U & I Financial Corp (UNIF: OTCQX U.S.) | U & I Financial Corp. Reports Fourth Quarter and Full Year 2024 Financial Results
U & I Financial Corp. Q4 2024 Financial Results Summary
Key Financial Highlights
- Net Loss: $16.6 million in Q4 2024 (compared to $18.2 million loss in Q4 2023)
- Full Year Net Loss: $31.1 million in 2024 (compared to $10.8 million loss in 2023)
- Total Assets: $522.3 million (14.4% decrease from 2023)
- Net Loans: $386.1 million (16.9% decrease from 2023)
- Total Deposits: $439.6 million (14.5% decrease from 2023)
Major Challenges
- Commercial-Equipment Loans Deterioration
- $18.1 million charged off in Q4 2024
- Remaining loans reduced from $29.6 million to $10.8 million
- Financial Performance Issues
- Decreased Net Interest Income
- Increased Income Tax Expense
- Significant Deferred Tax Assets Valuation Allowance
Management Perspective
CEO Stephanie Yoon acknowledged the challenging year and emphasized:
- Adding new talent, including a new Chief Credit Officer
- Actively working with borrowers to prevent further loan deterioration
- Commitment to rebuilding the bank’s financial position
Capital Ratios
- Tier 1 Leverage Ratio: 5.60%
- Tier 1 Risk-Based Capital Ratio: 7.53%
- Total Risk-Based Capital Ratio: 8.80%
These ratios are considered “adequately capitalized” per regulatory guidelines.
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