Welcome to our dedicated page for Unity Bancorp news (Ticker: UNTY), a resource for investors and traders seeking the latest updates and insights on Unity Bancorp stock.
Unity Bancorp Inc (UNTY) provides essential financial services through its community-focused Unity Bank, serving New Jersey and Pennsylvania markets. This page aggregates all material developments for investors tracking this regional banking institution.
Access official press releases and curated news covering earnings reports, leadership updates, product launches, and strategic initiatives. Our repository simplifies monitoring of commercial lending activities, SBA loan programs, and deposit service expansions relevant to UNTY's operations.
Key updates include regulatory filings, merger/acquisition announcements, and community partnership developments. Content is organized chronologically showcase the bank's evolving position in retail banking and SME financial solutions.
Bookmark this page for streamlined access to Unity Bancorp's financial communications. Verify critical information directly through SEC filings and company-issued disclosures when making investment decisions.
Unity Bancorp reported net income of $9.5 million for Q2 2024, slightly down from $9.6 million in Q1 2024. Quarterly earnings per diluted share held steady at $0.93. For the first half of 2024, net income was $19.0 million, down from $20.0 million in the same period in 2023, with earnings per share dropping from $1.91 to $1.86.
CEO James A. Hughes highlighted the company's resilience amid economic challenges, noting a strong net interest margin above 4%, ROA of 1.56%, and ROE of 14.07%. Customer deposits increased by $63.3 million, with noninterest-bearing deposits rising by $26.5 million. Though loan growth was modest in early 2024, a robust loan pipeline is expected to drive mid-to-high single-digit growth in the second half.
Unity Bancorp's strong capital position, liquidity, and stable asset quality underpin its service to local communities. The company has approximately $2.6 billion in assets and $2.0 billion in deposits, serving customers across New Jersey and Pennsylvania.
Unity Bancorp (NASDAQ: UNTY), the parent company of Unity Bank, announced a cash dividend of $0.13 per common share. The dividend is payable on June 21, 2024, to shareholders recorded by June 7, 2024. Unity Bancorp, headquartered in Clinton, New Jersey, manages approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank, its subsidiary, offers financial services across several counties in New Jersey and Pennsylvania.
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