Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only) [Abstract]

Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only)

21.  Condensed Financial Statements of Unity Bancorp, Inc.

(Parent Company Only)

Balance Sheets
(In thousands)	December 31, 2013		December 31, 2012
ASSETS
Cash and cash equivalents	$	724	$	11,869
Securities available for sale		166		105
Capital note due from Bank		8,500		8,500
Investment in subsidiaries		62,814		72,213
Other assets		493		476
Total assets	$	72,697	$	93,163
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	59	$	188
Subordinated debentures		15,465		15,465
Shareholders' equity		57,173		77,510
Total liabilities and shareholders' equity	$	72,697	$	93,163

Statements of Income	For the years ended December 31,
(In thousands)	2013		2012
Total interest income	$	761	$	761
Total interest expense		287		345
Net interest income		474		416
Gains on sales of securities		3		-
Other expenses		22		19
Income before provision for income taxes and equity in undistributed net income of subsidiary		455		397
Provision for income taxes		116		136
Income before equity in undistributed net income of subsidiary		339		261
Equity in undistributed net income of subsidiary		4,776		3,983
Net income		5,115		4,244
Preferred stock dividends and discount accretion		988		1,602
Income available to common shareholders	$	4,127	$	2,642

Statements of Cash Flows	For the years ended December 31,
(In thousands)	2013		2012
OPERATING ACTIVITIES
Net income	$	5,115	$	4,244
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(4,776)		(3,983)
Gains on sales of securities		(3)		-
Net change in other assets and other liabilities		(22)		(8)
Net cash provided by operating activities		314		253
INVESTING ACTIVITIES
Purchases of securities		(100)		-
Proceeds from sales of securities		63		-
Net cash used in investing activities		(37)		-
FINANCING ACTIVITIES
Redemption of perpetual preferred stock from U.S. Treasury		(20,649)		-
Repurchase of warrant from U.S. Treasury		(2,707)		-
Proceeds from exercise of stock options		-		173
Cash dividends paid on preferred stock		(585)		(1,032)
Cash dividends paid on common stock		(188)		-
Dividend from Bank		12,707		9,000
Net cash provided by (used in) financing activities		(11,422)		8,141
Increase in cash and cash equivalents		(11,145)		8,394
Cash and cash equivalents, beginning of year		11,869		3,475
Cash and cash equivalents, end of year	$	724	$	11,869
SUPPLEMENTAL DISCLOSURES
Interest paid	$	287	$	362