CLINTON, N.J., Oct. 17, 2019 (GLOBE NEWSWIRE) — Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $6.0 million, or $0.54 per diluted share, for the quarter ended September 30, 2019, an 8.5 percent increase compared to the $5.5 million, or $0.50 per diluted share reported for the prior year’s third quarter. For the nine months ended September 30, 2019, Unity reported net income of $17.5 million, or $1.59 per diluted share, an 8.8 percent increase compared to $16.1 million or $1.48 per diluted share for the prior year’s period.
James A. Hughes, President and CEO, commented on the financial results: “Unity continues to execute its strategic plan. We saw record residential loan volume through September 30, 2019 and anticipate continued growth in this division. Our strategy of building our residential loan business one realtor at a time has proven successful. Our commercial loan production is on course; however, the portfolio continues to be impacted by increased levels of loan payoffs. We are in challenging times, with a flat yield curve and mixed economic signals. I feel very confident the diversity of our products, coupled with our entrepreneurial approach to lending will continue to provide success to Unity. As always, our success is built on our team of dedicated employees.”
For the full version of the Company’s 2019 third 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 $1.7 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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