ANN ARBOR, MI / ACCESSWIRE / September 3, 2019 / University Bancorp, Inc. (OTCQB:UNIB) announced that it had an unaudited net income attributable to University Bancorp, Inc. common stock shareholders in 2Q2019 of $622,269, $0.12 per share on average shares outstanding of 5,202,899 for the second quarter. Net income for the quarter was adversely impacted by a decrease in the valuation of mortgage servicing rights (MSRs) due to declining interest rates and by the cost of starting our residential mortgage correspondent origination business unit (AMS). For 2Q2018 unaudited net income was $889,261, $0.17 per share on average shares outstanding of 5,200,899. For the 12 months ended June 30, 2019, net income was $602,499, $0.116 per share on average shares outstanding of 5,202,406 for the period. For the second quarter of 2019 minority expense of $9,643 was incurred related to the minority investor which owns 20% of our UIF subsidiary.
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