Unity Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 06:00 am
Share
Unity Bancorp Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $8,980,000 against $7,888,000 a year ago. Income before provision for income taxes was $3,954,000 against $2,653,000 a year ago. Net income was $2,639,000 or $0.31 per diluted share against $1,701,000 or $0.20 per diluted share a year ago. Return on average assets was 1.00% against 0.70% a year ago. Return on average equity was 13.59% against 9.78% a year ago. Total interest income was $10,995,000 compared to $9,802,000 for the last year.
For the full year, the company reported net interest income of $33,991,000 against $30,112,000 a year ago. Income before provision for income taxes was $14,368,000 against $9,553,000 a year ago. Net income was $9,557,000 or $1.12 per diluted share against $6,408,000 or $0.81 per diluted share a year ago. Book value per common share was $9.30 as of December 31, 2015 compared to $8.36 per share as of December 31, 2014. Return on average assets was 0.96% against 0.70% a year ago. Return on average equity was 12.92% against 10.28% a year ago. Total interest income was $41,651,000 compared to $37,418,000 for the last year.
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).