University Bancorp, Inc. Announces Unaudited Earnings Results for the Second Quarter, Six Months and 12 Months Ended June 30, 2018; Provides Earnings Guidance for 2018
September 06, 2018 at 04:52 pm EDT
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University Bancorp, Inc. announced unaudited earnings results for the second quarter, six months and 12 months ended June 30, 2018. For the quarter, the company reported net income of $889,261 or $0.171 per share.
For the six months ended June 30, 2018, net income was $1,514,508, or $0.291 per share versus $1,808,979, or $0.35 per share for the six months ended June 30, 2017.
For the 12 months ended June 30, 2018, net income was $4,829,887, or $0.929 per share.
Management currently projects budgeted annual net income in 2018 of at least $3,790,209 or $0.73 per share. This forecast takes actual results for first half of 2018, plus original budget for the final two quarters of 2018, adjusted for all known major changes. It also assumes that none of current business development activities are successful within 2018, which may be too cautious a view.
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 Second Quarter, Six Months and 12 Months Ended June 30, 2018; Provides Earnings Guidance for 2018
UNIVERSITY BANCORP, INC. 
