Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, was one of only two New Jersey community banks to break the top 30 of American Bankermagazine’s list of the Top 200 Publicly Traded Community Banks. Unity was ranked 27th nationally on the respected industry list.
“We are honored to have Unity climbing the American Banker list as it illustrates the continued financial strength and performance of the bank,” said Unity Bank President & CEO James A. Hughes. “We truly believe that the bank and community grow stronger together because our fiscal health means the bank is better positioned to invest in the community. Our continued success is a tribute to the bank’s sales and service culture, and the diversity of our products.”
The magazine ranked banks and thrifts that had total assets of less than $2 billion as of Dec. 31, 2016 and are publicly traded. Nationally, 669 institutions fit the category for the list. Unity Bank climbed the list from 99th in 2016 to 27th on the current ranking.
The ranking is based on three-year average return on equity (ROE), a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. The average ROE for the 669 institutions was 6.73 percent. Unity Bancorp’s ROE was 12.86 percent, placing Unity in the top 5 percent of the SNL Financial group.
In the past year, Unity has continued to grow its service area, adding two new branches, for a total of 17 branch locations. The bank continues to grow its residential and commercial loan portfolios as well with total loans now exceeding $1 billion. Unity, which marked its 25th anniversary in business this past Fall, has approximately $1.2 billion in assets and $1 billion in deposits.
“As a community bank, we can be more flexible and expedient in the way we operate than larger institutions, which produces benefits for both customers and employees,” said Hughes. “Unity fosters an entrepreneurial environment where our employees have the ability to advance and succeed. The bank’s culture has been a key to our success over the years and will continue to be as we move forward.”