ACCESS Newswire
27 Jan 2023, 02:35 GMT+10
LYNNWOOD, WA / ACCESSWIRE / January 26, 2023 / U & I Financial Corp. (OTCQX:UNIF), the holding company for UniBank, today reported record quarterly earnings of $3.4 million or $0.62 per share in the fourth quarter, as compared to $2.3 million or $0.41 per share for the same quarter of 2021, increasing by $1.1 million or $0.21 per share, primarily from generating higher net interest income.
As of December 31, 2022, total assets reached $586.8 million, increasing by $131.1 million or 28.8% from the year earlier period of $455.7 million. Net loans ended at $454.4 million, increasing by $132.7 million or 41.2% from the year earlier period of $321.8 million. Finally, total deposits grew by $113.9 million or 30.4% to $488.3 million from the year earlier period of $374.4 million.
'We are pleased to announce very strong performances for the quarter and year,' said Peter Park, President and CEO. He added that, 'As mentioned previously, the outlook for 2023 remains uncertain due to the persistent inflationary pressures and the risk of recession ahead of us. However, we believe that we are prepared to weather the storm due to our conservative underwriting and sufficient capital. In fact, we will continue to invest in our infrastructure during this period so that we are well positioned to resume our growth when the economy improves.'
2022 Fourth Quarter Financial Highlights
Total assets grew 28.8% to $586.8 million as compared to $455.7 million a year ago.
Net loans increased 41.2% to $454.4 million as compared to $321.8 million a year ago.
Total deposits grew 30.4% to $488.3 million as compared to $374.4 million a year ago.
Net income quarter-to-date grew 47.5% to $3.4 million as compared to $2.3 million a year ago.
Net income year-to-date grew 30.9% to $11.1 million as compared to $8.5 million a year ago.
Net interest margin for the year was 4.79% as compared to 4.50% a year ago.
Gain on sale of SBA/USDA loans for the year was $2.5 million as compared to $3.7 million a year ago.
Return on average equity for the year was 16.29% as compared to 13.51% a year ago.
Return on average assets for the year was 2.22% as compared to 2.09% a year ago.
The allowance for loan losses to loans was 1.00% as compared to 1.40% a year ago.
Nonperforming assets to total assets was 0.05% as compared to 0.06% a year ago.
Efficiency ratio (noninterest expense divided by revenue) for the year was 48.04% as compared to 52.87% 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. Founded in 2006 and based in Lynnwood, Washington, the Bank serves small to medium-sized businesses, professionals, and individuals across the United States with a particular emphasis on government guaranteed loan programs. 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 ongoing uncertainties from COVID-19; 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.
U & I Financial Corp.
Investor Relations
Simon Bai, 425-275-9704
SOURCE: U & I Financial Corp. (Washington)
Get a daily dose of St Louis Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Louis Star.
More InformationBERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
NEW YORK CITY, New York: The United Nations General Assembly has elected five countries to join the Security Council starting January...
SEOUL, South Korea: South Korea's new president, liberal Lee Jae-myung, took office on June 4 after a dramatic and chaotic few months....
LONDON, UK: As of this month, it's officially illegal to buy disposable vapes anywhere in the United Kingdom. The new ban, aimed...
SEOUL, South Korea: South Korea's upcoming presidential election has turned into a messy battle full of personal insults and scandals...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...
MENLO PARK, California: As artificial intelligence demands explode, Big Tech is turning to an old source for new power: nuclear energy....
NEW YORK, New York - U.S. stocks rose appreciably Friday following the release of a strong jobs report which sent the U.S. dollar higher,...
WASHINGTON, D.C. America's job market is starting to lose momentum. In April, job openings rose — but so did layoffs, marking their...
DUBLIN, Ireland: Digital Business Ireland (DBI) has asked the Government to do more to help Ireland's digital and tech sector. This...
TOKYO, Japan: Toyota has announced that it will take one of its key group suppliers, Toyota Industries, private in a deal worth UD$26...