Unity Bancorp gains on higher Q3 profit

Unity Bancorp

11/10/2024 17:07

** Shares of community lender Unity Bancorp  UNTY.O  up 3.7%
at $34.18
    ** Company posts Q3 profit of $1.07 per share vs $0.97 per
share a year ago
    ** Q3 net interest income — the difference between what a
bank earns on loans and pays out for deposits — rises to ~$24.9
mln from $23.5 mln a year earlier, as it benefits from higher
interest payments on customers loans
    ** All the three brokerages covering the stock rate "buy",
with a median PT of $39 - LSEG data
    ** Lenders with less than $10 billion in assets are defined
as community banking organizations by the U.S. Federal Reserve
    ** Up to last close, stock up ~17.13% YTD

 (Reporting by Rishab Shaju in Bengaluru)
 ((Rishab.shaju@thomsonreuters.com))