Unity Bancorp (UNTY) Proxy Filing summary

Executive summary

• Achieved net income of $41.5 million in 2024, a 4.4% increase over 2023, with total loans up 4.1% and deposits up 9.2%.

• Net interest margin expanded to 4.16%, and asset quality remained strong with non-accrual loans at 0.58% of total loans.

• Commercial loan originations grew 9% year-over-year, and residential mortgage originations increased 7% despite a challenging rate environment.

• Became an FHA-approved lender, expanding offerings to first-time and lower-income homebuyers.

• Continued investment in technology, security, and customer experience, with new consumer and business banking products and digital enhancements planned for 2025.

Voting matters and shareholder proposals

• Annual Meeting of Shareholders scheduled for April 24, 2025, to be held virtually.

Board of directors and corporate governance

• Board includes a mix of independent business leaders and executive management, chaired by David Dallas.

• Executive team led by President & CEO James Hughes, with defined roles in finance, lending, compliance, and technology.