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On behalf of the entire Unity Bancorp (“Unity”)
team, I am pleased to report another year of
TO OUR SHAREHOLDERS
record growth and profitability. During 2018,
we gained considerable traction in growing our
franchise. This progress was achieved through
a disciplined approach to growing revenue and
managing spending, which resulted in increased
efficiency and profitability.
The results delivered in 2018 were outstanding.
We achieved a number of financial records for our
company and were recognized by American Banker
magazine as the 19th highest performing publicly
traded community bank in the nation for banks
and thrifts less than $2 billion in assets. In addition,
Unity Bank was named one of the best places to
work in NJ for the second year in a row by NJBiz.
WE ACHIEVED THIS RECORD
PERFORMANCE BY OUR CONTINUED
FOCUS ON RELATIONSHIPS, AND
EXPERT TEAM OF PROFESSIONALS.
SUCCESS COMES DOWN TO PEOPLE.
In 2018, Unity reported record earnings.
Net Income was $22 million, an increase of 70%
from last year.
Return on average assets and average equity were
1.53% and 17.10%, respectively.
Our net interest margin expanded to 3.97%, in
spite of a rising rate environment.
Our loan portfolio grew to $1.3 billion, an
increase of 11.5% and our deposit base ended the
year at $1.2 billion, an increase of 15.8%.
We now have nineteen branch locations and are
$1.6 billion in total assets.
