U & I Financial Corp. Reports Third Quarter 2024 Financial Results
U & I Financial Corp. (UNIF) reported a significant quarterly Net Loss of $15.0 million ($2.73 per share) in Q3 2024, compared to Net Income of $2.4 million in Q3 2023. The loss primarily stems from a $19.5 million Provision for Credit Losses. Total Assets decreased 7.0% to $569.6 million, Net Loans fell 14.0% to $410.3 million, and Total Deposits declined 10.3% to $468.2 million year-over-year. The bank faced credit deterioration in commercial-equipment loans, which totaled $38.3 million. Despite challenges, capital ratios remain above regulatory 'well capitalized' minimums.
U & I Financial Corp. (UNIF) ha riportato una significativa perdita netta trimestrale di 15,0 milioni di dollari (2,73 dollari per azione) nel terzo trimestre del 2024, rispetto a un utile netto di 2,4 milioni di dollari nel terzo trimestre del 2023. La perdita 猫 principalmente dovuta a una provvigione per perdite creditizie di 19,5 milioni di dollari. Le attivit脿 totali sono diminuite del 7,0% a 569,6 milioni di dollari, i prestiti netti sono calati del 14,0% a 410,3 milioni di dollari e i depositi totali sono scesi del 10,3% a 468,2 milioni di dollari rispetto all'anno precedente. La banca ha affrontato un deterioramento del credito nei prestiti per attrezzature commerciali, che ammontano a 38,3 milioni di dollari. Nonostante le difficolt脿, i coefficienti patrimoniali rimangono al di sopra dei minimi regolamentari di 'ben capitalizzati'.
U & I Financial Corp. (UNIF) report贸 una p茅rdida neta trimestral significativa de 15,0 millones de d贸lares (2,73 d贸lares por acci贸n) en el tercer trimestre de 2024, en comparaci贸n con una ganancia neta de 2,4 millones de d贸lares en el tercer trimestre de 2023. La p茅rdida proviene principalmente de una provisi贸n para p茅rdidas crediticias de 19,5 millones de d贸lares. Los activos totales disminuyeron un 7,0% a 569,6 millones de d贸lares, los pr茅stamos netos cayeron un 14,0% a 410,3 millones de d贸lares y los dep贸sitos totales disminuyeron un 10,3% a 468,2 millones de d贸lares con respecto al a帽o anterior. El banco enfrent贸 un deterioro crediticio en los pr茅stamos para equipos comerciales, que totalizaron 38,3 millones de d贸lares. A pesar de los desaf铆os, los 铆ndices de capital permanecen por encima de los m铆nimos regulatorios de 'bien capitalizado'.
U & I Financial Corp. (UNIF)電� 2024雲� 3攵勱赴鞐� 1鞏� 5觳滊 雼煬鞚� 攵勱赴 靾滌啇鞁� (欤茧嫻 2.73雼煬)鞚� 氤搓碃頄堨溂氅�, 鞚措姅 2023雲� 3攵勱赴鞚� 靾滌澊鞚� 240毵� 雼煬鞕 牍勱祼霅╇媹雼�. 鞚措煬頃� 靻愳嫟鞚 欤茧 1觳�9氚�5鞁 雼煬鞚� 鞁犾毄 靻愳嫟 於╇嫻旮�
U & I Financial Corp. (UNIF) a annonc茅 une perte nette trimestrielle significative de 15,0 millions de dollars (2,73 dollars par action) au troisi猫me trimestre de 2024, contre un b茅n茅fice net de 2,4 millions de dollars au troisi猫me trimestre de 2023. La perte provient principalement d'une provision pour pertes de cr茅dit de 19,5 millions de dollars. Les actifs totaux ont diminu茅 de 7,0 % pour atteindre 569,6 millions de dollars, les pr锚ts nets ont chut茅 de 14,0 % 脿 410,3 millions de dollars et les d茅p么ts totaux ont baiss茅 de 10,3 % 脿 468,2 millions de dollars d'une ann茅e sur l'autre. La banque a fait face 脿 une d茅t茅rioration des cr茅dits sur les pr锚ts pour 茅quipements commerciaux, qui totalisaient 38,3 millions de dollars. Malgr茅 ces d茅fis, les ratios de capital restent au-dessus des minimums r茅glementaires 'bien capitalis茅s'.
U & I Financial Corp. (UNIF) hat einen deutlichen quartalsm盲脽igen Nettoverlust von 15,0 Millionen Dollar (2,73 Dollar pro Aktie) im 3. Quartal 2024 gemeldet, verglichen mit einem Nettogewinn von 2,4 Millionen Dollar im 3. Quartal 2023. Der Verlust resultiert haupts盲chlich aus einer R眉ckstellung f眉r Kreditverluste von 19,5 Millionen Dollar. Die Gesamtsumme der Verm枚genswerte sank um 7,0% auf 569,6 Millionen Dollar, die Netto-Kredite fielen um 14,0% auf 410,3 Millionen Dollar und die Gesamteinlagen verringerten sich um 10,3% auf 468,2 Millionen Dollar im Jahresvergleich. Die Bank sah sich mit einer Verschlechterung der Kreditverh盲ltnisse bei gewerblichen Ausr眉stungsdarlehen konfrontiert, die insgesamt 38,3 Millionen Dollar ausmachten. Trotz dieser Herausforderungen bleiben die Kapitalquoten 眉ber den regulatorischen Mindestanforderungen f眉r 'gut kapitalisierte' Institute.
- Capital ratios remain above regulatory 'well capitalized' minimums
- 63% of remaining $38M commercial equipment loans are reserved
- Q3 2024 Net Loss of $15.0M vs Net Income of $2.4M in Q3 2023
- Significant Provision for Credit Losses of $19.5M in Q3 2024
- Total Assets decreased 7.0% YoY to $569.6M
- Net Loans declined 14.0% YoY to $410.3M
- Total Deposits dropped 10.3% YoY to $468.2M
- $23M in commercial equipment loans charged off
LYNNWOOD, WA / ACCESSWIRE / October 30, 2024 / U & I Financial Corp. (OTCQX:UNIF), the holding company ("Company") for UniBank ("Bank"), today reported a quarterly Net Loss of
At September 30, 2024, Total Assets were
The Bank has experienced credit deterioration from Bank borrowers with "commercial-equipment" loans. As of September 30, 2024, these loans totaled
The Bank's capital ratios remained above the regulatory "well capitalized" minimums at
"As a result of the ongoing issues with commercial equipment loans, it was necessary to recognize a large provision in the third quarter. Although the Bank has charged off
Non-GAAP Financial Metrics
This news release contains certain non-GAAP financial measure disclosures. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company's operational performance, credit quality and capital levels.
About U & I Financial Corp.
UniBank, the wholly owned subsidiary of U & I Financial Corp. (OTCQX: UNIF). 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 four branches - Lynnwood, Bellevue, Federal Way and Tacoma - online, or through the Bank's ATM network.
For more information visit 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 the Company'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; further declines in the quality of the loan portfolio that results in continued losses and our ability to succeed in our problem-asset resolution efforts; including, but not limited to, continued credit deterioration of commercial-equipment loans and future increases in the Provision for Credit Losses, 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) |
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| ||||||
| sSep-24 |
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| Jun-24 |
|
| Sep-23 |
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| Sep-24 |
|
| Sep-23 |
|
| Dec-23 |
| |||||||
(Dollars in thousands except EPS) |
| QTD |
|
| QTD |
|
| QTD |
|
| YTD |
|
| YTD |
|
| YTD |
| ||||||
Interest Income |
| $ | 8,270 |
|
| $ | 9,362 |
|
| $ | 9,616 |
|
| $ | 26,917 |
|
| $ | 28,346 |
|
| $ | 37,652 |
|
Interest Expense |
|
| 4,820 |
|
|
| 4,769 |
|
|
| 4,173 |
|
|
| 14,287 |
|
|
| 10,796 |
|
|
| 15,388 |
|
Net Interest Income |
|
| 3,450 |
|
|
| 4,593 |
|
|
| 5,443 |
|
|
| 12,630 |
|
|
| 17,550 |
|
|
| 22,264 |
|
Provision for Credit Losses |
|
| 19,479 |
|
|
| 2,966 |
|
|
| 158 |
|
|
| 22,445 |
|
|
| 158 |
|
|
| 26,411 |
|
Gain (Loss) on Loan Sales |
|
| - |
|
|
| 179 |
|
|
| 609 |
|
|
| 179 |
|
|
| 1,433 |
|
|
| 1,410 |
|
Loan Servicing Fees, Net of Amortization |
|
| 168 |
|
|
| 175 |
|
|
| 164 |
|
|
| 527 |
|
|
| 541 |
|
|
| 624 |
|
Other Non-interest Income |
|
| 212 |
|
|
| 195 |
|
|
| 176 |
|
|
| 592 |
|
|
| 678 |
|
|
| 851 |
|
Non-interest Income |
|
| 380 |
|
|
| 549 |
|
|
| 949 |
|
|
| 1,298 |
|
|
| 2,652 |
|
|
| 2,885 |
|
Salaries & Benefits |
|
| 1,514 |
|
|
| 1,445 |
|
|
| 1,962 |
|
|
| 4,948 |
|
|
| 6,991 |
|
|
| 8,241 |
|
Occupancy Expense |
|
| 205 |
|
|
| 189 |
|
|
| 187 |
|
|
| 586 |
|
|
| 541 |
|
|
| 729 |
|
Other Expense |
|
| 1,568 |
|
|
| 1,629 |
|
|
| 1,120 |
|
|
| 4,381 |
|
|
| 3,126 |
|
|
| 3,712 |
|
Non-interest Expense |
|
| 3,287 |
|
|
| 3,263 |
|
|
| 3,269 |
|
|
| 9,915 |
|
|
| 10,658 |
|
|
| 12,682 |
|
Net Income (Loss) before Income Taxes |
|
| (18,936 | ) |
|
| (1,087 | ) |
|
| 2,965 |
|
|
| (18,432 | ) |
|
| 9,386 |
|
|
| (13,944 | ) |
Income Tax Expense (Benefit) |
|
| (3,983 | ) |
|
| (260 | ) |
|
| 610 |
|
|
| (3,921 | ) |
|
| 1,986 |
|
|
| (3,136 | ) |
Net Income (Loss) |
| $ | (14,953 | ) |
| $ | (827 | ) |
| $ | 2,355 |
|
| $ | (14,511 | ) |
| $ | 7,400 |
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|
| (10,808 | ) |
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|
Total Outstanding Shares (in thousands) |
|
| 5,477 |
|
|
| 5,477 |
|
|
| 5,466 |
|
|
| 5,477 |
|
|
| 5,466 |
|
|
| 5,466 |
|
Basic Earnings (Loss) per Share |
| $ | (2.73 | ) |
| $ | (0.15 | ) |
| $ | 0.43 |
|
| $ | (2.65 | ) |
| $ | 1.36 |
|
| $ | (1.98 | ) |
Statement of Condition (Unaudited) |
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| ||||||
| Sep-24 |
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| Jun-24 |
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| Sep-23 |
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| Variance |
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| Variance |
|
| Dec-23 |
| |||||||
(Dollars in thousands) |
| Qtr End |
|
| Qtr End |
|
| Qtr End |
|
| Prior Qtr |
|
| Prior Year |
|
| Qtr End |
| ||||||
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| ||||||
Cash and Due from Banks |
| $ | 70,527 |
|
| $ | 46,299 |
|
| $ | 58,923 |
|
| $ | 24,228 |
|
| $ | 11,604 |
|
| $ | 61,254 |
|
Investments |
|
| 50,344 |
|
|
| 50,996 |
|
|
| 48,841 |
|
|
| (652 | ) |
|
| 1,503 |
|
|
| 51,346 |
|
Loans Held for Sale |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Gross Loans |
|
| 439,233 |
|
|
| 459,196 |
|
|
| 482,132 |
|
|
| (19,963 | ) |
|
| (42,899 | ) |
|
| 490,636 |
|
Allowance for Credit Losses (ACL) on Loans |
|
| (28,964 | ) |
|
| (17,680 | ) |
|
| (5,234 | ) |
|
| (11,284 | ) |
|
| (23,730 | ) |
|
| (25,950 | ) |
Net Loans |
|
| 410,269 |
|
|
| 441,516 |
|
|
| 476,898 |
|
|
| (31,247 | ) |
|
| (66,629 | ) |
|
| 464,686 |
|
Fixed Assets |
|
| 6,078 |
|
|
| 6,140 |
|
|
| 6,577 |
|
|
| (62 | ) |
|
| (499 | ) |
|
| 6,438 |
|
Other Assets |
|
| 32,387 |
|
|
| 27,676 |
|
|
| 20,978 |
|
|
| 4,711 |
|
|
| 11,409 |
|
|
| 26,325 |
|
Total Assets |
| $ | 569,605 |
|
| $ | 572,627 |
|
| $ | 612,217 |
|
| $ | (3,022 | ) |
| $ | (42,612 | ) |
| $ | 610,049 |
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| |
Checking |
| $ | 86,708 |
|
| $ | 88,860 |
|
| $ | 105,770 |
|
| $ | (2,152 | ) |
| $ | (19,062 | ) |
| $ | 100,135 |
|
NOW |
|
| 5,233 |
|
|
| 10,925 |
|
|
| 14,588 |
|
|
| (5,692 | ) |
|
| (9,355 | ) |
|
| 13,504 |
|
Money Market |
|
| 128,136 |
|
|
| 144,471 |
|
|
| 197,296 |
|
|
| (16,335 | ) |
|
| (69,160 | ) |
|
| 200,966 |
|
Savings |
|
| 6,258 |
|
|
| 6,895 |
|
|
| 9,050 |
|
|
| (637 | ) |
|
| (2,792 | ) |
|
| 8,063 |
|
Certificates of Deposit |
|
| 241,840 |
|
|
| 200,758 |
|
|
| 195,429 |
|
|
| 41,082 |
|
|
| 46,411 |
|
|
| 191,733 |
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Total Deposits |
|
| 468,175 |
|
|
| 451,909 |
|
|
| 522,133 |
|
|
| 16,266 |
|
|
| (53,958 | ) |
|
| 514,401 |
|
Borrowed Funds |
|
| 50,000 |
|
|
| 54,000 |
|
|
| 8,000 |
|
|
| (4,000 | ) |
|
| 42,000 |
|
|
| 20,000 |
|
ACL on Off-Balance Sheet Credit Exposure |
|
| 1,695 |
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|
| 2,176 |
|
|
| 15 |
|
|
| (481 | ) |
|
| 1,680 |
|
|
| 5,551 |
|
Other Liabilities |
|
| 2,710 |
|
|
| 3,387 |
|
|
| 3,901 |
|
|
| (677 | ) |
|
| (1,191 | ) |
|
| 8,678 |
|
Total Liabilities |
|
| 522,580 |
|
|
| 511,472 |
|
|
| 534,049 |
|
|
| 11,108 |
|
|
| (11,469 | ) |
|
| 548,630 |
|
Shareholders' Equity |
|
| 47,025 |
|
|
| 61,155 |
|
|
| 78,168 |
|
|
| (14,130 | ) |
|
| (31,143 | ) |
|
| 61,419 |
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Total Liabilities & Equity |
|
| 569,605 |
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| $ | 572,627 |
|
| $ | 612,217 |
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| $ | (3,022 | ) |
| $ | (42,612 | ) |
| $ | 610,049 |
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Financial Ratios |
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| ||||||
|
| Sep-24 |
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| Jun-24 |
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| Sep-23 |
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| Sep-24 |
|
| Sep-23 |
|
| Dec-23 |
| ||||||
(Dollars in thousands except BVS) |
| QTD |
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| QTD |
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| QTD |
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| YTD |
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| YTD |
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| YTD |
| ||||||
Performance Ratios |
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| ||||||
Return on Average Assets* |
|
| (10.30 | %) |
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| (0.57 | %) |
|
| 1.54 | % |
|
| (3.30 | %) |
|
| 1.65 | % |
|
| (1.85 | %) |
Return on Average Equity* |
|
| (96.78 | %) |
|
| (5.29 | %) |
|
| 11.92 | % |
|
| (31.24 | %) |
|
| 13.01 | % |
|
| (14.53 | %) |
Net Interest Margin* |
|
| 2.44 | % |
|
| 3.21 | % |
|
| 3.65 | % |
|
| 2.92 | % |
|
| 4.05 | % |
|
| 3.83 | % |
Efficiency Ratio |
|
| 85.82 | % |
|
| 63.43 | % |
|
| 51.14 | % |
|
| 71.36 | % |
|
| 52.76 | % |
|
| 50.36 | % |
*Quarterly results are annualized |
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| |
Capital |
| Sep-24 |
|
| Jun-24 |
|
| Sep-23 |
|
| Well |
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|
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| ||||
Tier 1 Leverage Ratio** |
|
| 7.53 | % |
|
| 10.22 | % |
|
| 13.26 | % |
|
| 5.00 | % |
|
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|
|
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|
|
Common Equity Tier 1 Ratio** |
|
| 9.56 | % |
|
| 12.82 | % |
|
| 16.54 | % |
|
| 6.50 | % |
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|
|
|
|
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|
Tier 1 Risk-Based Capital Ratio** |
|
| 9.56 | % |
|
| 12.82 | % |
|
| 16.54 | % |
|
| 8.00 | % |
|
|
|
|
|
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|
|
Total Risk-Based Capital Ratio ** |
|
| 10.87 | % |
|
| 14.10 | % |
|
| 17.61 | % |
|
| 10.00 | % |
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Book Value per Share (BVS) |
| $ | 8.59 |
|
| $ | 11.17 |
|
| $ | 14.30 |
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**Represents Bank capital ratios |
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Asset Quality |
| Sep-24 |
|
| Jun-24 |
|
| Sep-23 |
|
| Sep-24 |
|
| Sep-23 |
|
| Dec-23|YTD |
| ||||||
Net Credit Charge-Offs (Recoveries)*** |
| $ | 8,676 |
|
| $ | 0 |
|
| $ | 0 |
|
| $ | 23,288 |
|
| $ | 0 |
|
| $ | 0 |
|
Allowance for Credit Losses to Loans % |
|
| 6.59 | % |
|
| 3.85 | % |
|
| 1.09 | % |
|
|
|
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|
|
|
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Nonperforming Assets to Total Assets |
|
| 2.74 | % |
|
| 1.02 | % |
|
| 0.74 | % |
|
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|
*** Includes Off-Balance Sheet Credit Exposure |
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Additional Credit Disclosures
Loan Segmentation - The following tables present the Bank's total loans outstanding at amortized cost by portfolio segment and by internally assigned grades as of September 30, 2024 and June 30, 2024 (in thousands):
September 30, 2024 |
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| Special |
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| ||||||
Portfolio Segment |
| Pass |
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| Mention |
|
| Substandard |
|
| Doubtful |
|
| Loss |
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| Total |
| ||||||
Commercial real estate |
| $ | 188,980 |
|
| $ | 29,274 |
|
| $ | 792 |
|
| $ | - |
|
| $ | - |
|
| $ | 219,046 |
|
Residential real estate |
|
| 168,714 |
|
|
| - |
|
|
| - |
|
|
| 499 |
|
|
| - |
|
|
| 169,213 |
|
Commercial - equipment |
|
| - |
|
|
| 18,066 |
|
|
| 7,639 |
|
|
| 3,554 |
|
|
| 9,057 |
|
|
| 38,316 |
|
Commercial - all other |
|
| 8,857 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8,857 |
|
Multifamily |
|
| 2,823 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,823 |
|
Construction and land |
|
| 907 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 907 |
|
Consumer and other |
|
| 71 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 71 |
|
| $ | 370,352 |
|
| $ | 47,340 |
|
| $ | 8,431 |
|
| $ | 4,053 |
|
| $ | 9,057 |
|
| $ | 439,233 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
June 30, 2024 |
|
|
|
| Special |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Portfolio Segment |
| Pass |
|
| Mention |
|
| Substandard |
|
| Doubtful |
|
| Loss |
|
| Total |
| ||||||
Commercial real estate |
| $ | 199,692 |
|
| $ | 24,254 |
|
| $ | 492 |
|
| $ | - |
|
| $ | - |
|
| $ | 224,438 |
|
Residential real estate |
|
| 172,278 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 172,278 |
|
Commercial - equipment |
|
| 28,072 |
|
|
| 2,972 |
|
|
| 15,319 |
|
|
| 2,985 |
|
|
| - |
|
|
| 49,348 |
|
Commercial - all other |
|
| 9,267 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 9,267 |
|
Multifamily |
|
| 2,844 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,844 |
|
Construction and land |
|
| 932 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 932 |
|
Consumer and other |
|
| 89 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 89 |
|
| $ | 413,174 |
|
| $ | 27,226 |
|
| $ | 15,811 |
|
| $ | 2,985 |
|
| $ | - |
|
| $ | 459,196 |
| |
Descriptions of the various risk grades are as follows:
Special Mention: Assets having potential weaknesses that if left uncorrected, may result in decline in borrower's repayment ability. However, these assets are not adversely classified and do not expose the Bank to sufficent risk to warrant adverse classificaiton.
Substandard: An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
Doubtful: Assets classified as doubtful have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions, and values.
Loss: Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Any loans downgraded to this category are generally charged off soon after.
Allowance for Credit Losses on Loans - The following tables present the allowance for credit losses under ASC 326, Financial Instruments - Credit Losses by portfolio segment and by internally assigned grades as of September 30, 2024 and June 30, 2024 (in thousands):
September 30, 2024 |
|
|
|
| Special |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Portfolio Segment |
| Pass |
|
| Mention |
|
| Substandard |
|
| Doubtful |
|
| Loss |
|
| Total |
| ||||||
Commercial real estate |
| $ | 1,234 |
|
| $ | 113 |
|
| $ | 48 |
|
| $ | - |
|
| $ | - |
|
| $ | 1,395 |
|
Residential real estate |
|
| 3,088 |
|
|
| - |
|
|
| - |
|
|
| 195 |
|
|
| - |
|
|
| 3,283 |
|
Commercial - equipment |
|
| - |
|
|
| 9,033 |
|
|
| 3,820 |
|
|
| 2,475 |
|
|
| 8,791 |
|
|
| 24,119 |
|
Commercial - all other |
|
| 135 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 135 |
|
Multifamily |
|
| 2 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2 |
|
Construction and land |
|
| 27 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 27 |
|
Consumer and other |
|
| 3 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3 |
|
| $ | 4,489 |
|
| $ | 9,146 |
|
| $ | 3,868 |
|
| $ | 2,670 |
|
| $ | 8,791 |
|
| $ | 28,964 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
June 30, 2024 |
|
|
|
| Special |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Portfolio Segment |
| Pass |
|
| Mention |
|
| Substandard |
|
| Doubtful |
|
| Loss |
|
| Total |
| ||||||
Commercial real estate |
| $ | 1,182 |
|
| $ | 113 |
|
| $ | 4 |
|
| $ | - |
|
| $ | - |
|
| $ | 1,299 |
|
Residential real estate |
|
| 3,124 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,124 |
|
Commercial - equipment |
|
| 865 |
|
|
| 1,972 |
|
|
| 7,281 |
|
|
| 2,985 |
|
|
| - |
|
|
| 13,103 |
|
Commercial - all other |
|
| 120 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 120 |
|
Multifamily |
|
| 3 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3 |
|
Construction and land |
|
| 27 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 27 |
|
Consumer and other |
|
| 4 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 4 |
|
| $ | 5,325 |
|
| $ | 2,085 |
|
| $ | 7,285 |
|
| $ | 2,985 |
|
| $ | - |
|
| $ | 17,680 |
| |
Past due loans -The following table presents past due loans at amortized cost by portfolio segment as of September 30, 2024 and June 30, 2024 (in thousands):
September 30, 2024 |
| 30 - 59 Days |
|
| 60 - 89 Days |
|
| 90 Days or |
|
| Total |
|
|
|
|
| Total |
| ||||||
Portfolio Segment |
| Past Due |
|
| Past Due |
|
| More |
|
| Past Due |
|
| Current |
|
| Loans |
| ||||||
Commercial real estate |
| $ | 930 |
|
| $ | 3,896 |
|
| $ | - |
|
| $ | 4,826 |
|
| $ | 214,220 |
|
| $ | 219,046 |
|
Residential real estate |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 169,213 |
|
|
| 169,213 |
|
Commercial - equipment |
|
| 6,425 |
|
|
| 5,810 |
|
|
| 8,093 |
|
|
| 20,328 |
|
|
| 17,988 |
|
|
| 38,316 |
|
Commercial - all other |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8,857 |
|
|
| 8,857 |
|
Multifamily |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,823 |
|
|
| 2,823 |
|
Construction and land |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 907 |
|
|
| 907 |
|
Consumer and other |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 71 |
|
|
| 71 |
|
| $ | 7,355 |
|
| $ | 9,706 |
|
| $ | 8,093 |
|
| $ | 25,154 |
|
| $ | 414,079 |
|
| $ | 439,233 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
June 30, 2024 |
| 30 - 59 Days |
|
| 60 - 89 Days |
|
| 90 Days or |
|
| Total |
|
|
|
|
| Total |
| ||||||
Portfolio Segment |
| Past Due |
|
| Past Due |
|
| More |
|
| Past Due |
|
| Current |
|
| Loans |
| ||||||
Commercial real estate |
| $ | 220 |
|
| $ | 1,053 |
|
| $ | 572 |
|
| $ | 1,845 |
|
| $ | 222,593 |
|
| $ | 224,438 |
|
Residential real estate |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 172,278 |
|
|
| 172,278 |
|
Commercial - equipment |
|
| 5,562 |
|
|
| 5,058 |
|
|
| 3,448 |
|
|
| 14,068 |
|
|
| 35,280 |
|
|
| 49,348 |
|
Commercial - all other |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 9,267 |
|
|
| 9,267 |
|
Multifamily |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,844 |
|
|
| 2,844 |
|
Construction and land |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 932 |
|
|
| 932 |
|
Consumer and other |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 89 |
|
|
| 89 |
|
| $ | 5,782 |
|
| $ | 6,111 |
|
| $ | 4,020 |
|
| $ | 15,913 |
|
| $ | 443,283 |
|
| $ | 459,196 |
| |
Non-accrual loans -Loans are placed on nonaccrual once the loan is 90 days past due or sooner if, in management's opinion, the borrower may be unable to meet payment of obligations as they become due, as well as when required by regulatory provisions. The following table presents the nonaccrual loans at amortized cost by portfolio segment as of September 30, 2024 and June 30, 2024 (in thousands):
September 30, 2024 Portfolio Segment |
| Nonaccrual with no Allowance for Credit Losses |
|
| Nonaccrual with Allowance for Credit Losses |
|
| Total Nonaccrual |
|
| Loans Past Due Over 89 Days Still Accruing |
| ||||
Commercial real estate |
| $ | - |
|
| $ | 2,564 |
|
| $ | 2,564 |
|
| $ | - |
|
Commercial - equipment |
|
| - |
|
|
| 12,976 |
|
|
| 12,976 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| $ | - |
|
| $ | 15,539 |
|
| $ | 15,539 |
|
| $ | - |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
June 30, 2024 Portfolio Segment |
| Nonaccrual with no Allowance for Credit Losses |
|
| Nonaccrual with Allowance for Credit Losses |
|
| Total Nonaccrual |
|
| Loans Past Due Over 89 Days Still Accruing |
| ||||
Commercial real estate |
| $ | - |
|
| $ | 2,402 |
|
| $ | 2,402 |
|
| $ | - |
|
Commercial - equipment |
|
| - |
|
|
| 3,448 |
|
|
| 3,448 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| $ | - |
|
| $ | 5,850 |
|
| $ | 5,850 |
|
| $ | - |
| |
Off-Balance Sheet Credit Exposure - The Bank has originated certain loans in the commercial-equipment segment with government guarantees and has subsequently sold many of the guaranteed portions of these loans in the secondary market. Upon defaults by the borrowers, the Bank would be required to repurchase the guaranteed portions of the loans and submit the repayment requests to the respective government agency. The agency may decide not to honor the guarantees if certain conditions are not met. Guarantees, as defined under ASC 460, Guarantees, that create off-balance sheet credit exposure are in the scope of ASC 326-20 (CECL) when such guarantees for loans have an implicit repurchase arrangement and thus may present an off-balance sheet credit risk. As of September 30, 2024 and June 30, 2024 the Bank had
U & I Financial Corp.
Investor Relations
[email protected]
SOURCE: U & I Financial Corp.
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FAQ
What was UNIF's net loss in Q3 2024?
How much did UNIF's total deposits decrease in Q3 2024?
What caused UNIF's significant losses in Q3 2024?
What are UNIF's capital ratios as of September 30, 2024?
