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U & I Financial Corp. reports recurring developments for UniBank, its wholly owned bank subsidiary serving small to medium-sized businesses, professionals and individuals. Company news centers on quarterly and annual operating results, net income or loss, earnings per share, net interest income, tax items and provisions for credit losses.
Updates also describe UniBank's loan portfolio, deposit base, asset levels, credit quality, non-accrual or charged-off loans, recoveries, regulatory capital ratios and bank Call Report matters. The bank emphasizes government guaranteed loan programs and provides access through Washington branches, online banking and an ATM network.
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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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.