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Unity Bancorp, Inc. reports banking developments as the New Jersey bank holding company and financial holding company for Unity Bank. Unity Bank provides community-oriented commercial banking services to retail, corporate and small business customers, including deposit accounts, lending, credit cards and automated teller services through branches in New Jersey and Northampton County, Pennsylvania.
Company news commonly covers quarterly earnings, net interest income, net interest margin, loan growth, deposits, credit-loss provisions, cash dividends on common shares, capital management and governance updates. Releases also describe Unity Bank’s operating performance and branch-market activity within its regional banking franchise.
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.
Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.08 per common share, payable on September 25, 2020, to shareholders on record as of September 11, 2020. The company, headquartered in Clinton, New Jersey, has assets of approximately $1.9 billion and deposits totaling $1.5 billion. Unity Bank serves the retail, corporate, and small business sectors via 19 service centers across New Jersey and Pennsylvania.
Unity Bank has raised $5,000 for Family Promise of Hunterdon and Warren Counties through its first virtual car show, which attracted 65 registrants. The event, held due to pandemic restrictions, generated $3,475 from registration fees and sponsorships, with Unity Bank contributing additional funds to reach the total donation. Unity Bank President James A. Hughes emphasized the importance of Family Promise's services during the current crisis. The car show has been a community staple for 14 years, showcasing local support for those in need.
Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $5.2 million for Q2 2020, reflecting an 11.4% decline compared to $5.8 million in Q2 2019. For the first half of 2020, net income decreased 8.9% to $10.5 million, impacted largely by increased provisions for loan losses due to the COVID-19 pandemic. Despite these challenges, Unity Bank successfully assisted small businesses with Paycheck Protection Program loans and recorded strong mortgage loan volumes during the quarter, maintaining sound fundamentals.
Unity Bank is hosting the 14th Annual Cruisin’ Bob’s Classic Car Show virtually this year due to the coronavirus pandemic. The event, aimed at supporting Family Promise of Hunterdon County and Family Promise of Warren County, will feature car owners showcasing their vehicles online. Registration costs $10 with sponsorship levels from $10 to $250. The online show will run through June 30. Last year, the car show had a record turnout, enhancing community engagement amidst social distancing.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, has been recognized as the top community bank in New Jersey by American Banker, ranking 15th nationally among 511 evaluated banks with under $2 billion in assets. Unity has maintained this ranking for five consecutive years. With a three-year average return on average equity (ROAE) of 14.79%, significantly higher than the industry average of 8.60%, Unity demonstrated strong financial performance. Amid ongoing pandemic challenges, Unity is set to provide over $130 million in loans to support nearly 1,000 businesses through the SBA Paycheck Protection Program.
Unity Bancorp (NASDAQ: UNTY) announced the appointment of Anthony L. Cossetti as Executive Vice President and Chief Financial Officer, effective June 8, 2020. With over 25 years of finance and accounting experience, Cossetti previously held a senior role at Beneficial Bancorp. He will leverage his expertise in finance, accounting, and strategic planning to enhance Unity Bank's success. Unity Bancorp has approximately $1.7 billion in assets and $1.4 billion in deposits, serving customers across multiple New Jersey counties and Pennsylvania.
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