Unity Bancorp Stock Price, News & Analysis

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $10.3 million or $0.96 per diluted share for Q1 2023, reflecting a 3.0% increase in net income and a 3.2% rise in earnings per share compared to Q4 2022. The CEO, James A. Hughes, highlighted the company's resilience amid a challenging banking environment, exacerbated by significant bank failures and rising interest rates. Unity's proactive risk management and liquidity strategies have positioned the company favorably, ensuring continued service to customers and communities. With approximately $2.5 billion in assets, Unity Bank serves various sectors across New Jersey and Pennsylvania, aiming to enhance shareholder value through financial stability and technological investments.

Unity Bank has received a 5-Star Rating from BauerFinancial for its financial strength, with commendations in available capital, profitability, and asset quality. This recognition places Unity among the top tier of financial institutions in the U.S., reflecting its commitment to high-quality service. In addition to the rating, Unity's Board of Directors declared a cash dividend of $0.12 per common share, marking a 9% increase from the previous quarter and a 20% rise from the same period last year. Established in 1991, Unity Bank serves the community through 20 branches across New Jersey and Pennsylvania.

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.12 per common share, an increase of 9% from the previous quarter and 20% from March 2022. The dividend is payable on March 24, 2023, to shareholders of record as of March 10, 2023. Unity Bancorp, with approximately $2.4 billion in assets and $1.8 billion in deposits, operates Unity Bank, which serves retail, corporate, and small business customers across several counties in New Jersey and Pennsylvania.

Unity Bank has expanded its footprint by opening a new branch in Fort Lee, New Jersey, bringing its total to 20 branches. The new facility located at 899 Palisade Avenue aims to enhance retail services, especially for small businesses in the area. This branch offers dedicated parking, drive-up banking, and ATM services, and features local artwork to reflect community engagement. Unity Bank, with assets of $2.4 billion and deposits of $1.8 billion, continues its commitment to providing essential banking services to various communities across New Jersey and Pennsylvania.

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $10.0 million, or $0.93 per diluted share, for Q4 2022, showing a 2.2% increase from Q4 2021 while maintaining flat EPS. For the full year, net income reached $38.5 million ($3.59 per diluted share), a 6.5% increase year-over-year. The termination of the BSA Consent Order allows for geographic expansion, particularly in New Jersey. However, rising interest rates present challenges for the banking industry in 2023, prompting a cautious approach to balance sheet management.

Unity Bank has opened a new full-service branch in Lakewood, NJ, enhancing its presence in Ocean County, where bank branches have significantly declined. This location aims to serve the growing local population, which surged by 46% in the last decade. The new branch complements existing services and addresses unmet banking needs, particularly among senior citizens. With plans to establish another branch in Fort Lee by January, Unity Bank strengthens its commitment to local economic growth, providing vital financial services to small businesses and consumers.

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.11 per common share, payable on December 30, 2022, to shareholders of record by December 16, 2022. The company, headquartered in Clinton, New Jersey, boasts approximately $2.3 billion in assets and $1.8 billion in deposits. Unity Bank, its wholly-owned subsidiary, serves various customers through 18 retail service centers primarily located in New Jersey and Pennsylvania.