University Bancorp, Inc. Announces Unaudited Earnings Results for the Second Quarter and First Half Ended June 30, 2016; Provides Earnings Guidance for the Full Year of 2016
September 06, 2016 at 03:44 pm EDT
Share
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.
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 and First Half Ended June 30, 2016; Provides Earnings Guidance for the Full Year of 2016