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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 23, 2025
Date of Report (Date of earliest event reported)
UNITY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-12431 |
22-3282551 |
(Commission File Number) |
(IRS Employer Identification No.) |
64 Old Highway 22
Clinton, NJ 08809
(Address of Principal Executive Office)
(908) 730-7630
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common stock |
UNTY |
NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
Attached as Exhibit 99.1 is a copy of the presentation, which will be made by James A. Hughes, President and CEO, at the Company’s Annual Meeting of Shareholders on April 24, 2025, the full text of which is incorporated by reference in response to this item.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Annual Meeting of Shareholders’ Presentation held on April 24, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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UNITY BANCORP, INC. |
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(Registrant) |
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Date: April 23, 2025 |
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By: |
/s/ George Boyan |
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George Boyan |
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Executive Vice President and Chief Financial Officer |
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2025 Shareholders’ Meeting April 24, 2025 |
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1 2024 vs. 2023 Results Net income Net income (in thousands) $ 41,450 $ 39,707 Net income per common share - Diluted 4.06 3.84 Operating Ratios Return on average assets 1.68 % 1.63 % Return on average equity 14.99 16.05 Net interest margin 4.16 4.06 Noninterest expense / average assets 1.98 1.93 FY 2024 FY 2023 |
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2 1 st Quarter Results Net income Net income (in thousands) $ 11,598 $ 11,505 Net income per common share - Diluted 1.13 1.13 Operating Ratios Return on average assets 1.83 % 1.83 % Return on average equity 15.56 15.77 Net interest margin 4.46 4.37 Noninterest expense / average assets 1.99 2.01 1Q2025 4Q2024 |
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3 Unity Bank’s Footprint 21 Unity Bank Locations New Jersey Bergen County: 1) Emerson, NJ - O 2) Fort Lee, NJ - L Hunterdon County: 3) Clinton, NJ - O 4) Flemington, NJ - O 5) Whitehouse Station, NJ - O Middlesex County: 6) Edison, NJ - O 7) Highland Park, NJ - O 8) Middlesex, NJ - O 9) South Plainfield, NJ - O Morris County: 10) Parsippany, NJ - O Ocean County: 11) Lakewood, NJ - L Somerset County: 12) North Plainfield, NJ - O 13) Somerset, NJ - L 14) Somerville, NJ - O Union County: 15) Linden, NJ - O 16) Scotch Plains, NJ - O 17) Union, NJ - L Warren County: 18) Phillipsburg, NJ - L 19) Washington, NJ - O Pennsylvania Northampton County: 20) Bethlehem, PA - L 21) Forks, PA - L O – Owned L – Leased |
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4 Loan and Deposit Growth (dollars in thousands, except percentages) SBA $ 50,472 $ 59,144 (14.7) % Commercial 1,411,629 1,277,460 10.5 Residential Mortgage 630,927 631,506 (0.1) Consumer 76,711 72,676 5.6 Residential Construction 90,918 131,277 (30.7) Total Gross Loans $ 2,260,657 $ 2,172,063 4.1 % Noninterest-bearing DDA $ 440,803 $ 419,636 5.0 % Interest-bearing DDA 321,780 313,352 2.7 Savings 491,175 565,088 (13.1) Time Deposits 628,624 426,397 47.4 Brokered Deposits 217,931 199,667 9.1 Total Deposits $ 2,100,313 $ 1,924,140 9.2 % 2024 2023 % Change 2024 2023 % Change Loan to Deposit Ratio 1.08 % 1.13 % (4.7) % 2024 2023 % Change |
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5 Asset Quality Remains Strong Net Charge-Offs as a percentage of Average Loans were 0.09%, 0.07% and 0.09% for the periods FY2023, FY 2024, and Q1 2025 (annualized), respectively. |
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6 Summary Income Statement (dollars in thousands) 2024 2023 Net Interest Income $ 98,611 $ 94,997 3.8 % Provision for Credit Losses 3,168 3,949 24.7 Noninterest Income 8,142 8,469 4.0 Noninterest Expense 48,741 46,976 3.8 Provision for Income Taxes 12,940 13,288 (2.6) Net Income $ 41,450 $ 4.4 39,707 % % Change |
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7 Net Interest Margin 4.71% 4.58% 4.92% 6.13% 6.57% 3.85% 4.16% 4.40% 4.06% 4.16% 0.92% 0.45% 0.56% 2.24% 2.65% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 2020 2021 2022 2023 2024 Yield on Earning Assets Net Interest Margin Cost of Funds |
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8 Noninterest Income – Area of Focus (dollars in thousands) |
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9 Noninterest Expense (dollars in thousands) Compensation $ 25,166 $ % 25,476 Benefits 4,583 3,575 Processing and communications 3,473 2,994 Occupancy 3,184 3,087 Furniture and equipment 3,140 2,780 Professional services 1,683 1,563 Advertising 1,611 1,436 Loan related expenses 1,138 918 Deposit insurance 1,100 1,715 Director fees 956 847 Other expenses 2,707 2,585 Total noninterest expense $ 48,741 $ % 46,976 2024 2023 % Change (1.2) 16.0 28.2 3.1 12.9 7.7 12.2 3.8 24.0 (35.9) 12.9 4.7 |
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10 Consistent Book Value Growth $16.63 $19.80 $22.60 $25.98 $29.48 $17.55 $26.25 $27.33 $29.59 $43.61 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 2020 2021 2022 2023 2024 Book Value Per Share Stock Price |
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11 Unity’s Strategy & Vision Diversified Business Model Experienced & Proven Management Team High Levels of Management & Board Stock Ownership Best In Class Financial Performance Strong Capital Management Practices |
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