Unity Bancorp Reports Record Quarterly Earnings of $9.5 Million

Rhea-AI Summary

Unity Bancorp reported a net income of $9.5 million, or $0.90 per diluted share, for Q3 2021, reflecting a 64.2% increase compared to $5.8 million in Q3 2020. For the first nine months of 2021, net income surged to $26.4 million, or $2.50 per diluted share, a 61.8% increase from $16.3 million in the previous year. The company highlighted steady growth in loans and deposits, contributing positively to core earnings amidst ongoing pandemic effects.

Positive

• Net income increased by 64.2% YoY to $9.5 million.
• Earnings per share for Q3 rose to $0.90, from $0.54 last year.
• Net income for the first nine months increased by 61.8% to $26.4 million.
• Strong performance across business segments driving good results.

Negative

• None.

CLINTON, N.J., Oct. 15, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.5 million, or $0.90 per diluted share, for the quarter ended September 30, 2021, a 64.2% increase compared to net income of $5.8 million, or $0.54 per diluted share for the prior year’s third quarter. For the nine months ended September 30, 2021, Unity reported net income of $26.4 million, or $2.50 per diluted share, a 61.8% increase compared to net income of $16.3 million or $1.50 per diluted share for the prior year’s period.

James A. Hughes, President and CEO, commented on the financial results: “I am pleased to announce another excellent quarter for Unity, reflecting our increased earnings and revenue growth. Business segments are exhibiting strong performance and are making positive contributions to Unity's overall results. Steady growth in loans and deposits continue to drive core banking earnings and our capital base is on solid footings. While some effects of the pandemic still linger, the resiliency of our employees and customers continue to be the driving force behind Unity's success. I would like to thank our dedicated employees and loyal customers for your steadfast support of Unity and the communities we serve.”

For the full version of the Company’s 2021 third 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 $1.7 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 are Unity Bancorp's earnings for Q3 2021?

Unity Bancorp reported net income of $9.5 million, or $0.90 per diluted share for Q3 2021.

How did Unity Bancorp perform in the first nine months of 2021?

In the first nine months of 2021, Unity Bancorp recorded a net income of $26.4 million, a 61.8% increase from the previous year.

What factors contributed to Unity Bancorp's growth in earnings?

Unity Bancorp's growth in earnings was driven by steady growth in loans and deposits, along with strong performance in its business segments.