UNIVERSITY BANCORP MICH - UNIB STOCK NEWS

University Bancorp (OTCQB:UNIB) reported strong financial results for Q2 2024, with net income of $3,039,641 ($0.59 per share), a significant increase from $1,557,298 ($0.32 per share) in Q2 2023. The company's performance shows consistent growth, with net income rising steadily since Q2 2022. Key highlights include:

- Shareholders' equity reached $89,472,148 ($17.31 per share)
- Loan portfolio grew to $785.1 million as of 6/30/2024
- Return on Equity (ROE) improved to 14.5% in Q2 2024
- Total Assets increased to $996,079,589
- Tier 1 Leverage Capital Ratio stood at 10.18%

The company's subservicing business, Midwest Loan Services, is expected to grow with new client acquisitions. University Bancorp continues to expand its business development efforts, including faith-based deposits and nationwide mortgage lending licenses.

University Bancorp (OTCQB:UNIB) has acquired Hyrex Servicing, for $5.5 million through its subsidiary, Hyrex Servicing Holding Company, Hyrex Servicing, based in Ann Arbor, Michigan, is a Fannie Mae and Freddie Mac approved Primary Servicer licensed to own mortgage servicing rights (MSR) in 42 states and the District of Columbia. The acquisition is expected to increase University Bank's Tier 1 Capital by over $3.14 million and release an additional $550,000 in capital.

UNIB reported net income of $2,129,852 or $0.43 per share in Q1 2024, compared to $855,818 or $0.17 per share in Q1 2023. Shareholders' equity rose to $86,348,746, equivalent to $16.70 per share. University Bank is now licensed to originate forward and reverse mortgage loans in all 50 states and D.C.

University Bancorp (OTCQB: UNIB) reported a 2023 net income of $6,799,619, with $5,426,558 attributable to common shareholders, equating to $1.07 per share. This marks an increase from 2022's $4,212,873 net income. The return on equity for common shareholders rose to 6.9% from 4.9%. Equity per share increased to $16.24. The shift to holding more residential loans in the portfolio, alongside higher mortgage loan yields, boosted the net interest margin but impacted short-term gains due to associated origination costs. Notable expenses included a $1.7 million valuation decline in Mortgage Servicing Rights and a $1.7 million loss in the securities portfolio. UNIB's total assets reached $931.63 million, with the Tier 1 Capital Ratio at 10.05% and a 2023 revenue growth of 12.2% compared to 2022.

University Bancorp, Inc. reports unaudited net income of $1.6 million in 2Q2023, compared to $141,370 in 2Q2022. Mortgage origination volumes are at 27-year lows. ROE is improving, reaching 17.4% in June 2023. Business development efforts are ongoing. Total assets at 6/30/23 were $833.5 million. Delinquent loans total $2.7 million. Overall asset quality remains strong.

University Bancorp, Inc. reports unaudited net income of $1,557,298 in 2Q2023, a significant increase from $141,370 in 2Q2022. Shareholders' equity is $78,550,184. Mortgage origination volumes are at a 27-year low. Despite industry conditions, University Bank has maintained profitability and increased loan portfolio to $621.5 million. ROE is steadily rising. Midwest Loan Services has been negatively impacted by lower profitability. The company is pursuing growth opportunities and considering a merger or acquisition. Total assets are $833,497,000.

University Bancorp (OTCQB: UNIB) reported a net income of $7,163,914 or $1.47 per share for 3Q2021, down from $11,483,780 or $2.20 per share in 3Q2020. Year-to-date, net income totaled $29,814,947 with an annualized return on equity of 43.5%. Shareholders' equity was $71,956,682, equivalent to $14.80 per share. Key drivers included a slight drop in mortgage origination margins, but strong loan portfolios and a growth in mortgage origination volumes by 4% year-over-year. The company maintained a healthy Tier 1 Leverage Capital Ratio of 10.64%.

University Bancorp (OTCQB:UNIB) reported a net income of $7,283,972 or $1.53 per share for 2Q2021, down from $9,009,106 or $1.73 per share in 2Q2020. Total assets increased to $696,925,621 as of June 30, 2021. The company experienced a 19.4% growth in mortgage origination volumes, totaling $1.08 billion. Despite a decline in return on equity to 56.5%, University Bancorp maintains strong asset quality with lower delinquencies. The Tier 1 Leverage Capital Ratio decreased to 11.12%.

University Bancorp (OTCQB:UNIB) reported a strong financial performance in 1Q2021, with a net income of $7,703,863, equating to $1.62 per share, compared to a loss of $453,266 in 1Q2020. Total income for the year ending March 31, 2021, reached $35,859,946. Mortgage origination volumes increased by 35.2% year-over-year, totaling $546 million. The company maintains strong equity at $58,579,620, and returns on equity were impressive at 59.7% for the quarter. Despite rising loans classified as substandard, asset quality remained strong overall.