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University Bancorp (UNIB) reports developments tied to its role as a Federal Reserve-regulated financial holding company with University Bank as a core subsidiary. Recurring updates cover audited and unaudited earnings, shareholders' equity, tangible book value, deposit growth, community banking activity, and faith-based banking products.
Company news also includes capital actions, preferred equity financing, credit facilities, bank-level asset management, public financial-services investments, and acquisition activity connected to banking, insurance, mortgage services, loan origination, and wealth management strategy.
University Bancorp (OTCQB:UNIB) reported strong financial results for 2024, with audited net income of $10,467,383 attributable to common stockholders ($2.02 per share), a significant increase from $5,426,558 ($1.07 per share) in 2023.
The company achieved a 12.5% return on equity in 2024, up from 7.1% in 2023. Shareholders' equity reached $93.59 million ($18.10 per share) by year-end 2024. The board instituted a new dividend policy, including a special $0.20 dividend and quarterly $0.10 payments.
Key highlights include:
- Overall revenue growth of 18.65% in 2024
- Mortgage originations of $1.1 billion in 2024
- Portfolio loans increased to $782.4 million
- Net interest margin exceeded $3 million monthly
- Bank maintained assets under $1 billion to avoid additional regulatory costs
University Bancorp (UNIB) has acquired 6,200 common shares of Currency Exchange International (CXI) through the Toronto Stock Exchange at an average price of C$20.05 per share, totaling C$124,310. This strategic investment increases UNIB's ownership from 9.90% (627,310 shares) to 10.00% (633,510 shares) of CXI's outstanding common shares.
The acquisition was disclosed through an early warning report under National Instrument 62-103. UNIB states it holds CXI shares for investment purposes and will continue reviewing investment performance and alternatives, including potentially increasing or decreasing its position, hedging its exposure, or engaging with CXI's management regarding business operations and strategy.
University Bancorp (OTCQB:UNIB) has issued $15 million in Senior Unsecured Notes to institutional investors, maturing on January 31, 2030, with a fixed interest rate of 9.25% per annum. The company has the option to redeem the Notes starting January 31, 2028. As of September 30, 2024, the company also had $28 million of Subordinated Notes outstanding and a $10 million Line of Credit. The company's cash and equity investment securities totaled $19.7 million as of September 30, 2024. Notably, the shareholders' equity of University Bank, the company's wholly-owned subsidiary, surpassed $100 million as of August 31, 2024, marking a significant milestone.
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.
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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%.