University Bancorp 2Q2024 Net Income $3,039,641 $0.59 Per Share
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) ha riportato risultati finanziari solidi per il Q2 2024, con un reddito netto di 3.039.641 dollari (0,59 dollari per azione), un aumento significativo rispetto a 1.557.298 dollari (0,32 dollari per azione) nel Q2 2023. Le performance dell'azienda mostrano una crescita costante, con il reddito netto che è aumentato regolarmente dalla Q2 2022. I punti salienti includono:
- Il patrimonio netto degli azionisti ha raggiunto 89.472.148 dollari (17,31 dollari per azione)
- Il portafoglio prestiti è cresciuto fino a 785,1 milioni di dollari al 30/06/2024
- Il ritorno sul patrimonio (ROE) è migliorato al 14,5% nel Q2 2024
- Attività totali sono aumentate a 996.079.589 dollari
- Il rapporto di capitale di leva Tier 1 si è attestato al 10,18%
Il business di subservicing dell'azienda, Midwest Loan Services, è previsto crescere con nuove acquisizioni di clienti. University Bancorp continua a espandere i suoi sforzi di sviluppo commerciale, inclusi depositi basati su credenze e licenze per prestiti ipotecari a livello nazionale.
University Bancorp (OTCQB:UNIB) reportó resultados financieros sólidos para el Q2 2024, con una ganancia neta de 3.039.641 dólares (0,59 dólares por acción), un aumento significativo desde 1.557.298 dólares (0,32 dólares por acción) en el Q2 2023. El desempeño de la empresa muestra un crecimiento constante, con la ganancia neta aumentando de manera constante desde el Q2 2022. Los aspectos destacados incluyen:
- El patrimonio de los accionistas alcanzó 89.472.148 dólares (17,31 dólares por acción)
- El portafolio de préstamos creció a 785,1 millones de dólares al 30/06/2024
- El retorno sobre el patrimonio (ROE) mejoró al 14,5% en el Q2 2024
- Los activos totales aumentaron a 996.079.589 dólares
- La relación de capital de apalancamiento de Nivel 1 se mantuvo en 10,18%
Se espera que el negocio de subservicing de la empresa, Midwest Loan Services, crezca con nuevas adquisiciones de clientes. University Bancorp sigue expandiendo sus esfuerzos de desarrollo empresarial, incluyendo depósitos basados en la fe y licencias nacionales de préstamos hipotecarios.
University Bancorp (OTCQB:UNIB)는 2024년 2분기 강력한 재무 실적을 보고했으며, 순이익은 3,039,641달러 (주당 0.59달러)로, 2023년 2분기 1,557,298달러 (주당 0.32달러)에서 크게 증가했습니다. 회사의 실적은 지속적인 성장세를 보이고 있으며, 순이익은 2022년 2분기 이후 꾸준히 증가하고 있습니다. 주요 하이라이트는 다음과 같습니다:
- 주주 자본이 89,472,148달러 (주당 17.31달러)에 도달했습니다.
- 대출 포트폴리오는 2024년 6월 30일 기준으로 785.1백만 달러로 성장했습니다.
- 자기자본이익률 (ROE)는 2024년 2분기에 14.5%로 개선되었습니다.
- 총 자산은 996,079,589달러로 증가했습니다.
- 1급 레버리지 자본 비율은 10.18%로 유지되었습니다.
회사의 서브서빙 비즈니스인 Midwest Loan Services는 새로운 고객 확보로 성장이 예상됩니다. University Bancorp는 신앙 기반 예금 및 전국적인 주택 담보 대출 라이센스를 포함한 사업 개발 노력을 계속 확장하고 있습니다.
University Bancorp (OTCQB:UNIB) a annoncé de bons résultats financiers pour le 2ème trimestre 2024, avec un revenu net de 3.039.641 $ (0,59 $ par action), une augmentation significative par rapport à 1.557.298 $ (0,32 $ par action) au 2ème trimestre 2023. Les performances de l'entreprise montrent une croissance constante, avec un revenu net en hausse régulière depuis le 2ème trimestre 2022. Les points clés incluent :
- Les capitaux propres des actionnaires ont atteint 89.472.148 $ (17,31 $ par action)
- Le portefeuille de prêts a augmenté à 785,1 millions de $ au 30/06/2024
- Le retour sur les capitaux propres (ROE) s'est amélioré à 14,5 % au 2ème trimestre 2024
- Les actifs totaux ont augmenté à 996.079.589 $
- Le ratio de capital à effet de levier de niveau 1 était de 10,18%
Les activités de sous-traitance de l'entreprise, Midwest Loan Services, devraient croître grâce à de nouvelles acquisitions de clients. University Bancorp continue d'élargir ses efforts en matière de développement commercial, comprenant des dépôts religieux et des licences nationales de prêts hypothécaires.
University Bancorp (OTCQB:UNIB) berichtete über starke finanzielle Ergebnisse für das 2. Quartal 2024, mit einem Nettogewinn von 3.039.641 USD (0,59 USD pro Aktie), was einen signifikanten Anstieg im Vergleich zu 1.557.298 USD (0,32 USD pro Aktie) im 2. Quartal 2023 darstellt. Die Unternehmensleistung zeigt ein konsistentes Wachstum, wobei der Nettogewinn seit dem 2. Quartal 2022 stetig gestiegen ist. Die wichtigsten Highlights umfassen:
- Das Eigenkapital der Aktionäre erreichte 89.472.148 USD (17,31 USD pro Aktie)
- Das Kreditportfolio wuchs bis zum 30.06.2024 auf 785,1 Millionen USD
- Die Eigenkapitalrendite (ROE) verbesserte sich im 2. Quartal 2024 auf 14,5%
- Die Gesamtaktiva stiegen auf 996.079.589 USD
- Die Tier-1-Leverage-Kapitalquote lag bei 10,18%
Das Subservicing-Geschäft des Unternehmens, Midwest Loan Services, wird voraussichtlich mit neuen Kundenakquisitionen wachsen. University Bancorp setzt seine Bemühungen um die Geschäftsentwicklung fort, darunter gläubigkeitsbezogene Einlagen und nationale Hypothekenverleiher-Lizenzen.
- Net income increased to $3,039,641 ($0.59 per share) in Q2 2024, up from $1,557,298 ($0.32 per share) in Q2 2023
- Loan portfolio grew to $785.1 million as of 6/30/2024, up from $553.9 million at 12/31/2022
- Return on Equity (ROE) improved to 14.5% in Q2 2024, up from 5.1% in 2022
- Total Assets increased to $996,079,589, up from $833,497,000 at 6/30/2023
- Midwest Loan Services expected to onboard approximately 44,000 new mortgages by 10/1/2024
- Faith-based deposits grew past $50 million
- University Bank now licensed for conventional and reverse mortgage lending in all 50 states
- Midwest Loan Services faced headwinds from client MSR sales
- Allowance for Loan Losses increased by $143,954 in Q2 2024
- Delinquent loans over 90 days & on Non-Accrual totaled $1,027,912
ANN ARBOR, MI / ACCESSWIRE / August 19, 2024 / University Bancorp, Inc. (OTCQB:UNIB) announced that it had an unaudited net income attributable to University Bancorp, Inc. common stock shareholders in 2Q2024 of
For the 6 months ended June 30, 2024, net income was
For the 12 months ended June 30, 2024, net income was
Shareholders' equity attributable to University Bancorp, Inc. common stock shareholders was
President Stephen Lange Ranzini noted, "Since the shift in our business model when the mortgage origination industry began its slump in 1Q2022, our quarterly net income has continued to rise as we execute on our business plan:
Net Income, 2Q2022 | |
Net Income, 3Q2022 | |
Net Income, 4Q2022 | |
Net Income, 1Q2023 | |
Net Income, 2Q2023 | |
Net Income, 3Q2023 | |
Net Income, 4Q2023 | |
Net Income, 1Q2024 | |
Net Income, 2Q2024 |
Starting in March 2022, we began to increase our residential loans held for investment. Overall, our loan portfolio, which was
Year Ended 2022 | |
Year Ended 2023 | |
12M Ended 2Q2024 | |
1Q2024 | |
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The improvement in results is driven by net interest income generated from the larger portfolio of loans held for investment combined with multiple rounds of cost-cutting.
University Bancorp 2Q2023 Net Income
Our subservicing business, Midwest Loan Services, has been negatively impacted by financial institution customers opting to sell MSRs to book gains on sale to offset the lower profitability from loan originations. Despite this trend, the number of mortgages serviced rose to 170,037 up from 167,176 at 12/31/2023, however on 7/1/2024 Midwest onboard approximately 22,000 mortgages from a large institutional investor, and an additional 22,000 mortgages are scheduled to onboard from this institutional investor on 10/1/2024, which is expected to push Midwest past its previous high-water mark of 192,000 mortgages subserviced. Midwest continues to face headwinds from client MSR sales, however, it has a robust business development pipeline, and the new Hyrex Servicing capabilities discussed here, give Midwest access to additional institutional clients not previously addressable. If the Hyrex business plan is carried out and the synergies are realized from the Blue Water transaction, it would have a materially positive impact on Midwest. In June 2024, Midwest generated an average balance of
Overall, our business development efforts continue at a rapid pace. For example, faith-based deposits grew past
Earnings in 2Q 2024, were assisted by two factors, partially offset by one factor, that had an overall net positive impact of
Mortgage Servicing Rights Valuation adjustment:
With the sale of MSRs to Hyrex during the quarter we realized a gain on sale and the overall valuation of our MSRs increased$360,775 ;Mortgage Origination Pipeline valuation adjustment:
The fair market value of the hedged mortgage origination pipeline (FMV) rose$47,829 as the value of locked loans rose over the level at 1Q 2023;Allowance for Loan Losses adjustment:
The Allowance for Loan Losses was increased by$143,954. We view this as an unusual factor because, due to a conservative credit culture, University Bank continues to have cumulative net recoveries and not net loan charge-offs over the past 15 years.
Earnings in 1Q 2024, were assisted by two factors, partially offset by one factor, that had an overall net positive impact of
Mortgage Servicing Rights Valuation adjustment:
With the rise in long term mortgage interest rates during the quarter the valuation of our MSRs increased$16,912 ;Mortgage Origination Pipeline valuation adjustment:
The fair market value of the hedged mortgage origination pipeline (FMV) rose$368,208 as the amount of locked loans rose over the level at 4Q 2023 due to seasonal factors.Allowance for Loan Losses adjustment:
The Allowance for Loan Losses was increased by$193,247.
University Bancorp 2Q2023 Net Income
Earnings in 2Q 2023, were assisted by one factors, partially offset by two factors, that had a net positive impact of
Mortgage Servicing Rights Valuation adjustment:
With the rise in long term mortgage interest rates during the quarter the valuation of our MSRs increased$229,754 ;Mortgage Origination Pipeline valuation adjustment:
The fair market value of the hedged mortgage origination pipeline (FMV) fell$151,508 as the value of locked loans fell over the level at 1Q 2023;Allowance for Loan Losses adjustment:
The Allowance for Loan Losses was increased by$71,000.
Earnings in 1Q 2023, were assisted by one factor, partially offset by one factor, that with a net positive impact of
Mortgage Origination Pipeline valuation adjustment:
The fair market value of the hedged mortgage origination pipeline (FMV) rose$793,675 as the amount of locked loans rose over the level at 4Q 2022 due to seasonal factors.Mortgage Servicing Rights Valuation adjustment:
With the fall in long term mortgage interest rates during the quarter the valuation of our MSRs decreased$476,817 ;
Mortgage origination volumes rose in 1H2024, with closings of
For 2Q2024, the Company had an annualized return on equity attributable to common stock shareholders of
At 6/30/2024 cash & equity investment securities at the Company, available to meet working capital needs and to support investment opportunities at University Bancorp were
A portion of UNIB's working capital has been invested in a portfolio of publicly traded financial services related investments. At 6/30/2024, two of these investments were large:
Currency Exchange International (Symbol CURN), a Canadian bank holding company that specializes in foreign exchange, of which we own
4.7% ;VersaBank (Symbol VBNK), a single branch Canadian bank, of which we own
2.1% of the common stock;
University Bancorp 2Q2024 Net Income
The performance of our portfolio loans and our overall asset quality continues to be good. We had one foreclosed other real estate owned property at quarter-end (a residential home related to GNMA buybacks) with a balance of
At 6/30/2024, we had the following with respect to delinquent loans (including both delinquent portfolio loans and delinquent loans held for sale):
Delinquent 30 Days to 59 Days,
Delinquent 60 Days to 89 Days,
Delinquent Over 90 Days & on Non-Accrual,
*This balance consisted of three residential loans, and excludes GNMA loans that are
Total Assets at 6/30/2024 were
The Tier 1 Leverage Capital Ratio at 6/30/2024 was
Common Equity Tier 1 Capital at 6/30/2024 was
Treasury shares as of 6/30/2024 were 37,381 shares.
Other Key statistics as of 6/30/2024:
10-year annual average revenue growth*, |
|
| 16.9 | % |
5-year annual average revenue growth*, |
|
| -2.8 | % |
1H2024 vs. 1H2023 revenue growth*, |
|
| 18.7 | % |
TTM Revenue |
| $ | 117,595,317 |
|
10 Year Average ROE |
|
| 27.8 | % |
5 Year Average ROE |
|
| 34.1 | % |
LLR/NPAs>90 % |
|
| 282.4 | % |
University Bancorp 2Q2024 Net Income
Current Ratio, # |
|
| 217.1 | x |
Efficiency Ratio, %+ |
|
| 92.5 | % |
Total Assets, |
| $ | 996,079,589 |
|
Loans Held for Sale, before Reserves, |
| $ | 92,790,000 |
|
NPAs >90 days |
| $ | 1,027,912 |
|
TTM ROA% |
|
| 0.91 | % |
TCE/TA % |
|
| 9.85 | % |
Total Capital Ratio % |
|
| 12.99 | % |
NPAs/Assets % |
|
| 0.45 | % |
Texas Ratio % |
|
| 4.39 | % |
NIM % |
|
| 4.29 | % |
NCOs/Loans |
|
| -0.005 | % |
Trailing 12 Months P-E Ratiox |
|
| 9.5 | x |
Price to Book Value Ratiox |
|
| 87 | % |
*Using TTM, 1H2024, 1H2023, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015 revenue which were
#Parent company only current assets divided by 12-month projected cash expenses.
+Calculated as: (non-interest expense/ (net interest income + non-interest income)).
xBased on last sale of
Excluding goodwill & other intangibles related to the acquisition of Midwest Loan Services and Ann Arbor Insurance Center, net tangible shareholders' equity attributable to University Bancorp, Inc. common stock shareholders was
Shareholders and investors are encouraged to refer to the financial information including the investor presentations, audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/. A detailed income statement, balance sheet and other financial information for University Bank as of 6/30/2024 will be available here: https://www.university-bank.com/wp-content/uploads/2024/06/University-Bank-Detailed-Financial-Information-June-2024.pdf.
About UNIB
Ann Arbor-based University Bancorp is a Federal Reserve regulated financial holding company that owns:
100% of University Bank, a bank based in Ann Arbor, Michigan;100% of Crescent Assurance, PCC, a captive insurance company licensed in Washington DC; and100% of Hyrex Servicing, based in Ann Arbor, Michigan.
University Bancorp 2Q2024 Net Income
University Bank together with its Michigan-based subsidiaries, holds and manages a total of over
UIF, a faith-based banking firm based in Southfield, MI;
University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.
Reverse Mortgage Lending, a reverse residential mortgage lender based in Southfield, MI; and
Mortgage Warehouse Lending, a mortgage warehouse lender based in Southfield, MI.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, pre-tax income and net income, budgeted income levels, the sustainability of past results, mortgage origination levels and margins, valuations, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update any information or forward-looking statement.
Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com
SOURCE: University Bancorp, Inc.
View the original press release on accesswire.com
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