11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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þ |
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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, 2008
OR
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o |
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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
A. |
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Full title of the plan and the address of the plan, if different from that of
the issuer below: |
THE HOME SAVINGS AND LOAN COMPANY 401(k) SAVINGS PLAN
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, 2007 and December 31, 2008.
Statement of Changes in Net Assets Available for Benefits for the year ended December 31,
2008.
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 |
23.1
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Consent of Crowe Horwath LLP |
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Independent Auditors |
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
FINANCIAL STATEMENTS
December 31, 2008 and 2007
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
Youngstown, Ohio
FINANCIAL STATEMENTS
December 31, 2008 and 2007
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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13 |
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EX-23.1 |
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2008 and 2007
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, 2008 and 2007, and the related
statement of changes in net assets available for benefits for the year ended December 31, 2008.
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, 2008 and 2007, and
the changes in net assets available for benefits for the year ended December 31, 2008 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 2008 financial statements
and, in our opinion, is fairly stated in all material respects in relation to the basic 2008
financial statements taken as a whole.
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/s/ Crowe Horwath LLP
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Crowe Horwath LLP |
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Cleveland, OH June 25, 2009 |
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See accompanying notes to financial statements.
1.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2008 and 2007
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2008 |
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2007 |
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ASSETS |
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Investments, at fair value (Note 4) |
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Registered investment companies |
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$ |
10,183,945 |
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$ |
14,729,692 |
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Common collective fund |
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428,967 |
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248,863 |
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Money market funds |
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303 |
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7,959 |
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United Community Financial Corp. common stock |
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489,344 |
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2,513,896 |
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Loans to plan participants |
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480,913 |
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496,163 |
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11,583,472 |
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17,996,573 |
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Receivables |
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Due from broker |
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1,047 |
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1,047 |
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Cash |
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3,715 |
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5,398 |
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Total assets |
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11,587,187 |
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18,003,018 |
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LIABILITIES |
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Due to broker |
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3,715 |
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6,339 |
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Total liabilities |
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3,715 |
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6,339 |
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Net assets reflecting all investments at fair value |
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11,583,472 |
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17,996,679 |
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Adjustments from fair value to contract value for fully
benefit-responsive contracts |
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33,640 |
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13,274 |
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NET ASSETS AVAILABLE FOR BENEFITS |
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$ |
11,617,112 |
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$ |
18,009,953 |
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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, 2008
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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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(7,371,045 |
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Interest and dividends |
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402,013 |
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(6,969,032 |
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Contributions
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Employer |
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511,716 |
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Participant |
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1,401,100 |
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Rollovers |
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138,754 |
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2,051,570 |
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Total additions |
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(4,917,462 |
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Deductions from net assets attributed to: |
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Benefits paid to participants |
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1,466,640 |
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Administrative expenses |
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8,739 |
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Total deductions |
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1,475,379 |
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Net decrease |
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(6,392,841 |
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Net assets available for benefits |
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Beginning of year |
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18,009,953 |
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End of year |
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$ |
11,617,112 |
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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, 2008 and 2007
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 2008, 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, 2008 and 2007
NOTE 1 DESCRIPTION OF PLAN (Continued)
Forfeited Accounts: At December 31, 2008 and 2007, forfeited non-vested accounts were
immaterial. 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 2008, forfeitures of $9,023 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 (see Note 5). 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.
5.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
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.
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, liquidity and credit risks.
Due to the level of risk associated with certain investment securities and the sensitivity of
certain fair value estimates to changes in valuation assumptions, 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, 2008 and 2007, approximately 4% and 14%,
respectively, of the Plans assets were invested in United Community Financial Corp. common stock.
Adoption of New Accounting Standards: In September 2006, the FASB issued Statement No.
157, Fair Value Measurements (FAS 157). This Statement defines fair value, establishes a framework
for measuring fair value, and expands disclosures about fair value measurements. This Standard is
effective for financial statements issued for fiscal years beginning after November 15, 2007. In
October 2008, the FASB issued Staff Position (FSP) 157-3, Determining the Fair Value of a Financial
Asset when the Market for That Asset Is Not Active. This FSP clarifies the application of FAS 157
in a market that is not active. The impact
of adoption of these standards as of January 1, 2008 was not material to the Plans net assets
available for benefits.
6.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
NOTE 2 SUMMARY OF ACCOUNTING POLICIES (Continued)
Effect of Newly Issued But Not Yet Effective Accounting Standards: In April 2009, the FASB
issued Staff Position (FSP) No. 157-4, Determining Fair Value When the Volume and Level of Activity
for the Asset and Liability Have Significantly Decreased and Identifying Transactions That are Not
Orderly. This FSP emphasizes that even if there has been a significant decrease in the volume and
level of activity, the objective of a fair value measurement remains the same. Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction (that is, not a forced liquidation or distressed sale) between market participants.
The FSP provides a number of factors to consider when evaluating whether there has been a
significant decrease in the volume and level of activity for an asset or liability in relation to
normal market activity. In addition, when transactions or quoted prices are not considered
orderly, adjustments to those prices based on the weight of available information may be needed to
determine the appropriate fair value. The FSP also requires increased disclosures. This FSP is
effective for annual reporting periods ending after June 15, 2009, and shall be applied
prospectively. Plan management does not expect the adoption to have a material effect on the
Plans net assets available for benefits or changes therein.
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, 2008 and 2007
NOTE 4 INVESTMENTS
The following presents investments that represent 5% or more of the Plans net assets.
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December 31, 2008 |
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Units or Shares |
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Fair Value |
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Registered Investment Companies |
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Federated Government Obligations |
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873,524 |
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$ |
873,524 |
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American Fundamental Investors Fund |
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30,869 |
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771,105 |
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Victory Diversified Stock Fund |
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70,462 |
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784,947 |
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American Investment Company of America Fund |
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36,015 |
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754,877 |
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Davis New York Venture Fund |
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25,898 |
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611,702 |
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American Growth Fund of America |
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30,489 |
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624,416 |
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American AMCAP Fund |
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50,362 |
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607,875 |
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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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During 2008, 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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$ |
14,420 |
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Shares of registered investment companies |
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(5,156,530 |
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United Community Financial Corp. common stock |
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(2,228,935 |
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$ |
(7,371,045 |
) |
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8.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
NOTE 5 FAIR VALUE MEASUREMENT
FAS 157 defines fair value as the price that would be received by the Plan for an asset or paid by
the Plan to transfer a liability (an exit price) in an orderly transaction between market
participants on the measurement date in the Plans principal or most advantageous market for the
asset or liability. FAS 157 establishes a fair value hierarchy which requires the Plan to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The hierarchy places the highest priority on unadjusted quoted market prices in active markets for
identical assets or liabilities (level 1 measurements) and gives the lowest priority to
unobservable inputs (level 3 measurements). The three levels of inputs within the fair value
hierarchy are defined as follows:
Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets
that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices
for similar assets or liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a reporting entitys own assumptions
about the assumptions that market participants would use in pricing an asset or liability.
In many cases, a valuation technique used to measure fair value includes inputs from multiple
levels of the fair value hierarchy. The lowest level of significant input determines the placement
of the entire fair value measurement in the hierarchy.
The fair values of registered investment companies and United Community Financial Corp. (UCFC)
common stock are determined by obtaining quoted prices on nationally recognized securities
exchanges (Level 1 inputs).
The fair values of interests in 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 (level 2 inputs). The fair values of
money market accounts are estimated to approximate deposit account balances (level 2 inputs).
Participant loans are reported at amortized cost, as the fair value of the loans is not practicable
to estimate due to restrictions placed on the transferability of the loans.
9.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
NOTE 5 FAIR VALUE MEASUREMENT (Continued)
The methods described above may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, while the Plan believes its
valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain financial instruments
could result in a different fair value measurement at the reporting date.
Investments measured at fair value on a recurring basis are summarized below, with the exception of
participant loans:
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Fair Value Measurements |
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at December 31, 2008 Using |
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Quoted Prices in |
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Significant |
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Active Markets |
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Other |
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Significant |
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for Identical |
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Observable |
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Unobservable |
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Assets |
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Inputs |
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Inputs |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Shares of registered investment companies |
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$ |
10,183,945 |
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$ |
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$ |
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UCFC common stock |
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489,344 |
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Common collective fund |
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428,967 |
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Money market fund |
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303 |
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NOTE 6 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.
10.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
NOTE 6 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 contract. Examples of circumstances which
would allow MetLife to terminate the contract 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.
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
2007 |
Average yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on annualized earnings (1) |
|
|
(3.82 |
)% |
|
|
6.53 |
% |
Based on interest rate credited to participants (2) |
|
|
4.62 |
% |
|
|
4.69 |
% |
|
|
|
(1) |
|
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. |
|
(2) |
|
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. |
11.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
NOTE 7 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 2008, the Plan paid fees of $8,739 to its
third party administrator, The Standard, for administrative services. Approximately $66,253 of
cash dividends were paid to the Plan by United Community Financial Corp. during 2008 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):
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
United Community Financial Corp. common stock |
|
$ |
489,344 |
|
|
$ |
2,513,896 |
|
Loans to plan participants |
|
|
480,913 |
|
|
|
496,163 |
|
Reliance Trust Company MetLife Stable Value Fund |
|
|
428,697 |
|
|
|
248,863 |
|
NOTE 8 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 at December 31, 2007. There were no Plan assets allocated to these
participants at December 31, 2008.
NOTE 9 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.
12.
THE HOME SAVINGS & LOAN COMPANY
401(k) SAVINGS PLAN
SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2008
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
|
|
|
|
*
|
|
United Community Financial Corp.
|
|
Common
stock, 543,715 shares
|
|
**
|
|
$ |
489,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
489,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of registered
investment companies |
|
|
|
|
|
|
|
|
Pioneer Investments
|
|
Pioneer Mid-cap Value Fund,
19,117 shares
|
|
**
|
|
|
278,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Victory Funds
|
|
Victory Diversified Stock Fund,
70,462 shares
|
|
**
|
|
|
784,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIM Investments
|
|
AIM International Growth Fund,
22,404 shares
|
|
**
|
|
|
416,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Capital
Management
|
|
Alliance Bernstein Fund,
43,971 shares
|
|
**
|
|
|
513,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Capital
Management
|
|
Alliance Bernstein Balanced Fund,
4,37 1shares
|
|
**
|
|
|
185,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
American Balanced Fund,
39,104 shares
|
|
**
|
|
|
538,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The
Bond Fund of America,
31,337 shares
|
|
**
|
|
|
337,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Davis Funds
|
|
Davis New York Venture Fund,
25,898 shares
|
|
**
|
|
|
611,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
EuroPacific Growth Fund,
14,855 shares
|
|
**
|
|
|
416,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
Fundamental Investors Fund,
30,869 shares
|
|
**
|
|
|
771,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The
Growth Fund of America,
30,489 shares
|
|
**
|
|
|
624,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
The Investment Company of
America Fund, 36,015 shares
|
|
**
|
|
|
754,877 |
|
|
|
|
* |
|
- Denotes party-in-interest |
|
** |
|
- All investments are participant directed, therefore, historical cost information is not
required. |
(Continued)
13.
|
|
|
|
|
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, 11,759 shares
|
|
**
|
|
$ |
243,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFS Investment
Management
|
|
MFS Total Return Fund,
49,778 shares
|
|
**
|
|
|
569,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin Templeton
Investments
|
|
Franklin Small Mid Cap
Growth Fund, 11,807 shares
|
|
**
|
|
|
239,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin Templeton
Investments
|
|
Franklin U.S. Government
Securities Fund, 61,301 shares
|
|
**
|
|
|
405,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
|
|
AMCAP
Fund, 50,362 shares
|
|
**
|
|
|
607,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seligman
|
|
Seligman Communications &
Information Fund, 9,074 shares
|
|
**
|
|
|
220,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thornburg
|
|
Thornburg International Value Fund,
21,092 shares
|
|
**
|
|
|
402,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pimco Advisors
|
|
Pimco Low Duration Fund,
41,311 shares
|
|
**
|
|
|
389,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federated Funds
|
|
Federated Government Obligations
Fund, 873,524 shares
|
|
**
|
|
|
873,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,183,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common collective fund |
|
|
|
|
|
|
|
|
Reliance Trust Company
|
|
MetLife Stable Value Fund,
29,668 shares
|
|
**
|
|
|
462,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
462,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of money market funds |
|
|
|
|
|
|
|
|
AIM Investments
|
|
AIM Money Market Cash Reserves
Fund, 303 shares
|
|
**
|
|
|
303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
303 |
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant loans
|
|
Participant loans with interest
rates ranging from 5% 8%
|
|
|
|
|
480,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,617,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
- Denotes party-in-interest |
|
** |
|
- All investments are participant directed, therefore, historical cost information is not
required. |
14.
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
|
|
Date: June 25, 2009 |
/s/ Patrick W. Bevack
|
|
|
Patrick W. Bevack, President and CEO |
|
|
|
|
THE HOME SAVINGS AND LOAN COMPANY
401(k) SAVINGS PLAN
ANNUAL REPORT ON FORM 11-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008
INDEX TO EXHIBITS
|
|
|
Exhibit |
|
|
No. |
|
Description |
23.1
|
|
Consent of Crowe Horwath LLP |
|
|
Independent Auditors |