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Unity Bancorp (UNTY) Company Profile

Updated Sep 9, 2019
Unity Bancorp has the following business profile:
Company's Full Name:Unity Bancorp, Inc.
Short Name:Unity Bancorp
Trading Ticker Symbol:UNTY
Primary Exchange:NASDAQ
Headquarter City/Country:New Jersey, NJ
Primary Industry Sector:Finance
Seconday Sub-sector:Major Banks
Main Business Areas: Finance, Major Banks, Financial Services, Regional US Banks, Bank
Dividend Payments:Dividend History

Market and Trading Information for Unity Bancorp

The following details were available for trading and market data about the stock of Unity Bancorp as of writing:
Current Share Price:$20.01
Previous Year's Closing Price:$20.76
Percentage Price Change (YTD):-3.61%
Market Cap:$217.32 million
52-week Price Range:$16.74 - $24.62
Dividend Per Share:$0.29
EPS (TTM):2.08
Price-Earnings (Trailing):9.62
Price-Earnings (Forward):8.66

Company Profile and Business Description for Unity Bancorp

Unity Bancorp, Inc. is a bank holding company that serves as a holding company for Unity Bank (the Bank). The Company's primary business is ownership and supervision of the Bank. The Company, through the Bank, conducts a traditional and community-oriented commercial banking business and offers services, including personal and business checking accounts, time deposits, money market accounts and regular savings accounts. The Company engages in lending activities and offers commercial, small business administration (SBA), consumer, mortgage, home equity and personal loans.

The Bank is a full-service commercial bank, which provides business and consumer financial services through its office in Clinton, New Jersey and over 14 New Jersey branches located in Clinton, Edison, Flemington, Highland Park, Linden, Middlesex, North Plainfield, Phillipsburg, Scotch Plains, Somerset, South Plainfield, Union, Washington and Whitehouse. In addition, the Bank has over one Pennsylvania branch located in Forks Township.

Lending Activities

The Company's loan portfolio consists of SBA loans, SBA 504 loans, commercial loans, residential mortgage loans and consumer loans. Its total loans amount to approximately $889.0 million. Its commercial loans amount to over $465.5 million; residential mortgage loans, which consist of loans secured by one- to four-family residential properties, amount to approximately $264.5 million, and consumer loans, which consist of home equity loans, construction loans and loans for the purpose of financing the purchase of consumer goods, home improvements, and other personal needs, amount to over $77.1 million.

Investment Activities

The Company's securities portfolio consists of available for sale (AFS) and held to maturity (HTM) investments. AFS securities consist primarily of obligations of the United States Government sponsored entities, obligations of state and political subdivisions, residential mortgage-backed securities and corporate and other securities. AFS securities total over $52.9 million. HTM securities portfolio consist of obligations of the United States Government sponsored entities, obligations of state and political subdivisions, residential mortgage-backed securities, commercial mortgage-backed securities and corporate and other securities. HTM securities total over $18.5 million.

Sources of Funds

The Company's deposits, which include noninterest-bearing demand deposits, interest-bearing demand deposits, savings deposits and time deposits, are the primary source of the Company's funds. Total deposits amount to approximately $894.5 million. Its borrowed funds consist primarily of fixed rate advances from the Federal Home Loan Bank (FHLB) of New York and repurchase agreements. Borrowed funds and subordinated debentures total over $107.5 million.

Subsidiary Activities

The Bank has over nine subsidiaries: Unity Investment Services, Inc., AJB Residential Realty Enterprises, Inc., AJB Commercial Realty, Inc., MKCD Commercial, Inc., JAH Commercial, Inc., UB Commercial LLC, ASBC Holdings LLC, Unity Property Holdings 1, Inc. and Unity Property Holdings 2, Inc. Unity Investment Services, Inc. is used to hold and administer part of the Bank's investment portfolio. The other subsidiaries hold, administer and maintain the Bank's other real estate owned (OREO) properties. Unity Investment Services, Inc. has over one subsidiary, Unity Delaware Investment 2, Inc., which has over one subsidiary, Unity NJ REIT, Inc. Unity NJ REIT, Inc. holds loans. The Company has approximately two statutory trust subsidiaries, Unity (NJ) Statutory Trust II and Unity (NJ) Statutory Trust III.

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Peer / Competitor Companies of Major Banks Sector

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