Unity Bancorp, Inc. announced a planned CEO transition: James A. Hughes intends to retire from his CEO positions at the company and Unity Bank effective March 31, 2027, and the Board will appoint current President George Boyan as CEO of both effective April 1, 2027. The boards unanimously selected Boyan to succeed Hughes. Hughes will remain a director of both the company and the bank, while Boyan will continue as president. Boyan joined Unity in 2021, served as Executive Vice President and Chief Financial Officer from 2022 to 2025, and became president on January 1, 2026.
On September 17, 2026, Unity Bancorp and Hughes amended the Supplemental Executive Retirement Plan, raising its retirement benefit percentage from 60% to 65% of the applicable compensation measure. The amendment will result in a one-time pre-tax expense of $769,000 to be recognized in the quarter ending September 30, 2026. Hughes’s retirement follows more than 26 years with Unity.
UNITY BANCORP INC (UNTY) disclosed that on September 10, 2026 it purchased approximately $27.6 million of transferable federal investment tax credits under Section 6418 of the Internal Revenue Code. The company paid approximately $25.1 million for these credits, or about $0.91 per dollar of tax credit.
The company intends to use the tax credits primarily through a carry-back claim permitted under federal tax laws and currently expects to recognize a one-time reduction in income tax expense, with a corresponding increase in net income of about $2.5 million, during the quarter ending September 30, 2026. The transferred credits remain subject to a five-year recapture period, and Unity Bancorp states it obtained customary contractual protections and other credit support to mitigate potential recapture-related losses.
UNITY BANCORP INC (UNTY) reports that President and director George Boyan sold a total of 7,349 shares of Common Stock in open-market transactions on September 2 and September 3, 2026, at weighted average prices of $59.1064 and $59.1623 per share, respectively, each executed in multiple trades within narrow price ranges. No Rule 10b5-1 trading plan is reported. A separate holding entry shows he directly holds 28,060 Restricted Stock shares, consisting of 26,125 restricted shares with upcoming vesting dates and 1,935 dividend reinvested shares.
UNITY BANCORP, INC. (UNTY) received a Rule 144 notice from shareholder George Boyan covering a proposed sale of 6,504 shares of common stock through Morgan Stanley Smith Barney LLC on NASDAQ. The filing lists an aggregate market value of $384,791.60 for these shares and states that Unity Bancorp had 10,042,578 shares outstanding as of September 3, 2026.
The shares to be sold were acquired between January 2, 2025 and April 5, 2025 through dividend reinvestment and restricted stock awards. The notice also reports that Boyan sold 845 shares of Unity Bancorp common stock in the prior three months for $49,944.94.
UNITY BANCORP, INC. (UNTY) announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per common share, a 6% increase in its third quarter dividend. The dividend is payable on September 17, 2026 to shareholders of record as of September 3, 2026. Management states that the increase reflects confidence in the company’s financial condition, earnings capacity, and future prospects, supported by a strong capital base. Unity Bancorp reports approximately $3.2 billion in assets and $2.5 billion in deposits, operating through its Unity Bank subsidiary in New Jersey and Pennsylvania.
UNITY BANCORP INC (UNTY) reports that Chief Financial Officer James R. Davies had 91 restricted shares withheld on August 16, 2026 at $61.82 per share to cover tax liability on the vesting of 250 restricted shares. After this tax-withholding disposition, he directly holds 3,963 restricted shares (including 151 dividend reinvested shares) and 2,116 shares of common stock, for total beneficial ownership of 6,079 shares.
Unity Bancorp, Inc. reported the passing of director Robert ("Bobby") H. Dallas II, who died on August 3, 2026. Dallas was a founding member of Unity Bank and had served on the company’s board since inception, providing leadership and guidance for more than three decades.
On August 7, 2026, the company publicly announced his passing via a press release furnished as an exhibit. Unity Bancorp, headquartered in Clinton, New Jersey, is a financial services organization with approximately $3.2 billion in assets and $2.5 billion in deposits, serving customers across multiple counties in New Jersey and Pennsylvania.
Unity Bancorp, Inc. reported Q2 2026 results with total assets of 3,194,313 (in thousands) at June 30, 2026, up from 2,966,652 at December 31, 2025. Loans grew to 2,682,494 and deposits to 2,462,549, while shareholders’ equity increased to 371,813.
For the quarter, net interest income rose to 31,827 from 28,557 a year earlier as total interest income reached 46,635. Net income was 14,472 versus 16,491 in Q2 2025, and six‑month net income was 28,760 versus 28,089, reflecting higher interest expense and lower securities results.
The allowance for credit losses increased to 34,551, and noninterest expenses rose to 13,929 for the quarter. Management describes competitive pressures for deposits and notes that significant deposit outflows could require greater use of Federal Home Loan Bank advances and other wholesale funding, potentially raising funding costs and limiting loan growth or other investments.
Unity Bancorp, Inc. reported net income of $14.5 million, or $1.42 per diluted share, for the quarter ended June 30, 2026, up from $14.3 million, or $1.40 per share, in the prior quarter. Return on average assets was 2.01% and return on average equity 15.86%. Net interest income rose to $31.8 million as net interest margin expanded to 4.56%, supported by loan growth and higher yields on interest-earning assets, while the provision for credit losses on loans held steady at $1.0 million. For the first six months of 2026, net income was $28.8 million, or $2.82 per diluted share, slightly above $28.1 million, or $2.74 per share, a year earlier, aided by tax credit investments that lowered the effective tax rate.
Total assets reached approximately $3.19 billion at June 30, 2026, with total gross loans of $2.68 billion and deposits of $2.46 billion, each up 12.6% year-over-year. Nonaccrual assets, including OREO, were $34.5 million, or 1.08% of total assets, with nearly half tied to a single $15.5 million commercial real estate relationship; the allowance for credit losses was 1.29% of gross loans. Quarterly noninterest income declined to $1.9 million from $5.8 million a year earlier, mainly due to unrealized losses on an equity investment and lower loan-related fees and gains, while noninterest expense was stable, producing an efficiency ratio of 40.50%. Capital and liquidity remained strong, with a leverage ratio of 13.17%, total risk-based capital ratio of 15.82%, $250.3 million of cash and cash equivalents, and total available funding plus cash equal to 125.4% of uninsured or uncollateralized deposits.
Unity Bancorp executive Daniel C. Sharabba reported routine share updates related to restricted stock vesting. On the vesting of 250 restricted shares, 90 shares of Unity Bancorp common stock were withheld at $55.45 per share to cover tax liabilities, a non-market tax-withholding disposition rather than an open-market sale. After these transactions, he holds 4,651 restricted shares, including 89 dividend reinvested shares, and 1,286 common shares, all directly owned.