Unity Bancorp Q3 Profit Rises

(RTTNews) - Unity Bancorp, Inc. (UNTY), parent company of Unity Bank, reported Friday that its third-quarter net income grew 5.1 percent to $9.9 million from $9.5 million last year.

Earnings per share improved 3.3 percent to $0.93 from prior year's $0.90.

Net interest income, the company's primary driver of earnings, increased to $23.7 million from $19.7 million in the prior year. The increase was primarily due to higher interest income on loans, resulting from loan growth.

Net interest margin increased 34 basis points to 4.61% for the quarter.

James Hughes, President and CEO, said, "Steady growth in our loan and deposit franchises continue to drive robust core banking earnings, resulting in an impressive 1.85% ROA and 17.39% ROE."