Unity Bancorp Declares Cash Dividend

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.11 per common share, payable on December 30, 2022, to shareholders of record by December 16, 2022. The company, headquartered in Clinton, New Jersey, boasts approximately $2.3 billion in assets and $1.8 billion in deposits. Unity Bank, its wholly-owned subsidiary, serves various customers through 18 retail service centers primarily located in New Jersey and Pennsylvania.

Positive

• Declared a cash dividend of $0.11 per share.
• Demonstrates confidence in financial stability with $2.3 billion in assets.
• Strong deposit base of $1.8 billion.

Negative

• Potential risks due to economic conditions and interest rate trends.
• Management cited uncertainties that could affect future financial performance.

CLINTON, N.J., Nov. 17, 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 December 30, 2022, to shareholders of record as of December 16, 2022.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.3 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 18 retail service centers located in 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 UNTY?

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

When will the dividend be paid to shareholders of UNTY?

The dividend will be payable on December 30, 2022.

What is the record date for the UNTY dividend?

The record date for the dividend is December 16, 2022.

How large are Unity Bancorp's assets?

Unity Bancorp has approximately $2.3 billion in assets.

What are the risks mentioned by Unity Bancorp regarding future performance?

The risks include economic conditions, interest rate trends, and the ability to manage nonperforming assets.