Form 8-K

8-K — UNITY BANCORP INC /NJ/

Accession: 0001193125-26-302425

Filed: 2026-07-14

Period: 2026-07-14

CIK: 0000920427

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — unty-20260714.htm (Primary)

EX-99.1 (unty-ex99_1.htm)

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8-K

8-K (Primary)

Filename: unty-20260714.htm · Sequence: 1

8-K

0000920427false00009204272026-07-142026-07-14

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

July 14, 2026

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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a‑12)

☐

Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

☐

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 2.02 Results of Operations and Financial Condition

The Registrant issued a press release on July 14, 2026 announcing results for the six months ended June 30, 2026, the full text of which is incorporated by reference to this Item.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1

Press release issued by the Registrant on July 14, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

UNITY BANCORP, INC.

(Registrant)

Date: July 14, 2026

By:

/s/ James Davies

James Davies

First Senior Vice President & Chief Financial Officer

EX-99.1

Filename: unty-ex99_1.htm · Sequence: 2

EX-99.1

Dil. EPS

$1.42

$0.02 Q/Q

ROE

15.86%

52 bps Q/Q

NIM

4.56%

3 bps Q/Q

ROA

2.01%

3 bps Q/Q

Exhibit 99.1

For Immediate Release

News Media & Financial Analyst Contact:

Unity Bancorp, Inc. (NASDAQ: UNTY)

James Davies, FSVP & CFO

July 14, 2026

(908) 713-4330

Unity Bancorp Reports Quarterly Earnings of $14.5 Million

James A. Hughes, CEO, commented on the financial results:

“We are pleased to announce that Unity Bancorp, Inc. delivered another strong quarter, reflecting the strength of our relationship-based banking model. During the second quarter, we generated net income of $14.5 million, or $1.42 per diluted share, producing a 2.01% return on average assets and a 15.86% return on average equity. Strong core operating performance, a 4.56% net interest margin, balanced loan and deposit growth, and robust capital and liquidity levels all contributed to another successful quarter. These accomplishments underscore our ability to deliver consistent earnings, prudently manage risk, and support the financial needs of the communities we serve.

While the macroeconomic environment continues to present uncertainty, including the ongoing effects of elevated interest rates and changing economic conditions, we remain encouraged by the resilience of the New Jersey economy and housing market. Home values have remained stable and customer activity continues to demonstrate the underlying strength of the communities we serve. These factors have supported sound credit performance and continued demand for both residential and commercial banking services.

We remain encouraged by the level of customer activity and business development opportunities across our markets. Loan pipelines remain healthy, deposit gathering efforts continue to gain traction, and our investments in technology and talent are enhancing our ability to serve customers more efficiently and effectively. As we look to the second half of 2026, we believe Unity is well positioned to continue delivering profitable growth, maintaining strong asset quality, and creating long-term value for our shareholders.”

Clinton, NJ -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $14.5 million, or $1.42 per diluted share, for the quarter ended June 30, 2026, compared to net income of $14.3 million, or $1.40 per diluted share for the quarter ended March 31, 2026. For the six months ended June 30, 2026, Unity Bancorp reported net income of $28.8 million, or $2.82 per diluted share, compared to net income of $28.1 million, or $2.74 per diluted share, for the six months ended June 30, 2025.

Quarterly Earnings Highlights

•

Net interest income, the primary driver of earnings, was $31.8 million for the quarter ended June 30, 2026, an increase of $1.1 million, as compared to $30.7 million for the quarter ended March 31, 2026. Net interest margin (“NIM”) increased 3 basis points to 4.56% for the quarter ended June 30, 2026, compared to the quarter ended March 31, 2026. The increase in net interest income was primarily due to day count and increased yields on interest-earning assets.

•

The provision for credit losses on loans was $1.0 million for the quarters ended June 30, 2026 and March 31, 2026. The provision in the current quarter was primarily driven by loan growth.

•

Noninterest income was $1.9 million for the quarter ended June 30, 2026, compared to $2.9 million for the quarter ended March 31, 2026. The $1.0 million decrease was primarily due to larger unrealized losses recognized, decreased loan fee income and lower gain on sale of SBA and mortgage loans. The increased unrealized losses are due to the Company's investment in Patriot National Bancorp, Inc., of which the Company held approximately 2.2 million shares as of June 30, 2026.

Subsequent to June 30, 2026, Patriot National Bancorp, Inc. publicly announced the termination of its formal agreement with the OCC and the opening of a new banking office in Beverly Hills, California. These developments did not impact the Company's second quarter financial results.

•

Noninterest expense was $13.9 million for the quarter ended June 30, 2026, compared to $14.1 million for the quarter ended March 31, 2026. The decrease was primarily due to decreased occupancy and loan related expenses, partially offset by increased furniture & equipment expenses.

•

The effective tax rate was 22.4% for the quarter ended June 30, 2026, compared to 22.7% for the quarter ended March 31, 2026. As part of the Company's ongoing initiative to prudently reduce its tax burden and enhance after-tax earnings, Unity strategically invested in tax credit programs during the first half of 2026. During the second quarter of 2026, Unity purchased $2.6 million of state tax credits, resulting in $0.2 million of tax savings. Furthermore, during the first quarter of 2026, Unity purchased $5.1 million of federal tax credits, resulting in $0.4 million of tax savings.

Balance Sheet Highlights

•

Total gross loans increased $137.8 million, or 5.4%, from December 31, 2025, primarily due to increases in the commercial, residential construction and consumer loan categories.

•

As of June 30, 2026, the allowance for credit losses as a percentage of gross loans was 1.29%.

•

As of June 30, 2026, nonaccrual assets (including OREO) were $34.5 million, compared to $31.3 million as of December 31, 2025. The ratio of nonaccrual loans to total loans was 1.23% as of June 30, 2026. The ratio of nonaccrual assets to total assets was 1.08% as of June 30, 2026. During the fourth quarter of 2025, one $15.5 million commercial real estate relationship migrated to nonaccrual status. This isolated relationship accounts for nearly half of nonaccrual assets.

•

Total deposits increased $138.5 million, or 6.0%, from December 31, 2025. As of June 30, 2026, uninsured or uncollateralized deposits represented 21.8% of total deposits. The Company’s deposit composition as of June 30, 2026, consisted of 19.8% in noninterest bearing demand deposits, 16.8% in interest-bearing demand deposits, 23.2%

in savings deposits and 40.2% in time deposits.

•

Borrowed funds increased $60.3 million from December 31, 2025. Borrowed funds were entirely comprised of borrowings from the FHLB.

•

Shareholders’ equity was $371.8 million as of June 30, 2026, compared to $345.6 million as of December 31, 2025. The $26.2 million increase was primarily driven by 2026 earnings, partially offset by dividend payments. During the six months ended June 30, 2026, Unity Bancorp, Inc. repurchased 6,616 shares at a weighted average price of $49.01 per share.

•

Book value per common share was $37.02 as of June 30, 2026, compared to $34.63 as of December 31, 2025. This increase is primarily due to net income partially offset by dividends.

•

Below is a summary of Unity Bancorp’s regulatory capital ratios. During the quarter ended June 30, 2026, risk-weighted assets increased $150.1 million driven by robust loan pipelines and originated Brokered CDs pending settlement.

The Leverage Ratio increased 45 basis points to 13.17% at June 30, 2026, compared to 12.72% at December 31, 2025.

The Common Equity Tier 1 Capital Ratio decreased 26 basis points to 14.19% at June 30, 2026, compared to 14.45% at December 31, 2025.

The Tier 1 Capital Ratio decreased 30 basis points to 14.57% at June 30, 2026, compared to 14.87% at December 31, 2025.

The Total Capital Ratio decreased 30 basis points to 15.82% at June 30, 2026, compared to 16.12% at December 31, 2025.

•

At June 30, 2026, the Company held $250.3 million of cash and cash equivalents. The Company also maintained approximately $421.8 million of funding available from various sources, including the FHLB, FRB Discount Window and other lines of credit. Total available funding plus cash on hand represented 125.4% of uninsured or uncollateralized deposits.

Other Highlights

•

In June 2026, Unity Bank, a wholly owned subsidiary of Unity Bancorp Inc., appointed Sara M. Sooy to its Board of Directors. Ms. Sooy brings significant banking, finance, governance, and public-sector leadership experience to the Bank's Board.

•

In June 2026, Unity Bank, a wholly owned subsidiary of Unity Bancorp Inc., appointed Alfred J. Gaburo to its Board of Directors. Mr. Gaburo brings more than three decades of experience in public affairs, government relations, economic development, and strategic advocacy to the Bank's Board.

•

In the second quarter of 2026, Unity Bank awarded $50 thousand in grants to local small businesses through the FHLBNY Small Business Recovery Grant Program. These grants assist small businesses in overcoming challenges posed by inflation, supply chain constraints, rising energy costs, and a volatile interest rate environment.

Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $3.2 billion in assets and $2.5 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 1A. 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.

UNITY BANCORP, INC.

SUMMARY FINANCIAL HIGHLIGHTS

June 30, 2026 vs.

(In thousands, except percentages and per

March 31, 2026

June 30, 2025

share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

BALANCE SHEET DATA

Total assets

3,194,313

3,027,327

2,928,523

5.5

9.1

Total deposits

2,462,549

2,379,140

2,187,366

3.5

12.6

Total gross loans

2,682,494

2,601,656

2,382,594

3.1

12.6

Total securities

119,300

115,268

139,348

3.5

(14.4

)

Total shareholders' equity

371,813

358,095

319,840

3.8

16.2

Allowance for credit losses

34,551

33,354

29,012

3.6

19.1

FINANCIAL DATA - QUARTER TO DATE

Income before provision for income taxes

18,652

18,487

21,528

0.9

(13.4

)

Provision for income taxes

4,180

4,199

5,037

(0.5

)

(17.0

)

Net income

14,472

14,288

16,491

1.3

(12.2

)

Net income per common share - Basic

1.44

1.43

1.64

0.7

(12.2

)

Net income per common share - Diluted

1.42

1.40

1.61

1.4

(11.8

)

PERFORMANCE RATIOS - QUARTER TO DATE (ANNUALIZED)

Return on average assets

2.01

2.04

2.51

Return on average equity

15.86

16.38

21.15

Efficiency ratio**

40.50

41.77

42.31

Cost of funds

2.38

2.46

Net interest margin

4.56

4.53

4.49

Noninterest expense to average assets

1.93

2.01

1.98

FINANCIAL DATA - YEAR TO DATE

Income before provision for income taxes

37,138

36,952

0.5

Provision for income taxes

8,378

8,863

(5.5

)

Net income

28,760

28,089

2.4

Net income per common share - Basic

2.87

2.79

2.9

Net income per common share - Diluted

2.82

2.74

2.9

PERFORMANCE RATIOS - YEAR TO DATE

Return on average assets

2.02

2.18

Return on average equity

16.11

18.42

Efficiency ratio**

41.13

42.59

Cost of funds

2.38

2.46

Net interest margin

4.54

4.48

Noninterest expense to average assets

1.97

1.99

SHARE INFORMATION

Market price per share

58.69

51.83

47.08

13.2

24.7

Dividends paid (QTD)

0.16

0.14

—

14.3

Book value per common share

37.02

35.66

31.88

3.8

16.1

Average diluted shares outstanding (QTD)

10,221

10,199

10,212

0.2

0.1

UNITY BANCORP CAPITAL RATIOS

Total equity to total assets

11.64

11.83

10.92

(1.6

)

6.6

Leverage ratio

13.17

12.93

12.50

1.9

5.4

Common Equity Tier 1 Capital Ratio

14.19

14.50

13.96

(2.1

)

1.6

Risk-based Tier 1 Capital Ratio

14.57

14.91

14.39

(2.3

)

1.3

Risk-based Total Capital Ratio

15.82

16.16

15.65

(2.1

)

1.1

CREDIT QUALITY AND RATIOS

Nonaccrual assets

34,489

32,092

15,840

7.5

117.7

QTD annualized net recoveries (chargeoffs) to QTD average loans

0.03

(0.01

(0.06

Allowance for credit losses to total loans

1.29

1.28

1.22

Nonaccrual loans to total loans

1.23

1.18

0.66

Nonaccrual assets to total assets

1.08

1.06

0.54

** The efficiency ratio is a non-GAAP measure, calculated based on the noninterest expense divided by the sum of net interest income plus non interest income, excluding net gains and losses on securities.

UNITY BANCORP, INC.

QUARTERLY BALANCE SHEETS

June 30, 2026 vs.

December 31, 2025

June 30, 2025

(In thousands, except percentages)

June 30, 2026

December 31, 2025

June 30, 2025

ASSETS

Cash and due from banks

28,267

19,841

26,045

42.5

8.5

Interest-bearing deposits

222,054

196,678

267,688

12.9

(17.0

)

Cash and cash equivalents

250,321

216,519

293,733

15.6

(14.8

)

Securities:

Debt securities available for sale, at market value, net of valuation allowance

67,221

70,870

92,491

(5.1

)

(27.3

)

Debt securities held to maturity, at book value

37,707

36,576

36,434

3.1

3.5

Equity securities, at market value

14,372

16,569

10,423

(13.3

)

37.9

Total securities

119,300

124,015

139,348

(3.8

)

(14.4

)

Loans:

Loans held for sale

9,458

9,490

13,352

(0.3

)

(29.2

)

SBA loans held for investment

35,816

34,259

38,059

4.5

(5.9

)

Commercial loans

1,649,252

1,518,032

1,409,139

8.6

17.0

Commercial construction loans

128,628

147,215

101,990

(12.6

)

26.1

Residential mortgage loans

668,502

677,221

666,560

(1.3

)

0.3

Consumer loans

94,757

85,219

82,564

11.2

14.8

Residential construction loans

96,081

73,277

70,930

31.1

35.5

Total loans

2,682,494

2,544,713

2,382,594

5.4

12.6

Allowance for credit losses

(34,551

)

(32,342

)

(29,012

)

6.8

19.1

Net loans

2,647,943

2,512,371

2,353,582

5.4

12.5

Premises and equipment, net

17,878

18,022

18,561

(0.8

)

(3.7

)

Bank owned life insurance ("BOLI")

26,977

26,547

26,108

1.6

3.3

Deferred tax assets

15,975

14,640

14,784

9.1

8.1

Federal Home Loan Bank ("FHLB") stock

17,401

14,314

19,730

21.6

(11.8

)

Accrued interest receivable

12,988

12,896

12,411

0.7

4.6

Goodwill

1,516

—

Other real estate owned ("OREO")

1,472

—

*NM

Prepaid expenses and other assets

82,542

24,340

48,750

239.1

69.3

Total assets

3,194,313

2,966,652

2,928,523

7.7

9.1

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Deposits:

Noninterest-bearing demand

487,132

465,596

464,610

4.6

4.8

Interest-bearing demand

380,473

369,131

321,863

3.1

18.2

Savings

566,649

535,044

505,706

5.9

12.1

Brokered deposits

301,525

274,203

237,978

10.0

26.7

Time deposits

726,770

680,087

657,209

6.9

10.6

Total deposits

2,462,549

2,324,061

2,187,366

6.0

12.6

Borrowed funds

316,123

255,774

377,107

23.6

(16.2

)

Subordinated debentures

10,310

—

Accrued interest payable

2,758

2,138

1,463

29.0

88.5

Accrued expenses and other liabilities

30,760

28,738

32,437

7.0

(5.2

)

Total liabilities

2,822,500

2,621,021

2,608,683

7.7

8.2

Shareholders' equity:

Common stock

106,701

105,892

104,674

0.8

1.9

Retained earnings

269,486

243,935

252,606

10.5

6.7

Treasury stock, at cost

(3,425

)

(3,101

)

(35,515

)

(10.4

)

(90.4

)

Accumulated other comprehensive loss

(949

)

(1,095

)

(1,925

)

(13.3

)

(50.7

)

Total shareholders' equity

371,813

345,631

319,840

7.6

16.2

Total liabilities and shareholders' equity

3,194,313

2,966,652

2,928,523

7.7

9.1

Shares issued

10,116

10,048

11,672

Shares outstanding

10,043

9,982

10,032

Treasury shares

1,640

*NM=Not meaningful

UNITY BANCORP, INC.

QTD CONSOLIDATED STATEMENTS OF INCOME

June 30, 2026 vs.

For the three months ended

March 31, 2026

June 30, 2025

(In thousands, except percentages and per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

INTEREST INCOME

Interest-bearing deposits

455

558

487

(103

)

(18.5

)

(32

)

(6.6

)

FHLB stock

140

134

130

4.5

7.7

Securities:

Taxable

1,391

1,409

1,735

(18

)

(1.3

)

(344

)

(19.8

)

Tax-exempt

33.3

41.2

Total securities

1,415

1,427

1,752

(12

)

(0.8

)

(337

)

(19.2

)

Loans:

SBA loans

840

844

856

)

(0.5

)

(16

)

(1.9

)

Commercial loans

26,509

25,016

23,352

1,493

6.0

3,157

13.5

Commercial construction loans

3,347

3,038

2,384

309

10.2

963

40.4

Residential mortgage loans

10,411

10,913

10,390

(502

)

(4.6

)

0.2

Consumer loans

1,471

1,424

1,491

3.3

(20

)

(1.3

)

Residential construction loans

2,047

1,825

1,758

222

12.2

289

16.4

Total loans

44,625

43,060

40,231

1,565

3.6

4,394

10.9

Total interest income

46,635

45,179

42,600

1,456

3.2

4,035

9.5

INTEREST EXPENSE

Interest-bearing demand deposits

2,084

1,910

1,898

174

9.1

186

9.8

Savings deposits

3,291

3,160

2,718

131

4.1

573

21.1

Brokered deposits

2,247

2,267

1,786

(20

)

(0.9

)

461

25.8

Time deposits

6,282

6,128

6,560

154

2.5

(278

)

(4.2

)

Borrowed funds and subordinated debentures

904

984

1,081

(80

)

(8.1

)

(177

)

(16.4

)

Total interest expense

14,808

14,449

14,043

359

2.5

765

5.4

Net interest income

31,827

30,730

28,557

1,097

3.6

3,270

11.5

Provision for credit losses, loans

1,040

1,043

1,725

)

(0.3

)

(685

)

(39.7

)

Provision for credit losses, off-balance sheet

127

136

122

*NM

)

(6.6

)

Release of credit losses, securities

—

(2,036

)

—

2,036

*NM

Net interest income after provision for credit losses

30,660

29,682

28,732

978

3.3

1,928

6.7

NONINTEREST INCOME

Branch fee income

612

489

465

123

25.2

147

31.6

Service and loan fee income

657

912

536

(255

)

(28.0

)

121

22.6

Gain on sale of SBA loans held for sale, net

213

427

163

(214

)

(50.1

)

30.7

Gain on sale of mortgage loans, net

406

500

435

(94

)

(18.8

)

(29

)

(6.7

)

BOLI income

213

217

183

)

(1.8

)

16.4

Net securities (losses) gains

(643

)

(82

)

3,600

(561

)

*NM

(4,243

)

*NM

Other income

463

413

433

12.1

6.9

Total noninterest income

1,921

2,876

5,815

(955

)

(33.2

)

(3,894

)

(67.0

)

NONINTEREST EXPENSE

Compensation and benefits

8,669

8,673

8,160

)

—

509

6.2

Processing and communications

1,131

1,146

980

(15

)

(1.3

)

151

15.4

Occupancy

842

987

809

(145

)

(14.7

)

4.1

Furniture and equipment

831

715

787

116

16.2

5.6

Professional services

456

488

350

(32

)

(6.6

)

106

30.3

Advertising

442

393

456

12.5

(14

)

(3.1

)

Loan related expenses

396

473

265

(77

)

(16.3

)

131

49.4

Deposit insurance

300

313

—

(13

)

(4.2

)

Director fees

270

260

265

3.8

1.9

Other expenses

592

636

634

(44

)

(6.9

)

(42

)

(6.6

)

Total noninterest expense

13,929

14,071

13,019

(142

)

(1.0

)

910

7.0

Income before provision for income taxes

18,652

18,487

21,528

165

0.9

(2,876

)

(13.4

)

Provision for income taxes

4,180

4,199

5,037

(19

)

(0.5

)

(857

)

(17.0

)

Net income

14,472

14,288

16,491

184

1.3

(2,019

)

(12.2

)

Effective tax rate

22.4

22.7

23.4

Net income per common share - Basic

1.44

1.43

1.64

Net income per common share - Diluted

1.42

1.40

1.61

Weighted average common shares outstanding - Basic

10,041

10,012

10,033

Weighted average common shares outstanding - Diluted

10,221

10,199

10,212

*NM=Not meaningful

UNITY BANCORP, INC.

YTD CONSOLIDATED STATEMENTS OF INCOME

For the six months ended June 30,

Current YTD vs. Prior YTD

(In thousands, except percentages and per share amounts)

2026

2025

INTEREST INCOME

Interest-bearing deposits

1,013

819

194

23.7

FHLB stock

274

312

(38

)

(12.2

)

Securities:

Taxable

2,800

3,521

(721

)

(20.5

)

Tax-exempt

20.0

Total securities

2,842

3,556

(714

)

(20.1

)

Loans:

SBA loans

1,684

1,790

(106

)

(5.9

)

Commercial loans

51,525

44,666

6,859

15.4

Commercial construction loans

6,385

5,330

1,055

19.8

Residential mortgage loans

21,324

20,337

987

4.9

Consumer loans

2,895

2,837

2.0

Residential construction loans

3,872

3,754

118

3.1

Total loans

87,685

78,714

8,971

11.4

Total interest income

91,814

83,401

8,413

10.1

INTEREST EXPENSE

Interest-bearing demand deposits

3,994

3,520

474

13.5

Savings deposits

6,451

5,311

1,140

21.5

Brokered deposits

4,513

3,573

940

26.3

Time deposits

12,411

12,975

(564

)

(4.3

)

Borrowed funds and subordinated debentures

1,887

2,214

(327

)

(14.8

)

Total interest expense

29,256

27,593

1,663

6.0

Net interest income

62,558

55,808

6,750

12.1

Provision for credit losses, loans

2,083

3,083

(1,000

)

(32.4

)

Provision for credit losses, off-balance sheet

133

40.0

Release of credit losses, securities

—

(2,036

)

(2,036

)

*NM

Net interest income after provision for credit losses

60,342

54,666

5,676

10.4

NONINTEREST INCOME

Branch fee income

1,101

912

189

20.7

Service and loan fee income

1,570

1,400

170

12.1

Gain on sale of SBA loans held for sale, net

640

302

338

111.9

Gain on sale of mortgage loans, net

905

603

302

50.1

BOLI income

430

334

28.7

Net securities (losses) gains

(725

)

3,551

(4,276

)

*NM

Other income

876

814

7.6

Total noninterest income

4,797

7,916

(3,119

)

(39.4

)

NONINTEREST EXPENSE

Compensation and benefits

17,342

16,062

1,280

8.0

Processing and communications

2,277

1,966

311

15.8

Occupancy

1,829

1,689

140

8.3

Furniture and equipment

1,546

1,533

0.8

Professional services

944

714

230

32.2

Advertising

835

847

(12

)

(1.4

)

Loan related expenses

868

311

557

179.1

Deposit insurance

600

554

8.3

Director fees

530

760

(230

)

(30.3

)

Other expenses

1,230

1,194

3.0

Total noninterest expense

28,001

25,630

2,371

9.3

Income before provision for income taxes

37,138

36,952

186

0.5

Provision for income taxes

8,378

8,863

(485

)

(5.5

)

Net income

28,760

28,089

671

2.4

Effective tax rate

22.6

24.0

Net income per common share - Basic

2.87

2.79

Net income per common share - Diluted

2.82

2.74

Weighted average common shares outstanding - Basic

10,026

10,043

Weighted average common shares outstanding - Diluted

10,210

10,229

*NM=Not meaningful

UNITY BANCORP, INC.

QUARTER TO DATE NET INTEREST MARGIN

For the three months ended

(Dollar amounts in thousands, interest amounts and

June 30, 2026

June 30, 2025

interest rates/yields on a fully tax-equivalent basis)

Average Balance

Interest

Rate/Yield

Average Balance

Interest

Rate/Yield

ASSETS

Interest-earning assets:

Interest-bearing deposits

49,429

455

3.69

43,985

487

4.44

FHLB stock

7,012

140

8.03

7,626

130

6.82

Securities:

Taxable

116,246

1,391

4.78

138,283

1,735

5.02

Tax-exempt

2,197

5.17

1,471

5.59

Total securities (A)

118,443

1,419

4.79

139,754

1,755

5.02

Loans:

SBA loans

41,163

840

8.16

48,646

856

7.04

Commercial loans

1,566,240

26,509

6.70

1,383,062

23,352

6.68

Commercial construction loans

167,917

3,347

7.89

113,959

2,384

8.28

Residential mortgage loans

669,245

10,411

6.22

658,239

10,390

6.31

Consumer loans

88,833

1,471

6.55

82,265

1,491

7.17

Residential construction loans

90,479

2,047

8.95

72,525

1,758

9.59

Total loans (B)

2,623,877

44,625

6.73

2,358,696

40,231

6.75

Total interest-earning assets

2,798,761

46,639

6.68

2,550,061

42,603

6.70

Noninterest-earning assets:

Cash and due from banks

26,650

21,601

Allowance for credit losses

(33,833

)

(28,067

)

Other assets

102,359

95,195

Total noninterest-earning assets

95,176

88,729

Total assets

2,893,937

2,638,790

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest-bearing demand deposits

396,128

2,084

2.11

354,353

1,898

2.15

Savings deposits

570,929

3,291

2.31

487,307

2,718

2.24

Brokered deposits

261,454

2,247

3.45

207,128

1,786

3.46

Time deposits

706,984

6,282

3.56

682,426

6,560

3.86

Total interest-bearing deposits

1,935,495

13,904

2.88

1,731,214

12,962

3.00

Borrowed funds and subordinated debentures

95,890

904

3.73

118,166

1,081

3.62

Total interest-bearing liabilities

2,031,385

14,808

2.92

1,849,380

14,043

3.05

Noninterest-bearing liabilities:

Noninterest-bearing demand deposits

468,772

442,151

Other liabilities

27,705

34,464

Total noninterest-bearing liabilities

496,477

476,615

Total shareholders' equity

366,075

312,795

Total liabilities and shareholders' equity

2,893,937

2,638,790

Net interest spread

31,831

3.76

28,560

3.66

Tax-equivalent basis adjustment

)

Net interest income

31,827

28,557

Net interest margin

4.56

4.49

(A) Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis, assuming a federal tax rate of 21 percent.

(B) The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued.

UNITY BANCORP, INC.

QUARTER TO DATE NET INTEREST MARGIN

For the three months ended

(Dollar amounts in thousands, interest amounts and

June 30, 2026

March 31, 2026

interest rates/yields on a fully tax-equivalent basis)

Average Balance

Interest

Rate/Yield

Average Balance

Interest

Rate/Yield

ASSETS

Interest-earning assets:

Interest-bearing deposits

49,429

455

3.69

61,424

558

3.69

FHLB stock

7,012

140

8.03

7,214

134

7.53

Securities:

Taxable

116,246

1,391

4.78

118,488

1,409

4.76

Tax-exempt

2,197

5.17

1,486

5.60

Total securities (A)

118,443

1,419

4.79

119,974

1,430

4.77

Loans:

SBA Loans

41,163

840

8.16

41,576

844

8.12

Commercial loans

1,566,240

26,509

6.70

1,528,022

25,016

6.55

Commercial construction loans

167,917

3,347

7.89

152,561

3,038

7.96

Residential mortgage loans

669,245

10,411

6.22

678,359

10,913

6.44

Consumer loans

88,833

1,471

6.55

84,037

1,424

6.78

Residential construction loans

90,479

2,047

8.95

80,226

1,825

9.10

Total loans (B)

2,623,877

44,625

6.73

2,564,781

43,060

6.72

Total interest-earning assets

2,798,761

46,639

6.68

2,753,393

45,182

6.66

Noninterest-earning assets:

Cash and due from banks

26,650

24,735

Allowance for credit losses

(33,833

)

(33,007

)

Other assets

102,359

98,891

Total noninterest-earning assets

95,176

90,619

Total assets

2,893,937

2,844,012

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest-bearing demand deposits

396,128

2,084

2.11

385,444

1,910

2.01

Savings deposits

570,929

3,291

2.31

563,220

3,160

2.28

Brokered deposits

261,454

2,247

3.45

265,877

2,267

3.46

Time deposits

706,984

6,282

3.56

685,355

6,128

3.63

Total interest-bearing deposits

1,935,495

13,904

2.88

1,899,896

13,465

2.87

Borrowed funds and subordinated debentures

95,890

904

3.73

108,231

984

3.64

Total interest-bearing liabilities

2,031,385

14,808

2.92

2,008,127

14,449

2.92

Noninterest-bearing liabilities:

Noninterest-bearing demand deposits

468,772

457,603

Other liabilities

27,705

24,594

Total noninterest-bearing liabilities

496,477

482,197

Total shareholders' equity

366,075

353,688

Total liabilities and shareholders' equity

2,893,937

2,844,012

Net interest spread

31,831

3.76

30,733

3.74

Tax-equivalent basis adjustment

)

Net interest income

31,827

30,730

Net interest margin

4.56

4.53

(A) Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis, assuming a federal tax rate of 21 percent.

(B) The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued.

UNITY BANCORP, INC.

YEAR TO DATE NET INTEREST MARGIN

For the six months ended

(Dollar amounts in thousands, interest amounts and

June 30, 2026

June 30, 2025

interest rates/yields on a fully tax-equivalent basis)

Average

Balance

Interest

Rate/Yield

Average

Balance

Interest

Rate/Yield

ASSETS

Interest-earning assets:

Interest-bearing deposits

55,393

1,013

3.69

37,161

819

4.44

FHLB stock

7,113

274

7.77

7,543

312

8.34

Securities:

Taxable

117,361

2,800

4.77

140,552

3,521

5.01

Tax-exempt

1,843

5.34

1,533

5.07

Total securities (A)

119,204

2,849

4.78

142,085

3,559

5.01

Loans:

SBA loans

41,369

1,684

8.10

49,139

1,790

7.25

Commercial loans

1,547,236

51,525

6.62

1,344,770

44,666

6.61

Commercial construction loans

160,281

6,385

7.92

127,378

5,330

8.32

Residential mortgage loans

673,777

21,324

6.33

649,041

20,337

6.27

Consumer loans

86,448

2,895

6.66

78,730

2,837

7.17

Residential construction loans

85,381

3,872

9.02

78,437

3,754

9.52

Total loans (B)

2,594,492

87,685

6.72

2,327,495

78,714

6.73

Total interest-earning assets

2,776,202

91,821

6.67

2,514,284

83,404

6.69

Noninterest-earning assets:

Cash and due from banks

25,698

22,354

Allowance for credit losses

(33,422

)

(27,763

)

Other assets

100,634

93,385

Total noninterest-earning assets

92,910

87,976

Total assets

2,869,112

2,602,260

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Interest-bearing demand deposits

390,816

3,994

2.06

348,206

3,520

2.04

Savings deposits

567,095

6,451

2.29

491,158

5,311

2.18

Brokered deposits

263,653

4,513

3.45

210,305

3,573

3.43

Time deposits

696,229

12,411

3.59

660,304

12,975

3.96

Total interest-bearing deposits

1,917,793

27,369

2.88

1,709,973

25,379

2.99

Borrowed funds and subordinated debentures

102,027

1,887

3.68

118,648

2,214

3.71

Total interest-bearing liabilities

2,019,820

29,256

2.92

1,828,621

27,593

3.04

Noninterest-bearing liabilities:

Noninterest-bearing demand deposits

463,219

433,906

Other liabilities

26,157

32,161

Total noninterest-bearing liabilities

489,376

466,067

Total shareholders' equity

359,916

307,572

Total liabilities and shareholders' equity

2,869,112

2,602,260

Net interest spread

62,565

3.75

55,811

3.65

Tax-equivalent basis adjustment

)

Net interest income

62,558

55,808

Net interest margin

4.54

4.48

(A) Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis, assuming a federal tax rate of 21 percent.

(B) The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued.

UNITY BANCORP, INC.

QUARTERLY ALLOWANCE FOR CREDIT LOSSES AND LOAN QUALITY SCHEDULES

(Amounts in thousands, except percentages)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

ALLOWANCE FOR CREDIT LOSSES:

Balance, beginning of period

33,354

32,342

30,245

29,012

27,651

Provision for credit losses for loans

1,040

1,043

2,208

1,409

1,725

34,394

33,385

32,453

30,421

29,376

Less: Chargeoffs

SBA loans

—

265

211

105

Commercial loans

—

140

—

100

Residential mortgage loans

—

282

Consumer loans

—

Residential construction loans

—

Total chargeoffs

—

240

322

326

508

Add: Recoveries

SBA loans

Commercial loans

196

102

Residential mortgage loans

—

100

—

Consumer loans

Residential construction loans

—

Total recoveries

157

209

211

150

144

Net recoveries (chargeoffs)

157

(31

)

(111

)

(176

)

(364

)

Balance, end of period

34,551

33,354

32,342

30,245

29,012

ASSET QUALITY INFORMATION:

Nonaccrual loans:

SBA loans

1,616

1,645

1,751

4,225

4,177

Commercial loans

17,743

18,375

18,473

4,006

3,512

Residential mortgage loans

10,290

8,915

8,173

11,174

7,980

Consumer loans

2,926

1,557

1,268

938

—

Residential construction loans

442

128

171

Total nonaccrual loans

33,017

30,620

29,836

20,514

15,840

OREO

1,472

—

Nonaccrual assets

34,489

32,092

31,308

20,514

15,840

Loans 90 days past due & still accruing

—

356

2,876

Nonaccrual loans to total loans

1.23

1.18

1.17

0.83

0.66

Nonaccrual assets to total assets

1.08

1.06

0.71

0.54

Allowance for credit losses to:

Total loans

1.29

1.28

1.27

1.23

1.22

Total nonaccrual loans

104.65

108.93

108.40

147.44

183.16

UNITY BANCORP, INC.

QUARTERLY FINANCIAL DATA

(In thousands, except %'s, employee, office and per share amounts)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

SUMMARY OF INCOME:

Total interest income

46,635

45,179

45,868

44,361

42,600

Total interest expense

14,808

14,449

14,499

14,505

14,043

Net interest income

31,827

30,730

31,369

29,856

28,557

Provision (Release) for credit losses

1,167

1,048

2,258

542

(175

)

Net interest income after provision for credit losses

30,660

29,682

29,111

29,314

28,732

Total noninterest income

1,921

2,876

3,898

2,967

5,815

Total noninterest expense

13,929

14,071

13,315

13,415

13,019

Income before provision for income taxes

18,652

18,487

19,694

18,866

21,528

Provision for income taxes

4,180

4,199

4,222

4,476

5,037

Net income

14,472

14,288

15,472

14,390

16,491

Net income per common share - Basic

1.44

1.43

1.55

1.43

1.64

Net income per common share - Diluted

1.42

1.40

1.52

1.41

1.61

COMMON SHARE DATA:

Market price per share

58.69

51.83

51.72

48.87

47.08

Dividends paid

0.16

0.15

0.14

Book value per common share

37.02

35.66

34.63

33.26

31.88

Weighted average common shares outstanding - Basic

10,041

10,012

10,008

10,036

10,033

Weighted average common shares outstanding - Diluted

10,221

10,199

10,195

10,233

10,212

Issued common shares

10,116

10,114

10,048

11,681

11,672

Outstanding common shares

10,043

10,041

9,982

10,041

10,032

Treasury shares

1,640

QUARTERLY PERFORMANCE RATIOS (ANNUALIZED):

Return on average assets

2.01

2.04

2.20

2.11

2.51

Return on average equity

15.86

16.38

18.08

17.41

21.15

Efficiency ratio **

40.50

41.77

39.52

41.47

42.31

Noninterest expense to average assets

1.93

2.01

1.89

1.97

1.98

BALANCE SHEET DATA:

Total assets

3,194,313

3,027,327

2,966,652

2,876,365

2,928,523

Total securities

119,300

115,268

124,015

131,252

139,348

Total loans

2,682,494

2,601,656

2,544,713

2,468,527

2,382,594

Allowance for credit losses

34,551

33,354

32,342

30,245

29,012

Total deposits

2,462,549

2,379,140

2,324,061

2,267,484

2,187,366

Total shareholders' equity

371,813

358,095

345,631

334,023

319,840

TAX EQUIVALENT YIELDS AND RATES:

Interest-earning assets

6.68

6.66

6.72

6.74

6.70

Interest-bearing liabilities

2.92

2.94

3.05

Net interest spread

3.76

3.74

3.78

3.69

3.66

Net interest margin

4.56

4.53

4.60

4.54

4.49

CREDIT QUALITY:

Nonaccrual assets

34,489

32,092

31,308

20,514

15,840

QTD annualized net recoveries (chargeoffs) to QTD average loans

0.03

(0.01

)

(0.02

)

(0.03

)

(0.06

)

Allowance for credit losses to total loans

1.29

1.28

1.27

1.23

1.22

Nonaccrual loans to total loans

1.23

1.18

1.17

0.83

0.66

Nonaccrual assets to total assets

1.08

1.06

0.71

0.54

UNITY BANCORP CAPITAL RATIOS

Total equity to total assets

11.64

11.83

11.65

11.61

10.92

Leverage ratio

13.17

12.93

12.72

12.71

12.50

Common Equity Tier 1 Capital Ratio

14.19

14.50

14.45

13.96

Risk-based Tier 1 Capital Ratio

14.57

14.91

14.87

14.88

14.39

Risk-based Total Capital Ratio

15.82

16.16

16.12

16.13

15.65

Number of banking offices

Employee Full-Time Equivalent

249

244

242

238

237

UNITY BANCORP, INC.

LOAN PORTFOLIO COMPOSITION

(In thousands, except percentages)

June 30, 2026

December 31, 2025

Loans Held for Sale

9,458

0.4

9,490

0.4

SBA Loans

35,816

1.3

34,259

1.3

Commercial Loans

SBA 504

44,353

1.7

43,802

1.7

Commercial & industrial

191,787

7.2

183,163

7.2

Commercial mortgage - owner occupied

706,609

26.3

660,427

26.0

Commercial mortgage - nonowner occupied

618,130

23.0

531,954

20.9

Other

88,373

3.3

98,686

39.0

Total Commercial Loans

1,649,252

61.5

1,518,032

59.7

Commercial Construction Loans

128,628

4.8

147,215

5.8

Residential Mortgage Loans

Primary residence

466,521

17.4

472,482

18.6

Secondary residence

70,795

2.6

71,656

2.8

Investor property

131,186

4.9

133,083

5.2

Total Residential Mortgage Loans

668,502

24.9

677,221

26.6

Consumer Loans

Home equity

92,175

3.4

82,488

3.2

Consumer other

2,582

0.1

2,731

0.1

Total Consumer Loans

94,757

3.5

85,219

3.3

Residential Construction Loans

96,081

3.6

73,277

2.9

Total Gross Loans

2,682,494

100.0

2,544,713

100.0

UNITY BANCORP, INC.

QUARTERLY NON-GAAP / CORE RECONCILIATION

For the three months ended

(In thousands, except percentages and per share amounts)

June 30, 2026

March 31, 2026

June 30, 2025

Adjusted net income:

Net income (GAAP)

14,472

14,288

16,491

Non-recurring transactions:

Less: Release of credit losses, securities

—

(2,036

)

Less: Net securities gains, pertaining to one-time sales

—

(3,509

)

Add: Adjusted release of income taxes

—

1,301

Adjusted net income (non-GAAP)

14,472

14,288

12,247

Adjusted net income per common share:

Weighted average common shares outstanding - Basic

10,041

10,012

10,033

Weighted average common shares outstanding - Diluted

10,221

10,199

10,212

Net income per common share - Basic (GAAP)

1.44

1.43

1.64

Net income per common share - Diluted (GAAP)

1.42

1.40

1.61

Adjusted net income per common share - Basic (non-GAAP)

N/A

1.22

Adjusted net income per common share - Diluted (non-GAAP)

N/A

1.20

Adjusted return on average assets:

Total QTD average assets

2,893,937

2,844,012

2,638,790

Return on average assets (GAAP)

2.01

2.04

2.51

Adjusted return on average assets (non-GAAP)

N/A

1.86

Adjusted return on average equity:

Total QTD average equity

366,075

353,688

312,795

Return on average equity (GAAP)

15.86

16.38

21.15

Adjusted return on average equity (non-GAAP)

N/A

15.70

Management uses these non-GAAP measures as internal benchmarks in evaluating operating performance and in planning and forecasting future periods.

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