BUENA PARK, Calif., May 30, 2007 (PRIME NEWSWIRE) -- Uniti Financial Corporation (OTCBB:UIFC), parent company of Uniti Bank, announced its 2007 first quarter operating results. The company recorded net income after tax of $516,844 for the quarter, or $0.111 per basis share. As compared to the prior quarter, during which the company netted $665,518, it was a 22.3% reduction. As compared to the first quarter of 2006, during which the company netted $525,622, it was a 1.7% drop. Mr. William Im, President and CEO, commented that the drop in the net profit was due to slower loan demand and thinner interest margin during the period, and expected that the profit will bounce back next quarter as loan production picks up.
At March 31, 2007, total deposits were increased by 5.3% to $199,352,000 and total assets were increased by 4.3% to $250,809,000 compared to December 31, 2006. As compared to March 31, 2006, total deposits and total assets grew by 0.3% and 13.6%, respectively. Total loans (net) as of March 31, 2007 were $175,552,000, a drop of 1.2% from the previous quarter.
The company's total equity grew by 2.3% during the quarter to $27,257,000. The total equity grew by 45.7% during the past full year, aided by 32.0% increase of the equity through private placement sale of additional stock, which was completed in the middle of 2006.
Note: These results are not audited, and are subject to change.
About Uniti Financial Corporation (UIFC):
Headquartered in Buena Park California, Uniti Financial Corporation is the parent company of Uniti Bank, and is the only independent bank holding company headquartered in Orange County. Uniti Financial Corporation has assets in excess of $251 Million and operates 1 community bank with 3 banking offices located in Los Angeles and Orange Counties in California. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses. Uniti Financial Corporation also offers the convenience of 24-hour access through ATM networks, telephone and on-line banking. Uniti Financial Corporation's common stock is listed on the OTC Bulletin Board under the symbol UIFC. Additional information may be found at the Company's web site at www.unitibank.com.