UniBank, a Korean American bank based in Washington State and led by President and CEO Stephanie Yoon, reported a net loss for the first quarter of 2025 amid a decline in key financial indicators.
According to the Q1 earnings release from its holding company, U&I Financial Corp., the bank recorded a net loss of $2.07 million, or $0.38 per share. This marks a significant downturn compared to the $1.27 million in net income ($0.23 per share) reported in Q1 2024. However, it represents an improvement from the previous quarter’s net loss of $16.56 million ($3.02 per share).
The bank attributed the Q1 loss primarily to a $3.10 million loan loss provision and the charge-off of over $3.7 million in commercial real estate loans related to a hotel property.
Total assets dropped to $441.94 million, down 25.7% year-over-year. Deposits declined by 19.3% to $383.35 million, while loans fell 21.3% to $359.44 million compared to the same period last year.
[By WONHEE CHO]
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