Unity Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017
January 24, 2018 at 11:00 am
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Unity Bancorp Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of USD 15.044 million compared to USD 12.280 million a year ago. Net interest income was USD 12.5 million compared to USD 10.055 million a year ago. Net interest income after provision for loan losses was USD 12.0 million compared to USD 9.855 million a year ago. Income before provision for income taxes was USD 12.0 million compared to USD 4,925 million a year ago. Net income was USD 2,500 million compared to USD 3,160 million a year ago. Net income per diluted common share was USD 0.23 compared to 0.32 a year ago. Return on average assets was 0.74% compared to 1.07% a year ago. Return on average equity was 8.54% compared to 13.47% a year ago.
For the full year, the company reported total interest income of USD 55.310 million compared to USD 47.024 million a year ago. Net interest income was USD 45.857 million compared to USD 38.257 million a year ago. Net interest income after provision for loan losses was USD 44.207 million compared to USD 37.037 million a year ago. Income before provision for income taxes was USD 22.433 million compared to USD 20.466 million a year ago. Net income was USD 12.893 million compared to USD 13.209 million a year ago. Diluted net income per share was USD 1.20 compared to USD 1.38 a year ago. Book value per common share was USD 11.13 as of December 31, 2017 compared to USD 10.14 at December 31, 2016. Return on average assets and average common equity for the year ended December 31, 2017 was 1.02% and 11.47%, respectively compared to 1.17% and 15.37% for the prior year.
For the quarter, the company reported net charge offs of USD 57,000 compared to USD 306,000 a year ago.
Unity Bancorp, Inc. is a bank holding company that serves as a holding company for Unity Bank (the Bank). The primary activity of the Company is ownership and supervision of the Bank. The Bank, the Companyâs wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. The Bank conducts a traditional and community-oriented commercial banking business and offers services, including personal and business checking accounts, time deposits, money market accounts, savings accounts, credit cards, debit cards, wire transfers, safe deposit boxes, access to automated teller services and Internet and mobile banking, typical of a community banking business. The Bank also offers retirement accounts, automated clearing house (ACH) origination and remote deposit capture (RDC).
Unity Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017
UNITY BANCORP, INC. 
