|
|
|
|
|
|
|
|
|
|
17,580 shares |
|
** |
|
|
262,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
262,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of money market funds |
|
|
|
|
|
|
|
|
AIM Investments |
|
AIM Money Market Cash Reserves |
|
|
|
|
|
|
|
|
|
|
Fund, 7,959 shares |
|
** |
|
|
7,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,959 |
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Participant loans |
|
Participant loans with interest |
|
|
|
|
|
|
|
|
|
|
rates ranging from 5% - 8% |
|
|
|
|
496,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,009,847 |
|
|
|
|
|
|
|
|
|
|
|
* Denotes party-in-interest
** All investments are participant directed, therefore, historical cost information is not required.
(Continued)
12.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE HOME SAVINGS AND LOAN COMPANY 401(k) SAVINGS PLAN
By: The Home Savings and Loan Company of Youngstown, Ohio
Its: Administrator
|
|
|
|
|
|
|
|
|
/s/ Patrick W. Bevack
|
|
|
Patrick W. Bevack, President and COO
Date: June 30, 2008 |
|
|
|
|
|
THE HOME SAVINGS AND LOAN COMPANY
401(k) SAVINGS PLAN
ANNUAL REPORT ON FORM 11-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007
INDEX TO EXHIBITS
|
|
|
Exhibit |
|
|
No. |
|
Description |
|
|
|
23.1
|
|
Consent of Crowe Chizek and Company LLC Independent Auditors |