Unity Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Unity Bancorp Inc. (UNTY) filed its Q1 2024 10-Q, detailing financial performance and equity compensation.</b>

AI Summary

UNITY BANCORP INC /NJ/ (UNTY) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Unity Bancorp Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial statement data points such as Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock are detailed. Information regarding equity compensation plans, including restricted stock and employee stock options, is provided. Details on service and loan fee income, as well as branch fee income, are presented for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking UNITY BANCORP INC /NJ/, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Unity Bancorp, crucial for understanding its current performance and financial health. The detailed breakdown of income sources and equity compensation plans offers insights into the company's operational strategies and shareholder value initiatives.

Risk Assessment

Risk Level: — UNITY BANCORP INC /NJ/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or negative disclosures beyond typical business operations.

Analyst Insight

Review the detailed financial statements and segment information in the 10-Q to assess Unity Bancorp's performance trends and compare them to prior periods.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)

Key Players & Entities

• UNITY BANCORP INC /NJ/ (company) — Filer name
• UNTY (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date

FAQ

Industry Context

Unity Bancorp Inc. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a publicly traded bank holding company, Unity Bancorp is subject to regulations from the Securities and Exchange Commission (SEC) and banking authorities.

What Investors Should Do

1. Analyze the detailed financial statements for Q1 2024.
2. Review the equity compensation plan details for potential impact on share dilution.
3. Compare Q1 2024 income segments (Service/Loan Fees, Branch Fees) with Q1 2023 to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the first fiscal quarter of 2024.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the Q4 2023 10-K and providing updated financial information for the most recent fiscal quarter.

Filing Documents

• unty-20240331x10q.htm (10-Q) — 4649KB
• unty-20240331xex31d1.htm (EX-31.1) — 12KB
• unty-20240331xex31d2.htm (EX-31.2) — 12KB
• unty-20240331xex32d1.htm (EX-32.1) — 9KB
• unty-20240331x10q001.jpg (GRAPHIC) — 9KB
• 0000920427-24-000039.txt (&nbsp;) — 20357KB
• unty-20240331.xsd (EX-101.SCH) — 55KB
• unty-20240331_cal.xml (EX-101.CAL) — 98KB
• unty-20240331_def.xml (EX-101.DEF) — 349KB
• unty-20240331_lab.xml (EX-101.LAB) — 627KB
• unty-20240331_pre.xml (EX-101.PRE) — 508KB
• unty-20240331x10q_htm.xml (XML) — 6003KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 ITEM 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 ITEM 4

Controls and Procedures

Controls and Procedures 52 PART II OTHER INFORMATION 53 ITEM 1

Legal Proceedings

Legal Proceedings 53 ITEM 1A

Risk Factors

Risk Factors 53 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 53 ITEM 3 Defaults upon Senior Securities 53 ITEM 4 Mine Safety Disclosures 53 ITEM 5 Other Information 53 ITEM 6 Exhibits 54 EXHIBIT INDEX 55 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1

SIGNATURES

SIGNATURES 56 2 Table of Contents

CONSOLIDATED FINANCIAL INFORMATION

PART I CONSOLIDATED FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

ITEM 1 Consolidated Financial Statements (Unaudited) Unity Bancorp, Inc. Consolidated Balance Sheets (Unaudited) (In thousands) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 20,619 $ 20,668 Interest-bearing deposits 162,367 174,108 Cash and cash equivalents 182,986 194,776 Securities: Debt securities available for sale, at market value 94,682 91,765 Debt securities held to maturity, at amortized cost 36,089 36,122 Equity securities, at market value 7,931 7,802 Total securities 138,702 135,689 Loans: SBA loans held for sale 18,439 18,242 SBA loans held for investment 39,009 38,584 SBA PPP loans 2,168 2,318 Commercial loans 1,291,319 1,277,460 Residential mortgage loans 627,464 631,506 Consumer loans 72,275 72,676 Residential construction loans 123,783 131,277 Total loans 2,174,457 2,172,063 Allowance for credit losses ( 26,080 ) ( 25,854 ) Net loans 2,148,377 2,146,209 Premises and equipment, net 19,281 19,567 Bank owned life insurance ("BOLI") 25,295 25,230 Deferred tax assets, net 12,681 12,552 Federal Home Loan Bank ("FHLB") stock 15,896 18,435 Accrued interest receivable 13,165 13,582 Goodwill 1,516 1,516 Prepaid expenses and other assets 10,189 10,951 Total assets $ 2,568,088 $ 2,578,507 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $ 395,520 $ 419,636 Interest-bearing demand 325,174 312,208 Savings 504,210 497,491 Brokered deposits 235,755 268,408 Time deposits 500,611 426,397 Total deposits 1,961,270 1,924,140 Borrowed funds 299,397 356,438 Subordinated debentures 10,310 10,310 Accrued interest payable 1,551 1,924 Accrued expenses and other liabilities 28,799 24,265 Total liabilities 2,301,327 2,317,077 Shareholders' equity: Common stock 101,676 100,426 Retained earnings 199,380 191,108

View Full Filing

View this 10-Q filing on SEC EDGAR