Unity Bancorp Reports Quarterly Earnings of $8.4 Million

CLINTON, N.J., July 14, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $8.4 million, or $0.80 per diluted share, for the quarter ended June 30, 2021, a 62.8% increase compared to net income of $5.2 million, or $0.47 per diluted share for the prior year’s second quarter. For the six months ended June 30, 2021, Unity reported net income of $16.9 million, or $1.60 per diluted share, a 60.5% increase compared to $10.5 million or $0.96 per diluted share for the prior year’s period.

James A. Hughes, President and CEO, commented on the financial results: “I am pleased to report another strong performance for the second quarter of 2021. Life is getting back to normal as we emerge from the pandemic. All employees have returned to our offices to service our customers. I am encouraged by the strong loan demand for all our lending areas. As the economy continues to improve so will the banking sector. We successfully executed the first and second rounds of SBA PPP loans, which would not have been possible without our passionate and dedicated employees. We expect a robust year for our mortgage and SBA lending areas in 2021 based on current performance and backlogs. While I remain proud of our performance, we will continue to balance risks while advancing strategies to grow our business as we continue to steer through this recovery. As always, I want to sincerely thank our customers for putting their trust in Unity, and our excellent staff who have proven to be resilient and unwavering throughout these unprecedented times”.

For the full version of the Company’s 2021 second quarter earnings release, including financial tables, please visit https://unitybancorp.q4ir.com/news/default.aspx.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 billion in assets and $1.6 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