CLINTON, N.J., July 12, 2024 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, reported net income of $9.5 million, or $0.93 per diluted share, for the quarter ended June 30, 2024, compared to net income of $9.6 million, or $0.93 per diluted share for the quarter ended March 31, 2024. This represents a 1.4% decrease in net income and no change in net income per diluted share. For the six months ended June 30, 2024, Unity Bancorp reported net income of $19.0 million, or $1.86 per diluted share, compared to net income of $20.0 million, or $1.91 per diluted share, for the six months ended June 30, 2023. This represents a 4.7% decrease in net income and a 2.6% decrease in net income per diluted share.
James A. Hughes, President and CEO, commented on the financial results: "Despite the persistent challenges posed by the inverted yield curve, we are pleased to announce another strong quarter for Unity Bancorp, Inc. For the quarter, we achieved $9.5 million of net income, equivalent to $0.93 per diluted share. Our net interest margin remained above 4% and we delivered an impressive ROA of 1.56% and ROE of 14.07%.
In the second quarter, our organization demonstrated its retail capabilities by increasing customer deposit balances sequentially by $63.3 million, or 3.7%. Notably, noninterest bearing deposits surged by a remarkable $26.5 million, or 6.7%.
While loan growth was subdued in the first half of the year, our commercial and consumer loan pipelines are robust. We are confident that we are on track for mid-to-high single-digit loan growth in the second half of 2024.
Unity's conservative capital position, ample liquidity levels and stable asset quality metrics provide a solid foundation for delivering best-in-class service to the local communities we serve. Our financial results are a testament to the dedication and hard work of our talented employees and their unwavering commitment to our mission. "
For the full version of the Company's 2024 first quarter 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 COVID-19 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
