Unity Bancorp Q2 Earnings Edge Up, Better Than Estimates

(RTTNews) - Unity Bancorp, Inc. (UNTY), on Friday reported higher earnings for the second quarter that also beat the Street estimates.

Quarterly earnings increased to $9.7 million or $0.95 per share from $9.5 million, or $0.88 per share for the same period last year.

Three analysts on average, polled by Thomson-Reuters were expecting the company to report earnings of 87 cents a share. Analysts' estimates typically exclude one-time items.

"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," commented James Hughes, President and CEO of the bank.

On Thursday, shares of Unity Bancorp closed at $23.11 up 0.43% or $0.10 on the Nasdaq.