Unity Bancorp - UNTY STOCK NEWS

Unity Bank announces that Amanda Roche, Vice President and Finance Department Supervisor, has been named a 2024 New Leader in Banking by the New Jersey Bankers Association. Roche, one of 22 banking professionals under 40 to receive this recognition, was selected through an impartial evaluation process focusing on leadership qualities, communication skills, and community service commitment. A licensed CPA who joined Unity Bank in 2022, Roche was honored at an awards ceremony on November 7, 2024, at The Stone House at Stirling Ridge in Warren, New Jersey.

Unity Bancorp (NASDAQ: UNTY) has announced a quarterly cash dividend of $0.13 per common share, payable on December 31, 2024, to shareholders of record as of December 13, 2024. The company, which operates through its subsidiary Unity Bank, has approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank provides financial services across multiple counties in New Jersey and Pennsylvania through its branch network.

Unity Bancorp (NASDAQ: UNTY) reported record quarterly earnings of $10.9 million, or $1.07 per diluted share, for Q3 2024. This represents a 15.3% increase in net income and a 15.1% increase in net income per diluted share compared to Q2 2024. For the first nine months of 2024, net income remained stable at $29.9 million, with earnings per share increasing 2.1% to $2.94.

Key highlights include:

• Net interest margin expanded to 4.16%
• ROA of 1.76% and ROE of 15.55%
• Gross loans grew $46.9 million (2.2%) quarter-over-quarter
• Commercial loans increased $50.6 million (3.8%)
• Customer deposits grew $42.6 million (2.4%)

The company maintains strong profitability metrics across interest rate scenarios and continues to focus on supporting local communities through loan and deposit growth.

Unity Bank has awarded $50,000 in grants to five local businesses through the Federal Home Loan Bank of New York (FHLB) Small Business Recovery Grant (SBRG) Program. Each business received a $10,000 grant to help overcome challenges such as inflation, supply chain constraints, rising energy costs, and a volatile rate environment.

The grant recipients include:

• Isaac Simon Realty – Child Care Services, Brooklyn, NY
• Sontort Realty Holding – Full Service Restaurant, Flemington, NJ
• Lebanon Hotel – Full Service Restaurant, Lebanon, NJ
• Ionian Sky Inc. – Full Service Restaurant, Edison, NJ
• Statewide Environmental – Environmental Consulting Services, Bridgewater, NJ

Unity Bank's President & CEO, James A. Hughes, emphasized the importance of supporting small businesses as they are vital to the local economy. The bank's partnership with FHLB demonstrates its commitment to empowering small businesses and fostering community growth.

Unity Bank (UNTY) is hosting its 18th Annual Crusin' Bob's Classic Car Show on October 27th, 2024, from 10 a.m. to 2 p.m. at its Clinton headquarters. The event aims to benefit Family Promise of Warren County and Family Promise of Hunterdon County, with all proceeds going directly to these non-profits. Last year's show featured nearly 160 classic cars and set a new donation record. Car owners can pre-register for $15 by October 11th or register on the day for $20. The event will include entertainment, games, prizes, and food sales, with free admission for the public. Family Promise organizations provide services to help families overcome and prevent homelessness.

Unity Bancorp, Inc. (NASDAQ: UNTY) has achieved significant recognition in Bank Director magazine's Top 25 Banks ranking. The bank is now listed as the 13th best publicly traded bank nationally and 5th in Return on Assets (ROA) among banks with less than $5 billion in assets. This marks an improvement from its 21st position in 2022. Unity Bank's total assets have grown to approximately $2.6 billion, with deposits reaching $2.0 billion.

The ranking, published annually since 2017, evaluates banks based on balance growth, profitability, asset quality, long-term shareholder value, and safety. Unity's success is attributed to its growth strategy, including new branch openings, expanded service areas, and employee development initiatives. The bank's strong performance, particularly in profitability, has been highlighted by its high ROA ranking in its asset category.

Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, has declared a cash dividend of $0.13 per common share. The dividend will be payable on September 20, 2024, to shareholders of record as of September 6, 2024. Unity Bancorp is a financial services organization based in Clinton, New Jersey, with approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank provides financial services to retail, corporate, and small business customers through its branch network in New Jersey and Pennsylvania.

Unity Bancorp (NASDAQ: UNTY) has announced a new Share Repurchase Program, allowing the company to repurchase up to 500,000 shares, or about 5% of its outstanding common stock. This decision follows the ongoing 2023 program, under which 315,355 shares have been repurchased with 184,645 remaining. The 2024 program will start immediately after completing the 2023 plan.

CEO James A. Hughes emphasized that this move aims to enhance shareholder value and reflects the company's strong capital position. Repurchases will be made in the open market or through private negotiations, with the possibility of implementing a Rule 10b5-1 trading plan. The timing, volume, and price of repurchases will be at management's discretion, subject to market conditions and regulatory requirements.

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.