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Unity Bancorp Reports Quarterly Earnings up 56% over Prior Year

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CLINTON, N.J., July 19, 2018 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, reported net income of $5.4 million, or $0.49 per diluted share, for the quarter ended June 30, 2018, compared to $3.4 million, or $0.32 per diluted share, for the prior year's second quarter.  Approximately $794 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 six months ended June 30, 2018, Unity reported net income of $10.6 million, or $0.98 per diluted share, compared to $6.6 million, or $0.62 per diluted share for the prior year's period.  Approximately $1.5 million, or $0.14 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:  "The first half of 2018 is off to a great start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year.  Overall, our performance reflected the strength of our balance sheet and our ability to invest in the future of our company.  We will continue to be a source of strength for our clients, communities, employees and the markets in which we serve."

For the full version of the Company's 2018 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 $1.5 billion in assets and $1.1 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

 

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