Core Insights - Unity Bancorp reported revenue of $28.41 million for the quarter ended December 2024, reflecting a year-over-year increase of 6.8% [1] - Earnings per share (EPS) for the quarter was $1.13, up from $0.96 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $28.02 million, resulting in a surprise of +1.38% [1] - The company also delivered an EPS surprise of +4.63%, with the consensus EPS estimate being $1.08 [1] Financial Metrics - Net interest margin was reported at 4.4%, surpassing the estimated 4.2% by two analysts [4] - The efficiency ratio stood at 44.4%, slightly above the average estimate of 44.3% from two analysts [4] - Total noninterest income was $1.92 million, below the average estimate of $2.42 million from two analysts [4] - Net interest income reached $26.49 million, exceeding the average estimate of $25.60 million from two analysts [4] Stock Performance - Over the past month, shares of Unity Bancorp have returned -6.1%, compared to a -3.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Unity Bancorp reported quarterly earnings of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.08 per share, and up from $0.96 per share a year ago, representing an earnings surprise of 4.63% [1] - The company posted revenues of $28.41 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.38%, compared to $26.6 million in the same quarter last year [2] - Unity Bancorp has outperformed the market slightly, with shares down about 0.6% year-to-date, compared to a decline of 0.7% for the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.06 on revenues of $28.24 million, and for the current fiscal year, it is $4.53 on revenues of $118.48 million [7] - The estimate revisions trend for Unity Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Banks - Northeast industry, to which Unity Bancorp belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Valley National, another company in the same industry, is expected to report quarterly earnings of $0.15 per share, reflecting a year-over-year decline of 31.8%, with revenues projected at $469.49 million, up 4.3% from the previous year [9][10]

Financial Performance - Unity Bancorp reported net income of $11.5 million, or $1.13 per diluted share, for Q4 2024, a 5.5% increase in net income compared to Q3 2024[2]. - Net income for the quarter rose by 5.5% to $11,505,000, up from $10,905,000 in the prior quarter[10]. - Net income for the period was $11,505,000, reflecting a 5.5% increase from $10,900,000 in the previous quarter[16]. - Net income for 2024 was $41,450,000, representing a 4.4% increase from $39,707,000 in 2023[18]. - Net income for the quarter reached $11,505,000, compared to $9,770,000 in the prior year, reflecting a year-over-year increase of 17.7%[29]. Interest Income and Margin - Net interest income for Q4 2024 was $26.5 million, up $1.6 million from $24.9 million in Q3 2024, with a net interest margin of 4.37%[4]. - Total interest income increased by 1.8% to $40,264,000 compared to $39,550,000 in the previous quarter[15]. - Interest income for 2024 increased to $155,738,000, up 8.5% from $143,494,000 in 2023[18]. - Net interest income after provision for credit losses rose by 5.9% to $25,190,000, compared to $23,776,000 in the prior quarter[15]. - Net interest margin improved to 4.37% from 4.06% year-over-year[20]. Loans and Deposits - Total gross loans increased by $88.6 million, or 4.1%, from December 31, 2023, primarily due to growth in commercial loans[4]. - Total loans reached $145,534,000, a 9.4% increase compared to $133,058,000 in the previous year[18]. - Total deposits rose by $176.2 million, or 9.2%, from December 31, 2023, with 19.3% of total deposits being uninsured or uncollateralized[4]. - Total deposits grew by 2.6% to $2,100,313,000 from $2,046,137,000 in the prior quarter[10]. - Total loans increased to $2,260,657,000, up from $2,172,063,000 a year ago, marking a growth of 4.1%[31]. Asset Quality and Credit Losses - The allowance for credit losses as a percentage of gross loans was 1.18% as of December 31, 2024[4]. - Nonperforming assets decreased by 5.2% to $15,046,000, down from $15,879,000 in the previous quarter[11]. - Provision for credit losses on loans decreased by 54.3% to $470,000, down from $1,029,000[15]. - The allowance for credit losses at the end of the period was $26,788,000, down from $27,002,000 in the previous quarter[29]. - Non-accrual loans totaled $13,082,000, slightly up from $19,186,000 a year ago, indicating improved asset quality[29]. Shareholder Equity and Market Performance - Shareholders' equity increased by $34.2 million to $295.6 million as of December 31, 2024, driven by earnings and offset by share repurchases and dividends[8]. - Book value per common share rose to $29.48 as of December 31, 2024, compared to $25.98 a year earlier[8]. - Market price per share rose by 28.0% to $43.61 from $34.06 in the previous quarter[10]. - The Common Equity Tier 1 Capital Ratio improved to 13.90%, up from 12.70% in the previous year, reflecting a stronger capital position[29]. Efficiency and Profitability - Return on average assets improved to 1.83% from 1.76% in the previous quarter[10]. - The efficiency ratio improved to 44.44% from 44.23% in the previous quarter[10]. - The efficiency ratio improved to 44.44%, down from 45.18% in the same quarter last year, indicating better cost management[29]. - The return on average assets was 1.83%, an increase from 1.59% in the prior year, demonstrating enhanced profitability[29]. Sustainability Initiatives - Unity Bank installed electric vehicle charging stations at its corporate headquarters, reflecting a commitment to sustainability[8].

Core Insights - Unity Bancorp, Inc. reported a net income of $11.5 million for Q4 2024, a 5.5% increase from $10.9 million in Q3 2024, with earnings per diluted share rising to $1.13 from $1.07 [1] - For the full year 2024, net income reached $41.5 million, up 4.4% from $39.7 million in 2023, with earnings per diluted share increasing to $4.06 from $3.84 [1][2] Financial Performance - The company achieved a record net income of $41.5 million for the fiscal year 2024, translating to a return on assets (ROA) of 1.68% and a return on equity (ROE) of 14.99% [2] - In Q4 2024, the ROA was 1.83% and the ROE was 15.77% [2] Balance Sheet and Growth - Unity Bancorp's net interest margin expanded by 21 basis points, driven by a 20 basis point reduction in the cost of funds and a 4 basis point increase in loan yields [3] - Loans grew by $43.3 million, or 1.95%, quarter over quarter, funded by a $54.2 million increase in deposits, which represents a 2.65% growth [3] - Noninterest bearing demand deposits increased by $16.8 million, or 3.97%, quarter over quarter [3] Market Outlook - Despite a recent 50 basis point cut in overnight interest rates by the Federal Reserve, the company remains optimistic about growth and profitability in 2025, focusing on core deposit growth and lending to local consumers and small-to-medium sized businesses [4]

CLINTON, N.J., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $11.5 million, or $1.13 per diluted share, for the quarter ended December 31, 2024, compared to net income of $10.9 million, or $1.07 per diluted share for the quarter ended September 30, 2024. This represents a 5.5% increase in net income and a 5.6% increase in net income per diluted share. For the twelve months ended December 31, 2024, Unity Bancorp reported net income ...

CLINTON, N.J., Nov. 27, 2024 (GLOBE NEWSWIRE) -- Start your journey with a boost – for both you and your electric vehicle – at Unity Bank’s new EV charging stations, now open to the public at its Clinton, New Jersey headquarters. The stations can accommodate up to four vehicles and are part of the Lynkwell charging network. EV drivers are invited to enjoy complimentary beverages from the Unity Bank café during business hours while their vehicles charge. Employees and customers of the bank will also benefit ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____. Commission File Number 1-12431 Unity Bancorp, Inc. (Exact name of registrant as specified in its charter) New Jersey 22-32 ...

Five months into his tenure as CEO of Unity Software, Matt Bromberg is overseeing his first big product launch as he tries to push the company past an extended stretch of challenges. On Friday, the video game software company announced the sixth version of its flagship product, Unity Engine, a set of tools developers can use to produce games across a number of devices, including iPhones and Android phones. Unity 6 is emphasizing stability, predictable updates and the ability to support hundreds of players i ...

Unity Bancorp (UNTY) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. The power ...

Unity Bancorp (UNTY) reported $27.66 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 8.1%. EPS of $1.07 for the same period compares to $0.97 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $26.4 million, representing a surprise of +4.79%. The company delivered an EPS surprise of +10.31%, with the consensus EPS estimate being $0.97. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...