Revenue during the quarter grew 13.22 percent to $12.23 million from $10.80 million in the previous year period. Net interest income for the quarter rose 11.97 percent over the prior year period to $10.06 million. Non-interest income for the quarter rose 23.59 percent over the last year period to $2.37 million.

Unity Bancorp Inc has made provision of $0.20 million for loan losses during the quarter, up 100 percent from $0.10 million in the same period last year.

Net interest margin was stable at 3.60 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 59.90 percent from 62.81 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

“2016 was a remarkable year,” stated James A. Hughes, president and chief executive officer. “We had record earnings. We surpassed our expectations for core deposit growth, ROA and earnings per share. We also expanded our retail branch network and product lines. These accomplishments are due to our exceptional employees that work together each day to achieve these goals, provide excellent customer service and add value for our shareholders. I look forward to reporting both earnings growth and branch expansion plans in 2017. ”

Deposits stood at $945.72 million as on Dec. 31, 2016, up 5.73 percent compared with $894.49 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $215.96 million or 22.84 percent of total deposits on Dec. 31, 2016, compared with $185.27 million or 20.71 percent of total deposits on Dec. 31, 2015.

Investments stood at $61.55 million as on Dec. 31, 2016, down 13.72 percent or $9.79 million from year-ago. Shareholders equity was at $106.29 million as on Dec. 31, 2016.

Return on average assets moved up 7 basis points to 1.07 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity decreased 12 basis points to 13.47 percent in the quarter from 13.59 percent in the last year period.

Nonperforming assets moved down 6.37 percent or $0.56 million to $8.29 million on Dec. 31, 2016 from $8.85 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.70 percent in the quarter, down from 0.82 percent in the last year period.

Equity to assets ratio was 8.93 percent for the quarter, up from 7.23 percent for the previous year quarter. Book value per share was $10.14 for the quarter, up 20 percent or $1.69 compared to $8.45 for the same period last year.