CLINTON, N.J., April 12, 2024 (GLOBE NEWSWIRE) — Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.6 million, or $0.93 per diluted share, for the quarter ended March 31, 2024, compared to net income of $9.8 million, or $0.96 per diluted share for the quarter ended December 31, 2023. This represents a 1.9% decrease in net income and a 3.1% decrease in net income per diluted share.
James A. Hughes, President and CEO, commented on the financial results: “We are pleased to announce another strong quarter for Unity Bancorp, Inc. For the quarter, we achieved $9.6 million of net income, equivalent to $0.93 per diluted share. Our core deposit franchise has demonstrated steady growth, reinforcing the strength of our balance sheet and contributing to impressive first quarter earnings metrics — NIM of 4.09%, ROA of 1.58% and ROE of 14.49%.
At Unity, we remain steadfast in our commitment to our shareholders. In addition to producing best-in-class earnings, we previously announced another increase to our cash dividend payout, the fifth increase in four years. This quarter, we repurchased approximately 150,000 of our shares. While we maintain a conservative capital position, we have demonstrated a commitment to return capital to our shareholders as opportunities arise.
Our dedication also extends to our customers, communities and employees. At our core, our relationship bankers provide top-notch white-glove services, and our flexible product suite caters to our customers’ evolving needs. This ultimately fosters the continued economic development within our local communities.
Looking ahead, we have the financial strength to leverage capital and grow earning assets. This includes increasing our origination of high quality real estate loans and other organic growth opportunities.”
For the full version of the Company’s 2024 first 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 $2.0 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
