Unity Bancorp Reports Quarterly Earnings of $11.5 Million and Full Year Earnings of $41.5 Million

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 [1] - For the full year 2024, net income was $41.5 million, or $4.06 per diluted share, representing a 4.4% increase in net income year-over-year [1] - The company achieved a return on assets (ROA) of 1.68% and a return on equity (ROE) of 14.99% for the fiscal year 2024 [2] Balance Sheet and Growth - In Q4 2024, loans grew by $43.3 million, a 1.95% increase quarter-over-quarter, funded by a $54.2 million increase in deposits, or 2.65% [3] - Noninterest bearing demand deposits increased by $16.8 million, or 3.97% quarter-over-quarter [3] Interest Margin and Economic Outlook - The net interest margin expanded by 21 basis points due to a 20 basis point reduction in the cost of funds and a 4 basis point increase in loan yields [3] - 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 [4] Company Overview - Unity Bancorp is headquartered in Clinton, New Jersey, with approximately $2.7 billion in assets and $2.1 billion in deposits [5] - The company provides financial services through a branch network across several counties in New Jersey and Pennsylvania [5]