Business
Unity Bancorp Reports Quarterly Earnings of $9.7 Million
CLINTON, N.J., July 14, 2023 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.7 million, or
About this update from Unity Bancorp, Inc.
[{"type":"text","content":"CLINTON, N.J., July 14, 2023 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.7 million, or $0.95 per diluted share, for the quarter ended June 30, 2023, compared to net income of $10.3 million, or $0.96 per diluted share for the quarter ended March 31, 2023. This represents a 5.7% decrease in net income and a 1.0% decrease in net income per diluted share. For the six months ended June 30, 2023, Unity reported net income of $20.0 million or $1.91 per diluted share, compared to net income of $18.6 million or $1.74 per diluted share for the six months ended June 30, 2022. This represents a 7.7% increase in net income and a 9.8% increase in net income per diluted share. James A. Hughes, President and CEO, commented on the financial results: “We are pleased to report another solid quarter of financial results. For the quarter, we realized $9.7 million of net income, or $0.95 per diluted share. This represents 1.60% ROA and 16.19% ROE. The inverted yield curve, slower loan growth, and increased deposit competition has created a challenging environment for all banks. Although Unity is not immune to this trend, we are in a strong position to face these headwinds and remain the bank of choice for the communities we serve. We are a conservatively managed organization that has constantly been recognized as a top-tier community bank. As the second half of the year progresses, we will continue to build on our performance by working with our clients and employees to solve problems and deliver extraordinary services. As a community bank with a strong franchise, each product that we offer goes a long way to support the communities that we are proud to serve.” For the full version of the Company’s 2023 first quarter earnings release, including financial tables, please visit News - Unity Bank (q4ir.com). Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.6 billion in assets and $1.8 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its robust branch network located in Bergen, Hunterdon, Middlesex, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional infor...