Unity Bancorp Inc.
01/21/2020 | Press release | Distributed by Public on 01/21/2020 05:09
Unity Bancorp Reports Quarterly Earnings of $6.1 Million and Full Year Earnings of $23.7 Million
CLINTON, N.J., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $6.1 million, or $0.55 per diluted share, for the quarter ended December 31, 2019, a 5.5% increase compared to the $5.8 million, or $0.53 per diluted share reported for the prior year's fourth quarter. For the year ended December 31, 2019, Unity reported net income of $23.7 million, or $2.14 per diluted share, a 7.9% increase compared to $21.9 million or $2.01 per diluted share for the prior year's period.
James A. Hughes, President and CEO, commented on the financial results: 'I am pleased to report another year of record earnings for Unity. Loan demand continues to be strong, and with the current robust economy, I am very optimistic about 2020. We had over $250 million in residential loan production and the pipeline remains healthy. Consumer lending was up almost 16% from a year ago. Commercial loan originations were right on target in 2019. Commercial loan growth exceeded 10% despite a higher than normal level of payoffs. We have recently added to our SBA lending team and I anticipate increased SBA loan activity in the future. Deposit growth from the branches was approximately 10.7%. In order to restructure our funding, we allowed $22.9 million of wholesale deposits to roll off for alternative funding sources. With rapid bank consolidation in the markets we serve, opportunities for Unity have never been better. I look forward to reporting on our continued progress in 2020 and beyond.'
For the full version of the Company's 2019 fourth 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.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
News Media & Financial Analyst Contact:
Alan J. Bedner, EVP and CFO
(908)713-4308