University Bancorp (UNIB) Q3 2024 earnings summary

Executive summary

• Net income for Q3 2024 was $2.13M, up from $1.93M in Q2 and $1.53M in Q1, with YTD net income reaching $7.91M.

• Revenues for Q3 2024 totaled $3.73M, with YTD revenues at $10.01M.

• Earnings per share for Q3 2024 were $0.41, compared to $0.59 in Q2 and $0.53 in Q1.

Financial highlights

• Total assets increased to $129.2M as of September 30, 2024, up from $120.1M at June 30, 2024.

• Shareholders' equity per share rose to $17.78 at September 30, 2024, from $17.32 at June 30, 2024.

• Net interest margin for Q3 2024 was $3.31M, down 8% year-over-year.

• Total interest income for Q3 2024 was $4.83M, a 7% decrease from Q3 2023.

• Total interest expense for Q3 2024 was $1.51M, up 24% year-over-year.

Outlook and guidance

• Year-to-date net income and revenue growth indicate continued profitability, with asset and equity growth supporting a positive outlook.