Unity Bancorp Reports Quarterly Earnings of $9.9 Million

Rhea-AI Summary

Unity Bancorp Reports 2.6% Increase in Net Income for Q3 2023

Positive

• Unity Bancorp reported a 2.6% increase in net income for the quarter ended September 30, 2023, compared to the previous quarter.

Negative

• None.

CLINTON, N.J., Oct. 13, 2023 (GLOBE NEWSWIRE) --  Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.9 million, or $0.97 per diluted share, for the quarter ended September 30, 2023, compared to net income of $9.7 million, or $0.95 per diluted share for the quarter ended June 30, 2023. This represents a 2.6% increase in net income and a 2.1% increase in net income per diluted share. For the nine months ended September 30, 2023, Unity reported net income of $29.9 million or $2.88 per diluted share, compared to net income of $28.5 million or $2.67 per diluted share for the nine months ended September 30, 2022. This represents a 5.0% increase in net income and a 7.9% increase in net income per diluted share.

James A. Hughes, President and CEO, commented on the financial results: “Unity’s operating performance remains strong during this challenging economic environment. For the quarter, we achieved $9.9 million of net income, or $0.97 per diluted share. This represents 1.61% ROA and 15.84% ROE, which is among the highest in the community banking space.

Although our 3.96% net interest margin has modestly declined over the past few quarters due to increased interest rates and a shift in funding mix, our interest rate risk management remains sound, enabling us to consistently deliver top-tier operating results.

This quarter we opened a branch in Parsippany, New Jersey, marking our first branch in Morris County. We now have 21 retail locations, and we intend on continuing our expansion.

Looking ahead, we remain well-positioned for the future. Our strong capital base, conservative liquidity levels, and stable asset quality position provide us with the necessary foundation to continue delivering best-in-class service to the communities we serve. Furthermore, our results are a testament to the strength of our talented employee base and their unwavering commitment to excellence.”

For the full version of the Company’s 2023 third 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 $1.9 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

FAQ

What was the net income for the quarter ended September 30, 2023?

The net income for the quarter ended September 30, 2023, was $9.9 million.

What was the percentage increase in net income?

The net income increased by 2.6%.

What was the net income per diluted share for the quarter ended September 30, 2023?

The net income per diluted share for the quarter ended September 30, 2023, was $0.97.

How many retail locations does Unity Bank have?

Unity Bank currently has 21 retail locations.

What is Unity Bancorp's total assets?

Unity Bancorp has approximately $2.6 billion in assets.

What is Unity Bancorp's total deposits?

Unity Bancorp has $1.9 billion in deposits.