University Bancorp Inc. announced unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net loss attributable to the company's common stock shareholders of $224,897 or $0.044 per share against net income of $67,864 or $0.014 per share a year ago. Negative return on equity attributable to common stock shareholders was 6.1%.

The management currently projects budgeted annual net income in 2016 of at least $3,200,000 or $0.63 per share. This forecast takes actual results for first quarter of 2016, the estimated results in the second quarter of 2016 plus original budget for the final two quarters of 2016, adjusted for all known major changes.