Item 1. Consolidated Financial Statements |
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Consolidated Balance Sheets |
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Consolidated Statements of Operations |
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Consolidated Statements of Comprehensive Income |
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Consolidated Statements of Cash Flows |
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Notes to Consolidated Financial Statements |
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Item 2. Management’s Discussion and Analysis or |
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Plan of Operation |
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Summary |
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Results of Operations |
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Capital Resources |
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Liquidity |
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Item 3. Controls and Procedures |
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PART II - Other Information |
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Item 1. Legal Proceedings |
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Item 2. Unregistered Sales of Equity |
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Securities and Use of Proceeds |
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Item 3. Defaults Upon Senior Securities |
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Item 4. Submission of Matters to a Vote |
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Of Security Holders |
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Item 5. Other Information |
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Item 6. Exhibits & Reports on Form 8-K |
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Signatures |
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Exhibits |
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University Bancorp - Recent Material Event
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The information furnished in these interim statements reflects all adjustments and accruals, which are in the opinion of management, necessary for a fair statement of the results for such periods. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year.
Part I. - Financial Information Item 1. - Consolidated Financial Statements UNIVERSITY BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets September 30, 2007 and December 31, 2006 (Unaudited) September 30, December 31, ASSETS Cash and due from banks $ 14,001,947 $ 27,381,113 Investment securities available for sale, at 1,480,878 672,588 Trading securities 7,092,645 - Federal Home Loan Bank Stock 714,600 714,600 Loans and financings held for sale, at the 895,621 1,951,629 Loans and financings 57,931,072 50,927,197 Allowance for loan losses (535,762) (465,992) Loans and financings, net 57,395,310 50,461,205 Premises and equipment, net 2,577,955 2,696,062 Mortgage servicing rights, at fair value 1,584,268 - Mortgage servicing rights, net - 1,516,100 Real estate owned, net 215,550 289,212 Accounts receivable 163,333 253,866 Accrued interest and profit receivable 360,658 304,863 Prepaid expenses 393,615 384,113 Goodwill 103,914 103,914 Other assets 507,197 542,476 TOTAL ASSETS $ 87,487,491 $ 87,271,741
UNIVERSITY BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (continued) September 30, 2007 and December 31, 2006 (Unaudited) September 30, December 31, LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Deposits: Demand - non interest bearing $ 30,577,615 $ 34,594,823 Demand – interest bearing and profit sharing 30,672,815 28,417,453 Savings 267,338 268,585 Time 15,828,790 15,601,321 Total Deposits 77,346,558 78,882,182 Accounts payable 370,115 59,384 Accrued interest and profit sharing payable 99,754 73,532 Other liabilities 371,317 368,837 Total Liabilities 78,187,744 79,383,935 Commitments and contingencies Minority Interest 2,927,132 2,636,559 Stockholders’ equity: Preferred stock, $0.001 par value; $1,000 liquidation value; Authorized - 500,000 shares; Issued – 49,224, shares in 2007 and 37,672 in 2006 Common stock, $0.01 par value; Authorized - 5,000,000 shares; Issued - 4,363,562 shares in 2007 and 2006 43,635 43,635 Additional paid-in-capital 6,604,440 6,488,960 Additional paid-in-capital - stock options 40,338 36,478 Treasury stock - 115,184 shares in 2007 and 2006 (340,530) (340,530) Retained earnings (accumulated deficit) 35,688 (950,038) Accumulated other comprehensive loss, unrealized losses on securities available for sale, net (11,005) (27,296) Total Stockholders’ Equity 6,372,615 5,251,247 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 87,487,491 $ 87,271,741 See notes to consolidated financial statements.
UNIVERSITY BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Operations For the Periods Ended September 30, 2007 and 2006 (Unaudited) For the Three-Month For the Nine-month Period Ended Period Ended Interest and financing income: Interest and fees on loans and financing income $ 1,102,740 $ 826,648 $ 3,238,344 $ 2,583,733 Interest on securities: U.S. Government agencies 46,981 2,673 62,333 7,267 Other securities 8,106 6,688 24,010 33,088 Interest on federal funds and other 161,461 86,474 494,311 209,995 Total interest and financing income 1,319,288 922,483 3,818,998 2,834,083 Interest and profit sharing expense: Interest and profit sharing on deposits: Demand deposits 240,048 164,436 679,350 429,632 Savings deposits 2,198 2,584 Time deposits 194,939 147,590 566,328 482,125 Short-term borrowings - - - 1,947 Total interest and profit sharing expense 435,766 312,739 1,247,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||