Unity Bancorp Reports Quarterly Earnings of $10.9 Million
11 Octubre 2024 - 5:00AM
Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank,
reported net income of $10.9 million, or $1.07 per diluted share,
for the quarter ended September 30, 2024, compared to net income of
$9.5 million, or $0.93 per diluted share for the quarter ended June
30, 2024. This represents a 15.3% increase in net income and a
15.1% increase in net income per diluted share. For the nine months
ended September 30, 2024, Unity Bancorp reported net income of
$29.9 million, or $2.94 per diluted share, compared to net income
of $29.9 million, or $2.88 per diluted share, for the nine months
ended September 30, 2023. This represents no change in net income
and a 2.1% increase in net income per diluted share, reflecting the
Company’s repurchase of outstanding shares.
James A. Hughes, President and CEO, commented on
the financial results: “We are excited to announce the highest
quarterly earnings results in the Unity Bancorp Inc.’s history. For
the quarter, we achieved $10.9 million of net income, equivalent to
$1.07 per diluted share. Our net interest margin expanded to 4.16%
and we delivered an impressive ROA of 1.76% and ROE of 15.55%.
In the third quarter, our organization
demonstrated its commitment to granting credit to small and
medium-sized businesses operating in our local communities. Gross
loans grew $46.9 million, or 2.2%, and commercial loans grew $50.6
million, or 3.8%, sequentially.
We have also benefited from continued deposit
momentum, with customer deposits growing $42.6 million, or 2.4%
sequentially. Deposits will continue to be the fuel that enables
our credit growth. We look forward to continuing to support our
communities by growing loans and deposits in tandem.
In September, the Federal Reserve cut short-term
interest rates 50 basis points, signaling a change to the operating
environment. At Unity, we are able to maintain strong profitability
metrics in all interest rate scenarios. We will continue to manage
our interest rate sensitivity, maintain a conservative capital
position and ensure ample liquidity levels. Our asset quality
ratios remain favorable and we closely monitor and manage our
nonperforming and past-due credit relationships.
Lastly, our strong financial results are a
reflection of our talented employee base. Their hard work and
dedication to our company significantly support the local economies
of the communities we serve.”
For the full version of the Company’s quarterly earnings
release, including financial tables, please visit News - Unity Bank
(q4ir.com).
Unity Bancorp, Inc. is a financial services
organization headquartered in Clinton, New Jersey, with
approximately $2.6 billion in assets and $2.0 billion in deposits.
Unity Bank, the Company’s wholly owned subsidiary, provides
financial services to retail, corporate and small business
customers through its robust branch network located in Bergen,
Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren
Counties in New Jersey and Northampton County in Pennsylvania. For
additional information about Unity, visit our website at
www.unitybank.com, or call 800-618-BANK.
This news release contains certain
forward-looking statements, either expressed or implied, which are
provided to assist the reader in understanding anticipated future
financial performance. These statements may be identified by use of
the words “believe”, “expect”, “intend”, “anticipate”, “estimate”,
“project” or similar expressions. These statements involve certain
risks, uncertainties, estimates and assumptions made by management,
which are subject to factors beyond the Company’s control and could
impede its ability to achieve these goals. These factors include
those items included in our Annual Report on Form 10-K under the
heading “Item IA-Risk Factors” as amended or supplemented by our
subsequent filings with the SEC, as well as general economic
conditions, trends in interest rates, the ability of our borrowers
to repay their loans, our ability to manage and reduce the level of
our nonperforming assets, results of regulatory exams, and the
impact of any health crisis or national disasters on the Bank, its
employees and customers, among other factors.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
News Media & Financial Analyst
Contact:George Boyan, EVP and
CFO(908) 713-4565
Unity Bancorp (NASDAQ:UNTY)
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