Unity Bancorp Announces 10% Increase in Second Quarter Cash Dividend, Up 22% from Prior Year

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) announced a cash dividend of $0.11 per common share, representing a 10% increase from the previous quarter and a 22% increase from June 2021. The dividend is payable on June 24, 2022, to shareholders of record as of June 10, 2022. The company, with approximately $2.1 billion in assets, aims to assist readers in understanding future financial performance while acknowledging inherent risks and uncertainties.

Positive

• Dividend increased by 10% from the previous quarter.
• Dividend increased by 22% compared to June 2021.
• Strong asset base of approximately $2.1 billion.

Negative

• None.

CLINTON, N.J., April 28, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.11 per common share. Such dividend is payable on June 24, 2022, to shareholders of record as of June 10, 2022.

This represents an 10% increase from the $0.10 dividend per common share paid in the prior quarter, and a 22% increase from the $0.09 dividend per common share paid in June 2021.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.1 billion in assets and $1.8 billion in deposits. Unity Bank, the company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its 19 retail service centers located in Bergen, Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800-618-BANK.

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, and results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

News Media & Financial Analyst Contact:
George Boyan
EVP & Chief Financial Officer
(908) 713-4565

FAQ

What is the dividend amount declared by Unity Bancorp?

Unity Bancorp has declared a cash dividend of $0.11 per common share.

When is the dividend payable to shareholders?

The dividend is payable on June 24, 2022, to shareholders of record as of June 10, 2022.

How much was the dividend increased from the previous quarter?

The dividend was increased by 10% from the previous quarter.

What financial metrics does Unity Bancorp report?

Unity Bancorp reports approximately $2.1 billion in assets and $1.8 billion in deposits.