UNITY BANCORP INC Q4 Profit Increases, Beats Estimates

(RTTNews) - UNITY BANCORP INC (UNTY) revealed earnings for its fourth quarter that Increased from the same period last year and beat the Street estimates.

The company's earnings came in at $15.472 million, or $1.52 per share. This compares with $11.505 million, or $1.13 per share, last year.

Excluding items, UNITY BANCORP INC reported adjusted earnings of $14.351 million or $1.41 per share for the period.

Analysts on average had expected the company to earn $1.36 per share. Analysts' estimates typically exclude special items.

UNITY BANCORP INC earnings at a glance (GAAP) :

-Earnings: $15.472 Mln. vs. $11.505 Mln. last year. -EPS: $1.52 vs. $1.13 last year.

For the fourth quarter, the lender posted a net interest income of $31.369 million, higher than $26.490 million in the same period last year. Total noninterest income stood at $3.898 million as against the prior year’s $1.916 million.

Total gross loans were $2.544 billion, higher than $2.260 billion a year ago. This is primarily due to increased commercial and residential mortgages and commercial construction loan categories.

Total deposits moved up to $2.324 billion from $2.100 billion in the previous year.