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Unity Bancorp, Inc. - UNTY STOCK NEWS

Welcome to our dedicated page for Unity Bancorp news (Ticker: UNTY), a resource for investors and traders seeking the latest updates and insights on Unity Bancorp stock.

Unity Bancorp Inc. (UNTY) is the holding company for Unity Bank, a community-oriented commercial bank. Unity Bank provides a comprehensive range of financial services to retail and business customers through its branches located in Hunterdon, Middlesex, Somerset, Union, and Warren counties in New Jersey, as well as Northampton County in Pennsylvania.

Unity Bank's core business includes personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and a full suite of online services. The bank is dedicated to serving small and medium-sized businesses, professional communities, and individuals residing, working, and shopping in its service areas. The bank's lending activities are extensive, offering commercial loans, Small Business Administration (SBA) loans, consumer loans, mortgage loans, home equity loans, and personal loans.

Unity Bancorp has shown a commitment to growth and community development. Recent achievements include consistent financial performance, with periodic earnings releases highlighting the company's stable financial condition. Unity Bank aims to foster strong relationships with its customers through personalized service and a community-centric approach.

For the latest updates and detailed financial information, please refer to Unity Bancorp's quarterly earnings releases:

  • For the full version of the Company’s 2023 first quarter earnings release, including financial tables, please visit News - Unity Bank.
  • For the full version of the Company’s 2023 third quarter earnings release, including financial tables, please visit News - Unity Bank.
  • For the full version of the Company’s 2023 fourth quarter earnings release, including financial tables, please visit News - Unity Bank.
  • For the full version of the Company’s 2024 first quarter earnings release, including financial tables, please visit News - Unity Bank.
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Unity Bancorp reported net income of $9.5 million for Q2 2024, slightly down from $9.6 million in Q1 2024. Quarterly earnings per diluted share held steady at $0.93. For the first half of 2024, net income was $19.0 million, down from $20.0 million in the same period in 2023, with earnings per share dropping from $1.91 to $1.86.

CEO James A. Hughes highlighted the company's resilience amid economic challenges, noting a strong net interest margin above 4%, ROA of 1.56%, and ROE of 14.07%. Customer deposits increased by $63.3 million, with noninterest-bearing deposits rising by $26.5 million. Though loan growth was modest in early 2024, a robust loan pipeline is expected to drive mid-to-high single-digit growth in the second half.

Unity Bancorp's strong capital position, liquidity, and stable asset quality underpin its service to local communities. The company has approximately $2.6 billion in assets and $2.0 billion in deposits, serving customers across New Jersey and Pennsylvania.

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Unity Bancorp (NASDAQ: UNTY), the parent company of Unity Bank, announced a cash dividend of $0.13 per common share. The dividend is payable on June 21, 2024, to shareholders recorded by June 7, 2024. Unity Bancorp, headquartered in Clinton, New Jersey, manages approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank, its subsidiary, offers financial services across several counties in New Jersey and Pennsylvania.

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Unity Bancorp, Inc. (NASDAQ: UNTY) reported a 1.9% decrease in net income and a 3.1% decrease in net income per diluted share for the quarter ended March 31, 2024. Despite this, the company achieved impressive first quarter earnings metrics with NIM of 4.09%, ROA of 1.58%, and ROE of 14.49%. Unity Bancorp also increased its cash dividend payout and repurchased approximately 150,000 shares. The company remains committed to returning capital to shareholders and fostering economic development within local communities.
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Unity Bancorp, Inc. (UNTY) announces an 8% increase in cash dividend to $0.13 per common share, payable on March 29, 2024, reflecting strong financial performance and commitment to shareholder value. The parent company of Unity Bank aims to enhance shareholder value through earnings, dividend increase, and share repurchases.
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Unity Bancorp, Inc. (NASDAQ: UNTY) reported a 1.8% decrease in net income and a 1.0% decrease in net income per diluted share for the quarter ended December 31, 2023, compared to the previous quarter. For the twelve months ended December 31, 2023, the company reported a 3.3% increase in net income and a 7.0% increase in net income per diluted share compared to the same period in 2022. Unity Bancorp achieved a record year of earnings with $39.7 million in net income, or $3.84 per diluted share. The company's loan to deposit ratio improved to approximately 113% at the end of 2023. Unity Bancorp remains confident in continued growth and profitability in 2024, focusing on customer satisfaction, community engagement, and employee empowerment.
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Unity Bank (UNTY) provides multimillion construction loan to develop assisted living and memory care residential facility and adult day care center at former Holiday Inn property in Clinton, NJ. Courtyard Luxury Senior Living to open in March, creating 80 jobs and addressing a shortage of 1,100 assisted living beds in the marketplace.
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Unity Bancorp, Inc. (NASDAQ: UNTY) Declares $0.12 Cash Dividend Per Share
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Unity Bancorp Reports 2.6% Increase in Net Income for Q3 2023
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Unity Bank opens new branch in Morris County
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Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.12 per common share. The dividend will be payable on September 22, 2023, to shareholders of record as of September 8, 2023. Unity Bancorp has approximately $2.6 billion in assets and $1.8 billion in deposits. Unity Bank, its subsidiary, offers financial services to retail, corporate, and small business customers through its branch network in New Jersey and Pennsylvania.
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FAQ

What services does Unity Bank offer?

Unity Bank offers personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and a complete suite of online services.

What types of loans does Unity Bank provide?

Unity Bank provides commercial, Small Business Administration (SBA), consumer, mortgage, home equity, and personal loans.

Where are Unity Bank's branches located?

Unity Bank's branches are located in Hunterdon, Middlesex, Somerset, Union, and Warren counties in New Jersey and Northampton County in Pennsylvania.

Who does Unity Bank primarily serve?

Unity Bank serves small and medium-sized businesses, professional communities, and individuals residing, working, and shopping in its service areas.

What is Unity Bancorp's stock symbol?

Unity Bancorp's stock symbol is UNTY.

Where can I find Unity Bancorp's financial updates?

You can find Unity Bancorp's financial updates in their quarterly earnings releases available on the News section of Unity Bank's website.

How can I contact Unity Bank for more information?

For media and financial analyst inquiries, contact George Boyan, EVP and CFO, at (908) 713-4565.

Does Unity Bank offer services to both retail and business customers?

Yes, Unity Bank provides financial services to both retail and business customers.

What is Unity Bank’s approach to customer service?

Unity Bank aims to foster strong relationships with its customers through personalized service and a community-centric approach.

In which counties does Unity Bank operate in Pennsylvania?

Unity Bank operates in Northampton County in Pennsylvania.

Unity Bancorp, Inc.

Nasdaq:UNTY

UNTY Rankings

UNTY Stock Data

341.84M
10.04M
29.05%
50.1%
0.21%
Commercial Banking
Finance and Insurance
Link
United States of America
CLINTON