U & I Financial Corp. Reports 2018 Financial Results
LYNNWOOD, Wash.--(BUSINESS WIRE)--Jan 29, 2019--U & I Financial Corp. (OTCQX: UNIF), the holding company for UniBank, today reported record annual net income of $4.5 million or $0.82 per share in 2018, as compared to $3.2 million or $0.60 per share for the year earlier period. Net income increased $1.3 million or 41% from the prior year. Net interest margin increased to 4.30% for the full year as compared to 4.06% in 2017.
As of December 31, 2018 total assets and net loans were at record levels at $304.9 million and $208.5 million, respectively. As compared to December 31, 2017, total assets increased by $30.9 million (11%), and net loans increased by $29.9 million (17%).
“We are very pleased with the financial results as we have started to fire on all cylinders based on our core strengths. Although we are facing some economic head winds entering 2019, we plan on continuing our growth strategies, supported by our dedicated staff and astute board. In turn, we hope to consistently deliver favorable returns to our shareholders,” said Peter Park, President and CEO of UniBank.
2018 Financial Highlights
Total assets grew 11% to $304.9 million as compared to $274.0 million a year ago.
Total loans, net of reserve, grew 17% to $208.5 million as compared to $178.6 million a year ago.
Total deposits grew 8% to $248.7 million as compared to $231.0 million a year ago.
Net income for the year increased 41% to $4.5 million as compared to $3.2 million one year ago.
Net interest income for the year grew 22% to $11.1 million as compared to $9.1 million one year ago.
Net interest margin for the year was 4.30% as compared to 4.06% one year ago.
Return on average equity for the year was 11.04% as compared to 8.35% a year ago.
Return on average assets for the year was 1.62% as compared to 1.29% a year ago.
Nonperforming assets to total assets was 0.24% as compared to 0.58% a year ago.
Efficiency ratio (noninterest expense divided by revenue) for the year was 57.02% as compared to 64.41% a year ago.
About U & I Financial Corp.
UniBank, the wholly-owned subsidiary of U & I Financial Corp. (OTCQX: 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 U & I Financial Corp.’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. U & I Financial Corp. 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/20190129005856/en/
CONTACT: U & I Financial Corp.
Stephanie Yoon, 425-275-9727
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: U & I Financial Corp.
Copyright Business Wire 2019.
PUB: 01/29/2019 04:30 PM/DISC: 01/29/2019 04:30 PM