Unity Bancorp Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter of 2016
January 26, 2017 at 06:00 am EST
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Unity Bancorp Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of USD 12.280 million compared to USD 10.995 million a year ago. Income before provision for income taxes was USD 4.925 million compared to USD 3.954 million a year ago. Net income was USD 3.160 million compared to USD 2.639 million a year ago. Basic and diluted net income per share was USD 0.32 compared to USD 0.28 a year ago. Book value per common share was USD 10.14 compared to USD 8.45 a year ago. Return on average assets was 1.07% compared to 1.00% a year ago. Return on average equity was 13.47% compared to 13.59% a year ago.
For the full year, the company reported total interest income of USD 47.024 million compared to USD 41.651 million a year ago. Income before provision for income taxes was USD 18.202 million compared to USD 14.368 million a year ago. Net income was USD 13.209 million compared to USD 9.557 million a year ago. Diluted net income per share was USD 1.38 compared to USD 1.02 a year ago.
For the quarter, the company reported net charge offs of USD 0.306 million.
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, 2016; Reports Net Charge Offs for the Fourth Quarter of 2016
UNITY BANCORP, INC. 
