Investor Relations

DEAR SHAREHOLDERS

February 8, 2010

It is our pleasure to report that our bank continued another profitable year in 2009 notwithstanding the prolonging economic stagnation and the turmoil in the banking industry.

As summarized in Financial Statements section, Total Assets increased by 5% ($6 million) in 2009. Gross Loans decreased by 1% ($1 million) as we sold $8.5 million SBA loans. Total Deposits increased by 20% ($15 million). It is noteworthy that Core Deposits jumped by 43% ($19 million). Our bank recorded Pretax Income of $788 thousand in 2009, a 27% increase from $619 thousand in 2008. In view of the fact that a majority of US banks incurred net loss for year 2009, we should take pride in that most of our key financial ratios are in the top 25% quartile amongst our peer group per the 12/31/09 Uniform Bank Performance Report complied by FFIEC.

Our Bank is very well capitalized with Total Risk-Based Capital ratio of 22.3%, which compares very favorably with the average TRBC ratio 12.8% for all commercial banks in the State of Washington per the 12/31/09 UBPR. The strong capital position will help us relatively easily withstand the prolonging economic stagnation.

Whereas many banks have considerably curtailed their loan production in recent months, our bank has been steadily active in our lending activity, but with prudence, to help support the economic growth of the community we serve. Our bank was ranked fourth in volume of SBA 7(a) loans produced among all banks in the Seattle/Spokane District for the first quarter ended on December 31, 2009.

Another good news is that our bank was able to open Tacoma Market Branch on January 11, 2010 with regulatory blessings. It truly is a wonderful testament that our bank was recognized as a safe and sound bank by regulatory agencies in the midst of one of the worst financial crises in history. At the close of business on February 5, 2010, Tacoma Market Branch reached Total Deposits of $3.6 million, exceeding our expectation.

Although 2010 will be another challenging year for the banking industry, our bank will continue the steady growth trend, outperforming our peer group in the process. May special blessings be with you and your business so as to overcome any difficulties that may lie ahead in 2010.

Respectfully,

Daniel Changyol Lee, President & CEO
Yong H. Han, Chairman of the Board

 

For Stock Quote Information: 

For information on acquisition, sale or transfer of stock, or to receive financial information on the Bank, please contact Peter R. Park, CFO, at (425)275-9707.

UniBank acts as neither agent nor broker in these communications or resulting transactions and makes no representations as to the value of its stock or the relative “fairness” of any asking or offered price. Non FDIC insured. Not a deposit or other obligation of, or guaranteed by, the depository institution. Subject to investment risks, including possible loss of the principal amount invested.