Unity Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in loans, net interest income, and net income compared to the same periods in 2023.
For the three months ended September 30, 2024, total loans increased to $36.8 million from $34.3 million in 2023. For the nine-month period, total loans rose to $107.7 million from $98.0 million. Net interest income for Q3 2024 was $24.9 million, up from $23.5 million in Q3 2023, while for the nine months, it increased to $72.1 million from $71.0 million. The net income for Q3 2024 was $10.9 million, compared to $9.9 million in the same quarter of the previous year, and for the nine months, it slightly increased to $29.9 million from $29.9 million.
Earnings per share also saw an uptick, with basic net income per share for Q3 2024 at $1.09, up from $0.98 in Q3 2023. Diluted earnings per share followed a similar trend, rising to $1.07 from $0.97. For the nine months, basic earnings per share increased to $2.98 from $2.92, and diluted earnings per share rose to $2.94 from $2.88.
The company’s total assets as of September 30, 2024, were $2.47 billion, a slight increase from $2.46 billion a year earlier. Total deposits increased significantly by $122 million to $2.0 billion, with a composition of 20.7% noninterest-bearing demand deposits and 36.0% time deposits. The allowance for credit losses rose to $27.0 million from $25.9 million at year-end 2023, reflecting the company's proactive approach to managing credit risk amid loan growth.
In terms of strategic developments, Unity Bancorp has been active in managing its capital structure, with a share repurchase plan authorized for up to 500,000 shares in April 2023 and an additional plan in August 2024. As of September 30, 2024, the company had repurchased 10,334 shares at an average price of $27.27.
The company also reported a provision for credit losses of $1.0 million for Q3 2024, up from $0.5 million in Q3 2023, attributed to loan growth. Noninterest income surged by 37.2% in Q3 2024, driven by higher net securities gains and service fees, while noninterest expenses increased marginally by 0.3%.
Overall, Unity Bancorp's performance reflects a solid financial position with growth in key areas, supported by strategic initiatives and a focus on managing credit risk effectively.
About UNITY BANCORP INC /NJ/
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