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Unity Bancorp(UNTY) - 2024 Q4 - Annual Results
UNTYUnity Bancorp(UNTY)2025-01-15 11:09

Financial Performance - Unity Bancorp reported net income of 11.5million,or11.5 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,upfrom11,505,000, up from 10,905,000 in the prior quarter[10]. - Net income for the period was 11,505,000,reflectinga5.511,505,000, reflecting a 5.5% increase from 10,900,000 in the previous quarter[16]. - Net income for 2024 was 41,450,000,representinga4.441,450,000, representing a 4.4% increase from 39,707,000 in 2023[18]. - Net income for the quarter reached 11,505,000,comparedto11,505,000, 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 26.5million,up26.5 million, up 1.6 million from 24.9millioninQ32024,withanetinterestmarginof4.3724.9 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 39,550,000inthepreviousquarter[15].−Interestincomefor2024increasedto39,550,000 in the previous quarter[15]. - Interest income for 2024 increased to 155,738,000, up 8.5% from 143,494,000in2023[18].−Netinterestincomeafterprovisionforcreditlossesroseby5.9143,494,000 in 2023[18]. - Net interest income after provision for credit losses rose by 5.9% to 25,190,000, compared to 23,776,000inthepriorquarter[15].−Netinterestmarginimprovedto4.3723,776,000 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,a9.4145,534,000, a 9.4% increase compared to 133,058,000 in the previous year[18]. - Total deposits rose by 176.2million,or9.2176.2 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 2,046,137,000inthepriorquarter[10].−Totalloansincreasedto2,046,137,000 in the prior quarter[10]. - Total loans increased to 2,260,657,000, up from 2,172,063,000ayearago,markingagrowthof4.12,172,063,000 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 15,879,000inthepreviousquarter[11].−Provisionforcreditlossesonloansdecreasedby54.315,879,000 in the previous quarter[11]. - Provision for credit losses on loans decreased by 54.3% to 470,000, down from 1,029,000[15].−Theallowanceforcreditlossesattheendoftheperiodwas1,029,000[15]. - The allowance for credit losses at the end of the period was 26,788,000, down from 27,002,000inthepreviousquarter[29].−Non−accrualloanstotaled27,002,000 in the previous quarter[29]. - Non-accrual loans totaled 13,082,000, slightly up from 19,186,000ayearago,indicatingimprovedassetquality[29].ShareholderEquityandMarketPerformance−Shareholders′equityincreasedby19,186,000 a year ago, indicating improved asset quality[29]. Shareholder Equity and Market Performance - Shareholders' equity increased by 34.2 million to 295.6millionasofDecember31,2024,drivenbyearningsandoffsetbysharerepurchasesanddividends[8].−Bookvaluepercommonshareroseto295.6 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 25.98ayearearlier[8].−Marketpricepershareroseby28.025.98 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].