Unity Bancorp Stock Price, News & Analysis

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $8.5 million, or $0.80 per diluted share, for Q1 2021, marking a 58.3% increase from $5.4 million or $0.49 per share in Q1 2020. This growth is attributed to revenues from the SBA Paycheck Protection Program, a better net interest margin, and increased non-interest income. The company anticipates a strong year ahead, bolstered by robust performance in mortgage and SBA lending.

Unity Bancorp, Inc. (NASDAQ: UNTY) has appointed George Boyan as Chief Financial Officer, bringing over 20 years of experience in the financial services sector. Responsible for financial and accounting operations, Boyan previously held senior roles at Bank Leumi USA and has a strong background with Goldman Sachs and MetLife. Unity Bank manages approximately $2 billion in assets and aims to enhance its financial products and customer relationships, aligning with its mission of 'Growing with You'.

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.08 per common share, payable on March 26, 2021, to shareholders of record by March 12, 2021. The company, based in Clinton, New Jersey, manages approximately $2.0 billion in assets and $1.6 billion in deposits through its subsidiary, Unity Bank, which operates 19 retail service centers across New Jersey and Pennsylvania. This announcement highlights Unity's ongoing commitment to returning value to shareholders amidst a robust financial position.

Unity Bancorp, Inc. (NASDAQ: UNTY) announced a new Share Repurchase Program approved by its Board of Directors, allowing repurchase of up to 750,000 shares, representing about 7.5% of its outstanding stock. Repurchases are subject to market conditions and will be conducted in the open market or via private transactions. The timing, volume, and price will be managed at management's discretion. This buyback program aims to enhance shareholder value while prioritizing the company's capital needs and regulatory requirements.

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $7.3 million, or $0.69 per diluted share, for Q4 2020, marking a 20% increase from Q4 2019's $6.1 million. For the full year, net income stood at $23.6 million, slightly down from $23.7 million in 2019. The earnings growth was primarily driven by revenue from the SBA Paycheck Protection Program, although higher provisions for loan losses due to the COVID-19 pandemic impacted overall earnings. Unity's resilience is underscored by record loan volume in its mortgage division and a strong balance sheet.

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.08 per common share, payable on December 31, 2020, to shareholders of record as of December 17, 2020. With approximately $1.9 billion in assets and $1.5 billion in deposits, Unity Bank serves retail and corporate clients through its 19 retail service centers located in New Jersey and Pennsylvania. The announcement reflects the company's ongoing commitment to returning value to shareholders.

Unity Bank announces the appointment of Adam Kuras as Chief Lending Officer, bringing over 27 years of banking experience to the role. Kuras, previously with Fulton Bank, will enhance Unity's commercial lending program, vital for the bank's growth. Unity Bank, a community-oriented financial services provider, has 19 branches in New Jersey and Pennsylvania, aiming to strengthen its regional lending capabilities.

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $5.8 million, or $0.54 per diluted share, for Q3 2020, reflecting a 3.3% decline compared to $6.0 million in Q3 2019. Year-to-date, net income stood at $16.3 million, down 7.0% from $17.5 million in the same period last year. The decrease is linked to heightened provisions for loan losses amid the COVID-19 pandemic. Despite these challenges, the company achieved record loan volume in its mortgage division and remains well-capitalized with a strong liquidity position.