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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. (UNIF) reported strong Q1 2023 financial results, achieving record quarterly earnings of $2.7 million or $0.49 per share, an increase from $2.1 million or $0.37 per share in Q1 2022. Key highlights include:
- Total assets rose by 23.1% to $589.8 million.
- Net loans increased by 32.0% to $465 million.
- Total deposits grew by 26.1% to $503.7 million.
- Net interest income was $5.9 million, contributing to a net interest margin of 4.17%.
Though the bank anticipates economic uncertainty for 2023, it remains optimistic about its growth strategy.
U & I Financial Corp. (OTCQX: UNIF) announced a cash dividend of $0.10 per share, payable on April 21, 2023, to shareholders on record as of April 7, 2023. Despite challenges within the banking sector, CEO Peter Park emphasized the company's strong position for growth, highlighting robust capital, excellent credit quality, sufficient liquidity, and solid earnings. The decision to maintain the semi-annual dividend reflects confidence in UniBank's financial stability. Established in 2006, UniBank serves various clients across the U.S., operating four branches in Washington and focusing on government-guaranteed loan programs.
U & I Financial Corp. (OTCQX:UNIF) reported record earnings of $3.4 million ($0.62 per share) for Q4 2022, up from $2.3 million ($0.41 per share) in Q4 2021, reflecting an increase of $1.1 million or 47.8% due to higher net interest income. Total assets rose 28.8% to $586.8 million, with net loans up 41.2% to $454.4 million, and total deposits increasing 30.4% to $488.3 million. Year-to-date net income also increased 30.9% to $11.1 million. However, the outlook for 2023 is uncertain due to inflation and recession risks, though the company remains committed to infrastructure investments to support future growth.
U & I Financial Corp. (OTCQX:UNIF) reported record third-quarter earnings of $3.0 million ($0.55 per share), a 29.3% increase from $2.3 million ($0.42 per share) in Q3 2021. Total assets rose by 26.0% to $551.5 million, while net loans increased 36.2% to $433.5 million, and total deposits grew 28.5% to $469.3 million. The return on average assets improved to 2.16%. However, CEO Peter Park cautioned that inflation and interest rate conditions may moderate loan demand and profitability in coming quarters.
U & I Financial Corp. (OTCQX:UNIF) announced a cash dividend of $0.10 per common share, payable on or about October 21, 2022, to shareholders of record by October 7, 2022. The decision to distribute dividends reflects the Bank's strong performance amidst economic uncertainties, according to President and CEO Peter Park, who anticipates dividends will continue semi-annually. UniBank, a wholly-owned subsidiary, is recognized for its high performance in Washington, focusing on government-backed loan programs.
U & I Financial Corp. (OTCQX:UNIF) reported record earnings of $2.6 million ($0.48 per share) for Q2 2022, up from $2.2 million ($0.41) a year prior. Total assets rose by 25.4% to $522.9 million, while net loans surged 53.6% to $421.7 million. Deposits increased by 22.9% to $427.5 million. Despite robust growth, the CEO cautioned about uncertainty in future growth due to inflation and recession risks but emphasized a commitment to expanding their business bank services nationwide.
U & I Financial Corp. (OTCQX:UNIF) reported record quarterly earnings of $2.1 million or $0.37 per share in Q1 2022, up from $1.6 million or $0.29 per share in Q1 2021, driven by increased net interest income. Total assets grew 16.3% to $479.1 million, net loans rose 19.0% to $352.3 million, and total deposits climbed 16.7% to $399.4 million. The company also announced a cash dividend and a stock repurchase program, reflecting confidence in long-term value despite potential economic challenges.
U & I Financial Corp. (OTCQX:UNIF) announced a cash dividend of $0.10 per common share, payable on or about April 14, 2022, to stockholders of record by March 31, 2022. This decision reflects the Board's commitment to reward shareholders after years of steady growth. President and CEO Peter Park indicated that, economic conditions permitting, dividends will continue to be issued on a semi-annual basis. UniBank, as a subsidiary, focuses on serving small to medium-sized businesses and ethnic minority communities in Washington state.
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