Quarterly ResultMay 7, 2026, 04:27 PM
Unity Bancorp Q1 Net Income $14.29M, EPS $1.43
AI Summary
Unity Bancorp reported a strong first quarter for 2026, with net income increasing significantly by 23.2% year-over-year to $14.29 million. Basic net income per common share also saw a substantial rise of 24.3% to $1.43. The company experienced robust growth in both net interest income and total noninterest income, while the provision for credit losses on loans decreased. Total assets and deposits also showed healthy quarter-over-quarter growth.
Key Highlights
- Net income increased 23.2% to $14.29 million for Q1 2026, up from $11.60 million in Q1 2025.
- Basic net income per common share rose 24.3% to $1.43 in Q1 2026, compared to $1.15 in Q1 2025.
- Net interest income grew 12.8% to $30.73 million for Q1 2026, up from $27.25 million in Q1 2025.
- Total interest income increased 10.7% to $45.18 million in Q1 2026, from $40.80 million in Q1 2025.
- Total noninterest income surged 36.9% to $2.88 million in Q1 2026, compared to $2.10 million in Q1 2025.
- Provision for credit losses on loans decreased 23.2% to $1.04 million in Q1 2026, from $1.36 million in Q1 2025.
- Total assets increased to $3.03 billion at March 31, 2026, from $2.97 billion at December 31, 2025.
- Total deposits grew to $2.38 billion at March 31, 2026, from $2.32 billion at December 31, 2025.