The Independent Community Bankers of America selected Clinton-based Unity Bank for its Best-Performing Banks 2023 list, which annually ranks the top community banks in the country.
Unity, the only New Jersey-headquartered bank selected for the honor, was listed at No. 25 out of 352 ICBA member banks with assets of $1 billion or higher. Unity holds about $2.5 billion in assets and $1.8 billion in deposits.
“We are honored to make this prestigious list of the top-performing community banks in the U.S.,” Unity Bank CEO and President James Hughes said. “As a conservatively run and profitable community bank, we are well-capitalized and well-positioned to continue to serve our customers and community. The ICBA recognition is a tribute to our employees, board and management team for delivering value for our shareholders and customers by maintaining the bank’s financial strength and investing in our future.”
ICBA compiles the rankings by recognizing community banks who are high performers over several years. Using Federal Deposit Insurance Corp. data, ICBA takes into account pre-tax return-on-assets figures from the past three years, with the most recent year weighted at three times, second most recent year at two times and third most recent year at one time. ICBA then divides the community banks into three broad segments based on asset size and ranks each segment based on the three-year weighted average ROA. A bank must have a rating of C or higher by Kroll Bond Ratings (formerly LACE) to be considered for ranking.