UNIB
University Bancorp, Inc.18.94
+0.12+0.64%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
93.38MP/E (TTM)
9.38Basic EPS (TTM)
2.02Dividend Yield
0.01%Recent Filings
8-K
Voluntary Nasdaq delisting announced
University Bancorp voluntarily delisted its common shares from Nasdaq on January 12, 2009, after notifying the exchange on December 31, 2008, due to low trading volume and high compliance costs under Sarbanes-Oxley. With fewer than 300 shareholders, the company will file Form 15 to deregister and suspend SEC reporting, yet continue disclosures under Delaware law. This cuts expenses sharply. Delisting risks thinner liquidity for remaining holders.
10-Q
Q3 FY2008 results
University Bancorp swung to a $121K net profit in Q3 2008 ended September 30, up from a $50K loss a year earlier, while nine-month net income of $470K trailed last year's $1.0M due to a one-time $1.2M termination fee in 2007. Net interest income climbed 43% year-over-year to $1.3M in the quarter, fueled by 30% higher average earning assets at $98M yielding 6.5%, though the net spread widened to 5.2% amid falling deposit costs. Other income doubled to $2.2M, driven by loan servicing fees and gains on mortgage sales, but expenses rose 48% to $3.2M from launching University Lending Group in April for $0 consideration, absorbing $308K pre-tax loss with minority interest covering the first $200K. Deposits surged 25% to $98M, cash stood at $6.1M, and FHLB borrowings hit $3.5M against $25M availability; free cash flow not disclosed in the 10-Q. Non-GAAP metrics not disclosed in the 10-Q. Elevated charge-offs pressured the loan loss allowance to 0.7% of $57M loans. Weak Michigan economy heightens credit risks.
10-Q
Q2 FY2008 results
University Bancorp swung to a Q2 net loss before minority interest of $84,956, down sharply from $1,107,168 profit a year ago, as non-interest income dropped 21.8% y/y to $1,900,316 without 2007's $1,175,284 termination fee, while expenses jumped 47.5% y/y to $2,788,932 on University Lending Group startup costs. Yet net interest income climbed 33.2% y/y to $1,084,107, fueled by 31% higher average earning assets at $92.9M, though the net spread narrowed to 3.47% from 3.19% (derived). For the half-year, net income fell 67% y/y to $348,262, with diluted EPS at $0.08 on 4,288,403 shares, reconciling cleanly. Deposits surged 31% to $103.1M, bolstering liquidity with $14.4M cash and $29.3M FHLB/Fed lines available, no debt outstanding. Midwest Loan Services drove segment profits at $1.1M YTD, subservicing 41,118 loans up 31.8% y/y. Weak Michigan economy poses risks to loan performance.
10-Q
Q1 FY2008 results
University Bancorp swung to a net income of $256,836 in Q1 2008 ended March 31, up 60% y/y from $160,481, while diluted EPS held steady at $0.06 on 4.3M shares, reconciling cleanly with no anti-dilution flags. Net interest income dipped 0.4% y/y to $870K amid a 3.32% spread contraction, yet other income surged 10.6% y/y to $1.4M, fueled by $686K in loan servicing fees from Midwest Loan Services, which posted $583K pre-tax profit (up 7% y/y) on 35,906 subserviced mortgages. Total assets grew 16% q/q to $102M, deposits jumped 17% q/q to $91.8M, and cash hit $19.7M with $31M in unused FHLB/Fed lines; free cash flow not disclosed in the 10-Q. In Q1, the firm launched a 50.01% stake in University Lending Group for HUD/FHLMC/FNMA mortgage originations, with $300K matched equity and minority absorbing initial $100K losses. Weak Michigan economy poses risks to loan performance.
8-K
CFO resigns without disputes
University Bancorp's CFO Nicholas K. Fortson resigned on February 25, 2008, effective March 7, 2008, with no disagreements cited. He will remain a director of subsidiaries University Bank, Midwest Loan Services, and University Islamic Financial. This leadership shift arrives amid forward-looking statements noting risks to operations and potential acquisitions. Smooth transition hinges on his offered assistance.
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