CLINTON, N.J., July 12, 2024 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.5 million, or $0.93 per diluted share, for the quarter ended June 30, 2024, compared to net income of $9.6 million, or $0.93 per diluted share for the quarter ended March 31, 2024. This represents a 1.4% decrease in net income and no change in net income per diluted share. For the six months ended June 30, 2024, Unity Bancorp reported net income of $19.0 million, or $1.86 per diluted share, compared to net income of $20.0 million, or $1.91 per diluted share, for the six months ended June 30, 2023. This represents a 4.7% decrease in net income and a 2.6% decrease in net income per diluted share.
James A. Hughes, President and CEO, commented on the financial results: “Despite the persistent challenges posed by the inverted yield curve, we are pleased to announce another strong quarter for Unity Bancorp, Inc. For the quarter, we achieved $9.5 million of net income, equivalent to $0.93 per diluted share. Our net interest margin remained above 4% and we delivered an impressive ROA of 1.56% and ROE of 14.07%.
In the second quarter, our organization demonstrated its retail capabilities by increasing customer deposit balances sequentially by $63.3 million, or 3.7%. Notably, noninterest bearing deposits surged by a remarkable $26.5 million, or 6.7%.
While loan growth was subdued in the first half of the year, our commercial and consumer loan pipelines are robust. We are confident that we are on track for mid-to-high single-digit loan growth in the second half of 2024.
Unity’s conservative capital position, ample liquidity levels and stable asset quality metrics provide a solid foundation for delivering best-in-class service to the local communities we serve. Our financial results are a testament to the dedication and hard work of our talented employees and their unwavering commitment to our mission. ”
For the full version of the Company’s 2024 first quarter earnings release, including financial tables, please visit News - Unity Bank (q4ir.com).
Displaying results 1 - 1 (of 1)