Welcome to our dedicated page for University Bncp news (Ticker: UNIB), a resource for investors and traders seeking the latest updates and insights on University Bncp stock.
University Bancorp, Inc. (UNIB) generates frequent, detailed news updates that cover its activities as a Federal Reserve regulated financial holding company and owner of University Bank. News items often highlight quarterly and annual financial results, capital actions, acquisitions, and developments across its community banking, mortgage, faith-based finance, insurance and wealth management businesses.
Investors following UNIB news can read about net income trends, return on equity metrics, shareholders’ equity milestones and key balance sheet developments, as described in the company’s earnings releases. The company also reports on capital raising transactions, including subordinated debt, senior unsecured notes, credit facilities and preferred stock investments from institutional investors, along with associated terms such as interest rates, maturities, conversion features and redemption options.
Another recurring theme in UNIB’s news flow is strategic expansion in faith-based financial services. Press releases describe definitive agreements to acquire Greater Pacific Bancshares, Bank of Whittier, N.A., and American Finance House LARIBA, which the company identifies as pioneers in the U.S. faith-based financial services industry. Updates also cover the growth of UIF, the faith-based banking firm within the University Bank corporate family, and the evolution of faith-based deposits.
Mortgage origination and servicing developments feature prominently as well. News articles discuss University Bank’s licensing to originate forward and reverse mortgage loans in all 50 states and the District of Columbia, the performance and growth of Midwest Loan Services as a residential mortgage subservicer, and the role of Hyrex Servicing in owning and managing mortgage servicing rights and whole loans with institutional partners.
Additional coverage includes internal restructurings, such as the transfer of Hyrex Servicing to a holding company owned by UNIB, investments in publicly traded financial services companies, and updates on wealth management and trust initiatives, including University Bank’s increased ownership in Credit Union Trust. For investors and analysts, the UNIB news feed provides a centralized view of how the company is executing its strategies in community banking, mortgage finance and faith-based financial services.
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%.
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.
University Bancorp, Inc. (OTCQB:UNIB) reported audited net income of $28,002,817 for 2020, translating to $5.39 per share, a significant increase from $3,616,824 in 2019. Return on equity surged to 97.0% compared to 13.2% in the prior year. The company experienced a 23.2% growth in mortgages serviced. However, results faced challenges due to a net negative impact from unusual expenses totaling $5,445,421.
The company's shareholder equity rose to $51,594,523, or $10.83 per share. Amid the pandemic, it adapted by increasing retail mortgage channels while discontinuing wholesale operations.
University Bancorp (OTCQB:UNIB) has declared a quarterly cash dividend of $0.075 per share, payable on April 23, 2021, to shareholders of record on March 23, 2021. This marks an increase from the previous dividend of $0.05 per share. The company manages over $34 billion in financial assets for more than 177,000 customers and ranks as the 5th largest bank in Michigan. Investors can access updated financial information and investor presentations on their investor relations website.
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