CLINTON, N.J., Oct. 11, 2024 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, reported net income of $10.9 million, or $1.07 per diluted share, for the quarter ended September 30, 2024, compared to net income of $9.5 million, or $0.93 per diluted share for the quarter ended June 30, 2024. This represents a 15.3% increase in net income and a 15.1% increase in net income per diluted share. For the nine months ended September 30, 2024, Unity Bancorp reported net income of $29.9 million, or $2.94 per diluted share, compared to net income of $29.9 million, or $2.88 per diluted share, for the nine months ended September 30, 2023. This represents no change in net income and a 2.1% increase in net income per diluted share, reflecting the Company's repurchase of outstanding shares.
James A. Hughes, President and CEO, commented on the financial results: "We are excited to announce the highest quarterly earnings results in the Unity Bancorp Inc.'s history. For the quarter, we achieved $10.9 million of net income, equivalent to $1.07 per diluted share. Our net interest margin expanded to 4.16% and we delivered an impressive ROA of 1.76% and ROE of 15.55%.
In the third quarter, our organization demonstrated its commitment to granting credit ...
