CLINTON, N.J., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $5.8 million, or $0.54 per diluted share, for the quarter ended September 30, 2020, a 3.3 percent decrease compared to net income of $6.0 million, or $0.54 per diluted share for the prior year’s third quarter. For the nine months ended September 30, 2020, Unity reported net income of $16.3 million, or $1.50 per diluted share, a 7.0 percent decrease compared to net income of $17.5 million or $1.59 per diluted share for the prior year’s period. The decreases in earnings were primarily due to an increased provision for loan losses, necessitated by the COVID-19 pandemic.
James A. Hughes, President and CEO, commented on the financial results: “As we continue to navigate through these unprecedented times, the safety and success of our employees and customers remains our top priority. We have worked closely with those customers coming off payment deferrals, the majority of which are repaying their loans per the original terms. Our credit quality remains strong and we are building our provisions in anticipation of the uncertain future. I am extremely proud of the resilience we have demonstrated throughout the year, despite the disruption to the economy. We continued to hit record loan volume in our mortgage division, we remain well-capitalized with a robust balance sheet and strong liquidity and we saw increased earnings over second quarter. I remain optimistic that the majority of our small businesses will continue to succeed despite the pandemic. Our team of community bankers are here for our customers and we look forward to reporting our progress.”
For the full version of the Company’s 2020 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 $1.9 billion in assets and $1.5 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- 618-BANK.
