U & I Financial Corp. Reports 2019 Financial Results - Associated Press

LYNNWOOD, Wash.--(BUSINESS WIRE)--Jan 27, 2020--

U & I Financial Corp. (OTCQX: UNIF), the holding company for UniBank, today reported record annual net income of $5.6 million or $1.02 per share in 2019, as compared to $4.5 million or $0.82 per share for the year earlier period. This represents an increase of $1.1 million or 24.8% from the prior year. For the quarter, net income was $1.4 million. The year to date return on average assets increased to 1.78% from 1.62% for the year earlier period.

As of December 31, 2019, the Company also had record levels of assets, loans and deposits. Total assets increased by $42.6 million or 14.0% to $347.5 million from the year earlier period of $304.9 million. Net loans increased by $32.9 million or 15.8% to $241.4 million from the year earlier period of $208.5 million. Finally, total deposits grew by $40.9 million or 16.4% to $289.6 million from the year earlier period of $248.7 million. The vast majority of this increase was from customer deposits.

“We are very pleased with the financial results and the continued record earnings and growth. We are proud to be one of the top SBA loan producing banks, based in Washington state. In the fourth quarter alone we sold a total of $11.5 million in SBA guarantees for a total gain of $992 thousand. Despite the challenging economic and interest rate environments, we believe that we are well positioned to continue delivering excellent results to our shareholders,” said Peter Park, President and CEO of UniBank.

2019 Financial Highlights

Total assets grew 14.0% to $347.5 million as compared to $304.9 million a year ago.

Total loans, net of reserve, grew 15.8% to $241.4 million as compared to $208.5 million a year ago.

Total deposits grew 16.4% to $289.6 million as compared to $248.7 million a year ago.

Net income year to date grew 24.8% to $5.6 million as compared to $4.5 million one year ago.

Net income for the quarter grew 43.5% to $1.4 million as compared to $1.0 million one year ago.

Net interest income for the year grew 12.4% to $12.5 million as compared to $11.1 million one year ago.

Net interest margin for the year was 4.20% as compared to 4.30% one year ago.

Gain on sale of SBA loans was $2.8 million as compared to $1.6 million a year ago.

Return on average equity for the year was 12.03% as compared to 11.04% a year ago.

Return on average assets for the year was 1.78% as compared to 1.62% a year ago.

Nonperforming assets to total assets was 0.21% as compared to 0.24% a year ago.

Efficiency ratio (noninterest expense divided by revenue) for the year was 55.23% as compared to 57.02% 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.

STATEMENT OF INCOME (Unaudited)
		Dec-19		Sep-19		Dec-18		Dec-19		Dec-18
(Dollars in thousands except EPS)		QTD		QTD		QTD		YTD		YTD
Interest Income		$3,988		$4,485		$3,718		$16,291		$13,585
Interest Expense		961		981		711		3,783		2,456
Net Interest Income		3,027		3,504		3,007		12,508		11,129
Provision for Loan and Lease Losses		40		200		-		390		294
Gain on Sale of SBA/USDA Loans		992		593		101		2,841		1,639
Gain on Sale of Securities		-		-		-		151		-
Other Non-interest Income		209		245		165		877		784
Non-interest Income		1,201		838		266		3,869		2,423
Salaries & Benefits		1,446		1,518		1,323		5,854		4,871
Occupancy Expense		156		160		159		637		642
Other Expense		762		569		548		2,515		2,214
Non-interest Expense		2,364		2,247		2,030		9,006		7,727
Net Income before Income Taxes		1,824		1,895		1,243		6,981		5,531
Income Taxes		389		377		243		1,357		1,024
Net Income/(Loss)		1,435		1,518		1,000		$5,624		$4,507
Total Outstanding Shares (in thousands)		5,573		5,573		5,495		5,573		5,495
Basic Earnings per Share		$0.26		$0.28		$0.18		$1.02		$0.82

Statement of Condition (Unaudited)
		Dec-19		Sep-19		Variance		Dec-18		Variance
(Dollars in thousands)		Qtr End		Qtr End		Prior Qtr		Qtr End		Prior Year
Cash and Due from Banks		$38,754		$41,478		($2,724)		$31,382		$7,372
Investments		48,994		46,803		2,191		47,355		1,639
Gross Loans		244,188		233,286		10,902		210,811		33,377
Reserve for Loan Losses		2,775		2,720		55		2,310		465
Net Loans		241,413		230,566		10,847		208,501		32,912
Fixed Assets		6,234		6,364		(130)		5,778		456
Foreclosed Assets		-		-		-		100		(100)
Other Assets		12,060		11,979		81		11,769		291
Total Assets		$347,455		$337,190		$10,265		$304,885		$42,570
Checking		44,988		47,782		(2,794)		38,325		6,663
NOW		8,767		5,632		3,135		6,610		2,157
Money Market		121,622		114,701		6,921		94,082		27,540
Savings		9,059		8,028		1,031		8,274		785
Certificates of Deposit		105,203		100,264		4,939		101,447		3,756
Total Deposits		289,639		276,407		13,232		248,738		40,901
Borrowed Funds		5,000		10,000		(5,000)		12,000		(7,000)
Other Liabilities		2,361		1,919		442		1,090		1,271
Total Liabilities		297,000		288,326		8,674		261,828		35,172
Shareholders' Equity		50,455		48,864		1,591		43,057		7,398
Total Liabilities & Equity		$347,455		$337,190		$10,265		$304,885		$42,570

Financial Ratios
		Dec-19		Sep-19		Dec-18		Dec-19		Dec-18
(Dollars in thousands except BVS)		QTD		QTD		QTD		YTD		YTD
Performance Ratios
Return on Average Assets		1.75%		1.86%		1.41%		1.78%		1.62%
Return on Average Equity		11.50%		12.53%		9.42%		12.03%		11.04%
Net Interest Margin		3.95%		4.56%		4.59%		4.20%		4.30%
Efficiency Ratio		55.91%		51.75%		66.19%		55.23%		57.02%
Capital
Tier 1 Leverage Ratio		15.38%		14.93%		15.47%
Common Equity Tier 1 Ratio		18.27%		18.39%		18.26%
Tier 1 Risk-Based Capital Ratio		18.27%		18.39%		18.26%
Total Risk-Based Capital Ratio		19.28%		19.43%		19.23%
Book Value per Share		$9.05		$8.77		$7.72
Asset Quality
Net Loan Charge-Offs (Recoveries)		($15)		($27)		($11)
Allowance for Loan Losses to Loans		1.14%		1.17%		1.10%
Nonperforming Assets to Total Assets		0.21%		0.12%		0.24%

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200127005094/en/

CONTACT: U & I Financial Corp.

Investor Relations

Stephanie Yoon, 425-275-9727

KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: U & I Financial Corp.

Copyright Business Wire 2020.

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