University Bancorp Inc. announced unaudited earnings results for the second quarter and first half ended June 30, 2016. For the quarter, the company reported net income attributable to the company's common stock shareholders of $991,934 or $0.194 per share compared to net income of $2,184,026 or $0.427 per share a year ago.

For the first half, the company reported net income attributable to company's common stock shareholders of $767,037 or $0.150 per share compared to $2,251,890 or $0.445 per share a year ago. Return on equity attributable to common stock shareholders of 10.4% on initial equity of $14,049,724. Return on equity over the trailing twelve months was 11.9% on initial equity of $13,922,376. Results in first half of 2016 were restrained by a single large non-recurring, unusual expense only partially offset by an unusual gain, which had an overall negative cumulative impact of $1,898,547, before tax. Shareholders' equity attributable to the company's common stock shareholders was $15,053,221 or $2.951 per share. Excluding goodwill & other intangibles related to the acquisition of Midwest Loan Services and Ann Arbor Insurance Center, net tangible shareholders' equity attributable to the company's common stock shareholders was $14,446,224 or $2.832 per share as at June 30, 2016.

The company currently projects budgeted annual net income in 2016 of at least $3,400,000 or $0.68 per share.