UNITY Bancorp Reports Q4 Earnings of $15.472 Million, Beating Estimates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: NASDAQ.COM
- Significant Earnings Growth: UNITY Bancorp reported fourth-quarter earnings of $15.472 million, or $1.52 per share, marking a substantial increase from $11.505 million and $1.13 per share last year, exceeding analysts' expectations of $1.36, indicating a strong enhancement in profitability.
- Adjusted Earnings Performance: Excluding special items, adjusted earnings stood at $14.351 million, or $1.41 per share, demonstrating robust performance in core operations and reinforcing market confidence in the company's future growth prospects.
- Increase in Net Interest Income: The net interest income for the fourth quarter reached $31.369 million, up from $26.490 million in the same period last year, reflecting effective management in loans and interest income, thereby enhancing financial stability.
- Growth in Loans and Deposits: Total gross loans increased to $2.544 billion from $2.260 billion last year, primarily driven by growth in commercial and residential mortgages, while total deposits rose to $2.324 billion, indicating increased customer trust.
Analyst Views on UNTY
Wall Street analysts forecast UNTY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for UNTY is 60.50 USD with a low forecast of 60.00 USD and a high forecast of 61.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 52.780
Low
60.00
Averages
60.50
High
61.00
Current: 52.780
Low
60.00
Averages
60.50
High
61.00
About UNTY
Unity Bancorp, Inc. is a bank holding company that serves as a holding company for Unity Bank (the Bank). The primary activity of the Company is ownership and supervision of the Bank. The Bank, the Company’s wholly-owned subsidiary, provides financial services to retail, corporate and small business customers through its branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. The Bank conducts a traditional and community-oriented commercial banking business and offers services, including personal and business checking accounts, time deposits, money market accounts, savings accounts, credit cards, debit cards, wire transfers, safe deposit boxes, access to automated teller services, and Internet and mobile banking, typical of a community banking business. The Bank also offers retirement accounts, automated clearing house (ACH) origination and remote deposit capture (RDC).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
