Unity Bank is Top Ranked New Jersey Community Bank on American Banker Magazine’s Top 200 List

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has been ranked 20th nationally on the American Banker magazine's list of the Top 200 Publicly Traded Community Banks with under $2 billion in assets. This recognition highlights Unity as the top community bank in New Jersey, showcasing a three-year return on average equity (ROAE) of 15.72%, significantly exceeding the industry average of 8.81%. The ranking demonstrates Unity's financial strength, supported by its commitment to lending during the COVID-19 pandemic, funding 1,947 PPP loans totaling $228 million.

Positive

• Ranked 20th nationally in the Top 200 Publicly Traded Community Banks; top in New Jersey.
• Three-year ROAE of 15.72%, significantly above the industry average of 8.81%.
• Successful funding of 1,947 PPP loans amounting to $228 million, aiding community businesses.

Negative

• None.

Bank is Ranked 20th Nationally by Respected Industry Survey

CLINTON, N.J., June 01, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, was the top ranked New Jersey community bank on the recently published American Banker magazine list of the Top 200 Publicly Traded Community Banks with less than $2 billion in assets. Unity was ranked 20^th nationally on the respected industry list, which reviewed 511 institutions throughout the U.S.

The magazine ranked banks and thrifts that had total assets of less than $2 billion as of Dec. 31, 2020 and are publicly traded. Nationally, 511 institutions fit the category for the list. Unity Bank has been on the list for six consecutive years.

The ranking is based on three-year return on average equity (ROAE), a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. The ROAE for the 511 institutions was 8.81%. Unity Bancorp’s ROAE three-year average was 15.72%, placing Unity near the top 4% of the Capital Performance Group analysis of data from S&P Global Market Intelligence.

“We are honored to be the top ranked community bank in New Jersey on the American Banker list as it illustrates Unity’s continued financial strength and performance,” said Unity Bank President & CEO James A. Hughes. “The bank is off to a strong start in 2021, but we would not be in the position we are today without the dedication of our employees and the loyalty and trust of our customers. The commitment our employees demonstrated during the COVID-19 pandemic has been extraordinary. We anticipate our mortgage and U.S. Small Business Administration (SBA) lending areas to be strong contributors in 2021, and we believe the interest rate environment should provide for a stable margin.”

Over the last 15 months, Unity has been focused on providing customers access to credit, particularly through round one and two of the SBA Paycheck Protection Program (PPP), the special funding initiative designed to help small businesses survive the crisis.The bank funded 1,947 PPP loans totalling $228 million.

About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 19 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265).

MEDIA CONTACT:
Fred Feiner
Yankee Public Relations
(908) 425-4878
fred@yankeepr.com 

FAQ

What is Unity Bancorp's recent ranking by American Banker?

Unity Bancorp was ranked 20th nationally in the American Banker magazine's list of Top 200 Publicly Traded Community Banks with less than $2 billion in assets.

How does Unity Bancorp's ROAE compare to the industry average?

Unity Bancorp's three-year average return on average equity (ROAE) is 15.72%, well above the industry average of 8.81%.

How many PPP loans did Unity Bancorp fund during the COVID-19 pandemic?

Unity Bancorp funded 1,947 PPP loans totaling $228 million to support small businesses during the COVID-19 pandemic.

How long has Unity Bancorp been listed in the American Banker rankings?

Unity Bancorp has been listed in the American Banker rankings for six consecutive years.