Unity Bancorp, Inc. reported net income of $10.9 million, or $1.07 per diluted share, for the quarter ended September 30, 2024. This marks the highest quarterly earnings result in the company's history, representing a 15.3% increase in net income and a 15.1% increase in net income per diluted share compared to the previous quarter.
The company's net interest margin expanded to 4.16%, contributing to an impressive return on average assets of 1.76% and a return on average equity of 15.55%. Revenue for the quarter reached US$26.6 million, an increase of 6.2% from the third quarter of 2023.
Unity Bancorp demonstrated strong balance sheet growth, with gross loans increasing by $46.9 million, or 2.2% sequentially, and commercial loans growing by $50.6 million, or 3.8% sequentially. Customer deposits also saw a healthy increase of $42.6 million, or 2.4% sequentially, fueling continued credit expansion.
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