Unity Bancorp Reports Quarterly Earnings of $11.5 Million and Full Year Earnings of $41.5 Million
Unity Bancorp (NASDAQ: UNTY) reported strong financial results for Q4 and full-year 2024. The company achieved quarterly net income of $11.5 million ($1.13 per diluted share), up 5.5% from Q3 2024's $10.9 million. Full-year 2024 net income reached $41.5 million ($4.06 per diluted share), representing a 4.4% increase from 2023's $39.7 million.
Q4 2024 highlights include a 21 basis points expansion in net interest margin, achieved through a 20 basis points reduction in cost of funds and a 4 basis points increase in loan yield. Loan portfolio grew by $43.3 million (1.95%) quarter-over-quarter, while deposits increased by $54.2 million (2.65%). Notably, noninterest bearing demand deposits rose by $16.8 million (3.97%).
The company maintains a strong presence with approximately $2.7 billion in assets and $2.1 billion in deposits, serving retail, corporate, and small business customers across multiple counties in New Jersey and Pennsylvania.
Unity Bancorp (NASDAQ: UNTY) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. L'azienda ha ottenuto un reddito netto trimestrale di 11,5 milioni di dollari (1,13 dollari per azione diluita), in aumento del 5,5% rispetto ai 10,9 milioni di dollari del terzo trimestre 2024. Il reddito netto dell'intero anno 2024 ha raggiunto 41,5 milioni di dollari (4,06 dollari per azione diluita), che rappresenta un aumento del 4,4% rispetto ai 39,7 milioni di dollari del 2023.
Le principali evidenze del quarto trimestre 2024 includono un'espansione di 21 punti base nel margine di interesse netto, ottenuta attraverso una riduzione di 20 punti base nel costo dei fondi e un aumento di 4 punti base nel rendimento dei prestiti. Il portafoglio prestiti è cresciuto di 43,3 milioni di dollari (1,95%) rispetto al trimestre precedente, mentre i depositi sono aumentati di 54,2 milioni di dollari (2,65%). Da notare che i depositi a vista, non interessati, sono aumentati di 16,8 milioni di dollari (3,97%).
L'azienda mantiene una solida presenza con circa 2,7 miliardi di dollari in attivi e 2,1 miliardi di dollari in depositi, servendo clienti al dettaglio, corporate e piccole imprese in diversi contea nel New Jersey e in Pennsylvania.
Unity Bancorp (NASDAQ: UNTY) reportó resultados financieros sólidos para el cuarto trimestre y para todo el año 2024. La empresa obtuvo un ingreso neto trimestral de 11,5 millones de dólares (1,13 dólares por acción diluida), un aumento del 5,5% en comparación con los 10,9 millones de dólares del tercer trimestre de 2024. El ingreso neto para todo el año 2024 alcanzó 41,5 millones de dólares (4,06 dólares por acción diluida), lo que representa un aumento del 4,4% en comparación con los 39,7 millones de dólares de 2023.
Los aspectos destacados del cuarto trimestre de 2024 incluyen una expansión de 21 puntos básicos en el margen de interés neto, lograda a través de una reducción de 20 puntos básicos en el costo de los fondos y un aumento de 4 puntos básicos en el rendimiento de los préstamos. La cartera de préstamos creció en 43,3 millones de dólares (1,95%) en comparación con el trimestre anterior, mientras que los depósitos aumentaron en 54,2 millones de dólares (2,65%). Cabe destacar que los depósitos a la vista no remunerados aumentaron en 16,8 millones de dólares (3,97%).
La compañía mantiene una fuerte presencia con aproximadamente 2,7 mil millones de dólares en activos y 2,1 mil millones de dólares en depósitos, atendiendo a clientes minoristas, corporativos y pequeñas empresas en varios condados de Nueva Jersey y Pennsylvania.
Unity Bancorp (NASDAQ: UNTY)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 실적을 보고했습니다. 이 회사는 분기 순이익 1150만 달러 (희석주당 1.13 달러)를 달성했으며, 이는 2024년 3분기의 1090만 달러보다 5.5% 증가한 수치입니다. 2024년 전체 순이익은 4150만 달러 (희석주당 4.06 달러)에 도달했으며, 이는 2023년의 3970만 달러에서 4.4% 증가한 것입니다.
2024년 4분기 하이라이트로는 21bp 증가한 순이자마진이 포함되며, 이는 자금 조달 비용이 20bp 감소하고 대출 수익이 4bp 증가한 데 그치지 않고 이루어졌습니다. 대출 포트폴리오는 분기별로 4330만 달러 (1.95%) 증가했으며, 예금은 5420만 달러 (2.65%) 증가했습니다. 특히, 이자 없는 요구 예금이 1680만 달러 (3.97%) 증가했습니다.
회사는 약 27억 달러의 자산과 21억 달러의 예금을 보유하고 있으며, 뉴저지 및 펜실베이니아의 여러 카운티에서 소매, 기업 및 소규모 비즈니스 고객에게 서비스를 제공합니다.
Unity Bancorp (NASDAQ: UNTY) a rapporté de solides résultats financiers pour le quatrième trimestre et pour l'ensemble de l'année 2024. La société a enregistré un revenu net trimestriel de 11,5 millions de dollars (1,13 $ par action diluée), en hausse de 5,5 % par rapport aux 10,9 millions de dollars du troisième trimestre 2024. Le revenu net pour l'année entière 2024 a atteint 41,5 millions de dollars (4,06 $ par action diluée), représentant une augmentation de 4,4 % par rapport aux 39,7 millions de dollars de 2023.
Les points saillants du quatrième trimestre 2024 comprennent une expansion de 21 points de base de la marge d'intérêt nette, obtenue grâce à une réduction de 20 points de base du coût des fonds et à une augmentation de 4 points de base du rendement des prêts. Le portefeuille de prêts a augmenté de 43,3 millions de dollars (1,95 %) par rapport au trimestre précédent, tandis que les dépôts ont augmenté de 54,2 millions de dollars (2,65 %). Il convient de noter que les dépôts à vue non rémunérés ont augmenté de 16,8 millions de dollars (3,97 %).
La société maintient une forte présence avec environ 2,7 milliards de dollars d'actifs et 2,1 milliards de dollars de dépôts, servant des clients de détail, des entreprises et des petites entreprises dans plusieurs comtés du New Jersey et de la Pennsylvanie.
Unity Bancorp (NASDAQ: UNTY) hat starke finanzielle Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 berichtet. Das Unternehmen erzielte einen quartalsweisen Nettoertrag von 11,5 Millionen Dollar (1,13 Dollar pro verwässerter Aktie), was einem Anstieg von 5,5% gegenüber 10,9 Millionen Dollar im 3. Quartal 2024 entspricht. Der Nettoertrag für das gesamte Jahr 2024 belief sich auf 41,5 Millionen Dollar (4,06 Dollar pro verwässerter Aktie), was einem Anstieg von 4,4% gegenüber 39,7 Millionen Dollar im Jahr 2023 entspricht.
Die Highlights des 4. Quartals 2024 umfassen eine Erweiterung der Nettozinsspanne um 21 Basispunkte, die durch eine Reduzierung der Finanzierungskosten um 20 Basispunkte und einen Anstieg der Kreditausbeute um 4 Basispunkte erreicht wurde. Das Kreditportfolio wuchs um 43,3 Millionen Dollar (1,95%) im Vergleich zum Vorquartal, während die Einlagen um 54,2 Millionen Dollar (2,65%) zunahmen. Besonders hervorzuheben ist, dass die nicht verzinslichen Sichteinlagen um 16,8 Millionen Dollar (3,97%) gestiegen sind.
Das Unternehmen hat eine starke Präsenz mit etwa 2,7 Milliarden Dollar an Vermögenswerten und 2,1 Milliarden Dollar an Einlagen und bedient Einzelhandels-, Unternehmens- und Kleinunternehmenskunden in mehreren Landkreisen in New Jersey und Pennsylvania.
- Net income increased 5.5% quarter-over-quarter to $11.5M
- Full-year net income grew 4.4% to $41.5M
- Net interest margin expanded 21 basis points in Q4
- Loan portfolio grew 1.95% quarter-over-quarter
- Deposits increased 2.65% quarter-over-quarter
- Noninterest bearing demand deposits rose 3.97%
- Strong ROA of 1.83% and ROE of 15.77% in Q4
- None.
Insights
Unity Bancorp's Q4 2024 results showcase impressive financial performance with net income of
The bank's strategic success is highlighted by its net interest margin expansion of 21 basis points, achieved through effective cost management and improved loan yields. Loan portfolio growth of
The bank's asset quality and capital position remain solid, with total assets of
Unity's market positioning in the competitive New Jersey banking landscape shows strategic strength through its extensive branch network across eight NJ counties and expansion into Pennsylvania. The bank's ability to grow both loans and deposits while improving margins during the Fed's rate transition phase demonstrates operational resilience and effective market execution.
The
The focus on small-to-medium sized businesses and local community banking model provides a defensive moat, while the growing deposit base, particularly in noninterest-bearing accounts, offers a competitive advantage in funding costs. This positions Unity favorably against larger regional competitors and supports sustainable growth prospects.
CLINTON, N.J., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of
James A. Hughes, President and CEO, commented on the financial results: “We are proud to share with you the results of Unity Bancorp Inc. for the 2024 fiscal year. We achieved both a record year and a record quarter of earnings. For the year, we earned
“In the fourth quarter, our net interest margin expanded 21 basis points by lowering our cost of funds 20 basis points and increasing our yield on loans 4 basis points. On the balance sheet, we grew loans
“In the fourth quarter, the Federal Reserve cut overnight interest rates by an additional 50 basis points; however, the Federal Reserve’s 2025 outlook indicates a more hawkish stance compared to three months ago. Despite this outlook, we remain confident in our ability to deliver continued growth and profitability in 2025. We will continue to keep our business model simple; focusing on growing our core deposit franchise and making loans to consumers and small-to-medium sized businesses in our local communities. This growth will be driven by our talented employees, who are the Company’s most important asset. A focus on customer service and community engagement is aligned with a culture of engaged employees taking care of our valuable clients.”
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
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 that 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
FAQ
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