University Bancorp Inc. Announces Unaudited Earnings Results for the First Quarter and Twelve Months Ended March 31, 2017; Provides Earnings Guidance for the Year 2017
June 19, 2017 at 10:46 am EDT
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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.
University Bancorp, Inc. is a bank holding company. The Company conducts its operations through its subsidiary, University Bank (the Bank). The Bank is a locally owned and locally managed community bank primarily serving the cities in Ann Arbor and Ypsilanti of Washtenaw County, Michigan. The Bank's operation focus on local businesses, local residents, and non-profit organizations. Its banking specialties include deposit products, residential and commercial real estate mortgage lending and business loans. Insurance is also available to its customers through its wholly owned subsidiary, Ann Arbor Insurance Centre. The Bank's personal banking services include personal checking accounts, personal savings accounts, and consumer lending. Its business banking services include commercial loans, non-profit loans, SBA 504 Program, SBA 7 (a) Program, and other. The Bank's reverse mortgage experts help seniors convert home equity into cash for retirement, medical bills, travel and other.
University Bancorp Inc. Announces Unaudited Earnings Results for the First Quarter and Twelve Months Ended March 31, 2017; Provides Earnings Guidance for the Year 2017