Unity Bancorp Reports Quarterly Earnings of $9.8 Million and Full Year Earnings of $39.7 Million
2024年1月12日 - 8:00PM
Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank,
reported net income of $9.8 million, or $0.96 per diluted share,
for the quarter ended December 31, 2023, compared to net income of
$9.9 million, or $0.97 per diluted share for the quarter ended
September 30, 2023. This represents a 1.8% decrease in net income
and a 1.0% decrease in net income per diluted share. For the twelve
months ended December 31, 2023, the Company reported net income of
$39.7 million or $3.84 per diluted share, compared to net income of
$38.5 million or $3.59 per diluted share for the twelve months
ended December 31, 2022. This represents a 3.3% increase in net
income and a 7.0% increase in net income per diluted share.
James A. Hughes, President and CEO, commented on
the financial results: “I am proud to share with you the
outstanding financial results of Unity Bancorp Inc. for the 2023
fiscal year, a period that was marked by unprecedented challenges
in the banking sector. We achieved a record year of earnings with
$39.7 million in net income, or $3.84 per diluted share. For the
fourth quarter, we generated $9.8 million in net income, or $0.96
per diluted share.
In the fourth quarter, we saw NIM expansion,
partially attributable to core deposit growth allowing us to pay
down more expensive wholesale funding sources. We also benefited
from higher interest rates on our loan portfolio. Moreover, we
improved our loan to deposit ratio to approximately 113% at the end
of 2023, compared to approximately 118% at the end of 2022.
We faced a turbulent operating environment in
2023, with persistent inflation and an inverted yield curve. We
successfully navigated these headwinds by staying focused on
delivering top-notch financial products and best-in-class customer
service.
We remain confident that we have a solid
foundation for continued growth and profitability in 2024. We will
remain true to our values of customer satisfaction, community
engagement and employee empowerment. We will seek to continue to
manage our risks prudently, while pursuing our strategic
objectives, including generating industry leading returns for our
shareholders.”
For the full version of the Company’s 2023 fourth 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 , or call 800-618-BANK.
This news release contains certain
forward-looking statements, either expressed or implied, which are
provided to assist the reader in understanding anticipated future
financial performance. These statements may be identified by use of
the words “believe”, “expect”, “intend”, “anticipate”, “estimate”,
“project” or similar expressions. These statements involve certain
risks, uncertainties, estimates and assumptions made by management,
which are subject to factors beyond the Company’s control and could
impede its ability to achieve these goals. These factors include
those items included in our Annual Report on Form 10-K under the
heading “Item IA-Risk Factors” as amended or supplemented by our
subsequent filings with the SEC, as well as general economic
conditions, trends in interest rates, the ability of our borrowers
to repay their loans, our ability to manage and reduce the level of
our nonperforming assets, results of regulatory exams, and the
impact of COVID-19 on the Bank, its employees and customers, among
other factors.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
News Media & Financial Analyst
Contact:George Boyan, EVP and
CFO(908) 713-4565
Unity Bancorp (NASDAQ:UNTY)
過去 株価チャート
から 5 2024 まで 6 2024
Unity Bancorp (NASDAQ:UNTY)
過去 株価チャート
から 6 2023 まで 6 2024