Unity Bancorp posted Q2 net income of $14.5 million, down 12.12% from a year earlier; diluted EPS fell to $1.42 from $1.61.
Return on average assets slipped to 2.01% from 2.51%, while return on average common equity eased to 15.86% from 21.15%.
Tax-equivalent net interest income rose 11.5% to $31.8 million, lifting net interest margin by 7 basis points to 4.56%.
Provision for credit losses on loans and off-balance sheet items declined to $1.2 million from $1.9 million.
Noninterest income dropped 67% due to the prior-year quarter’s $3.5 million one-time gain on Patriot National Bancorp stock sales; noninterest expense rose 7%.
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