Unity Bancorp Reports Quarterly Earnings of $5.8 Million
CLINTON, N.J., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of
James A. Hughes, President and CEO, commented on the financial results: “As we continue to navigate through these unprecedented times, the safety and success of our employees and customers remains our top priority. We have worked closely with those customers coming off payment deferrals, the majority of which are repaying their loans per the original terms. Our credit quality remains strong and we are building our provisions in anticipation of the uncertain future. I am extremely proud of the resilience we have demonstrated throughout the year, despite the disruption to the economy. We continued to hit record loan volume in our mortgage division, we remain well-capitalized with a robust balance sheet and strong liquidity and we saw increased earnings over second quarter. I remain optimistic that the majority of our small businesses will continue to succeed despite the pandemic. Our team of community bankers are here for our customers and we look forward to reporting our progress.”
For the full version of the Company’s 2020 second 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
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 amended or supplemented by our subsequent filings with the SEC, 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, results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
News Media & Financial Analyst Contact:
James Hughes, President and CEO
(908)713-4306