Unity Bancorp Achieves Strong Quarterly Growth in Earnings

Unity Bancorp's Remarkable Financial Performance

Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, has reported a noteworthy financial performance, achieving a net income of $11.6 million for the recent quarter. This translates to earnings of $1.13 per diluted share, marking a slight increase from the previous quarter's net income of $11.5 million.

Insights from Leadership

James A. Hughes, the President and CEO, expressed his satisfaction with the quarterly results. He stated, “We are pleased to announce another strong quarter for Unity Bancorp. Our net income reflects our effective strategies and commitment to maintaining a robust return on assets (ROA) and return on equity (ROE) at 1.83% and 15.56%, respectively.”

Strong Growth in Lending and Deposits

Unity Bancorp has seen impressive growth in its lending divisions, successfully raising loans by $84.5 million, which represents a 3.74% increase from last year's end. Furthermore, the retail banking sector has also excelled, with customer deposits (excluding brokered deposits) increasing by $90.7 million, or 4.82%, within the same quarter. This growth underscores Unity's proactive measures to simultaneously manage its balance sheet and bolster credit growth.

Focus on Financial Health

The company continues to prioritize disciplined credit-risk management. Hughes asserted, “We maintain a cautious approach to underwriting, ensuring our loans meet conservative loan-to-value and debt-service-coverage criteria. We are prepared to swiftly address any delinquency or non-performing asset issues as they arise.”

Community Support Amid Market Challenges

Despite encountering volatility in the capital markets, primarily due to geopolitical tariffs, Unity Bancorp remains committed to its small business customer base. Hughes noted that some customers are positioned to benefit from these tariffs, and Unity is ready to stand by them as a trusted advisor, providing support to navigate any economic challenges.

The Commitment to Local Growth

Unity’s balance sheet growth is a testament to its dedication to supporting economic development within local communities. The slogan, “Growing With You,” has never been more applicable as Unity Bancorp emphasizes the essential role its employees play in delivering high-quality customer service, which has been pivotal in achieving strong financial results.

Unity’s Existing Resources and Future Aspirations

As of the latest report, Unity Bancorp holds approximately $2.8 billion in assets and $2.2 billion in deposits. Unity Bank serves a diverse clientele including retail, corporate, and small business customers, operating through a robust network across various counties.

Contact Information

For any media inquiries or financial analysis, the primary contact is George Boyan, EVP and CFO, reachable at (908) 713-4565.

Frequently Asked Questions

What is Unity Bancorp's recent net income report?

Unity Bancorp recently reported a net income of $11.6 million for the quarter, which is a slight increase from the previous quarter.

How much has Unity Bancorp increased its loans?

The company reported an increase of $84.5 million in loans during the first quarter, marking a 3.74% growth.

What strategies help Unity Bancorp manage credit risk?

Unity Bancorp applies a disciplined credit-risk management approach by adhering to conservative underwriting standards and swiftly addressing delinquency issues.

How does Unity Bancorp support its local community?

Unity Bancorp is committed to fostering economic growth in local areas, providing financial services that align with community development.

Who should be contacted for media inquiries at Unity Bancorp?

For media inquiries, George Boyan, EVP and CFO, is the primary contact at (908) 713-4565.

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