CLINTON, N.J., July 18, 2019 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (UNTY), parent company of Unity Bank, reported net income of $5.8 million, or $0.53 per diluted share, an 8.2 percent increase, for the quarter ended June 30, 2019, compared to $5.4 million, or $0.49 per diluted share for the prior year’s second quarter. For the six months ended June 30, 2019, Unity reported net income of $11.6 million, or $1.05 per diluted share, a 7.1 percent increase compared to $10.6 million or $0.98 per diluted share for the prior year’s period.
James A. Hughes, President and CEO, commented on the financial results: “The first half of 2019 is off to a good start with our business lines performing well across the board. We have built momentum off of last year’s performance and had another quarter of record earnings despite the challenges of an inverted yield curve and an increased state tax rate. Our loan originations continue to be strong, however significant payoffs resulted in modest loan growth. Unity Bank was recognized by American Banker magazine as the 13th highest performing community bank in the nation, for public banks less than $2.0 billion measured by 3-year return on average equity. This is a testament to our exceptional employees. I look forward to reporting Unity’s future results.”
For the full version of the Company’s 2019 second quarter earnings release, including financial tables, please visit http://www.snl.com/IRW/News/101233.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $1.6 billion in assets and $1.3 billion in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 19 retail service centers located in Bergen, Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800-618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, and results of regulatory exams, among other factors.
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News Media & Financial Analyst Contact:
Alan J. Bedner, EVP and CFO