Unity Bancorp Reports Quarterly Earnings up 46% over Prior Year
Source: Nasdaq GlobeNewswire / 18 Oct 2018 05:59:58 America/New_York
CLINTON, N.J., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $5.5 million, or $0.50 per diluted share, for the quarter ended September 30, 2018, compared to $3.8 million, or $0.35 per diluted share, for the prior year’s third quarter. Approximately $776 thousand, or $0.07 per diluted share, of this increase is attributed to the lower effective tax rate due to the tax reform bill.
For the nine months ended September 30, 2018, Unity reported net income of $16.1 million, or $1.48 per diluted share, compared to $10.4 million, or $0.97 per diluted share for the prior year’s period. Approximately $2.3 million, or $0.21 per diluted share, of this increase is attributed to the lower effective tax rate due to the tax reform bill.
James A. Hughes, President and CEO, commented on the financial results: “I am pleased to report that Unity had record net income in the third quarter. All business lines performed extremely well and Unity continues to be recognized as a premiere franchise in our market place. We continued to grow our market share in the third quarter and our performance is a reflection of our commitment to our clients, communities, employees and shareholders. I continue to remain very optimistic about our future, despite the headwinds caused by the rising interest rate environment.”
For the full version of the Company’s 2018 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 $1.6 billion in assets and $1.2 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