Welcome to our dedicated page for U & I Financial news (Ticker: UNIF), a resource for investors and traders seeking the latest updates and insights on U & I Financial stock.
U & I Financial Corp. (OTCQX: UNIF), the holding company for UniBank, regularly publishes detailed financial and operational updates that are reflected on this news page. UniBank, founded in 2006 and based in Lynnwood, Washington, serves small to medium-sized businesses, professionals, and individuals across the United States, with a particular emphasis on government guaranteed loan programs. The bank operates four branches in Lynnwood, Bellevue, Federal Way and Tacoma, and also provides online and ATM access.
News coverage for UNIF commonly includes quarterly and annual financial results, where the company reports net income or loss, net interest income, provisions for credit losses, non-interest income and expenses, and key performance ratios. These releases also provide extensive data on loan portfolio composition, asset quality metrics such as non-accrual loans and net charge-offs, and regulatory capital ratios including Tier 1 Leverage, Common Equity Tier 1, Tier 1 Risk-Based Capital and Total Risk-Based Capital ratios.
Another recurring theme in U & I Financial Corp. news is credit quality, particularly developments in the commercial-equipment loan segment. The company has reported credit deterioration, significant charge-offs, changes in the Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposure, and related litigation involving borrowers and an equipment manufacturer. Leadership and governance updates, such as the appointment of a permanent Chief Executive Officer, new directors, and a Chief Credit Officer, are also announced through press releases.
Investors, depositors and other stakeholders can use this news feed to follow UniBank’s financial performance, balance sheet trends, capital position and risk management actions over time. Regularly reviewing these updates helps readers understand how the bank is addressing credit challenges, managing capital and serving its customer base in the commercial banking sector.
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.
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.
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