Unity Bancorp Announces 9% Increase in First Quarter Dividend

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.12 per common share, an increase of 9% from the previous quarter and 20% from March 2022. The dividend is payable on March 24, 2023, to shareholders of record as of March 10, 2023. Unity Bancorp, with approximately $2.4 billion in assets and $1.8 billion in deposits, operates Unity Bank, which serves retail, corporate, and small business customers across several counties in New Jersey and Pennsylvania.

Positive

• Dividend increased by 9% from the previous quarter.
• Dividend increased by 20% from March 2022.
• Demonstrates company confidence in financial stability.

Negative

• None.

CLINTON, N.J., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.12 per common share. Such dividend is payable on March 24, 2023, to shareholders of record as of March 10, 2023.

This represents an 9% increase from the $0.11 dividend per common share paid in the prior quarter, and a 20% increase from the $0.10 dividend per common share paid in March 2022.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.4 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 robust branch network located in Bergen, Hunterdon, Middlesex, Ocean, 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 declared a cash dividend of $0.12 per common share.

When is the dividend payable for Unity Bancorp?

The dividend is payable on March 24, 2023.

What was the previous dividend amount for Unity Bancorp?

The previous dividend amount was $0.11 per common share.

When is the record date for Unity Bancorp's dividend?

The record date for the dividend is March 10, 2023.

How much has Unity Bancorp increased its dividend compared to last year?

Unity Bancorp increased its dividend by 20% compared to March 2022.