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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, and releases can be found in the Related Links area of each article.
January 28
Unity Bancorp Inc. in Clinton, N.J., said Thursday that its fourth-quarter loss widened by 25% from the period a year earlier, to $299,000.
The $818.4 million-asset company swung to a profit for the year but said its results were hurt by a $1.1 million increase in expenses on bank-owned real estate, including the writedown and disposal of several foreclosed properties in the fourth quarter.
Unity booked a $2.75 million provision in the fourth quarter, a 37.5% increase from the previous quarter, and charged off $2.5 million in problem loans. Nonperforming assets declined 27% from the third quarter, to $24 million, or 3.88% of total loans as of Dec. 31.
For the year Unity turned a profit of $719,000, after reporting a $2.6 million loss for 2009. Net interest income for the year rose 7.8%, to $30 million, helped by a higher yield on earning assets and a lower cost of deposits. The net interest margin rose 45 basis points, to 3.67%.
"Unity continues to work diligently to address problem loans," James A. Hughes, its president and CEO, said in a press release.
"The decrease in nonperforming assets was related to the sale of many problem assets," Hughes said. "For the near term, the size of our loan-loss provision will remain the most important single factor in our earnings. However, we are hopeful we will see further improvement in credit quality in 2011."
