Unity Bancorp in Clinton, N.J., reported increased earnings after it found a way to liquidate its holdings in Patriot National Bancorp in Stamford, Conn.
The $2.9 billion-asset Unity said in a press release that its second-quarter earnings rose by 74% from a year earlier, to $16.5 million. The quarter included a $3.5 million pretax gain realized on the sale of securities and a $2 million release for credit losses on securities.
The one-time gains resulted from Unity’s ability to convert a portion of its principal and past-due interest into Patriot National common stock and the subsequent sale of all 4.4 million shares that it held for $6.5 million.