U
UNITY BANCORP INC /NJ/
UNTYCIK 0000920427NasdaqAcceleratedState Commercial BanksNew JerseyFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$57.95M
Total Assets
$2.97B
Equity
$345.63M
Shares Out
10.02M
Op. Cash Flow
$44.91M
Business
UNITY BANCORP, INC. is a bank holding company that owns and supervises Unity Bank and operates as a financial holding company. The company provides traditional community commercial banking services, including personal and business checking, time and savings deposits, money market accounts, debit and credit cards, wire transfers, ATM access, internet and mobile banking, ACH origination, remote deposit capture and a range of lending products such as commercial, SBA, mortgage, home equity and consumer loans. Its key activities include deposit gathering, loan origination, servicing and sales, and oversight of a statutory trust subsidiary. The Company serves clients through a network of branches primarily along Route 22/78 corridors in New Jersey and Northampton County, Pennsylvania, and via online and ATM channels supporting the New York City metropolitan area.
Summary from filing dated 2025-03-07
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest-bearing deposits | 2 | 2 | 2 | 735,000 | 194,000 | |
| FHLB stock | 565,000 | 789,000 | 1 | 396,000 | 197,000 | |
| Taxable | 7 | 7 | 7 | 5 | 1 | |
| Tax-exempt | 71,000 | 70,000 | 72,000 | 53,000 | 31,000 | |
| Total securities | 7 | 7 | 7 | 5 | 1 | |
| SBA loans | 4 | 5 | 5 | 4 | 3 | |
| Commercial loans | 95 | 76 | 77 | 54 | 44 | |
| Commercial construction loans | 10 | 12 | — | — | — | |
| Residential mortgage loans | 42 | 38 | 34 | 22 | 19 | |
| Consumer loans | 6 | 6 | 6 | 4 | 3 | |
| Residential construction loans | 7 | 9 | 11 | 9 | 6 | |
| Total loans | 164 | 146 | 133 | 95 | 83 | |
| Total interest income | 174 | 156 | 143 | 101 | 85 | |
| Interest-bearing demand deposits | 8 | 7 | 5 | 1 | 1 | |
| Savings deposits | 12 | 13 | 9 | 3 | 2 | |
| Brokered deposits | 8 | 8 | 8 | — | — | |
| Time deposits | 26 | 23 | 12 | 3 | 4 | |
| Borrowed funds and subordinated debentures | 4 | 6 | 15 | 3 | 1 | |
| Total interest expense | 57 | 57 | 48 | — | — | |
| Net interest income | 117 | 99 | 95 | 90 | 77 | |
| Provision for credit losses, loans | 7 | 2 | 2 | 4 | — | |
| Provision for credit losses, off-balance sheet | 66,000 | 1,000 | 53,000 | — | — | |
| (Release) provision for credit losses, securities | −3 | 2 | — | — | — | |
| Net interest income after provision for credit losses | 113 | 95 | 92 | 86 | 77 | |
| Gain on sale of SBA loans held for sale, net | 705,000 | 660,000 | 1 | 954,000 | 741,000 | |
| Gain on sale of mortgage loans, net | 2 | 1 | 2 | 1 | 5 | |
| BOLI income | 774,000 | 544,000 | 852,000 | 636,000 | 689,000 | |
| Net security gains | 6 | 586,000 | 7,000 | −1 | 609,000 | |
| Other income | 2 | 2 | 2 | 3 | 2 | |
| Total noninterest income | 15 | 8 | 8 | 8 | 12 | |
| Compensation and benefits | 32 | 30 | 29 | 27 | 25 | |
| Processing and communications | 4 | 3 | 3 | 3 | 3 | |
| Occupancy | 3 | 3 | 3 | 3 | 3 | |
| Furniture and equipment | 3 | 3 | 3 | 2 | 3 | |
| Professional services | 2 | 2 | 2 | 1 | 1 | |
| Advertising | 2 | 2 | 1 | 1 | 1 | |
| Loan related expenses | 888,000 | 1 | 918,000 | 518,000 | — | |
| Deposit insurance | 1 | 1 | 2 | 1 | 844,000 | |
| Director fees | 1 | 956,000 | 847,000 | 916,000 | 811,000 | |
| Other expenses | 3 | 3 | 3 | 2 | 2 | |
| Total noninterest expense | 52 | 49 | 47 | 42 | 41 | |
| Income before provision for income taxes | 76 | 54 | 53 | 51 | 48 | |
| Provision for income taxes | 18 | 13 | 13 | 13 | 12 | |
| Net income | 58 | 41 | 40 | 38 | 36 | |
| Net income per common share - Basic (in dollars per share) | 5.78 | 4.13 | 3.89 | 3.66 | 3.47 | |
| Net income per common share - Diluted (in dollars per share) | 5.67 | 4.06 | 3.84 | 3.59 | 3.43 | |
| Weighted average common shares outstanding - Basic (in shares) | 10 | 10 | 10 | 11 | 10 | |
| Weighted average common shares outstanding - Diluted (in shares) | 10 | 10 | 10 | 11 | 11 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 20 | 20 | 21 | 20 | 26 | |
| Interest-bearing deposits | 197 | 160 | 174 | 95 | 219 | |
| Cash and cash equivalents | 217 | 180 | 195 | 115 | 245 | |
| Debt securities available for sale (net of valuation allowance of $0 and $2,824 as of December 31, 2025 and December 31, 2024, respectively) (amortized cost of $72,474 and $100,212 at December 31, 2025 and December 31, 2024, respectively) | 71 | 94 | — | — | — | |
| Debt securities held to maturity | 37 | 41 | 36 | — | — | |
| Equity securities with readily determinable fair values | 17 | 10 | 8 | 10 | 9 | |
| Total securities | 124 | 145 | 136 | 141 | 79 | |
| Total loans | 2,545 | 2,261 | 2,172 | — | — | |
| Allowance for credit losses | −32 | −27 | −26 | −25 | — | |
| Net loans | 2,512 | 2,234 | 2,146 | — | — | |
| Premises and equipment, net | 18 | 19 | 20 | 20 | 20 | |
| "Bank owned life insurance (""BOLI"")" | 27 | 26 | 25 | 27 | 27 | |
| Deferred tax assets, net | 15 | 14 | 13 | 12 | 10 | |
| "Federal Home Loan Bank (""FHLB"") stock" | 14 | 13 | 18 | 19 | 4 | |
| Accrued interest receivable | 13 | 13 | 14 | 13 | 10 | |
| Goodwill | 2 | 2 | 2 | — | — | |
| "Other real estate owned (""OREO"")" | 1 | — | — | — | — | |
| Prepaid expenses and other assets | 24 | 9 | 11 | 15 | 11 | |
| Total assets | 2,967 | 2,654 | 2,579 | 2,445 | 2,034 | |
| Noninterest-bearing demand | 466 | 441 | 420 | 494 | 529 | |
| Interest-bearing demand | 369 | 322 | 313 | 276 | 244 | |
| Savings | 535 | 491 | 565 | 592 | 694 | |
| Brokered deposits | 274 | 218 | 200 | — | — | |
| Time deposits | 680 | 629 | 426 | 271 | — | |
| Total deposits | 2,324 | 2,100 | 1,924 | 1,788 | 1,759 | |
| Borrowed funds | 256 | 221 | 356 | 383 | 40 | |
| Subordinated debentures | 10 | 10 | 10 | 10 | 10 | |
| Accrued interest payable | 2 | 2 | 2 | 691,000 | 129,000 | |
| Accrued expenses and other liabilities | 29 | 26 | 24 | 24 | 19 | |
| Total liabilities | 2,621 | 2,358 | 2,317 | 2,206 | 1,828 | |
| Preferred stock, no par value, 500 shares authorized, no shares issued and no shares outstanding as of December 31, 2025 and December 31, 2024 | — | — | — | — | — | |
| Common stock, no par value, 12,000 shares authorized, 10,048 shares issued and 9,982 shares outstanding as of December 31, 2025; 12,000 shares authorized, 11,616 shares issued and 10,026 shares outstanding as of December 31, 2024 | 106 | 104 | 100 | 97 | 94 | |
| Retained earnings | 244 | 227 | 191 | 157 | 123 | |
| Treasury stock, at cost (66 shares as of December 31, 2025 and 1,590 shares as of December 31, 2024) | −3 | −34 | −27 | −12 | −12 | |
| Accumulated other comprehensive loss | −1 | −2 | −3 | −3 | 322,000 | |
| Total shareholders' equity | 346 | 296 | 261 | 239 | 206 | |
| Total liabilities and shareholders' equity | 2,967 | 2,654 | 2,579 | 2,445 | 2,034 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net income | 58 | 41 | 40 | 38 | 36 | |
| Net accretion of purchase premiums and discounts on securities | −85,000 | −256,000 | −264,000 | 13,000 | 209,000 | |
| Depreciation and amortization, net | 3 | 3 | 2 | — | — | |
| Deferred income tax benefit | −840,000 | −2 | −87,000 | −1 | −1 | |
| Stock compensation expense | 2 | 2 | 2 | 2 | 2 | |
| Gain on sale of mortgage loans, net | −2 | −1 | −2 | −1 | −5 | |
| Net change in other assets and liabilities | −12 | 3 | — | — | — | |
| Net cash provided by operating activities | 45 | 48 | 47 | 43 | 33 | |
| Purchases of securities held to maturity | — | −5 | −100,000 | −27 | −22 | |
| Purchases of equity securities | −3 | −2 | −126,000 | −3 | −6 | |
| Purchases of securities available for sale | −15 | −11 | −650,000 | −49 | −30 | |
| (Purchases) redemption from sale of FHLB stock, at cost | −2 | 6 | — | — | — | |
| Maturities and principal payments on debt securities held to maturity | 5 | 100,000 | — | 5 | 8 | |
| Maturities and principal payments on debt securities available for sale | 37 | 8 | 4 | 5 | 13 | |
| Proceeds from sales of securities available for sale | 1 | — | — | 0 | 7 | |
| Proceeds from sales of equity securities | 7 | 785,000 | 2 | 0 | 53,000 | |
| Net increase in loans | −286 | −89 | −69 | −498 | −89 | |
| Purchases of premises and equipment, net | −564,000 | −693,000 | −955,000 | −1 | −1 | |
| Net cash used in investing activities | −257 | −93 | −58 | −541 | −41 | |
| Net increase in deposits | 224 | 176 | 137 | 29 | 201 | |
| Proceeds (repayments) of short-term borrowings, net | 30 | −137 | −66 | — | — | |
| Proceeds from long-term borrowings, net | 5 | 1 | 39 | — | — | |
| (Shares withheld for taxes), net of proceeds from stock option exercises | −359,000 | 1 | 1 | 1 | 379,000 | |
| Dividends on common stock | −6 | −5 | −5 | −4 | −4 | |
| Purchase of treasury stock, including excise tax accrual | −5 | −6 | −16 | −42,000 | −4 | |
| Net cash provided by financing activities | 248 | 30 | 91 | 369 | 33 | |
| Increase (decrease) in cash and cash equivalents | 36 | −14 | 80 | −130 | 26 | |
| Interest paid | 56 | 57 | 47 | 10 | 8 | |
| Income taxes paid | 14 | 14 | — | — | — | |
| Establishment of lease liability and right-of-use asset | 725,000 | — | — | — | — | |
| Capitalization of servicing rights | 228,000 | 186,000 | 576,000 | 152,000 | 126,000 | |
| Transfer of loans to OREO | 1 | — | 251,000 | — | — |
Filings
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