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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 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.
University Bancorp, Inc. (OTCQB:UNIB) has scheduled its 2020 Annual Shareholder Meeting for January 6, 2021. Shareholders of record by December 11, 2019, can vote and engage with management during the call. The Board declared a cash dividend of $0.15 per share, payable on January 12, 2021. This dividend represents a quarterly rate of $0.05 for upcoming quarters. As of October 31, 2020, loans serviced grew 18.8% year-over-year. Pre-tax income from Midwest Loan Services reached $1.75 million for Q3 2020. Share buybacks reduced outstanding shares to 4,765,516.
University Bancorp (OTCQB:UNIB) reported a significant increase in net income for 2Q2020, totaling $9,009,106 or $1.73 per share, compared to $622,269 or $0.12 per share in 2Q2019. The company experienced record pre-tax income of $16.2 million and a 63.8% increase in mortgage originations from Q1 2020. University Bancorp declared a quarterly dividend of $0.05 per share, totaling an annualized $1.04 million. Additionally, the bank's total assets surpassed $500 million, reflecting strong financial health.