University Bancorp Inc. announced unaudited earnings results for the first quarter and twelve months ended March 31, 2017. For the quarter, the company reported net income attributable to the company's common stock shareholders of $900,023 or $0.175 per share on average shares outstanding of 5,146,177 against net loss of $224,897 or $0.044 per share on average shares outstanding of 5,100,899 a year ago. Annualized return on equity attributable to common stock shareholders of 19.9%. Results in first quarter of 2017 were assisted by a seasonal factor, only partially offset by two unusual expenses, which had an overall positive cumulative impact of $190,594, before tax.

For the twelve months, the company announced net income was $4,931,117 or $0.97 per share on average shares outstanding of 5,112,218 for the period. Return on equity over the trailing twelve months was 35.1% on initial equity of $14,049,724.

The management currently projects budgeted annual net income in 2017 of at least $4,890,000 or $0.94 per share. This forecast takes actual results for first quarter of 2017, the estimated results in the second quarter of 2017 plus original budget for the final two quarters of 2017, adjusted for all known major changes.