Unity Bancorp Reports Higher Q3 Net Income of $17.4 Million
Unity Bancorp, Inc. (UNTY) reported third-quarter net income of $17.4 million, or $1.70 per diluted share, up from $14.5 million, or $1.42 per diluted share, in the second quarter. The period's results included a $2.5 million one-time tax credit benefit. Shares of the bank rose 1.91% to $55.37 following the report.
The earnings growth was supported by an expansion in net interest margin and higher net interest income. The regional lender also saw increased volume across both loans and deposits, alongside improvements in overall asset quality.
Looking ahead, investors will be monitoring whether the bank can maintain its momentum in core earnings and deposit growth once the one-time tax benefit is excluded.
Key points
- Unity Bancorp earned $17.4 million, or $1.70 per diluted share, in Q3.
- Net income rose from $14.5 million, or $1.42 per share, reported in Q2.
- Financial results included a one-time tax credit benefit of $2.5 million.
- Net interest margin expanded while loan and deposit balances increased.
- Asset quality improved during the third quarter.
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How we writeDisclaimerQuestions and answers
What were Unity Bancorp's Q3 earnings?
Unity Bancorp reported Q3 net income of $17.4 million, or $1.70 per diluted share, up from $14.5 million in Q2.
Did Unity Bancorp benefit from any one-time items in Q3?
Yes, Q3 results included a $2.5 million one-time tax credit benefit.
How did Unity Bancorp perform in loans and deposits?
The bank reported growth in both loans and deposits, accompanied by an expanding net interest margin and improved asset quality.