Unity Bancorp Q3 Net Income Jumps 20% to $17.4M on Margin Expansion
UNTY sits 27% above its 52-week low of $44.34.
Summary
Unity Bancorp reported Q3 net income of $17.4M, or $1.70 per diluted share, up from $14.5M, or $1.42, in Q2. Results included a $2.5M one-time tax credit benefit, so core EPS is closer to $1.45. Net interest margin expanded and net interest income increased, while asset quality improved and loans and deposits grew. This follows the CEO succession announcement in late September and the tax credit purchase disclosed earlier this month. The sequential earnings improvement and broad-based balance sheet growth support a positive read-through, though the one-time benefit flatters the headline number.
Updates
· SEC 8-K — The 8-K attaches the full earnings release with detailed financial statements and balance sheet data.
At the time of this announcement, UNTY was trading at $56.23 on NASDAQ in the Finance sector, with a market capitalization of approximately $556.1M. The 52-week trading range was $44.34 to $62.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.