Unity Bancorp reports Q4 EPS $1.13, consensus $1.06

James Hughes, President and CEO, commented on the financial results: “We are proud to share with you the results of Unity Bancorp (UNTY) Inc. for the 2024 fiscal year. We achieved both a record year and a record quarter of earnings. For the year, we earned $41.5 million in net income, or $4.06 per diluted share, representing a 1.68% ROA and a 14.99% ROE. For the fourth quarter, we earned $11.5 million in net income, or $1.13 per diluted share, representing a 1.83% ROA and a 15.77% ROE. In the fourth quarter, our net interest margin expanded 21 basis points by lowering our cost of funds 20 basis points and increasing our yield on loans 4 basis points. On the balance sheet, we grew loans $43.3 million in the fourth quarter, representing a 1.95% increase quarter over quarter. We funded this loan growth with deposits, which grew $54.2 million or 2.65% quarter over quarter. Notably, noninterest bearing demand deposits grew $16.8 million, or 3.97% quarter over quarter.”