Unity Bancorp reports June quarter EPS 95c, consensus 87c

James Hughes, President and CEO, commented on the financial results: “We are pleased to report another solid quarter of financial results. For the quarter, we realized $9.7 million of net income, or $0.95 per diluted share. This represents 1.60% ROA and 16.19% ROE. The inverted yield curve, slower loan growth, and increased deposit competition has created a challenging environment for all banks. Although Unity is not immune to this trend, we are in a strong position to face these headwinds and remain the bank of choice for the communities we serve. We are a conservatively managed organization that has constantly been recognized as a top-tier community bank. As the second half of the year progresses, we will continue to build on our performance by working with our clients and employees to solve problems and deliver extraordinary services. As a community bank with a strong franchise, each product that we offer goes a long way to support the communities that we are proud to serve.”