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

12 Months Ended

Dec. 31, 2015

20. Condensed Financial Statements of Unity Bancorp, Inc.

(Parent Company Only)


Balance Sheets
(In thousands)	December 31, 2015		December 31, 2014
ASSETS
Cash and cash equivalents	$	466	$	198
Securities available for sale		216		198
Capital note due from Bank		8,500		8,500
Investment in subsidiaries		84,336		76,323
Other assets		448		446
Total assets	$	93,966	$	85,665
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	31	$	77
Subordinated debentures		15,465		15,465
Shareholders' equity		78,470		70,123
Total liabilities and shareholders' equity	$	93,966	$	85,665


Statements of Income	For the years ended December 31,
(In thousands)	2015		2014
Total interest income	$	1,893	$	983
Total interest expense		289		281
Net interest income		1,604		702
Gains on sales of securities		-		-
Other expenses		20		32
Income before provision for income taxes and equity in undistributed net income of subsidiary		1,584		670
Provision for income taxes		159		209
Income before equity in undistributed net income of subsidiary		1,425		461
Equity in undistributed net income of subsidiary		8,132		5,947
Net income		9,557		6,408


Statements of Cash Flows	For the years ended December 31,
(In thousands)	2015		2014
OPERATING ACTIVITIES
Net income	$	9,557	$	6,408
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(8,132)		(5,947)
Net change in other assets and other liabilities		(54)		53
Net cash provided by operating activities		1,371		514
INVESTING ACTIVITIES
Purchases of securities		-		-
Proceeds from sales of securities		-		-
Net cash used in investing activities		-		-
FINANCING ACTIVITIES
Proceeds from exercise of stock options		-		70
Proceeds from rights offering		-		6,143
Investment in Bank		-		(6,500)
Cash dividends paid on common stock		(1,103)		(753)
Net cash provided used in financing activities		(1,103)		(1,040)
Increase (decrease) in cash and cash equivalents		268		(526)
Cash and cash equivalents, beginning of period		198		724
Cash and cash equivalents, end of period	$	466	$	198
SUPPLEMENTAL DISCLOSURES
Interest paid	$	287	$	281