8-K - UNTY - Equibles

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

April 27, 2023

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 8.01	Other Events

The Registrant issued a press release on April 27, 2023 announcing the approval of a new Share Repurchase Program. Under this new program, the Company may repurchase up to 500,000 shares, or approximately 5.0% of its outstanding common stock. The full text of the press release is filed as Exhibit 99.1 with this current report on Form 8-K and is hereby incorporated by reference in response to this item.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



Exhibit 99.1	Press release issued by the Registrant on April 27, 2023

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: April 27, 2023
	By:	/s/ George Boyan
		George Boyan
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

Unity Bancorp, Inc.<br>64 Old Highway 22<br>Clinton, NJ 08809<br>800 618-BANK<br>www.unitybank.com<br>For Immediate Release:<br>April 27, 2023<br>News Media & Financial Analyst Contact:<br>George Boyan, EVP & CFO<br>(908) 713-4306<br>Unity Bancorp Approves New Share Repurchase Program<br>Clinton, NJ – Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that<br>its Board of Directors has approved a new Share Repurchase Program. Under this new program, the<br>Company may repurchase up to 500,000 shares, or approximately 5.0% of its outstanding common stock.<br>The timing and amount of purchases will be dictated by a number of factors.<br>Under the 2023 Share Repurchase Program, repurchases will be made from time to time by the Company<br>in the open market as conditions allow, or in privately negotiated transactions. All or part of the<br>repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under<br>pre-set terms at times when the Company might otherwise be prevented from doing so under insider<br>trading laws or because of self-imposed blackout periods.<br>Except in the case of repurchases under a Rule 10b5-1 trading plan, the volume, nature, price and timing<br>of the repurchases are at the sole discretion of management, dependent on the stock price, market<br>conditions, applicable securities laws including SEC Rule 10b-18, corporate and regulatory requirements,<br>capital and liquidity needs or other factors. The Board of Directors may suspend, discontinue, terminate,<br>modify, cancel or extend the Share Repurchase Program at any time and for any reason.<br>James A. Hughes, President and CEO, remarked “We are pleased to announce the approval of our new<br>share repurchase plan, which reflects our commitment to returning value to our shareholders. While this<br>repurchase plan was recently approved and is a testament to our strong capital base, we will proceed<br>cautiously with regards to capital management as economic conditions continue to unfold.”<br>Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with<br>approximately $2.5 billion in assets and $1.8 billion in deposits. Unity Bank provides financial services<br>to retail, corporate and small business customers through its retail service centers located in Bergen,<br>Hunterdon, Middlesex, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton<br>County, Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com ,<br>or call 800-618-BANK.<br>This news release contains certain forward-looking statements, either expressed or implied, which are provided to<br>assist the reader in understanding anticipated future financial performance. These statements may be identified by<br>use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These<br>statements involve certain risks, uncertainties, estimates and assumptions made by management, which are
subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors<br>include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as<br>amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in<br>interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our<br>nonperforming assets, results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and<br>customers, among other factors.
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Unity Bancorp, Inc. 64 Old Highway 22 Clinton, NJ 08809 800 618-BANK www.unitybank.com For Immediate Release: April 27, 2023 News Media & Financial Analyst Contact: George Boyan, EVP & CFO (908) 713-4306 Unity Bancorp Approves New Share Repurchase Program Clinton, NJ – Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has approved a new Share Repurchase Program. Under this new program, the Company may repurchase up to 500,000 shares, or approximately 5.0% of its outstanding common stock. The timing and amount of purchases will be dictated by a number of factors. Under the 2023 Share Repurchase Program, repurchases will be made from time to time by the Company in the open market as conditions allow, or in privately negotiated transactions. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. Except in the case of repurchases under a Rule 10b5-1 trading plan, the volume, nature, price and timing of the repurchases are at the sole discretion of management, dependent on the stock price, market conditions, applicable securities laws including SEC Rule 10b-18, corporate and regulatory requirements, capital and liquidity needs or other factors. The Board of Directors may suspend, discontinue, terminate, modify, cancel or extend the Share Repurchase Program at any time and for any reason. James A. Hughes, President and CEO, remarked “We are pleased to announce the approval of our new share repurchase plan, which reflects our commitment to returning value to our shareholders. While this repurchase plan was recently approved and is a testament to our strong capital base, we will proceed cautiously with regards to capital management as economic conditions continue to unfold.” Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.5 billion in assets and $1.8 billion in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its retail service centers located in Bergen, Hunterdon, Middlesex, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County, 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 and 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 IA-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, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

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