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Unity Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income of $10.9 million for the quarter, with an increase in net interest income to $24.9 million compared to the previous year's quarter. The net interest margin rose to 4.16% from 3.96% in the prior year.
Total assets increased to $2.6 billion, with gross loans rising by $45.3 million to $2.2 billion. Commercial loans saw significant growth, while SBA loans and residential construction loans decreased.
Deposits grew by $122.0 million to $2.0 billion, driven by increases in time deposits and savings deposits. Brokered deposits decreased by $53.7 million.
The provision for credit losses was $1.0 million for the quarter, reflecting loan growth. The allowance for credit losses totaled $27.0 million, representing 1.22% of total loans.
Nonperforming loans decreased to $13.0 million, while potential problem loans totaled $14.8 million. The company reported a $2.9 million increase in nonperforming securities.
Equity securities increased to $9.8 million, and the available for sale debt securities portfolio rose to $97.7 million. The company recorded a $0.6 million provision for credit loss on AFS debt securities.
Borrowed funds and subordinated debentures decreased to $277.1 million. The company maintained $569.4 million in borrowing potential from various sources.
Unity Bank remains well-capitalized, exceeding regulatory capital requirements. The company's capital ratios improved, with a total risk-based capital ratio of 15.23%.
Unity Bancorp authorized a new repurchase plan for up to 500,000 shares. As of September 30, 2024, 685,000 shares remain available for repurchase under the plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unity Bancorp Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.