ANN ARBOR, MI / ACCESSWIRE / November 12, 2019 / University Bancorp, Inc. (OTCQB:UNIB) announced that it had an unaudited net income attributable to University Bancorp, Inc. common stock shareholders in 3Q2019 of $2,167,535, $0.42 per share on average shares outstanding of 5,204,899 for the second quarter. Net income for the quarter was on budget despite being adversely impacted by a decrease in the valuation of mortgage servicing rights (MSRs) due to declining interest rates and by start-up costs of our residential mortgage correspondent origination business unit, Midwest Loan Solutions (AMS). For 3Q2018 unaudited net income was $1,170,465, $0.225 per share on average shares outstanding of 5,200,921. For the 12 months ended September 30, 2019, net income was $1,599,569, $0.31 per share on average shares outstanding of 5,203,401 for the period. For the third quarter of 2019 minority expense of $53,380 was incurred related to the minority investor which owns 20% of our UIF subsidiary.
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