Unity Bancorp Declares Cash Dividend

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.10 per common share, payable on March 25, 2022, to shareholders of record as of March 11, 2022. With approximately $2.0 billion in assets and $1.8 billion in deposits, Unity Bank operates 19 retail service centers across New Jersey and Pennsylvania. The press release notes potential risks and uncertainties affecting future performance, including economic conditions and regulatory exams.

Positive

• Cash dividend of $0.10 per share announced, enhancing shareholder income.
• Strong asset base of approximately $2.0 billion indicates stability.

Negative

• Risks from economic conditions could impact financial performance.
• Uncertainties related to nonperforming assets management.

CLINTON, N.J., Feb. 24, 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 $0.10 per common share. Such dividend is payable on March 25, 2022, to shareholders of record as of March 11, 2022.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 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 declared dividend amount for Unity Bancorp in 2022?

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

When is the dividend payment date for Unity Bancorp?

The dividend is payable on March 25, 2022.

What is the record date for the dividend payment for Unity Bancorp?

The record date for the dividend payment is March 11, 2022.

What are Unity Bancorp's total assets?

Unity Bancorp has approximately $2.0 billion in assets.

What potential risks did Unity Bancorp mention in the press release?

The company mentioned risks related to economic conditions and nonperforming assets.