Business
Unity Bancorp Reports Quarterly Earnings of $7.3 Million
CLINTON, N.J., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $7.3 million, or
About this update from Unity Bancorp, Inc.
[{"type":"text","content":"CLINTON, N.J., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $7.3 million, or $0.69 per diluted share, for the quarter ended December 31, 2020, a 20.0 percent increase compared to net income of $6.1 million, or $0.55 per diluted share for the prior year’s fourth quarter. For the year ended December 31, 2020, Unity reported net income of $23.6 million, or $2.19 per diluted share, compared to net income of $23.7 million, or $2.14 per diluted share for the year ended December 31, 2019. Overall earnings were impacted primarily due to an increased provision for loan losses, necessitated by the COVID-19 pandemic, partially offset by revenue generated by the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). James A. Hughes, President and CEO, commented on the financial results: “2020 was a year of resilience for Unity. The safety and success of our employees and customers was, and continues to remain, our top priority. I am extremely proud of our employees who stepped up to deliver tremendous service to our customers and small businesses. Employees worked diligently with customers coming off payment deferrals, the majority of which are repaying their loans per the original terms. While 2020 was a challenging year, we achieved record loan volume in our mortgage division. Due to the uncertainty surrounding the COVID-19 pandemic, we continue to evaluate the sufficiency of our loan reserve. Our ability to sustain a robust balance sheet, strong liquidity and solid credit quality has made me optimistic about the future for Unity.” For the full version of the Company’s 2020 fourth quarter earnings release, including financial tables, please visit https://unitybancorp.q4ir.com/news/default.aspx. Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 billion in assets and $1.6 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, 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- ...