Unity Bancorp, Inc. (NASDAQ: UNTY) saw its shares in the green early Thursday, upon word 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 any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.
CEO James A. Hughes remarked, “We are pleased to announce the approval of our new share repurchase plan. We remain excited about our long-term growth prospects and believe that timely share repurchases enhance shareholder value. Historically, we have executed share repurchases when our shares trade near or below tangible book value per share. As always, we will remain disciplined and regularly assess the utilization of our capital.
Moreover, this repurchase plan is a testament to our strong capital position. We are committed to maintaining discipline in our capital management strategies, and will continue to assess macro-economic conditions to guide our decisions.”
Since announcing the 2023 Share Repurchase Program on April 27, 2023, the Company has repurchased 315,355 shares and has 184,645 shares remaining to be repurchased on this plan. The 2024 Share Repurchase Plan will commence immediately upon the completion of the 2023 Share Repurchase Plan.
UNTY shares took on 48 cents, or 1.4%, to $35.10.
