University Bancorp Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
July 28, 2015
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University Bancorp Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2015. The company reported net income attributable to University Bancorp Inc. common stock shareholders in the second quarter of 2015 of $2,184,026 or $0.427 per share versus an unaudited net income of $668,735 or $0.142 per share for the 2014 period.
Net income for the six months ended June 30, 2015 was $2,251,890 or $0.445 per share versus net income of $297,401 in the first six months of 2014. Annualized return on equity in the first half of 2015 was 43.5%.
Based on the results of the first half, the company has re-forecasted annual budgeted net income, which is currently projected to be $5,716,280 pre-tax with net income of $3,697,877, or net income of $0.72 per share. This re-forecast takes actual results in the 1H2015 plus original budget for the second half of 2015.
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 Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
UNIVERSITY BANCORP, INC. 
