Unity Bancorp, Inc. reports banking developments as the New Jersey bank holding company and financial holding company for Unity Bank. Unity Bank provides community-oriented commercial banking services to retail, corporate and small business customers, including deposit accounts, lending, credit cards and automated teller services through branches in New Jersey and Northampton County, Pennsylvania.
Company news commonly covers quarterly earnings, net interest income, net interest margin, loan growth, deposits, credit-loss provisions, cash dividends on common shares, capital management and governance updates. Releases also describe Unity Bank’s operating performance and branch-market activity within its regional banking franchise.
Unity Bancorp (NASDAQ: UNTY) has announced a new Share Repurchase Program, allowing the company to repurchase up to 500,000 shares, or about 5% of its outstanding common stock. This decision follows the ongoing 2023 program, under which 315,355 shares have been repurchased with 184,645 remaining. The 2024 program will start immediately after completing the 2023 plan.
CEO James A. Hughes emphasized that this move aims to enhance shareholder value and reflects the company's strong capital position. Repurchases will be made in the open market or through private negotiations, with the possibility of implementing a Rule 10b5-1 trading plan. The timing, volume, and price of repurchases will be at management's discretion, subject to market conditions and regulatory requirements.
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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