Unity Bancorp Announces 11% Increase in Fourth Quarter Cash Dividend, Up 25% from Prior Year

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.10 per common share, payable on December 31, 2021, to shareholders of record as of December 17, 2021. This represents an 11% increase from the prior quarter's $0.09 and a 25% increase from $0.08 in March 2021. The estimated dividend payout ratio is approximately 10% based on the company’s September 30, 2021 results. Unity Bank's president, James A. Hughes, expressed optimism about the bank's recovery amid the pandemic.

Positive

• Declared a cash dividend of $0.10 per share.
• 11% increase from the previous quarter dividend.
• 25% increase compared to March 2021 dividend.
• Estimated dividend payout ratio of approximately 10%.

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• None.

CLINTON, N.J., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.10 per common share. Such dividend is payable on December 31, 2021, to shareholders of record as of December 17, 2021.

This represents an 11% increase from the $0.09 dividend per common share paid in the prior quarter, and a 25% increase from the $0.08 dividend per common share paid in March 2021. The estimated dividend payout ratio is approximately 10% based on Unity’s September 30, 2021 quarterly results.

“2021 has been a remarkable year for Unity Bank as we continue to bounce back from the effects of the ongoing pandemic,” said Unity Bank President & CEO James A. Hughes. “We are thrilled to share our record earnings with the bank’s shareholders by announcing the second increase in cash dividends paid in 2021.”

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 billion in assets and $1.7 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 (UNTY)?

Unity Bancorp has declared a cash dividend of $0.10 per common share.

When will the dividend be paid to shareholders of Unity Bancorp (UNTY)?

The dividend is payable on December 31, 2021.

What was the previous dividend amount before the increase for Unity Bancorp (UNTY)?

The previous dividend amount was $0.09 per common share.

What percentage increase does the new dividend represent for Unity Bancorp (UNTY)?

The new dividend represents an 11% increase from the previous quarter.

What is the estimated dividend payout ratio for Unity Bancorp (UNTY)?

The estimated dividend payout ratio is approximately 10%.