For the For the Quarter Ended Nine Months Ended September 30, September 30, (in 000s) (in 000s) 2006 2005 2006 2005 Net interest & financing income $ 610 $ 552 $ 1,918 $ 1,708 Provision for loan & financing losses 57 0 106 17 Total securities gains 0 22 0 22 Total other income 1,197 1,054 3,284 3,099 Total other expense 1,883 1,598 5,433 4,678 Income tax 0 0 0 0 Net income (loss) $ (133) $ 8 $ (347) $ 112 Basic and diluted income (loss) per common share $ (0.03) $ 0.00 $ (0.09) $ 0.02 Average shares outstanding Basic 4,248 4,149 4,214 4,146 Diluted 4,248 4,184 4,214 4,185 Net interest & profit margin 4.29% 4.47% 4.53% 4.79% Period-end: September 30, December 31, 2006 2005 2005 Loans & financings including those held for sale $ 50,163 $ 45,517 $ 47,099 Allowance for loan & financing losses 458 349 349 Deposits 57,015 51,915 56,021 Assets 65,842 56,696 64,540 Equity 5,300 3,423 5,301 Book value per share $ 1.21 $ 0.80 $ 1.24The following table summarizes the net (loss) income of each profit center of the Company for the three and nine months ended September 30, 2006 and 2005 (in thousands):
2006 Three Months Nine months Community & Islamic Banking $ (95) $ (261) Midwest Loan Services (11) 238 Corporate Office (27) (324) ------ ------ Total $ (133) $ (347) ====== ====== 2005 Three Months Nine months Community & Islamic Banking $ (101) $ (58) Midwest Loan Services 145 221 Corporate Office (36) (51) ------ ------ Total $ 8 $ 112 ====== ======Ann Arbor-based University Bancorp owns 100% of University Bank which manages a total of over $3.95 billion in assets. University Bank is an FDIC-insured, locally owned and managed community bank, and is the only financial institution headquartered in Washtenaw County rated "Outstanding" by the FDIC for Community Service and Community Reinvestment. University Bank focuses on local businesses, minorities and the non-profit communities primarily serving the cities of Ann Arbor and Ypsilanti of Washtenaw County. Other University Bank specialties include highly competitive deposit products for business owners, residential mortgages, commercial real estate lending and insurance, investments and money management through its wholly owned subsidiary University Insurance & Investments, Inc. University Bank also engages in Islamic Banking through 80%-owned University Islamic Financial Corporation, the first and only Islamic Banking subsidiary of a bank in the U.S. University Islamic offers mortgage alternative financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments). University Bank also specializes in mortgage subservicing and mortgage origination primarily serving over 250 credit unions (representing 2.6% of all credit unions nationwide) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services. Any prediction of the future is inherently not assured. Investors should read the risk factors listed on pages 22 through 24 in the Company's report on Form 10K for the year ended December 31, 2005 and any prediction in this release is intended to be covered by the Safe Harbor provisions of Section 21E of the Securities Exchange Act of 1934.
Contact Information: Contact: Stephen Lange Ranzini President and CEO Phone: 734-741-5858, Ext. 226 Email: Email Contact