Unity Bancorp Files Q2 2024 10-Q Financial Update

TL;DR

UNITY Q2 10-Q filed. Equity details updated.

AI Summary

Unity Bancorp Inc. /NJ/ filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position, including information on treasury stock, retained earnings, and accumulated other comprehensive income as of June 30, 2024, and March 31, 2024. Specific dollar amounts for these accounts are not provided in this excerpt, but the filing indicates changes and balances for the second quarter of 2024.

Why It Matters

This filing provides investors with a snapshot of Unity Bancorp's financial health and changes in its equity structure during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine financial filing providing standard disclosures for a public company.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter financial performance and position.)

Key Players & Entities

• UNITY BANCORP INC /NJ/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filed as of Date

FAQ

Filing Documents

• unty-20240630x10q.htm (10-Q) — 5385KB
• unty-20240630xex31d1.htm (EX-31.1) — 12KB
• unty-20240630xex31d2.htm (EX-31.2) — 12KB
• unty-20240630xex32d1.htm (EX-32.1) — 9KB
• unty-20240630x10q001.jpg (GRAPHIC) — 9KB
• 0000920427-24-000065.txt ( ) — 22326KB
• unty-20240630.xsd (EX-101.SCH) — 57KB
• unty-20240630_cal.xml (EX-101.CAL) — 124KB
• unty-20240630_def.xml (EX-101.DEF) — 339KB
• unty-20240630_lab.xml (EX-101.LAB) — 637KB
• unty-20240630_pre.xml (EX-101.PRE) — 515KB
• unty-20240630x10q_htm.xml (XML) — 6595KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 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) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 31,180 $ 20,668 Interest-bearing deposits 166,238 174,108 Cash and cash equivalents 197,418 194,776 Securities: Debt securities available for sale ("AFS"), at fair value 99,081 91,765 Debt securities held to maturity ("HTM"), at amortized cost 36,157 36,122 Equity securities, at fair value 9,949 7,802 Total securities 145,187 135,689 Loans: SBA loans held for sale 15,159 18,242 SBA loans held for investment 38,017 38,584 SBA PPP loans 1,734 2,318 Commercial loans 1,318,208 1,277,460 Residential mortgage loans 624,949 631,506 Consumer loans 69,280 72,676 Residential construction loans 103,188 131,277 Total loans 2,170,535 2,172,063 Allowance for credit losses ( 26,107 ) ( 25,854 ) Net loans 2,144,428 2,146,209 Premises and equipment, net 19,073 19,567 Bank owned life insurance ("BOLI") 25,483 25,230 Deferred tax assets, net 13,294 12,552 Federal Home Loan Bank ("FHLB") stock 14,957 18,435 Accrued interest receivable 13,257 13,582 Goodwill 1,516 1,516 Prepaid expenses and other assets 23,094 10,951 Total assets $ 2,597,707 $ 2,578,507 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $ 422,001 $ 419,636 Interest-bearing demand 301,480 312,208 Savings 505,586 497,491 Brokered deposits 221,990 268,408 Time deposits 559,774 426,397 Total deposits 2,010,831 1,924,140 Borrowed funds 274,798 356,438 Subordinated debentures 10,310 10,310 Accrued interest payable 1,657 1,924 Accrued expenses and other liabilities 26,716 24,265 Total liabilities 2,324,312 2,317,077 Shareholders' equity: Common stock 102,226 100,426 Retained earnings 207,534

View Full Filing

View this 10-Q filing on SEC EDGAR