Unity Bancorp Q3 net income rises q-o-q on loan growth

By Reuters News


Overview

  • US regional bank's Q3 net income and EPS rose quarter-over-quarter

  • Quarterly results benefited from $2.5 mln one-time federal tax credit purchase

  • Company reported robust loan and deposit growth, improved asset quality and strong capital position


Outlook

  • Company did not provide specific financial guidance for the current or future periods in the press release


Result Drivers

  • LOAN AND DEPOSIT GROWTH - Co said robust loan and deposit growth contributed to Q3 results

  • NET INTEREST INCOME - Co said net interest income and net interest margin expanded in Q3

  • ASSET QUALITY - Co said asset quality improved meaningfully during the quarter


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$1.70


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for Unity Bancorp Inc is $68.00, about 22.8% above its October 12 closing price of $55.37

  • The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 12 - India's RBL Bank quarterly profit nearly triples on higher loan growth

  • Oct 12 - Denmark's Jyske Bank lifts 2026 profit guidance


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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