Unity Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 29, 2015 at 03:10 pm
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Unity Bancorp Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $7,888,000 against $7,063,000 a year ago. Income before provision for income taxes was $2,653,000 against $1,872,000 a year ago. Income available to common shareholders was $1,701,000 or $0.20 per diluted share against $1,266,000 or $0.17 per diluted share a year ago. Return on average assets was 0.70% against 0.57% a year ago. Return on average equity was 9.78% against 8.87% a year ago.
For the full year, the company reported net interest income of $30,112,000 against $27,425,000 a year ago. Income before provision for income taxes was $9,553,000 against $7,682,000 a year ago. Income available to common shareholders was $6,408,000 or $0.81 per diluted share against $4,127,000 or $0.53 per diluted share a year ago. Book value per common share was $8.36 as of December 31, 2014. Return on average assets was 0.70% against 0.61% a year ago. Return on average equity was 10.28% against 7.22% a year ago.
The company reported net charge-offs of $1.2 million for the three months ended December 31, 2014, consistent with the same period 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, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014