Home Somerset business Unity Bancorp Reports Record Quarterly Profit of $ 9.5

Unity Bancorp Reports Record Quarterly Profit of $ 9.5

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CLINTON, NJ, October 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 share diluted, for the quarter ended September 30, 2021, an increase of 64.2% over net income of $ 5.8 million, or $ 0.54 per diluted share for the third quarter of the prior year. For the nine months ended September 30, 2021, Unity reported net income of $ 26.4 million, or $ 2.50 per diluted share, an increase of 61.8% from net income of 16.3 million dollars or $ 1.50 per diluted share for the prior year period.

James A. Hughes, President and CEO, commented on the financial results: “I am pleased to report another excellent quarter for Unity, reflecting our increased earnings and revenue growth. The business segments show strong performance and contribute positively to the overall results of Unity. Steady growth in loans and deposits continues to drive core banking profits and our capital base is on a solid footing. While some effects of the pandemic persist, the resilience of our employees and customers continues to be the driving force behind Unity’s success. I want to thank our dedicated employees and loyal customers for your continued support of Unity and the communities we serve.

For the full version of the Company’s third quarter 2021 results release, including financial tables, please visit News – Unity Bank (q4ir.com).

Unity Bancorp, Inc. is a Clinton, New Jersey-based financial services organization with approximately $ 2.0 billion in assets and $ 1.7 billion in deposits. Unity Bank, the wholly owned subsidiary of the Company, provides financial services to individuals, businesses and small businesses through its 19 retail service centers located in the counties of Bergen, Hunterdon, Middlesex, Somerset, Union and Warren in New Jersey and Northampton County in Pennsylvania. For more information about Unity, visit our website at www.unitybank.com or call 800-618-BANK.

This press release contains certain forward-looking statements, express or implied, which are provided to help the reader understand anticipated future financial performance. These statements can be identified by the use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “plan” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the control of the company and could impede its ability to achieve these objectives. These factors include the 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 rate, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our non-performing assets, the results of regulatory reviews and the impact of COVID-19 on the Bank, its employees and its customers, among other factors.

This communication does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to the registration or qualification under the title laws of that jurisdiction.

Contact for Media and Financial Analysts:
George Boyan, Executive Vice President and Chief Financial Officer
(908)713-4565