University Bancorp, Inc. (OTCQB: UNIB) announced that it had
unaudited net income attributable to University Bancorp, Inc.
common stock shareholders in the first three months of 2013 of
$486,848, $0.104 per share on average shares outstanding of
4,667,598 for the first three months. Year-to-date, the pre-tax
profit of the Company's wholly-owned subsidiary, University Bank,
was $1,001,200, was above the budget by $649,673, and consolidated
after-tax net income before minority interest was $660,200, above
the budget by $427,192. For the first three months of 2013 minority
interest of $145,248 and preferred stock dividends of $24,194 were
incurred.
President Stephen Lange Ranzini noted, "The budget for 2013
calls for the company to have net income attributable to University
Bancorp, Inc. common stock shareholders of $2,708,857 after-tax,
$0.58 per share, the bank to earn $6.36 million pre-tax and $4.2
million after-tax before minority interest. We are on track to
exceed that. The first quarter is expected to be the least
profitable quarter of each year because residential purchase
transactions are typically at a seasonally low ebb."
For the 12 months ended March 31, 2013, the Company had
unaudited net income attributable to University Bancorp, Inc.
common stock shareholders of $1,910,233 or $0.409 per share on
average shares outstanding of 4,667,598 and return on equity
attributable to common stock shareholders was 26.1% on initial
equity of $7,306,093.
After deducting minority interest of $406,844 and preferred
stock dividends of $24,859, net income attributable to University
Bancorp, Inc. common stock shareholders in the first quarter of
2012 was $499,474, or $0.108 per share on average shares
outstanding for the quarter of 4,642,598.
Tier 1 Capital rose to 11.25% at 3/31/2013, and was $11,966,000
on average assets of $106.4 million, was 9.69% at 12/31/2012 on
average assets of $117.4 million, and is projected to be 14.18% at
12/31/2013 if we achieve our 2013 budget goal. Shareholders' equity
attributable to University Bancorp, Inc. common stock shareholders
rose to $8,046,969 or $1.724 per share, based on shares outstanding
at March 31, 2013 of 4,667,598. Tier 1 Capital includes common
stock equity from investors that own 20% of the bank's operating
subsidiaries Midwest Loan Services and University Islamic
Financial.
Michigan and the Ann Arbor MSA continue to increase employment
and as a result, the performance of our portfolio loans and our
overall asset quality continues to improve and we are experiencing
low loan delinquencies. Total classified loans on our watch list at
March 31, 2013 are 14 in number for $1,750,856 and ORE were 4 in
number for $372,432 for a total of 18 substandard assets carried at
$2,123,288, or 17.28% of Tier 1 Capital. While above our target of
9%, we plan to achieve this by the fourth quarter of 2013, assisted
by a planned sale of substandard loans not expected to resolve
within the next 12 months. The Allowance for Loan Losses stands at
$1,185,300, or 2.23% of the amount of portfolio loans excluding the
loans held for sale, which have their own separate reserve of
$653,100 at March 31, 2013.
In the first three months of 2013, our residential mortgage
origination groups originated $177.7 million of mortgages sold to
the secondary market, of which $93.3 million were originated by our
retail origination group, University Lending Group, LLC, $32.4
million were originated by our Islamic banking unit, University
Islamic Financial, and the remainder originated by our credit union
origination group. 67% of our retail originations and 52% of our
Islamic originations financed purchase transactions. It is our goal
to build a sustainable mortgage origination business not dependent
upon refinancing.
Liquidity remains excellent and we manage an additional $70
million of deposits in an off-balance sheet sweep arrangement
through a series of deposit accounts at the Federal Home Loan Bank
of Indianapolis, which are available to us to meet any withdraws in
just a few minutes.
President Stephen Lange Ranzini noted, "While the results for
the past 3 months are very encouraging, we remain very focused on
and concerned about our ability to fully comply with highly complex
compliance rules and the tremendous amount of work that these will
require of us to succeed in future regulatory examinations. Recent
successes by our compliance team include the completion of work to
enhance the processes in BSA and HMDA. Current areas of major focus
and follow-up include enhancements to internal audit for which we
doubled our 2013 budget to $700,000 a year and preparation for our
first CFPB examinations expected later in 2013."
Other key statistics:
- 5-year annual average revenue growth*, 42.1%
- 1-year annual revenue growth*, 96.4%
- Debt to equity ratio(+), 11.8%
- Current Ratio,(#) 2.01x
- Trailing 12 Months P-E Ratio(x), 6.1x
*Using Trailing 12 month 1Q2013 sales which were $41,793,878,
2011 sales which were $21,280,296 and 2008 sales which were
$13,449,856. (+)Outstanding Preferred Stock of $1,078,247 and total
Company equity capital (common stock plus maturing preferred stock)
of $9,125,216. (#)Parent company only current assets divided by 12
month projected cash expenses. (x)Based on last sale price of $2.50
per share.
Shareholders and investors are encouraged to refer to the
financial information including the audited financial statements,
available on our investor relations web page at:
http://www.university-bank.com/Bancorp.html.
Ann Arbor-based University Bancorp owns 100% of University Bank
which, together with its subsidiaries, holds and manages a total of
over $12.7 billion in loans and assets and our 330 employees make
us the 9th largest bank based in Michigan. University Bank is an
FDIC-insured, locally owned and managed community bank, and meets
the financial needs of its community through its creative and
innovative services. Founded in 1890, University Bank® is proud to
have been selected as the "Community Bankers of the Year" by
American Banker magazine and as the recipient of the American
Bankers Association's Community Bank Award. University Bank is a
Member FDIC.
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, 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.
Contact: Stephen Lange Ranzini President and CEO Phone:
734-741-5858, Ext. 9226 Email: Email Contact
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