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Unity Bancorp, Inc. (UNTY) is a community-oriented commercial bank headquartered in Clinton, New Jersey. The company provides a wide range of banking services, including deposit products, payment solutions, and lending activities, tailored to individuals, businesses, and municipalities. It generates revenue primarily through net interest income and noninterest income derived from fees and loan-related activities.
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Net Interest Income - Generates revenue from the difference between interest earned on loans and securities and interest paid on deposits and borrowings. Lending activities include commercial loans, SBA loans, consumer loans, mortgage loans, home equity loans, personal loans, and construction loans.
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Noninterest Income - Earns income from fees related to banking services such as stop payment fees, wire transfer fees, insufficient fund fees, debit card income, foreign ATM fees, and interchange fees. Also includes income from the origination, servicing, and sale of residential, commercial, and SBA loans.
Name | Position | External Roles | Short Bio | |
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James A. Hughes ExecutiveBoard | President and Chief Executive Officer (CEO) | James A. Hughes has served as the President and Chief Executive Officer (CEO) at Unity Bancorp, Inc. since 2002. He also serves as a Director and participates on the Executive Loan Committee and Risk Management Committee. | View Report → | |
Daniel Sharabba Executive | Senior Vice President and Chief Retail Officer | Daniel Sharabba is the Senior Vice President and Chief Retail Officer at Unity Bank since June 12, 2023. He previously held leadership positions at Citizens Bank and JP Morgan Chase. | ||
George Boyan Executive | Chief Financial Officer and Executive Vice President | George Boyan is the Chief Financial Officer and Executive Vice President at UNTY since 2021. Previously, he served as First Senior Vice President, Treasurer & Controller since January 2014 and as President of Leumi Investment Services since October 2018 at Bank Leumi USA. | ||
James Donovan Executive | Chief Lending Officer and First Senior Vice President | James Donovan is the Chief Lending Officer and First Senior Vice President at Unity Bancorp and Unity Bank since 2022. He has extensive experience, having served as Group Vice President, Pennsylvania Market Manager Business Banking for M&T Bank from 2005 and as Senior Vice President, Head of Commercial & Industrial Banking for Bryn Mawr Trust since April 2019. | ||
Vincent Geraci Executive | Director of Mortgage Lending and First Senior Vice President (FSVP) | Vincent Geraci has been serving as Director of Mortgage Lending and First Senior Vice President at UNTY since 2010, focusing on the bank's mortgage operations. | ||
Aaron Tucker Board | Vice Chairman of the Board | President and CEO of Tucker Enterprises | Aaron Tucker serves as Vice Chairman of the Board at Unity Bancorp, Inc. and has been a Director of the Bank since 2014 and of the Company since 2015. He also serves externally as President and CEO of Tucker Enterprises. | |
David D. Dallas Board | Chairman of the Board | CEO of The Dallas Group of America, Inc.; Trustee of Kinnelon Heritage Conservation Society, Inc.; Trustee of Centenary University; Member of Franklin Township Land Use Board | David D. Dallas is a founding member of Unity Bank and currently serves as Chairman of the Board at UNTY, guiding its strategic initiatives. He has been a Director since 1991, demonstrating his longstanding commitment to the company. | |
Dr. Mark S. Brody Board | Director | Vice President of Planned Financial Programs, Inc.; Managing Member, Financial Planning Analysts, LLC | Dr. Mark S. Brody has served as a Director at Unity Bancorp, Inc. since 2002 and has been an active member of key committees including Audit, Risk Management, and HR/Compensation. He brings extensive financial expertise and also holds external roles as Vice President of Planned Financial Programs, Inc. and Managing Member of Financial Planning Analysts, LLC. | |
Dr. Mary E. Gross Board | Director of the Bank | Founder of Human Edge Resources, LLC | Dr. Mary E. Gross has served as a Director at UNTY since 2009 and as a Director of the Company since 2011. She is recognized as an Audit Committee financial expert and holds multiple board committee roles at the bank, and she is also the founder of Human Edge Resources, LLC. | |
Peter E. Maricondo Board | Director | Peter E. Maricondo has been serving as Director of Unity Bancorp, Inc. (UNTY) since 2004. He also serves as Chairman of the Audit Committee since 2023 and has extensive prior experience as Vice President/Corporate Controller at GPU, Inc. and NUI Corporation. | ||
Raj Patel Board | Director of Unity Bancorp, Inc. (since 2008) | CEO of Millennium Hotel Group; CEO of 2602 Deerfield LLC; partial owner of Bergen County Medical Adult Day Care Center | Raj Patel has served as Director of Unity Bancorp, Inc. since 2008 and as Director of Unity Bank since 2007. He also participates in key committees, including Human Resources/Compensation, Executive Loan, and Risk Management. | |
Robert H. Dallas Board | Director of the Company and the Bank | President of The Dallas Group of America, Inc. | Robert H. Dallas, II has served as Director of Unity Bancorp, Inc. since 1991 and participates on key committees such as the Executive Loan, Corporate Governance and Nominating, Risk Management, and ALCO committees. He also serves as President of The Dallas Group of America, Inc., a role outside of UNTY. | |
Wayne Courtright Board | Director | Wayne Courtright has served as a Director at UNTY since 2004. He is a retired banker with previous roles as Executive Vice President, Chief Lending Officer, and Chief Credit Officer, and is recognized as an Audit Committee financial expert. |
Competitors mentioned in the company's latest 10K filing.
Company | Description |
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The company is noted as a larger legacy non-financial company that is increasing competition in the financial services sector, particularly in loans, deposits, and payments. | |
The company is highlighted as a significant player in the financial services market, competing for loans, deposits, and payments. | |
The company is identified as a competitor in the financial services space, focusing on loans, deposits, and payments. |
Recent press releases and 8-K filings for UNTY.
- Unity Bancorp Inc. has scheduled its annual Shareholders’ Meeting for April 24, 2025, where President and CEO James A. Hughes will deliver the presentation.
- The filing reports FY2024 net income of $41,450K and an improved diluted EPS of 4.06 compared to FY2023, reflecting solid financial performance.
- The 8-K includes detailed comparisons of quarterly and annual financial metrics along with operational ratios, underlining the company’s strong asset quality and balanced growth strategy.
- Unity Bancorp, Inc. (NASDAQ: UNTY) reported net income of $11.6M (or $1.13 per diluted share) for Q1 2025, a 0.8% increase over the prior quarter.
- The quarter featured improved net interest income at $27.3M, driven by a higher net interest margin due to lower funding costs and increased asset yields.
- An increase in the provision for credit losses along with noninterest income rising to $2.1M highlights ongoing loan growth and enhanced fee income.
- Unity Bancorp, Inc. declared a cash dividend of $0.14 per common share payable on March 28, 2025 with shareholders of record as of March 14, 2025.
- The dividend represents an 8% increase over the previous quarter’s $0.13 per share payout.
- The announcement was made via a press release and filed as an 8-K report on February 27, 2025.
- Unity Bancorp Inc. (NASDAQ: UNTY), the parent of Unity Bank, reported Q4 2024 net income of $11.5 million or $1.13 per diluted share, compared to $10.9 million or $1.07 per diluted share in Q3 2024.
- For the full year ended December 31, 2024, the company achieved net income of $41.5 million or $4.06 per diluted share, up from $39.7 million or $3.84 per diluted share in the prior year.
- Additional highlights include a rise in net interest income to $26.5 million and a lower effective tax rate of 20.6% for Q4 2024, reflecting improved operational performance.