Unity Bancorp Reports Quarterly Earnings of $9.7 Million

CLINTON, N.J., July 14, 2023 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.7 million, or $0.95 per diluted share, for the quarter ended June 30, 2023, compared to net income of $10.3 million, or $0.96 per diluted share for the quarter ended March 31, 2023. This represents a 5.7% decrease in net income and a 1.0% decrease in net income per diluted share. For the six months ended June 30, 2023, Unity reported net income of $20.0 million or $1.91 per diluted share, compared to net income of $18.6 million or $1.74 per diluted share for the six months ended June 30, 2022. This represents a 7.7% increase in net income and a 9.8% increase in net income per diluted share.

James A. Hughes, President and CEO, commented on the financial results: “We are pleased to report another solid quarter of financial results. For the quarter, we realized $9.7 million of net income, or $0.95 per diluted share. This represents 1.60% ROA and 16.19% ROE.

The inverted yield curve, slower loan growth, and increased deposit competition has created a challenging environment for all banks. Although Unity is not immune to this trend, we are in a strong position to face these headwinds and remain the bank of choice for the communities we serve. We are a conservatively managed organization that has constantly been recognized as a top-tier community bank.

As the second half of the year progresses, we will continue to build on our performance by working with our clients and employees to solve problems and deliver extraordinary services. As a community bank with a strong franchise, each product that we offer goes a long way to support the communities that we are proud to serve.”

For the full version of the Company’s 2023 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 $2.6 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 robust branch network located in Bergen, Hunterdon, Middlesex, Ocean, 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