UniBank, headquartered in Seattle and led by CEO Stephanie Yoon, returned to negative growth just one quarter after improved profitability in the first quarter. The bank set aside $2.97 million in loan loss provisions in the second quarter, significantly impacting net income.

UniBank’s parent company, U & I Financial Corp, announced in its earnings report on the 31st of last month that it recorded a net loss of $830,000 ($-0.15 per share) in the second quarter of this year. This represents a decrease of 165.2% compared to the net income of $1.27 million ($0.23 per share) in the previous quarter, and a decline of 134.9% compared to the net income of $2.37 million ($0.44 per share) in the second quarter of 2023.

The cumulative net income for the first half of this year was $440,000 ($0.08 per share), a decrease of 91.2% compared to $5.05 million ($0.93 per share) in the same period last year.

As of the second quarter of this year, total assets were $572.63 million, a decrease of 5.7% compared to the same period last year. Total deposits were $451.91 million, down 12.6% from the same period last year. Total loans (GL) were $459.20 million, a decrease of 5.7% year-on-year.

<Reporter: Hongyong Park>