Unity Bancorp Reports Quarterly Earnings of $9.7 Million
14 Julho 2023 - 7:00AM
Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank,
reported net income of $9.7 million, or $0.95 per diluted share,
for the quarter ended June 30, 2023, compared to net income of
$10.3 million, or $0.96 per diluted share for the quarter ended
March 31, 2023. This represents a 5.7% decrease in net income and a
1.0% decrease in net income per diluted share. For the six months
ended June 30, 2023, Unity reported net income of $20.0 million or
$1.91 per diluted share, compared to net income of $18.6 million or
$1.74 per diluted share for the six months ended June 30, 2022.
This represents a 7.7% increase in net income and a 9.8% increase
in net income per diluted share.
James A. Hughes, President and CEO, commented on
the financial results: “We are pleased to report another solid
quarter of financial results. For the quarter, we realized $9.7
million of net income, or $0.95 per diluted share. This represents
1.60% ROA and 16.19% ROE.
The inverted yield curve, slower loan growth,
and increased deposit competition has created a challenging
environment for all banks. Although Unity is not immune to this
trend, we are in a strong position to face these headwinds and
remain the bank of choice for the communities we serve. We are a
conservatively managed organization that has constantly been
recognized as a top-tier community bank.
As the second half of the year progresses, we
will continue to build on our performance by working with our
clients and employees to solve problems and deliver extraordinary
services. As a community bank with a strong franchise, each product
that we offer goes a long way to support the communities that we
are proud to serve.”
For the full version of the Company’s 2023 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 $1.8 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, 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)
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