Welcome to our dedicated page for Unity Bancorp news (Ticker: UNTY), a resource for investors and traders seeking the latest updates and insights on Unity Bancorp stock.
Unity Bancorp Inc. (UNTY) is the holding company for Unity Bank, a community-oriented commercial bank. Unity Bank provides a comprehensive range of financial services to retail and business customers through its branches located in Hunterdon, Middlesex, Somerset, Union, and Warren counties in New Jersey, as well as Northampton County in Pennsylvania.
Unity Bank's core business includes personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and a full suite of online services. The bank is dedicated to serving small and medium-sized businesses, professional communities, and individuals residing, working, and shopping in its service areas. The bank's lending activities are extensive, offering commercial loans, Small Business Administration (SBA) loans, consumer loans, mortgage loans, home equity loans, and personal loans.
Unity Bancorp has shown a commitment to growth and community development. Recent achievements include consistent financial performance, with periodic earnings releases highlighting the company's stable financial condition. Unity Bank aims to foster strong relationships with its customers through personalized service and a community-centric approach.
For the latest updates and detailed financial information, please refer to Unity Bancorp's quarterly earnings releases:
- For the full version of the Company’s 2023 first quarter earnings release, including financial tables, please visit News - Unity Bank.
- For the full version of the Company’s 2023 third quarter earnings release, including financial tables, please visit News - Unity Bank.
- For the full version of the Company’s 2023 fourth quarter earnings release, including financial tables, please visit News - Unity Bank.
- For the full version of the Company’s 2024 first quarter earnings release, including financial tables, please visit News - Unity Bank.
Unity Bancorp reported net income of $9.5 million for Q2 2024, slightly down from $9.6 million in Q1 2024. Quarterly earnings per diluted share held steady at $0.93. For the first half of 2024, net income was $19.0 million, down from $20.0 million in the same period in 2023, with earnings per share dropping from $1.91 to $1.86.
CEO James A. Hughes highlighted the company's resilience amid economic challenges, noting a strong net interest margin above 4%, ROA of 1.56%, and ROE of 14.07%. Customer deposits increased by $63.3 million, with noninterest-bearing deposits rising by $26.5 million. Though loan growth was modest in early 2024, a robust loan pipeline is expected to drive mid-to-high single-digit growth in the second half.
Unity Bancorp's strong capital position, liquidity, and stable asset quality underpin its service to local communities. The company has approximately $2.6 billion in assets and $2.0 billion in deposits, serving customers across New Jersey and Pennsylvania.
Unity Bancorp (NASDAQ: UNTY), the parent company of Unity Bank, announced a cash dividend of $0.13 per common share. The dividend is payable on June 21, 2024, to shareholders recorded by June 7, 2024. Unity Bancorp, headquartered in Clinton, New Jersey, manages approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank, its subsidiary, offers financial services across several counties in New Jersey and Pennsylvania.
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