Unity Bancorp Reports Quarterly Earnings of $10.9 Million

Core Insights - Unity Bancorp, Inc. reported a record net income of $10.9 million, or $1.07 per diluted share, for Q3 2024, marking a 15.3% increase in net income compared to the previous quarter [1] - The company maintained net income of $29.9 million for the first nine months of 2024, with a slight increase of 2.1% in net income per diluted share due to share repurchases [1] Financial Performance - The net interest margin expanded to 4.16%, with a return on assets (ROA) of 1.76% and return on equity (ROE) of 15.55% [2] - Gross loans increased by $46.9 million, or 2.2%, and commercial loans grew by $50.6 million, or 3.8%, sequentially [3] - Customer deposits rose by $42.6 million, or 2.4%, indicating strong deposit momentum [4] Market Environment - The Federal Reserve's recent 50 basis points cut in short-term interest rates has changed the operating environment, but the company remains confident in maintaining strong profitability metrics [5] - The company emphasizes its ability to manage interest rate sensitivity and maintain a conservative capital position while ensuring ample liquidity [5] Community Commitment - Unity Bancorp is committed to supporting small and medium-sized businesses in local communities through credit growth [3] - The company's strong financial results are attributed to the dedication of its employees, which also supports local economies [6] Company Overview - Unity Bancorp, Inc. is headquartered in Clinton, New Jersey, with approximately $2.6 billion in assets and $2.0 billion in deposits [7]