Revenue during the quarter grew 14.26 percent to $12.34 million from $10.80 million in the previous year period. Net interest income for the quarter rose 15.61 percent over the prior year period to $10.39 million. Non-interest income for the quarter rose 9.33 percent over the last year period to $2.20 million.

Unity Bancorp has made provision of $0.25 million for loan losses during the quarter, up 25 percent from $0.20 million in the same period last year.

Net interest margin improved 22 basis points to 3.70 percent in the quarter from 3.48 percent in the last year period. Efficiency ratio for the quarter deteriorated to 59.08 percent from 50.16 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

“We continue to successfully implement our business plan,” stated James A. Hughes, President and Chief executive officer. “We had a strong first quarter and see 2017 as a year of continued growth and success. Our newest branches add geographic presence and situational opportunity to our growth plans and are performing well. Our balance sheet is well positioned to weather interest rate changes and to profit from them. Our ongoing success presents an excellent opportunity for me to commend our dedicated and efficient employees as Unity was named by NJBIZ as one of the "Best Places to Work" in New Jersey. ”

Deposits stood at $980.70 million as on Mar. 31, 2017, up 5.81 percent compared with $926.82 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $220.75 million or 22.51 percent of total deposits on Mar. 31, 2017, compared with $188.03 million or 20.29 percent of total deposits on Mar. 31, 2016.

Investments stood at $73.02 million as on Mar. 31, 2017, up 9.43 percent or $6.29 million from year-ago. Shareholders equity was at $109.30 million as on Mar. 31, 2017.

Return on average assets moved down 47 basis points to 1.07 percent in the quarter from 1.54 percent in the last year period. At the same time, return on average equity decreased 903 basis points to 12.02 percent in the quarter from 21.05 percent in the last year period.

Nonperforming assets moved up 7.54 percent or $0.63 million to $8.93 million on Mar. 31, 2017 from $8.30 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.73 percent in the quarter, down from 0.74 percent in the last year period.

Equity to assets ratio was 8.91 percent for the quarter, up from 7.34 percent for the previous year quarter. Book value per share was $10.38 for the quarter, up 17.55 percent or $1.55 compared to $8.83 for the same period last year.