Unity Bancorp Reports Record Breaking Quarterly Earnings of $9.7 Million And Full Year Earnings of $36.1 Million

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) reported a net income of $9.7 million, or $0.92 per diluted share, for Q4 2021, marking a 32.7% increase year-over-year from $7.3 million. For the full year, net income reached $36.1 million, or $3.43 per share, compared to $23.6 million in 2020. President and CEO James A. Hughes highlighted strong performance in the loan and deposit sectors and expressed confidence in the company's growth potential for 2022, despite lingering pandemic effects.

Positive

• 32.7% increase in Q4 2021 net income compared to Q4 2020.
• Full year 2021 net income increased to $36.1 million from $23.6 million in 2020.
• Strong loan and deposit performance contributing to overall growth.

Negative

• None.

CLINTON, N.J., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.7 million, or $0.92 per diluted share, for the quarter ended December 31, 2021, a 32.7 percent increase compared to net income of $7.3 million, or $0.69 per diluted share for the prior year’s fourth quarter. For the year ended December 31, 2021, Unity reported net income of $36.1 million, or $3.43 per diluted share, compared to net income of $23.6 million, or $2.19 per diluted share for the year ended December 31, 2020.

James A. Hughes, President and CEO, commented on the financial results: “I am extremely proud to end 2021 with another quarter of record earnings. Our core bank earnings continued to show steady growth as our loan and deposit business segments exhibited strong performances. Despite the lingering impacts of the COVID-19 disruption, Unity can attribute 2021’s tremendous successes to the inspirational resiliency of our customers, and our employees’ commitment to delivering consistently strong customer service. I am pleased with the successes we have achieved in 2021 and I am confident that we have created a strong foundation for continued growth in 2022.”

For the full version of the Company’s 2021 fourth 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 $2.0 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 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 Q4 2021?

Unity Bancorp reported net income of $9.7 million or $0.92 per diluted share for Q4 2021.

How did Unity Bancorp's annual earnings for 2021 compare to 2020?

In 2021, Unity Bancorp's net income was $36.1 million, an increase from $23.6 million in 2020.

What factors contributed to Unity Bancorp's financial performance in 2021?

Strong performances in loan and deposit segments, along with resilient customer service, contributed to the financial performance.

What is Unity Bancorp's outlook for 2022?

Unity Bancorp's management expressed confidence in the company's growth potential for 2022, despite ongoing pandemic challenges.