Unity Bancorp Reports Quarterly Earnings of $9.1 Million

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $9.1 million, or $0.85 per diluted share, for Q1 2022, reflecting a 7.2% increase from $8.5 million, or $0.80 per share, in Q1 2021. The company highlighted significant growth in its loan portfolio, increasing by nearly $70 million, alongside a $12 million rise in deposits. CEO James A. Hughes emphasized strong financial performance despite market uncertainties and encouraged participation in the upcoming Shareholder’s Meeting on April 28, 2022.

Positive

• Net income increased by 7.2%, reaching $9.1 million.
• Earnings per share rose to $0.85.
• Loan portfolio grew by nearly $70 million.
• Deposits increased by over $12 million.

Negative

• None.

CLINTON, N.J., April 14, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.1 million, or $0.85 per diluted share, for the quarter ended March 31, 2022, a 7.2 percent increase compared to net income of $8.5 million, or $0.80 per diluted share for the prior year’s first quarter.

James A. Hughes, President and CEO, commented on the financial results: “Building on the momentum from 2021, Unity Bancorp continues to generate outstanding financial performance. Despite speculation about rate hikes, outsized inflation, supply-chain issues, and geopolitical uncertainty, our outstanding team has delivered Unity’s products and services to individuals and small businesses across New Jersey and the Lehigh Valley. Our loan portfolio grew nearly $70 million (over and above the nearly $18 million in PPP loans that were forgiven by the Small Business Administration), and our deposits grew more than $12 million. We do not simply measure our performance on financial metrics, but on our ability to come together, with our clients, and solve problems and deliver extraordinary service. With every new loan, and every new deposit, we have engrained our franchise in the communities in which we serve, to fully realize our mission of Growing With You! Finally, we hope you can join us for the Shareholder’s Meeting on April 28 at 9:30am EDT. The Annual Meeting will be broadcast at meetnow.global/MACWHRH. The password is UNTY2022.”

For the full version of the Company’s 2022 first quarter earnings release, including financial tables, please visit News - Unity Bank (q4ir.com).

Unity Bancorp, Inc. is a financial services 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 in 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, results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

News Media & Financial Analyst Contact:
George Boyan, EVP and CFO
(908) 713-4565

FAQ

What were Unity Bancorp's earnings for Q1 2022?

Unity Bancorp reported net income of $9.1 million, or $0.85 per diluted share, for Q1 2022.

How much did Unity Bancorp's loan portfolio grow in Q1 2022?

The loan portfolio grew by nearly $70 million in Q1 2022.

What was the increase in deposits for Unity Bancorp in Q1 2022?

Deposits increased by over $12 million in Q1 2022.

When is Unity Bancorp's Shareholder's Meeting?

The Shareholder's Meeting is scheduled for April 28, 2022, at 9:30 am EDT.