Clinton-based Unity Bank has been awarded the Raymond James Community Bankers Cup for 2022. Unity was the only New Jersey-headquartered bank recognized for the honor from Raymond James, an independent investment bank and research firm.
“We are honored to be selected for the Raymond James Community Bankers Cup,” Unity Bank CEO and President James Hughes said. “Unity Bank is a financially strong, conservatively managed community bank that is ideally positioned to continue to serve our customers and community. We continue to invest in our future by opening new branches, expanding our service area and providing new opportunities for our employees to grow while delivering value for our shareholders.”
Unity was ranked 17th nationally among the 216 community banks considered for the award, which recognizes the Top 10% of community banks in the U.S., with assets between $500 million and $10 billion as of Dec. 31, 2022. Banks were rated on six financial performance and stability measures:
- Nonperforming assets to loans and real estate owned;
- Five-year average core deposit percentage;
- Net interest margin;
- Efficiency ratio;
- Return on average assets;
- Return on average tangible common equity.
The pool of banks considered for recognition included all exchange-traded domestic banks, excluding mutual holding companies and potential acquisition targets.
Unity Bank holds about $2.5 billion in assets and $1.8 billion in deposits. The bank currently operates 20 branches throughout New Jersey and the Lehigh Valley in Pennsylvania.