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U&I Financial Corp. (OTCQX: UNIF), headquartered in Lynnwood, Washington, is the holding company for UniBank. Founded in 2006, UniBank is renowned for its robust performance metrics, particularly its high return on assets among Washington state banks. UniBank primarily serves small to medium-sized businesses, professionals, and individuals across the United States, with a distinct focus on government-guaranteed loan programs.
As of December 31, 2023, U&I Financial Corp. reported Total Assets of $622.6 million, marking a 6.1% increase from the previous year. Despite facing significant earnings challenges in the fourth quarter of 2023, including a net loss of $18.2 million due to increased provisions for credit losses, the company remains strategically positioned for long-term shareholder value.
UniBank's core operations span four branches located in Lynnwood, Bellevue, Federal Way, and Tacoma, offering a range of banking services accessible online and through their ATM network. The bank has recently navigated challenging economic conditions, experiencing a slowdown in loan demand and faced credit deterioration. Nevertheless, it continues to demonstrate resilience by maintaining a strong capital position and sufficient liquidity.
Recent financial highlights include:
- As of September 30, 2023, Total Assets reached $612.2 million, an 11.0% increase from $551.5 million the previous year.
- Net Loans grew to $476.9 million, a 10.0% rise from $433.5 million.
- Total Deposits increased by 11.3% to $522.1 million from $469.3 million.
In the first quarter of 2024, U&I Financial Corp. reported a net income of $1.3 million, recovering from the substantial net loss in the previous quarter. The company has appointed Stephanie Yoon as the Interim CEO, following the departure of Peter Park, and initiated a search for a permanent CEO. Ms. Yoon, with an illustrious career including roles at Hamni Bank and Citibank, brings extensive experience to the position.
Despite the uncertain economic environment, U&I Financial Corp. remains committed to its strategic goals, anticipating a gradual improvement in loan demand and overall financial health. The bank continues to manage risks through prudent financial practices and aims to maintain its commitment to delivering solid returns to shareholders.
For more information, visit www.unibankusa.com or call (425) 275-9700.
U & I Financial Corp (OTCQX:UNIF) has amended its Q3 2024 financial results, reporting significant changes in key metrics. The restatement shows decreases of $8.7 million each in Gross Loans and Allowance for Credit Losses (ACL) on Loans due to commercial equipment loan charge-offs. While the restatement had no impact on earnings, it led to notable changes: ACL to Loans ratio dropped from 6.59% to 4.70%, Net Credit Charge-Offs doubled to $17.4 million for the quarter, and Nonperforming Assets to Total Assets ratio improved from 2.74% to 1.23%. Capital ratios also decreased slightly, with Tier 1 Leverage Ratio falling from 7.53% to 7.22%.
U & I Financial Corp. (UNIF) reported a significant quarterly Net Loss of $15.0 million ($2.73 per share) in Q3 2024, compared to Net Income of $2.4 million in Q3 2023. The loss primarily stems from a $19.5 million Provision for Credit Losses. Total Assets decreased 7.0% to $569.6 million, Net Loans fell 14.0% to $410.3 million, and Total Deposits declined 10.3% to $468.2 million year-over-year. The bank faced credit deterioration in commercial-equipment loans, which totaled $38.3 million. Despite challenges, capital ratios remain above regulatory 'well capitalized' minimums.
U & I Financial Corp. (OTCQX:UNIF), the holding company of UniBank, has announced two key executive appointments effective September 1, 2024. Robert Disotell joins as Executive Vice President (EVP) and Chief Credit Officer (CCO), bringing 21 years of experience as a Chief Credit/Lending Officer in Washington and California. Additionally, JJ Kim has been appointed as EVP and Chief Banking Officer, overseeing branch network and loan originations.
Disotell's extensive background includes roles at California Coast Credit Union and Cascade Bank, with 35 years of experience in the Puget Sound market. Kim brings 23 years of experience in Puget Sound banking markets, having held senior positions at GBC International, Bank of Hope, and Heritage Bank.
These strategic appointments aim to strengthen UniBank's leadership and enhance its lending operations and community service.
U & I Financial Corp. has reported a net loss of $827 thousand or $0.15 per share for Q2 2024, a significant decrease compared to a net income of $2.4 million or $0.44 per share in the same period last year.
The decline is primarily due to a $3.0 million increase in Provision for Credit Losses in Q2 2024. Other key metrics include:
- Total Assets: $572.6 million, down 5.7% from the previous year.
- Net Loans: $441.5 million, down 8.4%.
- Total Deposits: $451.9 million, a 12.6% decrease.
- Allowance for Credit Losses (ACL) on Loans: $17.7 million as of June 30, 2024.
- ACL on Off-Balance Sheet Credit Exposure: $2.2 million.
The financial decline stems from ongoing challenges with commercial-equipment loans, necessitating increased reserves and impacting overall credit quality.
U & I Financial Corp (OTCQX:UNIF), the holding company of UniBank, has announced significant leadership changes. Stephanie Yoon has been appointed as the permanent Chief Executive Officer of both the Company and Bank, effective July 16, 2024. Yoon, a 13-year veteran of the Bank with 30 years of banking experience, has been serving as Interim CEO since February 2024.
The company has also added two new directors: Ken Johnson, former Executive VP of Banner Bank, and Scott Strand, former Executive VP and COO of Boeing Employees Credit Union. Additionally, Ellis Chang, a director since 2021, has been appointed as chair of the Boards.
U & I Financial Corp. reported a decrease in net income for the first quarter of 2024 compared to the same period in 2023 primarily due to less net interest income. The company turned positive after a significant restated net loss in the previous quarter. Total assets increased slightly, while net loans decreased, and total deposits saw a notable decrease. The company also faced challenges with a lawsuit from borrowers of commercial-equipment loans. The Bank remains well-capitalized and has sufficient liquidity.
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