University Bancorp (UNIB) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 reached $3.04 million, up from $2.13 million in Q1 2024, with EPS rising from $0.41 to $0.59 quarter-over-quarter.

• Total assets increased to $120.1 million as of June 30, 2024, from $116.0 million at March 31, 2024.

Financial highlights

• Q2 2024 total revenues were $6.27 million, up from $5.57 million in Q1 2024.

• Net income margin improved, with net income per share at $0.59 in Q2 versus $0.41 in Q1.

• Shareholders' equity per share increased to $17.31 at June 30, 2024, from $16.70 at March 31, 2024.

Outlook and guidance

• Commercial loans grew 20.4% month-over-month in June 2024, indicating strong lending momentum.

• Total assets for the consolidated bank rose 0.9% month-over-month to $996.1 million.