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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Uuniversity Bancorp Inc Michigan (QB) | USOTC:UNIB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 12.76 | 13.50 | 13.00 | 12.9352 | 13.00 | 875 | 20:41:13 |
President & CEO Stephen Lange Ranzini noted, "The bottom-line 2011 results were disappointing after the $2.9 million in unusual expenses we incurred. Increased profitability at both Midwest Loan Services and University Islamic Financial were insufficient to offset these lost profits. Ranzini noted, "Our rapidly growing subsidiaries generated 86.2% of our bank's $21,280,296 revenues in 2011."
For 2012 the Company is projecting $5.7 million of pre-tax income, and for the first three months of the year, our pre-tax profits were $668,931 ahead of the budget projection. For the first three months of 2012 all of the bank's subsidiaries are performing ahead of the budgeted net income, and the bank's Tier 1 Capital had risen to 9.66%.
Unusual expenses during the year decreased the final result by $2,931,808:
As of the close of business December 31, 2011, the Company issued 366,720 shares of common stock (in addition to the $250,000 paid earlier) to acquire 37.4925% of its subsidiary, University Lending Group, LLC, increasing its ownership interest to 87.5025%.
Highlights for the year include:
Key metrics for the year ended December 31, 2011 were:
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its subsidiaries, holds and manages a total of over $10.8 billion in loans and assets. 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 BankĀ® 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.
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.
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 and net income, 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. 226 Email: Email Contact
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