Unity Bancorp Q3 2024 Update: Balance Sheet Focus

TL;DR

Unity Bancorp's 10-Q shows balance sheet shifts in Q3 2024, focusing on treasury stock and retained earnings.

AI Summary

Unity Bancorp, Inc. reported its financial results for the period ending September 30, 2024. The company's filing details changes in treasury stock, retained earnings, and accumulated other comprehensive income across various quarters in 2023 and 2024. Specific dollar amounts for these accounts are not provided in this excerpt, but the filing indicates a focus on these balance sheet components.

Why It Matters

This filing provides insight into Unity Bancorp's financial health and capital structure by detailing changes in key equity accounts, which can influence investor confidence and future strategic decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• 0.025 — Treasury Stock Adjustment (Represents a change in treasury stock for Q3 2024.)
• 0.07 — Treasury Stock Adjustment (Represents a change in treasury stock for Q2 2024.)
• 0.085 — Treasury Stock Adjustment (Represents a change in treasury stock for Q1 2024.)
• 0.105 — Treasury Stock Adjustment (Represents a change in treasury stock for Q3 2023.)

Key Players & Entities

• UNITY BANCORP INC /NJ/ (company) — Filer
• 20240930 (date) — Period of Report
• 20241112 (date) — Filing Date

FAQ

Filing Documents

• unty-20240930x10q.htm (10-Q) — 5658KB
• unty-20240930xex31d1.htm (EX-31.1) — 12KB
• unty-20240930xex31d2.htm (EX-31.2) — 12KB
• unty-20240930xex32d1.htm (EX-32.1) — 9KB
• unty-20240930x10q001.jpg (GRAPHIC) — 9KB
• 0000920427-24-000083.txt ( ) — 23143KB
• unty-20240930.xsd (EX-101.SCH) — 56KB
• unty-20240930_cal.xml (EX-101.CAL) — 117KB
• unty-20240930_def.xml (EX-101.DEF) — 341KB
• unty-20240930_lab.xml (EX-101.LAB) — 641KB
• unty-20240930_pre.xml (EX-101.PRE) — 519KB
• unty-20240930x10q_htm.xml (XML) — 6884KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 ITEM 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 ITEM 4

Controls and Procedures

Controls and Procedures 54 PART II OTHER INFORMATION 55 ITEM 1

Legal Proceedings

Legal Proceedings 55 ITEM 1A

Risk Factors

Risk Factors 55 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 55 ITEM 3 Defaults upon Senior Securities 55 ITEM 4 Mine Safety Disclosures 55 ITEM 5 Other Information 55 ITEM 6 Exhibits 56 EXHIBIT INDEX 57 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1

SIGNATURES

SIGNATURES 58 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) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 28,892 $ 20,668 Interest-bearing deposits 165,609 174,108 Cash and cash equivalents 194,501 194,776 Securities: Debt securities available for sale ("AFS"), at fair value 97,651 91,765 Debt securities held to maturity ("HTM"), at amortized cost 36,225 36,122 Equity securities, at fair value 9,836 7,802 Total securities 143,712 135,689 Loans: SBA loans held for sale 14,621 18,242 SBA loans held for investment 37,904 38,584 SBA PPP loans 1,593 2,318 Commercial loans 1,368,763 1,277,460 Residential mortgage loans 623,529 631,506 Consumer loans 72,291 72,676 Residential construction loans 98,692 131,277 Total loans 2,217,393 2,172,063 Allowance for credit losses ( 27,002 ) ( 25,854 ) Net loans 2,190,391 2,146,209 Premises and equipment, net 18,857 19,567 Bank owned life insurance ("BOLI") 25,619 25,230 Deferred tax assets, net 14,517 12,552 Federal Home Loan Bank ("FHLB") stock 14,584 18,435 Accrued interest receivable 12,913 13,582 Goodwill 1,516 1,516 Prepaid expenses and other assets 18,709 10,951 Total assets $ 2,635,319 $ 2,578,507 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $ 423,968 $ 419,636 Interest-bearing demand 325,264 312,208 Savings 524,607 497,491 Brokered deposits 214,679 268,408 Time deposits 557,619 426,397 Total deposits 2,046,137 1,924,140 Borrowed funds 266,798 356,438 Subordinated debentures 10,310 10,310 Accrued interest payable 1,765 1,924 Accrued expenses and other liabilities 26,052 24,265 Total liabilities 2,351,062 2,317,077 Shareholders' equity: Common stock 102,886 100,426 Retained earnings 217

View Full Filing

View this 10-Q filing on SEC EDGAR