U & I Financial Corp. Reports Second Quarter 2018 Results
LYNNWOOD, Wash.--(BUSINESS WIRE)--Jul 10, 2018--U & I Financial Corp. (OTC Pink: UNIF), the holding company for UniBank, today reported year to date net income of $2.2 million or $0.39 per share for the quarter ending June 30, 2018, as compared to $1.5 million or $0.30 per share for the year earlier period. The year to date net income increased $639 thousand or 42% from the prior year.
As compared to June 30, 2017, total assets increased by $55.0 million (24%) to $288.5 million in 2018 fueled by both loans growth of $45.9 million (29%) to $202.1 million and deposits growth of $42.6 million (22%) to $236.9 million.
“We are very pleased with the year to date results. The Bank has rebounded from the challenges from the prior year caused by the failed merger, and have continued to build momentum after finishing strong last year. We credit this turnaround to our very talented staff, a knowledgeable and supportive board, and our faithful shareholders. We look forward to continue rewarding our shareholders with excellent results,” said Peter Park, President and CEO of UniBank.
2018 Second Quarter Highlights
Total assets grew 24% to $288.5 million as compared to $233.5 million a year ago.
Total loans, net of provision, grew 29% to $202.1 million as compared to $156.2 million a year ago.
Total deposits grew 22% to $236.9 million as compared to $194.3 million a year ago.
Net income year to date grew 42% to $2.2 million as compared to $1.5 million one year ago.
Net income for the quarter grew 16% to $1.3 million as compared to $1.1 million one year ago.
Net interest income grew 31% to $2.8 million for the quarter as compared to $2.1 million one year ago.
Net interest margin was 4.29% for the quarter as compared to 3.86% one year ago.
Gain on sale of SBA loans was $908 thousand year to date as compared to $311 thousand a year ago.
Return on average equity for the quarter was 12.99% as compared to 11.91% a year ago.
Nonperforming assets to total assets was 0.47% as compared to 0.68% a year ago.
The efficiency ratio (noninterest expense divided by revenue) was 50.39% for the quarter as compared to 61.51% a year ago.
About U & I Financial Corp.
UniBank, the wholly-owned subsidiary of U & I Financial Corp. (OTC Pink: UNIF), is one of the highest performing banks in Washington state in terms of return on assets. Based in Lynnwood, Washington, the bank was founded in 2006 to serve the small to medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. Customers can access their accounts in any of the 4 branches – Lynnwood, Bellevue, Federal Way and Tacoma – online, or through the Bank’s ATM network.
For more information visit www.unibankusa.com or call (425) 275-9700.
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe UniBank’s projections, estimates, plans and expectations of future results and can be identified by words such as “believe,” “intend,” “estimate,” “likely,” “anticipate,” “expect,” “looking forward,” and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; adverse changes in local, national and international economies; changes in the Federal Reserve’s actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. UniBank undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180710006054/en/
CONTACT: U & I Financial Corp.
Stephanie Yoon, 425-275-9727
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING
SOURCE: U & I Financial Corp.
Copyright Business Wire 2018.
PUB: 07/10/2018 05:40 PM/DISC: 07/10/2018 05:40 PM