Analogies for Unity Bancorp (UNTY):

• It's like a highly localized and community-focused Bank of America, exclusively serving specific counties in New Jersey and Pennsylvania.
• Think of it as a smaller, neighborhood version of a big bank like Wells Fargo, dedicated to individuals and small businesses in its regional market.

• Checking Accounts: Offers both personal and business checking accounts.
• Savings Accounts: Provides regular savings and money market accounts.
• Time Deposits: Includes various types of certificates of deposit (CDs) and other time-based savings products.
• Small Business Administration (SBA) Loans: Provides government-backed loans to small businesses.
• Commercial Loans: Offers loans to businesses for operational, expansion, or other commercial needs.
• Residential Mortgage Loans: Provides financing for residential real estate purchases, refinances, and construction.
• Home Equity Loans and Lines of Credit: Offers loans and credit lines secured by the equity in a homeowner's property.
• Personal Loans: Provides loans to individuals for various personal consumer needs.

Unity Bancorp, Inc. (UNTY) primarily serves the following categories of customers:

• Individuals: This includes consumers seeking personal checking accounts, savings accounts, residential mortgages, home equity loans, and other personal loans.
• Small and Medium-Sized Businesses: These customers utilize the bank's commercial banking products and services, including business checking accounts, commercial loans, and Small Business Administration (SBA) loans.
• Professional Communities: This category likely encompasses professionals and their practices (e.g., medical, legal, accounting firms) who require specialized banking services, including checking accounts and commercial loans tailored to their professional needs.

James Hughes, Chief Executive Officer

James Hughes joined Unity Bancorp in December 2000 and was appointed Chief Executive Officer in 2003. Prior to his time at Unity, he served as a Senior Vice President of Finance at Summit Bancorp in Princeton, New Jersey, where he began in August 1989. He also worked as an audit manager with KPMG, L.L.P. Mr. Hughes is a certified public accountant and holds a B.S. in Accounting/Finance from Mount St. Mary's College and an M.B.A. in Finance from Seton Hall University.

James Davies, Chief Financial Officer

James Davies was appointed Chief Financial Officer of Unity Bancorp, effective January 1, 2026. Before this promotion, he served as the company's Senior Vice President and Controller. His prior experience includes serving as Deputy Controller of Valley Bank in 2022, and from 2018 to 2022, he was First Vice President, Co-Controller, and CFO of Leumi Investment Services, Inc., as well as Finance Manager of Bank Leumi USA.

George Boyan, President

George Boyan was promoted to President of Unity Bancorp, effective January 1, 2026, and also joined the Boards of Directors of both Unity Bancorp, Inc. and Unity Bank. He previously held the position of Executive Vice President and Chief Financial Officer for Unity Bancorp from 2021. From 2014 to 2021, he served as Treasurer & Controller of Bank Leumi USA and President of Leumi Investment Services, Inc.

David Dallas, Founder & Chairman of the Board

David Dallas is a Founder and currently serves as the Chairman of the Board for Unity Bancorp, Inc. and Unity Bank.

James Donovan, First Senior VP & Chief Lending Officer

James Donovan holds the position of First Senior Vice President and Chief Lending Officer at Unity Bancorp. Prior to joining Unity, he served as Group Vice President, Pennsylvania Market Manager Business Banking for M&T Bank since 2005. He also served as Senior Vice President, Head of Commercial & Industrial Banking for Bryn Mawr Trust since April 2019.

Key Risks to Unity Bancorp (UNTY)

• The rise of digital-only banks and financial technology (Fintech) companies that offer streamlined, app-based banking experiences, competitive rates, and lower fees, directly competing with traditional banks for deposits and loans without the overhead of physical branches.
• The increasing entry of "Big Tech" companies (e.g., Apple, Google, Amazon) into financial services, leveraging their massive user bases, data, and technological expertise to offer payment solutions, lending products, and other financial services, potentially disintermediating traditional banks from customer relationships.

Unity Bancorp, Inc. (UNTY) operates within the commercial and retail banking sectors in specific counties of New Jersey and Northampton County, Pennsylvania. The addressable markets for its main products and services can be broadly estimated using state-level banking industry statistics for deposits and loans, which serve as proxies for the markets for checking, savings, and loan products.

For its deposit products, which include personal and business checking accounts, time deposits, money market accounts, and regular savings accounts, the addressable market can be estimated by the total deposits held by all banks in the regions where Unity Bancorp operates. As of September 30, 2025, the total assets for all banks in New Jersey amounted to approximately $203.08 billion. The total deposits for all banks in New Jersey were approximately $436.8 billion as of June 30, 2025.

For its lending products, such as small business administration loans, commercial loans, and residential mortgage and consumer loans, the overall banking market in its operating states provides an indication of the addressable market. As of September 30, 2025, the total assets for all banks in Pennsylvania were approximately $336.41 billion. The total deposits for all banks in Pennsylvania were approximately $270.92 billion as of December 31, 2024.

More specifically for Small Business Administration (SBA) loans, community banks in New Jersey provided a total of $9.5 billion in SBA loans to small businesses between 2010 and 2025. Similarly, in Pennsylvania, community banks provided a total of $9.2 billion in SBA loans to small businesses from 2010 to 2025. These figures represent the market size for SBA lending across the entirety of each state, not solely within Unity Bancorp's specific service areas.

It is important to note that Unity Bancorp's physical presence is concentrated in Bergen, Hunterdon, Middlesex, Somerset, Union, and Warren counties in New Jersey, and Northampton County in Pennsylvania. Therefore, its actual addressable market is a subset of these state-level figures.

Unity Bancorp (NASDAQ: UNTY) is expected to drive future revenue growth over the next two to three years through several key initiatives directly related to its core banking operations and strategic market presence.

Here are 3-5 expected drivers of future revenue growth:

• Sustained Growth in Loans and Deposits: Unity Bancorp has demonstrated a clear strategy of achieving "meaningful expansion across loans and deposits". In 2025, the company reported a 12.6% increase in gross loans and a 10.7% growth in total deposits, with a stated ongoing strategy to grow these in tandem at a mid-to-high single-digit rate.
• Expansion of Commercial Loan Portfolios: A significant contributor to Unity Bancorp's loan growth has been the expansion of its commercial portfolios. This focus aligns with the company's business model of serving small and medium-sized businesses and professional communities.
• Organic Growth through Customer Acquisition and Relationship Deepening: The company emphasizes its "organic growth strategy" by attracting new clients and enhancing relationships with existing customers. This focus on customer experience and expanding the client base is a key element for maintaining growth momentum.
• Strategic Branch Network Expansion: Unity Bancorp has actively expanded its physical footprint, evidenced by the opening of its 22nd branch in Madison, New Jersey, in the third quarter of 2025. This expansion reinforces its commitment to serving local communities and deepening relationships, thereby increasing its market reach and customer base.
• Favorable Net Interest Margin (NIM) Trends: Unity Bancorp has benefited from an expanding net interest margin, which directly contributes to its profitability and revenue. The company’s net interest margin increased by 5 basis points to 4.54% in Q3 2025, demonstrating its ability to drive profitability in a dynamic rate environment.

Share Repurchases

• Unity Bancorp authorized a new Share Repurchase Program on August 1, 2024, permitting the repurchase of up to 500,000 shares, which represents approximately 5.0% of its outstanding common stock. This program was set to begin after the completion of the 2023 plan.
• Under a previous program initiated on April 27, 2023, the company had repurchased 315,355 shares as of August 1, 2024, with 184,645 shares remaining for future repurchase.
• For the year ended December 31, 2025, Unity Bancorp repurchased 116,296 shares at a weighted average price of $43.21 per share, and retired approximately 1.6 million shares of treasury stock valued at $35.5 million during the fourth quarter of 2025.

Share Issuance

• The number of outstanding shares for Unity Bancorp has remained relatively stable over the last few years, with 10.06 million in 2023, 10 million in 2024, and 10 million in 2025, suggesting that share repurchases have largely offset any issuances.

Outbound Investments

• Unity Bancorp holds an investment in Patriot National Bancorp Inc., on which it recognized a $1.5 million unrealized gain during the quarter ended December 31, 2025.