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Unity Bancorp Inc. (UNTY+0.80%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $2.7 billion, reflecting an increase of $75.5 million, or 2.9 percent, compared to the previous year. This growth was primarily due to an $88.6 million increase in gross loans, driven by commercial loan growth.
Total deposits increased by $176.2 million, or 9.2 percent, reaching $2.1 billion. This was largely due to a $202.2 million rise in time deposits.
Net income for the year was $41.5 million, or $4.06 per diluted share, representing a 4.4 percent increase from the previous year. Net interest income rose by $3.6 million to $98.6 million, attributed to higher yields on interest-earning assets.
The provision for credit losses on loans totaled $2.4 million, up from $1.8 million the previous year, primarily due to loan growth. The allowance for credit losses stood at $26.8 million at year-end, covering 1.18 percent of total loans.
Noninterest income increased to $8.5 million, with gains in securities and branch fee income offsetting declines in SBA loan sales and bank-owned life insurance income.
Noninterest expenses totaled $48.7 million, a $1.7 million increase from the prior year, driven by higher compensation and benefits expenses.
The filing notes that Unity Bancorp's capital ratios exceed regulatory requirements, maintaining its status as a well-capitalized institution.
Unity Bancorp also reports that it does not anticipate cash dividend payments to common stockholders in the near future, focusing on retaining earnings to support growth.
The company identified no material weaknesses in its internal controls over financial reporting.
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. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.