Operating cash flow remains erratic, evidenced by an OCF/NI ratio that swung from -1.54 in 2025Q2 to 3.16 in 2025Q3, largely driven by lumpy loan sale activity and credit provisioning.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 41.97M | 44.91M | 47.99M | 46.91M | 42.67M | 32.53M | 22.32M | 33.2M | 38.59M | 14.45M | 8.79M | 2.98M | 11.72M | 11.45M | 13.31M | 16.35M | 17.01M | 4.51M | 4.45M | -3.81M | 7.21M | 2.03M | 9.21M | 3.65M | 9.19M | -3.61M | -6.58M | -6.5M | -900K | 900K | -400K |
| Operating CF Growth % | -128.47% | -6.42% | 2.3% | 9.94% | 31.17% | 45.72% | -32.77% | -13.96% | 167.08% | 64.42% | 194.7% | -74.55% | 2.38% | -13.99% | -18.63% | -3.85% | 276.78% | 1.48% | 216.68% | -152.84% | 255.19% | -77.95% | 152.51% | -60.29% | 354.36% | 45.15% | -1.28% | -622.22% | -200% | 325% | - |
| Net Income | 60.65M | 57.95M | 41.45M | 39.71M | 38.46M | 36.12M | 23.64M | 23.65M | 21.92M | 12.89M | 13.21M | 9.56M | 6.41M | 5.12M | 4.24M | 2.55M | 2.24M | -1.08M | 1.93M | 4.72M | 5.84M | 6.21M | 5.33M | 4.58M | 3.71M | 2.04M | -5.91M | -3.4M | 2.1M | 2M | 1M |
| Depreciation & Amortization | 2.42M | 2.81M | 2.58M | 2.38M | 2.76M | 1.61M | 1.91M | 1.62M | 1.94M | 1.24M | 734K | 530K | 1.39M | 1.27M | 1.36M | 1.04M | 1.32M | 1.42M | 597K | 1.08M | 835K | 1.03M | 1.03M | 884K | 1.2M | 1.22M | 1.64M | 1.6M | 400K | 400K | 400K |
| Deferred Taxes | -482K | -840K | -1.75M | -87K | -1.21M | -1.46M | -3.09M | -299K | -1.26M | 1.55M | 110K | 367K | 498K | 389K | 783K | 4K | -641K | -2.08M | -1.26M | -693K | -541K | -16K | -173K | -518K | -566K | 476K | -1.25M | 500K | -300K | -200K | -100K |
| Other Non-Cash Items | 14.45M | -4.81M | 894K | -1.28M | -230K | -7.11M | 1.42M | 5.48M | 13.88M | -3.21M | -6.45M | -7.6M | 2.64M | 2.86M | 4.76M | 11.57M | 11.97M | 9.23M | 3.19M | 995K | -3.63M | -5.2M | -5.18M | -1.3M | 4.84M | -7.34M | -2.18M | -1.2M | -1.4M | -1.2M | -1M |
| Working Capital Changes | -37.2M | -12.29M | 2.99M | 4.44M | 1.21M | 1.75M | -2.98M | 1.48M | 1.06M | 1.23M | 639K | -325K | 392K | 1.47M | 1.85M | 971K | 1.8M | -3.28M | -351K | -9.91M | 4.7M | 0 | 8.2M | 0 | 0 | 0 | 1.12M | -4M | -1.7M | -100K | -700K |
| Cash from Investing | -221.59M | -256.84M | -92.81M | -57.85M | -541.28M | -40.52M | -175.36M | -133.12M | -140.65M | -219.63M | -81.83M | -110.69M | -60.4M | -104.04M | -5.62M | 33.69M | 67.7M | 4.53M | -152.05M | -66.93M | -64.63M | -58.13M | -55.97M | -39.87M | -45.6M | -45.58M | 108.54M | -192.7M | -37.7M | -40.4M | -40.5M |
| Purchase of Investments | -23.31M | -18.11M | -17.75M | -876K | -78.64M | -58.32M | -3.8M | -13.08M | -1.71M | -29.55M | -20.66M | -3.52M | -10.26M | -39.01M | -46.96M | -46.05M | -52.98M | -117.28M | -89.36M | -20.07M | -23.19M | -33.5M | -46.89M | -84.98M | -61.03M | -69.51M | -145K | -57.1M | -100.9M | -27M | -16.4M |
| Sale/Maturity of Investments | 96.03M | 49.54M | 8.71M | 6.45M | 9.85M | 27.32M | 21.95M | 11.88M | 6.79M | 20.8M | 30.26M | 11.54M | 38.58M | 39.23M | 43.5M | 67.69M | 91.17M | 97.73M | 34.64M | 25.41M | 21.55M | 27.53M | 37.49M | 74.57M | 60.65M | 60.27M | 4.18M | 22.8M | 101.3M | 22.9M | 15.3M |
| Net Investment Activity | 72.72M | 31.43M | -9.04M | 5.58M | -68.78M | -31.01M | 18.15M | -1.21M | 5.08M | -8.74M | 9.6M | 8.02M | 28.33M | 222K | -3.46M | 21.64M | 38.19M | -19.55M | -54.72M | 5.34M | -1.64M | -5.97M | -9.4M | -10.41M | -379K | -9.24M | 4.04M | -34.3M | 400K | -4.1M | -1.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -292.74M | -287.7M | -83.08M | -62.47M | -471.02M | -8.26M | -192.95M | -131.2M | -144.22M | -209.38M | -81.83M | -117.76M | -88.13M | -99.47M | -341K | 13.77M | 29.9M | 24.73M | -95.57M | -70.68M | -60.94M | -49.34M | -44.26M | -28.92M | -44.2M | -36.19M | 105.33M | -153.1M | -37.4M | -34.7M | -37.5M |
| Cash from Financing | 197.18M | 248.01M | 30.49M | 90.92M | 368.59M | 33.49M | 214.33M | 112.41M | 97.32M | 249.54M | 90.78M | 66.04M | 79.1M | 97.81M | 3.94M | -11.4M | -114.39M | 30.16M | 145.72M | 51.62M | 74.09M | 71.45M | 43.75M | 32.4M | 49.82M | 20.78M | -71.84M | 181.8M | 38.5M | 38.7M | 49.6M |
| Dividends Paid | -5.8M | -5.61M | -5.02M | -4.72M | -4.37M | -3.62M | -3.3M | -3.25M | -2.8M | -2.38M | -1.52M | -1.11M | -757K | -773K | -1.03M | -1.03M | -1.03M | -975K | -1.01M | -1.38M | -1.29M | -1.08M | -859K | -162K | -23K | -45K | -25K | -900K | -500K | -400K | -400K |
| Share Repurchases | -5.67M | -5.04M | -6.21M | -15.69M | -42K | -4.19M | -7.44M | 0 | 0 | 0 | 0 | 0 | 0 | -23.36M | 0 | 0 | 0 | 0 | 0 | -3.93M | 0 | -242K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -474K | -359K | 0 | 0 | 0 | 379K | 0 | 453K | 576K | 509K | 14.41M | 0 | 6.14M | 0 | 186K | 446K | 94K | 9K | 235K | 1.12M | 781K | 853K | 694K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -6.14M | -5.4M | -6.21M | -15.69M | -42K | -3.81M | -7.44M | 453K | 576K | 509K | 14.41M | 0 | 6.14M | -23.36M | 186K | 446K | 94K | 9K | 235K | -2.81M | 781K | 611K | 694K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | -85K | -46K | -1000K | 0 | 0 | 0 | 1000K |
| Other Financing | 204.14M | 223.75M | 177.65M | 137.9M | 30M | 200.92M | 308.07M | 42.67M | 165.13M | 97.92M | 51.78M | 100.15M | 55.71M | 87.23M | 4.96M | -10.37M | -103.45M | 51.12M | 108.47M | 34.8M | 44.6M | 66.92M | 18.92M | 32.4M | 42.63M | 20.74M | -33.74M | 130.7M | 34.5M | 38.8M | 42.6M |
| Net Change in Cash | 17.57M | 36.08M | -14.34M | 79.98M | -130.03M | 25.51M | 61.3M | 12.5M | -4.74M | 44.36M | 17.74M | -41.66M | 30.42M | 5.21M | 11.62M | 38.65M | -29.71M | 39.2M | -1.88M | -19.12M | 16.68M | 15.35M | -3.01M | -3.82M | 13.4M | -28.41M | 30.12M | -17.4M | -100K | -800K | -24.7M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 216.52M | 180.44M | 194.78M | 114.79M | 244.82M | 219.31M | 158.02M | 145.51M | 150.25M | 105.89M | 88.16M | 129.82M | 99.4M | 94.19M | 82.57M | 43.93M | 73.64M | 34.43M | 36.31M | 55.44M | 38.76M | 23.41M | 26.41M | 30.24M | 16.83M | 45.24M | 15.12M | 32.5M | 32.6M | 33.4M | 24.7M |
| Cash at End | 229.16M | 216.52M | 180.44M | 194.78M | 114.79M | 244.82M | 219.31M | 158.02M | 145.51M | 150.25M | 105.89M | 88.16M | 129.82M | 99.4M | 94.19M | 82.57M | 43.93M | 73.64M | 34.43M | 36.31M | 55.44M | 38.76M | 23.41M | 26.41M | 30.24M | 16.83M | 45.24M | 15.1M | 32.5M | 32.6M | 33.4M |
| Interest Paid | 57.34M | 56.16M | 57.35M | 47.26M | 10.07M | 7.86M | 14.69M | 18.01M | 13.55M | 9.45M | 8.8M | 7.67M | 7.29M | 6.51M | 7.86M | 10.58M | 14.19M | 21.68M | 23.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 14.03M | 14.03M | 14.07M | 13.22M | 13.93M | 13.99M | 11.11M | 8.22M | 5.94M | 7M | 7.59M | 4.79M | 2.24M | 2.53M | 969K | 606K | 1.33M | 1.06M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 40.4M | 44.34M | 47.29M | 45.95M | 41.19M | 31.28M | 21.76M | 32.49M | 37.08M | 12.94M | -807K | 2.03M | 11.12M | 6.66M | 11.49M | 14.64M | 16.55M | 4.02M | 2.69M | -5.4M | 5.17M | -788K | 6.9M | 3.11M | 8.17M | -3.76M | -7.41M | -11.8M | -1.6M | -700K | -2.3M |
| FCF Growth % | -17.85% | -6.24% | 2.92% | 11.57% | 31.67% | 43.72% | -33.02% | -12.37% | 186.58% | 1703.47% | -139.73% | -81.74% | 67.07% | -42.07% | -21.51% | -11.57% | 312% | 49.42% | 149.81% | -204.53% | 755.46% | -111.41% | 121.99% | -61.93% | 317.2% | 49.23% | 37.22% | -637.5% | -128.57% | 69.57% | - |
SBA and CRE concentration
As reported in recent financial filings, Unity Bancorp’s investment activity shows significant volatility, highlighted by a $60.5 million inflow from asset sales in 2025Q4, which contrasts sharply with the $15.1 million purchase outflow recorded in the same period, suggesting an opportunistic approach to managing the securities portfolio.
The bank appears to utilize its investment portfolio as a liquidity buffer rather than a static yield-enhancement tool. Investors should monitor whether these periodic divestments are driven by a need to fund loan growth or a strategic repositioning of the balance sheet in response to shifting interest rate expectations.
Based on historical cash flow data, Unity Bancorp has maintained a consistent dividend payout of approximately $1.2 million to $1.5 million per quarter, even during periods of negative operating cash flow, which indicates a management commitment to shareholder returns despite the inherent lumpiness of SBA-driven earnings.
While the dividend appears stable, the reliance on volatile gain-on-sale income to support capital levels warrants caution. The modest scale of share buybacks suggests that management prioritizes capital preservation over aggressive equity reduction, likely to maintain regulatory capital buffers against its concentrated commercial real estate exposure.
According to quarterly cash flow statements, the bank’s provision for credit losses reached a significant $16.3 million in 2025Q3, a figure that significantly distorts operating cash flow and underscores the sensitivity of the bank’s capital position to potential credit deterioration within its core NJ/PA lending markets.
The wide variance between the $16.3 million provision in 2025Q3 and the $1.0 million recorded in 2026Q1 suggests that the bank’s cash flow is highly susceptible to accounting-driven adjustments under the CECL model. This volatility may mask the underlying cash-generating capacity of the core banking operations.
As indicated by the erratic OCF/NI ratios, which swung from -1.54 in 2025Q2 to 3.16 in 2025Q3, Unity Bancorp’s cash flow statement is heavily influenced by non-cash items and timing differences in loan sales, making it a less reliable indicator of core operational health than traditional PPNR metrics.
The extreme fluctuations in operating cash flow suggest that investors should look past the headline cash flow figures to understand the bank's true earnings durability. The reliance on SBA secondary market premiums creates a disconnect between reported net income and actual cash inflows, which may lead to misinterpretations of the bank's liquidity position.
Quick answers to the most common questions about buying UNTY stock.
Unity Bancorp, Inc. (UNTY) generated $44.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Unity Bancorp, Inc. (UNTY) generated $44.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Unity Bancorp, Inc. (UNTY) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Unity Bancorp, Inc. (UNTY) returned $5.6M to shareholders via cash dividends and spent $5.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.