Unity Bancorp, Inc. (UNTY) Friday reported lower earnings for the fourth quarter, but came in above analysts' estimates. Both total interest income and total non-interest income rose from last year.
Quarterly earnings decreased 1.9 percent to $9.77 million or $0.96 per share from $9.95 million or $0.93 per share of last year, in the absence of an year-ago one-time gain on sale of SBA loans.
On average, three analysts polled by Thomson Reuters had expected earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.
Total interest income grew 24.5 percent to $37.75 million from $30.32 million in the previous year. Total non-interest income jumped 32 percent to $2.57 million from $1.95 million in the prior year.
In pre-market activity, Unity Bancorp shares are trading at $28.30, up 2.5% on the Nasdaq.
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