Unity Bancorp Reports Fourth Quarter and Year End Results
CLINTON, N.J., Feb. 3 /PRNewswire-FirstCall/ -- Unity Bancorp, Inc. (Nasdaq: UNTY), parent company of Unity Bank, reported a net loss attributable to common shareholders of $239 thousand or ($0.03) per diluted share for the quarter ended December 31, 2009, compared to net income available to common shareholders of $474 thousand or $0.07 per diluted share for the fourth quarter of 2008. The Company recognized an impairment charge during the quarter of $862 thousand, or $0.08 per diluted share after tax, due to further deterioration of the underlying collateral for two pooled trust preferred securities. Excluding impairment charges, net income available to common shareholders would have been $330 thousand or $0.05 per diluted share for the quarter ended December 31, 2009, compared to net income available to common shareholders of $698 thousand, or $0.10 per diluted share for the same period a year ago.
For the year ended December 31, 2009, the Company reported a net loss attributable to common shareholders of $2.6 million, or ($0.36) per diluted share, compared to net income available to common shareholders of $1.8 million, or $0.25 per diluted share, for the same period a year ago. Earnings for 2009 were materially impacted by an impairment charge of $2.6 million, or $0.24 per diluted share after tax, on the two pooled trust preferred securities noted above and a one-time FDIC special assessment of $408 thousand, or $0.04 per diluted share after tax in June 2009. Excluding impairment charges and the FDIC special assessment, net loss attributable to common shareholders would have been $584 thousand or ($0.08) per diluted share for the year ended December 31, 2009, compared to net income available to common shareholders of $2.8 million or $0.39 per diluted share for 2008.
James A. Hughes, Unity Bancorp's President and CEO, said, "We are facing the most challenging economic environment in decades. Our loss for 2009 was the result of the magnitude of the recession and its impact on our customers and our investment portfolio. While New Jersey has fared much better than other states, our portfolio of Commercial and SBA loans continues to be a challenge. Although there have been recent signs of stability, the recovery is expected to be slow and measured. We continue to remain positive and have focused on growing our customer relationships and investing in our future. This year we had record core deposit growth, and we are extremely optimistic that our redefined strategic plan will enhance our franchise. Our capital levels continue to be strong and we expect 2010 to be a turnaround year for our performance."
Net Interest Income
For the quarter ended December 31, 2009, net interest income was $7.3 million, an increase of $477 thousand or 7.0% from the quarter ended September 30, 2009, and an increase of $599 thousand or 8.9% from the quarter ended December 31, 2008. Quarter over quarter, net interest margin expanded as higher cost certificates of deposit repriced in a lower rate environment. Factors affecting fourth quarter net interest income include:
- The yield on interest-earning assets decreased 73 basis points to 5.45% from 6.18% for the same period last year.
- The cost of interest-bearing liabilities decreased 85 basis points to 2.44% from 3.29% for the same period last year.
- Average earning assets, consisting primarily of loans, rose 6.3%.
- Net interest margin was 3.30%, a 7 basis point increase from 3.23% in the fourth quarter of 2008.
Year-to-date, net interest income was $27.8 million, an increase of $537 thousand or 2.0% from 2008. Factors affecting year-to-date net interest income include:
- The yield on interest-earning assets decreased from 6.52% for 2008, to 5.71% for 2009.
- The cost of interest-bearing liabilities decreased from 3.39% for 2008, to 2.84% for 2009.
- Average earning assets, consisting primarily of loans, rose 11.0%.
- Net interest margin for the year ended December 31, 2009 was 3.22%, a decline of 29 basis points from 2008.
Noninterest Income
Historically, Unity had generated significant revenue from the sale of its SBA loans. In the fourth quarter of 2008, Unity exited the National SBA program and closed all SBA loan production offices outside its primary trade area. Consequently, revenue on the sale of SBA loans will no longer be material to total revenue.
For the quarter ended December 31, 2009, noninterest income was flat from the quarter ended December 31, 2008. Noninterest income was affected by the following factors:
- Service charges on deposit accounts increased $28 thousand, or 8.0% compared to the prior year period, primarily due to a larger account base.
- Loan fee income declined $66 thousand, or 19.7% due to a decrease in loan prepayment fees.
- Other-than-temporary impairment charges on investment securities amounted to $862 thousand, compared to $339 thousand in the prior year period.
- Gains on the sale of residential mortgage loans amounted to $33 thousand.
- Gains on the sale of SBA loans amounted to $364 thousand, compared $9 thousand a year ago.
- Gains on the sales of investment securities amounted to $180 thousand, compared to $15 thousand in the prior year period.
For the year ended December 31, 2009, noninterest income amounted to $2.1 million, a decrease of $554 thousand from the year ended December 31, 2008. Noninterest income was affected by the following factors:
- Service charges on deposit accounts and loan fee income remained relatively flat compared to the prior year period.
- Other-than-temporary impairment charges on investment securities amounted to $2.6 million, compared to $1.5 million in the prior year period.
- Gains on sales of SBA loans amounted to $393 thousand, compared to $1.2 million a year ago.
- Gains on the sales of residential mortgage loans amounted to $217 thousand, compared to $40 thousand in the prior year period.
- Gains on the sale of investment securities amounted to $855 thousand, compared to a loss of $378 thousand in the prior year period.
Noninterest Expense
As a result of current market conditions, the Company undertook many expense saving measures. However, these expense reductions were offset by increases in FDIC insurance premiums.
For the quarter ended December 31, 2009, noninterest expenses were $6.1 million, an increase of $303 thousand or 5.2% from the quarter ended December 31, 2008. The following factors affected our noninterest expense:
- Compensation and benefits expense amounted to $2.9 million, flat from the prior year period.
- Communications and delivery expense declined $60 thousand or 10.3%, due to reduced communications costs from renegotiated contracts and a decline in capital expenditures.
- Occupancy expense declined $48 thousand or 7.2%, due to a reduction in rental expense from a renegotiated lease.
- FF&E and professional services expense remained flat from the prior year period.
- Loan collection costs amounted to $330 thousand, an increase of $114 thousand or 52.8%, due to increased collection costs on delinquent loans.
- FDIC insurance premiums amounted to $346 thousand, an increase of $48 thousand or 16.1%, due to the increase in FDIC insurance rates.
- Other expenses amounted to $531 thousand, an increase of $238 thousand or 81.2%, due primarily to increases in other real estate owned ("OREO") expenses.
For the year ended December 31, 2009, noninterest expenses were $23.9 million, an increase of $1.0 million, or 4.4% from the same period a year ago. The following factors affected our noninterest expense:
- Compensation and benefits expense amounted to $11.2 million, a decrease of $742 thousand or 6.2%, due to reduced head count.
- Communications and delivery expense amounted to $2.1 million, a decrease of $174 thousand or 7.7%, due to reduced communications costs from renegotiated contracts and a decline in capital expenditures.
- Occupancy expense amounted to $2.6 million, a decline of $221 thousand or 8.0%, due a reduction in rental expense from a renegotiated lease.
- FF&E expense amounted to $1.8 million, an increase of $154 thousand or 9.2%, primarily due to depreciation expense on new equipment and software and increased software maintenance charges.
- Professional fees amounted to $1.0 million, an increase of $144 thousand or 16.0%, due to increased consulting, legal and audit costs.
- Loan collection costs amounted to $1.0 million, an increase of $361 thousand or 54.5%, due to increased collection costs on delinquent loans.
- FDIC insurance premiums amounted to $1.7 million, an increase of $1.1 million, due primarily to the increase in FDIC insurance rates and a $408 thousand special assessment in the second quarter of 2009.
- Other expenses amounted to $1.9 million, an increase of $289 thousand or 17.5%, due primarily to increases in other real estate owned ("OREO") expenses.
Financial Condition
At December 31, 2009, total assets were $930.4 million, a 3.6% increase from a year ago.
- Total loans decreased $28.9 million or 4.2%, from $685.9 million at December 31, 2008. SBA 7(a), SBA 504, commercial and consumer loans decreased 5.8%, 8.0%, 4.7%, and 3.6%, respectively.
- Total securities increased $19.5 million as Unity took advantage of favorable credit spreads to invest excess liquidity.
- Total deposits increased 7.2% or $51.1 million to $758.2 million at December 31, 2009. This increase was due to a $151.5 million increase in savings deposits, a $13.0 million increase in interest- bearing checking accounts and a $6.0 million increase in demand deposits. These increases were partially offset by a $119.3 million decrease in time deposits.
- Total borrowed funds decreased $20.0 million from a year ago.
- Shareholders' equity was $67.9 million at December 31, 2009, flat from a year ago.
- Book value per common share was $6.91.
- At December 31, 2009 the leverage, Tier I and Total Risk Based Capital ratios were 8.83%, 11.75% and 13.01%, respectively, all in excess of the ratios required to be deemed "well capitalized".
Credit Quality
- Nonperforming assets totaled $27.0 million at December 31, 2009, or 4.10% of total loans and other real estate owned ("OREO") compared to $27.5 million, or 4.17% of total loans and OREO at September 30, 2009 and $16.8 million, or 2.45% of total loans and OREO a year ago. The SBA 7(a), SBA 504, commercial, residential and consumer nonaccrual loans were $6.6 million, $5.6 million, $7.4 million, $5.6 million and $387 thousand, respectively. OREO amounted to $1.5 million. The increase in nonperforming assets was primarily related to an increase in SBA, residential mortgage and commercial accounts. Almost all nonperforming assets are secured by real estate.
- The allowance for loan losses totaled $13.8 million at December 31, 2009, or 2.11% of total loans. The provision for loan losses for the fourth quarter of 2009 amounted to $2.0 million, an increase of $700 thousand from the same period a year ago. The provision for loan losses for year ended December 31, 2009, amounted to $8.0 million, an increase of $3.5 million from the same period a year ago.
- Net charge-offs were $603 thousand for the three months ended December 31, 2009, compared to $887 thousand for the same period a year ago. Net charge-offs were $4.5 million for the year ended December 31, 2009, compared to $2.6 million for the same period a year ago.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $930 million in assets and $758 million in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 16 retail service centers located in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com, or call 800-618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
UNITY BANCORP, INC.
SUMMARY FINANCIAL HIGHLIGHTS
December 31, 2009
Amounts in 2009.Q4 VS.
thousands, -----------
except 2009.Q3 2008.Q4
percentages and ------- -------
per share amounts 12/31/2009 9/30/2009 12/31/2008 % %
---------- --------- ---------- --- ---
BALANCE SHEET
DATA:
-------------
Total Assets $930,357 $922,689 $898,310 0.8% 3.6%
Total Deposits 758,239 750,665 707,117 1.0% 7.2%
Total Loans 657,016 656,520 685,946 0.1% -4.2%
Total Securities 169,022 171,501 149,509 -1.4% 13.1%
Total
Shareholders'
Equity 67,865 67,385 67,803 0.7% 0.1%
Allowance for Loan
Losses (13,842) (12,445) (10,326) 11.2% 34.0%
FINANCIAL DATA -
QUARTER TO DATE:
-----------------
Net Income (Loss)
Before Taxes (206) (1,090) 218 -81.1% -194.5%
Income Tax
Benefit (340) (343) (366) -0.9% -7.1%
---- ---- ---- ---- ----
Net Income (Loss) 134 (747) 584 -117.9% -77.1%
Preferred Dividends
& Discount
Accretion 373 372 110 0.3% 239.1%
--- --- --- --- -----
Income Available (Loss
Attributable) to
Common
Shareholders (239) (1,119) 474 -78.6% -150.4%
==== ====== === ===== ======
Net Income (Loss) Per
Share - Basic (0.03) (0.16) 0.07 -78.7% -150.3%
Net Income (Loss) Per
Share - Diluted (0.03) (0.16) 0.07 -78.7% -150.9%
Return on Average
Assets 0.06% -0.33% 0.26% -117.5% -78.3%
Return on Average
Common Equity -1.95% -9.14% 3.56% -78.7% -154.6%
Efficiency Ratio 71.05% 77.72% 75.81% -8.6% -6.3%
FINANCIAL DATA -
YEAR TO DATE:
----------------
Net Income (Loss)
Before Taxes (1,979) (1,774) 2,546 11.6% -177.7%
Income Taxes
(Benefit) (898) (559) 616 60.6% -245.8%
---- ---- --- ---- ------
Net Income (Loss) (1,081) (1,215) 1,930 -11.0% -156.0%
Preferred Dividends
& Discount
Accretion 1,496 1,123 110 33.2% 1260.0%
----- ----- --- ---- ------
Income Available (Loss
Attributable)
to Common
Shareholders (2,577) (2,338) 1,820 10.2% -241.6%
====== ====== ===== ==== ======
Net Income (Loss)
Per Share - Basic (0.36) (0.33) 0.26 9.6% -241.1%
Net Income (Loss)
Per Share - Diluted (0.36) (0.33) 0.25 9.6% -244.5%
Return on Average
Assets -0.12% -0.18% 0.23% -33.9% -151.8%
Return on Average
Common Equity
-5.29% 6.38% 3.72% -182.8% -242.1%
Efficiency Ratio 75.49% 77.12% 71.90% -2.1% 5.0%
SHARE INFORMATION:
------------------
Market Price Per
Share 4.02 4.20 3.90 -4.3% 3.1%
Dividends Paid Per
Share - - 0.10 0.0% -100.0%
Book Value Per
Common Share 6.91 6.88 6.99 0.4% -1.2%
Average Diluted
Shares
Outstanding
(QTD) 7,126 7,119 7,190 0.1% -0.9%
CAPITAL RATIOS:
---------------
Total Equity to
Total Assets 7.29% 7.30% 7.55% -0.1% -3.4%
Leverage Ratio 8.83% 9.08% 9.54% -2.8% -7.4%
Tier 1 Risk-Based
Capital Ratio 11.75% 11.83% 12.02% -0.7% -2.2%
Total Risk-Based
Capital Ratio 13.01% 13.09% 13.27% -0.6% -2.0%
CREDIT QUALITY AND
RATIOS:
------------------
Nonperforming
Assets 27,026 27,461 16,830 -1.6% 60.6%
QTD Net
Chargeoffs
(annualized) to
QTD Average Loans 0.36% 0.73% 0.52% -50.5% -31.0%
Allowance for Loan
Losses to Total
Loans 2.11% 1.90% 1.51% 11.1% 40.0%
Nonperforming
Assets to Total
Loans and OREO 4.10% 4.17% 2.45% -1.5% 67.4%
Nonperforming
Assets to Total
Assets 2.90% 2.98% 1.87% -2.4% 55.1%
UNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2009
2009.Q4 VS.
-----------
2009.Q3 2008.Q4
Amounts in ------- -------
thousands, 12/31/2009 9/30/2009 12/31/2008 % %
except percentages ---------- --------- ---------- --- ---
ASSETS
------
Cash and due from
banks $23,517 $17,035 $18,902 38.1% 24.4%
Federal funds sold
and interest-
bearing deposits 50,118 48,853 15,529 2.6% 222.7%
------ ------ ------ --- -----
Cash and cash
equivalents 73,635 65,888 34,431 11.8% 113.9%
Securities
available for sale 140,770 140,906 117,348 -0.1% 20.0%
Securities held to
maturity 28,252 30,595 32,161 -7.7% -12.2%
------ ------ ------ ---- -----
Total securities 169,022 171,501 149,509 -1.4% 13.1%
SBA loans held for
sale 21,406 21,364 22,181 0.2% -3.5%
SBA loans held to
maturity 77,844 79,342 83,127 -1.9% -6.4%
SBA 504 loans 70,683 71,432 76,802 -1.0% -8.0%
Commercial loans 293,739 298,019 308,165 -1.4% -4.7%
Residential
mortgage loans 133,059 124,313 133,110 7.0% 0.0%
Consumer loans 60,285 62,050 62,561 -2.8% -3.6%
------ ------ ------ ---- ----
Total loans 657,016 656,520 685,946 0.1% -4.2%
Allowance for loan
losses (13,842) (12,445) (10,326) 11.2% 34.0%
------- ------- ------- ---- ----
Net loans 643,174 644,075 675,620 -0.1% -4.8%
Premises and
equipment, net 11,773 11,911 12,580 -1.2% -6.4%
Deferred taxes 7,308 7,256 5,656 0.7% 29.2%
Bank owned life
insurance (BOLI) 6,002 5,946 5,780 0.9% 3.8%
Prepaid FDIC
Insurance 4,739 - - 100.0% 100.0%
Federal Home Loan
Bank stock 4,677 4,677 4,857 0.0% -3.7%
Accrued interest
receivable 4,225 4,230 4,712 -0.1% -10.3%
Goodwill and other
intangibles 1,559 1,563 1,574 -0.3% -1.0%
Loan servicing
asset 897 977 1,503 -8.2% -40.3%
Other assets 3,346 4,665 2,088 -28.3% 60.2%
----- ----- ----- ----- ----
Total Assets $930,357 $922,689 $898,310 0.8% 3.6%
======== ======== ======== === ===
LIABILITIES AND
SHAREHOLDERS'
EQUITY
---------------
Noninterest-
bearing checking $80,100 $83,534 $74,090 -4.1% 8.1%
Total interest-
bearing checking 100,046 92,401 87,046 8.3% 14.9%
Total savings 286,334 263,758 134,875 8.6% 112.3%
Time deposits,
under $100,000 183,377 209,050 270,275 -12.3% -32.2%
Time deposits,
$100,000 and over 108,382 101,922 140,831 6.3% -23.0%
------- ------- ------- --- -----
Total deposits 758,239 750,665 707,117 1.0% 7.2%
Borrowed Funds 85,000 85,000 105,000 0.0% -19.0%
Subordinated
debentures 15,465 15,465 15,465 0.0% 0.0%
Accrued interest
payable 710 797 805 -10.9% -11.8%
Accrued expenses
and other
liabilities 3,078 3,377 2,120 -8.9% 45.2%
----- ----- ----- ---- ----
Total Liabilities 862,492 855,304 830,507 0.8% 3.9%
Cumulative
perpetual
preferred stock 18,533 18,418 18,064 0.6% 2.6%
Common stock 55,454 55,351 55,179 0.2% 0.5%
Retained earnings
(deficit) (1,492) (1,253) 1,085 19.1% -237.5%
Treasury stock at
cost (4,169) (4,169) (4,169) 0.0% 0.0%
Accumulated
other comprehensive
loss (461) (962) (2,356) -52.1% -80.4%
---- ---- ------ ----- -----
Total Shareholders'
Equity 67,865 67,385 67,803 0.7% 0.1%
Total Liabilities
and Shareholders'
Equity $930,357 $922,689 $898,310 0.8% 3.6%
======== ======== ======== === ===
Common Shares at
Period End:
Shares Issued 7,569 7,544 7,544
Shares Outstanding 7,144 7,119 7,119
Treasury Shares 425 425 425
UNITY BANCORP, INC.
QTD CONSOLIDATED STATEMENTS OF INCOME
December 31, 2009
For the Three Months Ended
------------------------------
Amounts in thousands, except
percentages and per share amounts 12/31/2009 9/30/2009 12/31/2008
---------- --------- ----------
Interest Income - Cash and
Cash Equivalents $41 $32 $67
Interest Income - FHLB/ACBB Stock 54 101 6
Interest Income - AFS Investments 1,466 1,482 959
Interest Income - HTM Investments 353 389 366
--- --- ---
Interest Income - Total Investments 1,819 1,871 1,325
Interest Income - SBA Loans 1,578 1,498 1,971
Interest Income - SBA 504 Loans 1,158 1,147 1,438
Interest Income - Commercial Loans 4,840 4,973 5,279
Interest Income - Mortgage Loans 1,834 1,772 1,963
Interest Income - Consumer Loans 777 791 849
--- --- ---
Interest Income - Total Loans 10,187 10,181 11,500
Total Interest Income 12,101 12,185 12,898
------ ------ ------
Interest Expense - Total Checking 261 264 348
Interest Expense - Total Savings 985 1,032 603
Interest Expense - Total CDs 2,442 2,950 4,057
Interest Expense - Borrowings 1,078 1,081 1,154
----- ----- -----
Total Interest Expense 4,766 5,327 6,162
----- ----- -----
Net Interest Income Before Provision 7,335 6,858 6,736
Provision for Loan Losses 2,000 3,000 1,300
----- ----- -----
Net Interest Income After Provision 5,335 3,858 5,436
Branch Fee Income 379 373 351
Loan Fee Income 269 398 335
Bank Owned Life Insurance (BOLI) 56 56 53
Gain on Sale of Mortgage Loans 33 71 19
Gain on Sale of SBA Loans 364 - 9
Other-than-temporary impairment
charges (862) - (339)
Net Security Gains 180 158 15
Other Income 116 106 112
--- --- ---
Total Noninterest Income 535 1,162 555
Total Compensation and Benefits 2,857 2,909 2,837
Occupancy Expense 623 595 671
Communications and Delivery Expense 523 531 583
Furniture, Fixtures and Equipment
Expense 448 414 451
Professional Services Expense 262 274 272
Loan Collection Costs 330 315 216
FDIC Insurance Expense 346 351 298
Advertising Expense 156 147 152
Other Expense 531 574 293
--- --- ---
Total Noninterest Expense 6,076 6,110 5,773
Net Income (Loss) Before Taxes (206) (1,090) 218
Income Tax Benefit (340) (343) (366)
---- ---- ----
Net Income (Loss) 134 (747) 584
--- ---- ---
Preferred Dividends & Discount
Accretion 373 372 110
--- --- ---
Income Available
(Loss Attributable) to Common
Shareholders $(239) $(1,119) $474
----- ------- ----
Effective Tax Rate 165.0% 31.5% -167.9%
Net Income (Loss) Per Share - Basic $(0.03) $(0.16) $0.07
Net Income (Loss) Per Share - Diluted $(0.03) $(0.16) $0.07
Average Shares Outstanding - Basic 7,126 7,119 7,113
Average Shares Outstanding - Diluted 7,126 7,119 7,190
2009.Q4 VS.
---------------
2009.Q3 2008.Q4
----------- -----------
Amounts in thousands, except percentages
and per share amounts % %
--- ---
Interest Income - Cash and Cash
Equivalents 28.1% -38.8%
Interest Income - FHLB/ACBB Stock -46.5% 800.0%
Interest Income - AFS Investments -1.1% 52.9%
Interest Income - HTM Investments -9.3% -3.6%
---- ----
Interest Income - Total Investments -2.8% 37.3%
Interest Income - SBA Loans 5.3% -19.9%
Interest Income - SBA 504 Loans 1.0% -19.5%
Interest Income - Commercial Loans -2.7% -8.3%
Interest Income - Mortgage Loans 3.5% -6.6%
Interest Income - Consumer Loans -1.8% -8.5%
---- ----
Interest Income - Total Loans 0.1% -11.4%
Total Interest Income -0.7% -6.2%
---- ----
Interest Expense - Total Checking -1.1% -25.0%
Interest Expense - Total Savings -4.6% 63.3%
Interest Expense - Total CDs -17.2% -39.8%
Interest Expense - Borrowings -0.3% -6.6%
---- ----
Total Interest Expense -10.5% -22.7%
----- -----
Net Interest Income Before Provision 7.0% 8.9%
Provision for Loan Losses -33.3% 53.8%
----- ----
Net Interest Income After Provision 38.3% -1.9%
Branch Fee Income 1.6% 8.0%
Loan Fee Income -32.4% -19.7%
Bank Owned Life Insurance (BOLI) 0.0% 5.7%
Gain on Sale of Mortgage Loans -53.5% 73.7%
Gain on Sale of SBA Loans 100.0% 3944.4%
Other-than-temporary impairment charges -100.0% 154.0%
Net Security Gains 13.9% 1070.1%
Other Income 9.4% 3.6%
--- ---
Total Noninterest Income -54.0% -3.6%
Total Compensation and Benefits -1.8% 0.7%
Occupancy Expense 4.7% -7.2%
Communications and Delivery Expense -1.5% -10.3%
Furniture, Fixtures and Equipment
Expense 8.2% -0.7%
Professional Services Expense -4.4% -3.7%
Loan Collection Costs 4.8% 52.8%
FDIC Insurance Expense -1.4% 16.1%
Advertising Expense 6.1% 2.6%
Other Expense -7.5% 81.2%
---- ----
Total Noninterest Expense -0.6% 5.2%
Net Income (Loss) Before Taxes -81.1% -194.5%
Income Tax Benefit -0.9% -7.1%
---- ----
Net Income (Loss) -117.9% -77.1%
------ -----
Preferred Dividends & Discount Accretion 0.3% 239.1%
--- -----
Income Available (Loss Attributable)
to Common Shareholders -78.6% -150.4%
----- ------
UNITY BANCORP, INC.
YTD CONSOLIDATED STATEMENTS OF INCOME
December 31, 2009
CURRENT YTD
Amounts in thousands, CURRENT YTD PRIOR YTD VS. PRIOR YTD
except percentages and ----------- ---------- -------------
per share amounts 12/31/2009 12/31/2008 $ %
---------- ---------- --- ---
Interest Income - Cash and
Cash Equivalents $117 $471 $(354) -75.2%
Interest Income - FHLB/ACBB
Stock 277 240 37 15.4%
Interest Income - AFS
Investments 6,136 3,673 2,463 67.1%
Interest Income - HTM
Investments 1,520 1,582 (62) -3.9%
----- ----- --- ----
Interest Income - Total
Investments 7,656 5,255 2,401 45.7%
Interest Income - SBA Loans 6,246 8,370 (2,124) -25.4%
Interest Income - SBA 504
Loans 4,821 5,572 (751) -13.5%
Interest Income -
Commercial Loans 19,881 21,424 (1,543) -7.2%
Interest Income - Mortgage
Loans 7,252 5,971 1,281 21.5%
Interest Income - Consumer
Loans 3,160 3,462 (302) -8.7%
----- ----- ---- ----
Interest Income - Total
Loans 41,360 44,799 (3,439) -7.7%
------ ------ ------ ----
Total Interest Income 49,410 50,765 (1,355) -2.7%
------ ------ ------ ----
Interest Expense - Total
Checking 1,063 1,468 (405) -27.6%
Interest Expense - Total
Savings 3,574 3,644 (70) -1.9%
Interest Expense - Total
CDs 12,523 13,836 (1,313) -9.5%
Interest Expense -
Borrowings 4,422 4,526 (104) -2.3%
----- ----- ---- ----
Total Interest Expense 21,582 23,474 (1,892) -8.1%
------ ------ ------ ----
Net Interest Income Before
Provision 27,828 27,291 537 2.0%
Provision for Loan Losses 8,000 4,500 3,500 77.8%
----- ----- ----- ----
Net Interest Income After
Provision 19,828 22,791 (2,963) -13.0%
Branch Fee Income 1,418 1,393 25 1.8%
Loan Fee Income 1,214 1,271 (57) -4.5%
Bank Owned Life Insurance
(BOLI) 222 210 12 5.7%
Gain on Sale of
Mortgage Loans 217 40 177 442.5%
Gain on Sale of SBA
Loans 393 1,217 (824) -67.7%
Other-than-temporary
impairment charges (2,611) (1,540) (1,071) 69.5%
Net Security Gains (Losses) 855 (378) 1,233 -326.2%
Other Income 432 481 (49) -10.2%
--- --- --- -----
Total Noninterest Income 2,140 2,694 (554) -20.6%
Total Compensation and
Benefits 11,243 11,985 (742) -6.2%
Occupancy Expense 2,552 2,773 (221) -8.0%
Communications and Delivery
Expense 2,077 2,251 (174) -7.7%
Furniture, Fixtures and
Equipment Expense 1,829 1,675 154 9.2%
Professional Services
Expense 1,042 898 144 16.0%
Loan Collection Costs 1,023 662 361 54.5%
FDIC Insurance Expense 1,707 589 1,118 189.8%
Advertising Expense 530 451 79 17.5%
Other Expense 1,944 1,655 289 17.5%
----- ----- --- ----
Total Noninterest Expense 23,947 22,939 1,008 4.4%
Net Income (Loss) Before
Taxes (1,979) 2,546 (4,525) -177.7%
Income Taxes (Benefit) (898) 616 (1,514) -245.8%
---- --- ------ ------
Net Income (Loss) (1,081) 1,930 (3,011) -156.0%
------ ----- ------ ------
Preferred Dividends &
Discount Accretion 1,496 110 1,386 1260.0%
----- --- ----- ------
Income Available (Loss
Attributable) to Common
Shareholders $(2,577) $1,820 $(4,397) -241.6%
------- ------ ------- ------
Effective Tax Rate 45.4% 24.2%
Net Income (Loss) Per
Share -Basic $(0.36) $0.26
Net Income (Loss) Per
Share -Diluted $(0.36) $0.25
Average Shares
Outstanding -Basic 7,121 7,097
Average Shares
Outstanding -Diluted 7,121 7,267
UNITY BANCORP, INC.
QUARTER TO DATE NET INTEREST MARGIN
December 31, 2009
For the Three Months Ended
--------------------------
December 31, 2009
-----------------
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and interest-
bearing deposits $50,730 $41 0.32%
Federal Home Loan Bank stock 4,677 54 4.58%
Securities available for sale (A) 141,742 1,479 4.17%
Securities held to maturity (A) 29,369 371 5.05%
------ --- ----
Total securities 171,111 1,850 4.32%
------- ----- ----
SBA loans 102,170 1,578 6.18%
SBA 504 loans 71,295 1,158 6.44%
Commercial loans 295,718 4,840 6.49%
Residential mortgage loans 128,871 1,834 5.69%
Consumer loans 62,038 777 4.97%
------ --- ----
Total loans 660,092 10,187 6.14%
------- ------ ----
Total Interest-earning Assets 886,610 $12,132 5.45%
Noninterest-earning assets:
Cash and due from banks 19,273
Allowance for loan losses (13,347)
Other assets 35,406
------
Total Noninterest-earning Assets 41,332
--------
Total Assets $927,942
--------
Interest-bearing Liabilities:
Total interest-bearing checking $99,196 $261 1.04%
Total savings 278,710 985 1.40%
Total time deposits 294,229 2,442 3.29%
------- ----- ----
Total Interest-bearing Deposits 672,135 3,688 2.18%
Total borrowings 100,465 1,078 4.20%
------- ----- ----
Total Interest-bearing
Liabilities 772,600 $4,766 2.44%
------- ------ ----
Noninterest-bearing Liabilities:
Noninterest-bearing checking 83,770
Other liabilities 4,358
-----
Total Noninterest-bearing
liabilities 88,128
Total Shareholders' Equity 67,214
--------
Total Liabilities and
Shareholders' Equity $927,942
--------
Net Interest Spread 7,366 3.01%
Tax-equivalent Basis Adjustment (A) (31)
---
Net Interest Income 7,335
----
Net Interest Margin 3.30%
----
For the Three Months Ended
--------------------------
September 30, 2009
------------------
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and interest-
bearing deposits $32,940 $32 0.39%
Federal Home Loan Bank stock 4,677 101 8.57%
Securities available for sale (A) 131,360 1,495 4.55%
Securities held to maturity (A) 31,418 407 5.18%
------ --- ----
Total securities 162,778 1,902 4.67%
------- ----- ----
SBA loans 102,691 1,498 5.83%
SBA 504 loans 71,764 1,147 6.34%
Commercial loans 301,010 4,973 6.55%
Residential mortgage loans 123,786 1,772 5.73%
Consumer loans 62,459 791 5.02%
------ --- ----
Total loans 661,710 10,181 6.12%
------- ------ ----
Total Interest-earning Assets 862,105 $12,216 5.64%
Noninterest-earning assets:
Cash and due from banks 18,502
Allowance for loan losses (11,478)
Other assets 34,355
------
Total Noninterest-earning Assets 41,379
--------
Total Assets $903,484
--------
Interest-bearing Liabilities:
Total interest-bearing checking $88,284 $264 1.19%
Total savings 239,427 1,032 1.71%
Total time deposits 323,484 2,950 3.62%
------- ----- ----
Total Interest-bearing Deposits 651,195 4,246 2.59%
Total borrowings 100,465 1,081 4.21%
------- ----- ----
Total Interest-bearing
Liabilities 751,660 $5,327 2.80%
------- ------ ----
Noninterest-bearing Liabilities:
Noninterest-bearing checking 79,965
Other liabilities 4,945
-----
Total Noninterest-bearing
Liabilities 84,910
Total Shareholders' Equity 66,914
--------
Total Liabilities and
Shareholders' Equity $903,484
--------
Net Interest Spread 6,889 2.84%
Tax-equivalent Basis Adjustment (A) (31)
---
Net Interest Income 6,858
----
Net Interest Margin 3.17%
----
UNITY BANCORP, INC.
QUARTER TO DATE NET INTEREST MARGIN
December 31, 2009
For the Three Months Ended
--------------------------
December 31, 2009
-----------------
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and interest-
bearing deposits $50,730 $41 0.32%
Federal Home Loan Bank stock 4,677 54 4.58%
Securities available for sale (A) 141,742 1,479 4.17%
Securities held to maturity (A) 29,369 371 5.05%
------ --- ----
Total securities 171,111 1,850 4.32%
------- ----- ----
SBA loans 102,170 1,578 6.18%
SBA 504 loans 71,295 1,158 6.44%
Commercial loans 295,718 4,840 6.49%
Residential mortgage loans 128,871 1,834 5.69%
Consumer loans 62,038 777 4.97%
------ --- ----
Total loans 660,092 10,187 6.14%
------- ------ ----
Total Interest-earning Assets 886,610 $12,132 5.45%
Noninterest-earning assets:
Cash and due from banks 19,273
Allowance for loan losses (13,347)
Other assets 35,406
------
Total Noninterest-earning Assets 41,332
--------
Total Assets $927,942
--------
Interest-bearing Liabilities:
Total interest-bearing checking $99,196 $261 1.04%
Total savings 278,710 985 1.40%
Total time deposits 294,229 2,442 3.29%
------- ----- ----
Total Interest-bearing Deposits 672,135 3,688 2.18%
Total borrowings 100,465 1,078 4.20%
------- ----- ----
Total Interest-bearing
Liabilities 772,600 $4,766 2.44%
------- ------ ----
Noninterest-bearing Liabilities:
Noninterest-bearing checking 83,770
Other liabilities 4,358
-----
Total Noninterest-bearing
Liabilities 88,128
Total Shareholders' Equity 67,214
--------
Total Liabilities and
Shareholders' Equity $927,942
--------
Net Interest Spread 7,366 3.01%
Tax-equivalent Basis Adjustment (A) (31)
---
Net Interest Income 7,335
----
Net Interest Margin 3.30%
----
For the Three Months Ended
--------------------------
December 31, 2008
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and interest-
bearing deposits $37,262 $67 0.72%
Federal Home Loan Bank stock 4,422 6 0.54%
Securities available for sale (A) 76,941 972 5.05%
Securities held to maturity (A) 29,962 384 5.13%
------ --- ----
Total securities 106,903 1,356 5.07%
------- ----- ----
SBA loans 103,682 1,971 7.60%
SBA 504 loans 78,466 1,438 7.29%
Commercial loans 310,474 5,279 6.76%
Residential mortgage loans 131,557 1,963 5.97%
Consumer loans 61,114 849 5.53%
------ --- ----
Total loans 685,293 11,500 6.69%
------- ------ ----
Total Interest-earning Assets 833,880 $12,929 6.18%
Noninterest-earning assets:
Cash and due from banks 21,520
Allowance for loan losses (10,111)
Other assets 32,855
------
Total Noninterest-earning Assets 44,264
--------
Total Assets $878,144
--------
Interest-bearing Liabilities:
Total interest-bearing checking $88,166 $348 1.57%
Total savings 137,602 603 1.74%
Total time deposits 407,239 4,057 3.96%
------- ----- ----
Total Interest-bearing Deposits 633,007 5,008 3.15%
Total borrowings 110,802 1,154 4.08%
------- ----- ----
Total Interest-bearing
Liabilities 743,809 $6,162 3.29%
------- ------ ----
Noninterest-bearing Liabilities:
Noninterest-bearing checking 78,351
Other liabilities 3,058
-----
Total Noninterest-bearing
Liabilities 81,409
Total Shareholders' Equity 52,926
--------
Total Liabilities and
Shareholders' Equity $878,144
--------
Net Interest Spread 6,767 2.90%
Tax-equivalent Basis Adjustment (A) (31)
---
Net Interest Income 6,736
----
Net Interest Margin 3.23%
----
UNITY BANCORP, INC.
YEAR TO DATE NET INTEREST MARGIN
December 31, 2009
December 31, 2009
-----------------
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and
interest-bearing deposits $27,163 $117 0.43%
Federal Home Loan Bank stock 5,061 277 5.47%
Securities available for sale (A) 135,537 6,189 4.57%
Securities held to maturity (A) 32,292 1,593 4.93%
------ ----- ----
Total securities 167,829 7,782 4.64%
------- ----- ----
SBA loans 103,031 6,246 6.06%
SBA 504 loans 73,517 4,821 6.56%
Commercial loans 301,340 19,881 6.60%
Residential mortgage loans 126,474 7,252 5.73%
Consumer loans 62,481 3,160 5.06%
------ ----- ----
Total loans 666,843 41,360 6.20%
------- ------ ----
Total Interest-earning Assets $866,896 $49,536 5.71%
Noninterest-earning assets:
Cash and due from banks 18,948
Allowance for loan losses (11,721)
Other assets 33,913
------
Total Noninterest-earning
Assets 41,140
--------
Total Assets $908,036
--------
Interest-bearing Liabilities:
Total interest-bearing
checking $89,500 $1,063 1.19%
Total savings 214,274 3,574 1.67%
Total time deposits 341,233 12,523 3.67%
------- ------ ----
Total Interest-bearing
Deposits 645,007 17,160 2.66%
Total borrowings 112,403 4,422 3.88%
------- ----- ----
Total Interest-bearing
Liabilities $757,410 $21,582 2.84%
-------- ------- ----
Noninterest-bearing
Liabilities:
Noninterest-bearing checking 79,252
Other liabilities 4,313
-----
Total Noninterest-bearing
Liabilities 83,565
Total Shareholders' Equity 67,061
--------
Total Liabilities and
Shareholders' Equity $908,036
--------
Net Interest Spread $27,954 2.87%
Tax-equivalent Basis
Adjustment (A) (126)
----
Net Interest Income $27,828
----
Net Interest Margin 3.22%
----
December 31, 2008
-----------------
Amounts in thousands, except Average Rate/
percentages Balance Interest Yield
------------ ------------ -----
Interest-earning Assets:
Federal funds sold and
interest-bearing deposits $26,686 $471 1.76%
Federal Home Loan Bank stock 4,353 240 5.51%
Securities available for sale (A) 74,243 3,761 5.07%
Securities held to maturity (A) 31,710 1,654 5.22%
------ ----- ----
Total securities 105,953 5,415 5.11%
------- ----- ----
SBA loans 101,430 8,370 8.25%
SBA 504 loans 74,617 5,572 7.47%
Commercial loans 308,751 21,424 6.94%
Residential mortgage loans 100,110 5,971 5.96%
Consumer loans 59,291 3,462 5.84%
------ ----- ----
Total loans 644,199 44,799 6.95%
------- ------ ----
Total Interest-earning Assets $781,191 $50,925 6.52%
Noninterest-earning assets:
Cash and due from banks 17,529
Allowance for loan losses (9,179)
Other assets 31,667
------
Total Noninterest-earning
Assets 40,017
--------
Total Assets $821,208
--------
Interest-bearing Liabilities:
Total interest-bearing
checking $84,336 $1,468 1.74%
Total savings 168,784 3,644 2.16%
Total time deposits 330,174 13,836 4.19%
------- ------ ----
Total Interest-bearing
Deposits 583,294 18,948 3.25%
Total borrowings 108,214 4,526 4.18%
------- ----- ----
Total Interest-bearing
Liabilities $691,508 $23,474 3.39%
-------- ------- ----
Noninterest-bearing
Liabilities:
Noninterest-bearing checking 78,282
Other liabilities 2,531
-----
Total Noninterest-bearing
Liabilities 80,813
Total Shareholders' Equity 48,887
--------
Total Liabilities and
Shareholders' Equity $821,208
--------
Net Interest Spread $27,451 3.13%
Tax-equivalent Basis
Adjustment (A) (160)
----
Net Interest Income $27,291
----
Net Interest Margin 3.51%
----
(A) Yields related to securities exempt from federal and state income
taxes are stated on a fully tax-equivalent basis. They are reduced by
the nondeductible portion of interest expense, assuming a federal tax
rate of 34 percent and applicable state rates.
UNITY BANCORP, INC.
ALLOWANCE FOR LOAN LOSSES AND LOAN QUALITY SCHEDULES
December 31, 2009
Amounts in thousands, 12/31/ 9/30/ 6/30/ 3/31/ 12/31/
except percentages 2009 2009 2009 2009 2008
------ ----- ----- ----- ------
ALLOWANCE FOR LOAN
LOSSES:
------------------
Balance, Beginning of
Quarter $12,445 $10,665 $10,307 $10,326 $9,913
Provision for Loan
Losses Charged to
Expense 2,000 3,000 1,500 1,500 1,300
----- ----- ----- ----- -----
14,445 13,665 11,807 11,826 11,213
Less: Chargeoffs
SBA loans - 448 323 1,106 310
SBA 504 loans 500 - 112 200 500
Commercial loans 125 674 798 249 148
Residential mortgage
loans - 125 33 58 -
Consumer loans 5 11 11 - 5
-- -- -- -- --
Total Chargeoffs 630 1,258 1,277 1,613 963
--- ----- ----- ----- ---
Add: Recoveries
SBA loans 23 14 56 33 72
SBA 504 loans - 22 - 5 -
Commercial loans 3 - 79 53 4
Residential mortgage
loans - - - - -
Consumer loans 1 2 - 3 -
-- -- -- -- --
Total Recoveries 27 38 135 94 76
-- -- --- -- --
Net Chargeoffs 603 1,220 1,142 1,519 887
--- ----- ----- ----- ---
Balance, End of
Quarter 13,842 12,445 10,665 10,307 10,326
====== ====== ====== ====== ======
LOAN QUALITY
INFORMATION:
-------------
Nonperforming loans $25,496 $24,687 $22,774 $19,886 $16,120
Other real estate
owned (OREO) 1,530 2,774 466 763 710
----- ----- --- --- ---
Total nonperforming
assets 27,026 27,461 23,240 20,649 16,830
------ ------ ------ ------ ------
Less: Amount
guaranteed by Small
Business
Administration 1,931 1,759 3,214 2,426 $1,983
----- ----- ----- ----- ------
Net nonperforming
assets 25,095 25,702 20,026 18,223 14,847
====== ====== ====== ====== ======
Loans 90 Days Past Due
& Still Accruing $2,286 $1,609 $781 $853 $2,536
Allowance for Loan
Losses to:
Total Loans at Quarter
End 2.11% 1.90% 1.60% 1.54% 1.51%
Nonperforming loans 54.29% 50.41% 46.83% 51.83% 64.06%
Total nonperforming
assets 51.22% 45.32% 45.89% 49.92% 61.35%
Net nonperforming
assets 55.16% 48.42% 53.26% 56.56% 69.55%
QTD net chargeoffs
(annualized) to QTD
average loans:
SBA loans -0.09% 1.68% 1.05% 4.14% 0.91%
SBA 504 loans 2.78% -0.12% 0.61% 1.03% 2.54%
Commercial loans 0.16% 0.89% 0.95% 0.26% 0.18%
Residential mortgage
loans 0.00% 0.40% 0.11% 0.18% 0.00%
Consumer loans 0.03% 0.06% 0.07% -0.02% 0.03%
---- ---- ---- ----- ----
Total Loans 0.36% 0.73% 0.69% 0.91% 0.52%
Nonperforming Loans to
Total Loans 3.88% 3.76% 3.42% 2.97% 2.35%
Nonperforming Assets
to Total Loans & OREO 4.10% 4.17% 3.49% 3.08% 2.45%
Nonperforming Assets
to Total Assets 2.90% 2.98% 2.54% 2.33% 1.87%
UNITY BANCORP, INC.
QUARTERLY FINANCIAL DATA
December 31, 2009
Amounts in
thousands, except
percentages and per 12/31/ 9/30/ 6/30/ 3/31/ 12/31/
share amounts 2009 2009 2009 2009 2008
------ ----- ----- ----- ------
SUMMARY OF INCOME:
------------------
Total Interest Income $12,101 $12,185 $12,531 $12,590 $12,898
Total Interest
Expense 4,766 5,327 5,673 5,816 6,162
----- ----- ----- ----- -----
Net Interest Income
Before Provision 7,335 6,858 6,858 6,774 6,736
Provision for Loan
Losses 2,000 3,000 1,500 1,500 1,300
----- ----- ----- ----- -----
Net Interest Income
After Provision 5,335 3,858 5,358 5,274 5,436
Total Noninterest
Income (Loss) 535 1,162 (907) 1,348 555
Total Noninterest
Expense 6,076 6,110 6,203 5,555 5,773
----- ----- ----- ----- -----
Net Income (Loss)
Before Taxes (206) (1,090) (1,752) 1,067 218
Income Taxes
(Benefit) (340) (343) (552) 336 (366)
---- ---- ---- --- ----
Net Income (Loss) 134 (747) (1,200) 731 584
Preferred Dividends &
Discount Accretion 373 372 372 379 110
--- --- --- --- ---
Income Available
(Loss Attributable)
to Common Shareholders $(239) $(1,119) $(1,572) $352 $474
===== ======= ======= ==== ====
Net Income (Loss) Per
Share -Basic (0.03) (0.16) (0.22) 0.05 0.07
Net Income (Loss) Per
Share -Diluted (0.03) (0.16) (0.22) 0.05 0.07
COMMON SHARE DATA:
------------------
Market Price Per
Share 4.02 4.20 3.55 3.19 3.90
Dividends Paid - - - - -
Book Value Per Common
Share 6.91 6.88 6.85 6.93 6.99
Average Shares
Outstanding -Basic 7,126 7,119 7,119 7,119 7,113
Average Shares
Outstanding -Diluted 7,126 7,119 7,119 7,147 7,190
Shares Outstanding 7,144 7,119 7,119 7,119 7,119
OPERATING RATIOS
(Annualized):
----------------
Return on Average
Assets 0.06% -0.33% -0.54% 0.33% 0.26%
Return on Average
Common Equity -1.95% -9.14% -12.97% 2.90% 3.56%
Efficiency Ratio 71.05% 77.72% 80.58% 73.02% 75.81%
BALANCE SHEET DATA:
-------------------
Total Assets $930,357 $922,689 $913,446 $886,677 $898,310
Total Deposits 758,239 750,665 731,763 703,266 707,117
Total Loans 657,016 656,520 665,331 669,902 685,946
Total Securities 169,022 171,501 164,794 158,022 149,509
Total Shareholders'
Equity 67,865 67,385 67,064 67,525 67,803
Allowance for Loan
Losses (13,842) (12,445) (10,665) (10,307) (10,326)
TAX EQUIVALENT YIELDS
AND RATES:
---------------------
Interest-earning
Assets 5.45% 5.64% 5.91% 5.87% 6.18%
Interest-bearing
Liabilities 2.44% 2.80% 3.05% 3.10% 3.29%
Net Interest Spread 3.01% 2.84% 2.86% 2.77% 2.90%
Net Interest Margin 3.30% 3.17% 3.24% 3.14% 3.23%
CREDIT QUALITY:
---------------
Nonperforming Assets 27,026 27,461 23,240 20,649 16,830
QTD Net Chargeoffs
(annualized) to QTD
Average Loans 0.36% 0.73% 0.69% 0.91% 0.52%
Allowance for Loan
Losses to Total
Loans 2.11% 1.90% 1.60% 1.54% 1.51%
Nonperforming Assets
to Total Loans and
OREO 4.10% 4.17% 3.49% 3.08% 2.45%
Nonperforming Assets
to Total Assets 2.90% 2.98% 2.54% 2.33% 1.87%
CAPITAL RATIOS AND
OTHER:
------------------
Total Equity to Total
Assets 7.29% 7.30% 7.34% 7.62% 7.55%
Leverage Ratio 8.83% 9.08% 9.30% 9.28% 9.54%
Tier 1 Risk-Based
Capital Ratio 11.75% 11.83% 11.88% 12.32% 12.02%
Total Risk-Based
Capital Ratio 13.01% 13.09% 13.13% 13.57% 13.27%
Number of Banking
Offices 16 16 16 16 16
Number of ATMs 19 19 19 19 19
Number of Employees 174 175 168 162 167
SOURCE Unity Bancorp, Inc.
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