CLINTON, N.J., Oct. 13, 2023 (GLOBE NEWSWIRE) — Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.9 million, or $0.97 per diluted share, for the quarter ended September 30, 2023, compared to net income of $9.7 million, or $0.95 per diluted share for the quarter ended June 30, 2023. This represents a 2.6% increase in net income and a 2.1% increase in net income per diluted share. For the nine months ended September 30, 2023, Unity reported net income of $29.9 million or $2.88 per diluted share, compared to net income of $28.5 million or $2.67 per diluted share for the nine months ended September 30, 2022. This represents a 5.0% increase in net income and a 7.9% increase in net income per diluted share.
James A. Hughes, President and CEO, commented on the financial results: “Unity’s operating performance remains strong during this challenging economic environment. For the quarter, we achieved $9.9 million of net income, or $0.97 per diluted share. This represents 1.61% ROA and 15.84% ROE, which is among the highest in the community banking space.
Although our 3.96% net interest margin has modestly declined over the past few quarters due to increased interest rates and a shift in funding mix, our interest rate risk management remains sound, enabling us to consistently deliver top-tier operating results.
This quarter we opened a branch in Parsippany, New Jersey, marking our first branch in Morris County. We now have 21 retail locations, and we intend on continuing our expansion.
Looking ahead, we remain well-positioned for the future. Our strong capital base, conservative liquidity levels, and stable asset quality position provide us with the necessary foundation to continue delivering best-in-class service to the communities we serve. Furthermore, our results are a testament to the strength of our talented employee base and their unwavering commitment to excellence.”
For the full version of the Company’s 2023 third quarter earnings release, including financial tables, please visit News – Unity Bank (q4ir.com).
Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.6 billion in assets and $1.9 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its robust branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com,