CLINTON, N.J., April 18, 2019 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, reported net income of $5.7 million, or $0.52 per diluted share, for the quarter ended March 31, 2019, compared to $5.2 million, or $0.48 per diluted share, for the prior year's quarter.
James A. Hughes, President and CEO, commented on the financial results: "I am pleased to report a record first quarter highlighted by improving margins in an extremely challenging interest rate environment. Earnings improved by nearly 10% over the same period one year ago. Despite the challenge of an inverted yield curve, our net interest margin expanded compared to the fourth quarter 2018. Loan originations were robust for the quarter, however, significant payoffs resulted in modest loan growth. We continue to grow our capital organically and look to expand our branch and lending networks. I am excited about the prospects for continued improved earnings throughout the year. In addition to our financial results, I am proud to announce that Unity Bank has been named one of the Best Places to Work in New Jersey for the third year in a row."
For the full version of the Company's 2019 first 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 $1.6 billion in assets and $1.2 billion in deposits. Unity Bank 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.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company's control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading "Item IA-Risk Factors" as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, and results of regulatory exams, among other factors.
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News Media & Financial Analyst Contact:
Alan J. Bedner, EVP and CFO
Source: Unity Bancorp, Inc.