Unity Bancorp, Inc. reported record net income of $11.5 million, or $1.13 per diluted share, for the fourth quarter ended December 31, 2024. This represents a 5.5% increase in net income and a 5.6% increase in net income per diluted share compared to the previous quarter.
For the full fiscal year 2024, Unity Bancorp achieved a record net income of $41.5 million, or $4.06 per diluted share, marking a 4.4% increase in net income and a 5.7% increase in diluted EPS over 2023. The company's return on average assets for the year was 1.68%, with a return on average equity of 14.99%.
In the fourth quarter, the net interest margin expanded by 21 basis points, driven by a 20-basis-point reduction in the cost of funds and a 4-basis-point increase in loan yields. Loans grew by $43.3 million, a 1.95% quarter-over-quarter increase, while deposits increased by $54.2 million, or 2.65% quarter-over-quarter, including a 3.97% rise in noninterest-bearing demand deposits.
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