CLINTON, N.J., April 14, 2026 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $14.3 million, or $1.40 per diluted share, for the quarter ended March 31, 2026, compared to net income of $15.5 million, or $1.52 per diluted share for the quarter ended December 31, 2025.
James A. Hughes, CEO, commented on the financial results: "We are pleased to report another strong quarter for Unity Bancorp, Inc., highlighted by solid profitability and continued execution of our organic growth strategy. For the quarter, we delivered net income of $14.3 million, or $1.40 per diluted share, producing a 2.04% return on average assets and a 16.38% return on average equity. These results represent a $2.7 million, or 23.2%, increase in net income compared to the same period last year, and reflect the underlying strength of our balance sheet and core earnings power.
We entered 2026 with positive momentum, and during the first quarter we achieved balanced, organic growth on both sides of the balance sheet. As compared to year-end 2025, gross loans increased $56.9 million, or 2.2%, while total customer deposits, excluding brokered deposits, grew $58.7 million, or 2.9%, underscoring the continued success of our relationship-based banking model. As we move forward, we remain focused on growing loans and deposits in tandem, deepening customer relationships and supporting economic activity in the communities we serve.
While broader economic and geopolitical conditions have contributed to periods of market volatility, loan demand across our footprint remains healthy, sustained by ongoing economic development in our core markets. At the same time, we continue to invest in delivering an exceptional customer experience through targeted product and technology initiatives, including the rollout of a new online banking platform. These investments are intended to expand our digital capabilities, improve operational efficiency and support long-term, sustainable growth as we continue to serve our customers."
For the full version of the Company's quarterly 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 $3.0 billion in assets and $2.4 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, Morris, 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 that 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, the impact of any health crisis or national disasters on the Bank, its employees and customers, and the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in fiscal, monetary, trade or regulatory policy, 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:
James Davies, FSVP and CFO
(908) 713-4330
PDF available: http://ml.globenewswire.com/Resource/Download/0f3ee0fb-a511-4e89-97f4-2368eaf818fd
