News to Track: Unity Bancorp (NASDAQ:UNTY)

Unity Bancorp (NASDAQ:UNTY) spotted trading -18.41% off 52-week high price. On the other end, the stock has been noted 121.23% away from the low price over the last 52-weeks. The stock changed 7.25% to recent value of $19.38. The stock transacted 24903 shares during most recent day however it has an average volume of 19.36K shares. The company has 10.63M of outstanding shares and 7.49M shares were floated in the market.  

On Jan. 22, 2021, Unity Bancorp (NASDAQ:UNTY) parent company of Unity Bank, revealed net income of $7.3 million, or $0.69 per diluted share, for the quarter ended December 31, 2020, a 20.0 percent increase compared to net income of $6.1 million, or $0.55 per diluted share for the prior year’s fourth quarter. For the year ended December 31, 2020, Unity reported net income of $23.6 million, or $2.19 per diluted share, compared to net income of $23.7 million, or $2.14 per diluted share for the year ended December 31, 2019. Overall earnings were impacted primarily due to an increased provision for loan losses, necessitated by the COVID-19 pandemic, partially offset by revenue generated by the Small Business Administration (SBA) Paycheck Protection Program (PPP).

James A. Hughes, President and CEO, commented on the financial results: 2020 was a year of resilience for Unity. The safety and success of our employees and customers was, and continues to remain, our top priority. I am extremely proud of our employees who stepped up to deliver tremendous service to our customers and small businesses. Employees worked diligently with customers coming off payment deferrals, the majority of which are repaying their loans per the original terms. While 2020 was a challenging year, we achieved record loan volume in our mortgage division. Due to the uncertainty surrounding the COVID-19 pandemic, we continue to evaluate the sufficiency of our loan reserve. Our ability to sustain a robust balance sheet, strong liquidity and solid credit quality has made me optimistic about the future for Unity.

 Its earnings per share (EPS) expected to touch remained 6.80% for this year. UNTY has an operating margin of 71.10% while its profit margin remained 28.80% for the last 12 months. 

 The price moved ahead of 5.07% from the mean of 20 days, 8.21% from mean of 50 days SMA and performed 32.72% from mean of 200 days price. Company’s performance for the week was -4.30%, 12.02% for month and YTD performance remained 10.43%.

 

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