Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Document and Entity Information [Abstract] | |
Document Type | DEF 14A |
Entity Registrant Name | UNITY BANCORP INC /NJ/ |
Entity Central Index Key | 0000920427 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Summary Average Summary Average Value of Initial Fixed Compensation Compensation Compensation Table Compensation $100 Investment Based On: Pre Provision Table Total For Actually Paid to Total for Non-PEO Actually Paid to Total Shareholder Peer Group Total Net Income Net Revenue Year PEO ($) PEO ($) NEOs ($) Non-PEO NEOs ($) Return ($) Shareholder Return ($) (in millions) (PPNR) ROAA (1) (1) (2) (2) (3) 2022 2,207,257 2,323,003 797,723 827,847 126.86 112.59 38.5 2.55 2021 2,373,879 2,733,535 613,293 772,845 120.00 112.83 36.1 2.50 2020 1,460,367 980,793 463,866 350,912 79.35 80.77 23.6 2.18 1) The Company’s Principal Executive Officer “PEO” is James A. Hughes. 2) The Company’s current Non-PEO NEOs consist of George Boyan, Janice Bolomey, John J. Kauchak and Vincent Geraci. Prior periods include Laureen Cook who resigned as Senior Vice President and Chief Accounting Officer on April 8, 2022, Anthony Cossetti who resigned as Executive Vice President and Chief Financial Officer on September 25, 2020, and Alan Bedner who resigned as Executive Vice President and Chief Financial Officer on January 24, 2020. 3) For the years in which public shareholder return data was available, the Company’s peer group total shareholder consists of data compiled on the following banks: American Bank, BCB Community Bank, Blue Foundry Bank, ConnectOne Bank, Embassy Bank for the Lehigh Valley, ESSA Bank & Trust, First Bank, First Commerce Bank, Kearny Bank, Lakeland Bank, Magyar Bank, Parke Bank, Peapack-Gladstone Bank, Provident Bank, QNB Bank, The Bank of Princeton, and Univest Bank and Trust Co. Below is a summary of the adjustments used to determine compensation “actually paid” for the Company’s PEO and Non-PEO NEOs: 2022 2021 2020 Deduction for Amounts Reported under the "Stock Awards" Column $ (1,378,660) (923,512) (274,380) Deduction for Amounts Reported under "Option Awards" Column — (416,967) (220,812) Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-End 1,339,170 1,385,248 321,840 Increase for Fair Value of Awards Granted during year that Vest during year — — — Increase (decrease) for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to year that were Outstanding and Unvested as of Year-End 98,841 795,659 (486,498) Increase (decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year 138,592 293,855 (513,913) Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited during year — — — Increase based upon Incremental Fair Value of Awards Modified during year — — — Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award 38,300 23,135 16,468 | ||
Company Selected Measure Name | Pre Provision Net Revenue (PPNR) ROAA | ||
Named Executive Officers, Footnote [Text Block] | 1) The Company’s Principal Executive Officer “PEO” is James A. Hughes. 2) The Company’s current Non-PEO NEOs consist of George Boyan, Janice Bolomey, John J. Kauchak and Vincent Geraci. Prior periods include Laureen Cook who resigned as Senior Vice President and Chief Accounting Officer on April 8, 2022, Anthony Cossetti who resigned as Executive Vice President and Chief Financial Officer on September 25, 2020, and Alan Bedner who resigned as Executive Vice President and Chief Financial Officer on January 24, 2020. | ||
Peer Group Issuers, Footnote [Text Block] | 3) For the years in which public shareholder return data was available, the Company’s peer group total shareholder consists of data compiled on the following banks: American Bank, BCB Community Bank, Blue Foundry Bank, ConnectOne Bank, Embassy Bank for the Lehigh Valley, ESSA Bank & Trust, First Bank, First Commerce Bank, Kearny Bank, Lakeland Bank, Magyar Bank, Parke Bank, Peapack-Gladstone Bank, Provident Bank, QNB Bank, The Bank of Princeton, and Univest Bank and Trust Co. | ||
PEO Total Compensation Amount | $ 2,207,257 | $ 2,373,879 | $ 1,460,367 |
PEO Actually Paid Compensation Amount | $ 2,323,003 | 2,733,535 | 980,793 |
Adjustment To PEO Compensation, Footnote [Text Block] | Below is a summary of the adjustments used to determine compensation “actually paid” for the Company’s PEO and Non-PEO NEOs: 2022 2021 2020 Deduction for Amounts Reported under the "Stock Awards" Column $ (1,378,660) (923,512) (274,380) Deduction for Amounts Reported under "Option Awards" Column — (416,967) (220,812) Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-End 1,339,170 1,385,248 321,840 Increase for Fair Value of Awards Granted during year that Vest during year — — — Increase (decrease) for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to year that were Outstanding and Unvested as of Year-End 98,841 795,659 (486,498) Increase (decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year 138,592 293,855 (513,913) Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited during year — — — Increase based upon Incremental Fair Value of Awards Modified during year — — — Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award 38,300 23,135 16,468 | ||
Non-PEO NEO Average Total Compensation Amount | $ 797,723 | 613,293 | 463,866 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 827,847 | 772,845 | 350,912 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Below is a summary of the adjustments used to determine compensation “actually paid” for the Company’s PEO and Non-PEO NEOs: 2022 2021 2020 Deduction for Amounts Reported under the "Stock Awards" Column $ (1,378,660) (923,512) (274,380) Deduction for Amounts Reported under "Option Awards" Column — (416,967) (220,812) Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-End 1,339,170 1,385,248 321,840 Increase for Fair Value of Awards Granted during year that Vest during year — — — Increase (decrease) for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to year that were Outstanding and Unvested as of Year-End 98,841 795,659 (486,498) Increase (decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year 138,592 293,855 (513,913) Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited during year — — — Increase based upon Incremental Fair Value of Awards Modified during year — — — Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award 38,300 23,135 16,468 | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The following table set forth below describes the relationship between the change in NEO Summary Compensation to NEO “Actual” Compensation Paid vs. the change in Company’s Performance Measures year over year: Fiscal Year Ending 12/31/2020 12/31/2021 12/31/2022 PEO "Actual" Compensation Paid -32.84% 15.15% 5.24% Non-PEO NEO "Actual" Compensation Paid -24.35% 26.02% 3.78% Net Income -0.42% 52.97% 6.65% (PPNR) ROAA 3.40% 15.02% 1.86% (PPNR) ROAE 5.32% 11.94% -2.52% | ||
Total Shareholder Return Vs Peer Group [Text Block] | The following table set forth below describes the relationship between Total Shareholder Return vs. the Company’s Peer Group: Fiscal Year Ending 12/31/2019 12/31/2020 12/31/2021 12/31/2022 Unity Bancorp, Inc. 100.00 80.77 120.00 126.86 Peer Group 100.00 80.77 112.83 112.59 | ||
Tabular List [Table Text Block] | The Company looks at the following financial measures in linking compensation to performance. These measures are used in determining executive bonus compensation and best reflect the Company’s core/income performance. Financial Measure Description Pre-Provision Net Revenue (PPNR) ROAA Pre-provision Net Revenue("PPNR") is a Non-GAAP measure and is defined as the Bank's income before provision for income taxes, less provision for loan losses divided by average total assets Pre-Provision Net Revenue (PPNR) ROAE Pre-provision Net Revenue("PPNR") ROAE is a Non-GAAP measure and is defined as the Bank's income before provision for income taxes, less provision for loan losses divided by average total equity | ||
Total Shareholder Return Amount | $ 126.86 | 120 | 79.35 |
Peer Group Total Shareholder Return Amount | 112.59 | 112.83 | 80.77 |
Net Income (Loss) | $ 38,500,000 | $ 36,100,000 | $ 23,600,000 |
Company Selected Measure Amount | 2.55 | 2.50 | 2.18 |
PEO Name | James A. Hughes. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Pre-Provision Net Revenue (PPNR) ROAA | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Compensation Actually Paid vs. Other Measure [Text Block] | The following table set forth below describes the relationship between the change in NEO Summary Compensation to NEO “Actual” Compensation Paid vs. the change in Company’s Performance Measures year over year: Fiscal Year Ending 12/31/2020 12/31/2021 12/31/2022 PEO "Actual" Compensation Paid -32.84% 15.15% 5.24% Non-PEO NEO "Actual" Compensation Paid -24.35% 26.02% 3.78% Net Income -0.42% 52.97% 6.65% (PPNR) ROAA 3.40% 15.02% 1.86% (PPNR) ROAE 5.32% 11.94% -2.52% | ||
Measure Name | Pre-Provision Net Revenue (PPNR) ROAE | ||
Deduction for Amounts Reported under the "Stock Awards" Column | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (1,378,660) | $ (923,512) | $ (274,380) |
Deduction for Amounts Reported under "Option Awards" Column | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (416,967) | (220,812) | |
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-End | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,339,170 | 1,385,248 | 321,840 |
Increase (decrease) for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to year that were Outstanding and Unvested as of Year-End | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 98,841 | 795,659 | (486,498) |
Increase (decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 138,592 | 293,855 | (513,913) |
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 38,300 | $ 23,135 | $ 16,468 |