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

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

Condensed Financial Statements of Unity Bancorp, Inc.

(Parent Company Only)

Balance Sheets
(In thousands)	December 31, 2017		December 31, 2016
ASSETS
Cash and cash equivalents	$	1,632	$	1,606
Securities available for sale	278		1
Investment in subsidiaries	124,634		113,327
Premises and equipment, net	3,999		4,048
Other assets	369		185
Total assets	$	130,912	$	119,167
LIABILITIES AND SHAREHOLDERS' EQUITY
Loan due to subsidiary bank	$	2,483	$	2,566
Other liabilities	14		—
Subordinated debentures	10,310		10,310
Shareholders' equity	118,105		106,291
Total liabilities and shareholders' equity	$	130,912	$	119,167

Statements of Income	For the year ended December 31,
(In thousands)	2017			2016
Total interest income	$	2,456		$	6,964
Total interest expense	251			265
Net interest income	2,205			6,699
Gains on sales of securities	—			177
Gain on repurchase of subordinated debenture	—			994
Rental income	409			326
Other expenses	251			245
Income before provision for income taxes and equity in undistributed net income of subsidiary	2,363			7,951
(Benefit) Provision for income taxes	(15		)	550
Income before equity in undistributed net income of subsidiary	2,378			7,401
Equity in undistributed net income of subsidiary	10,515			5,808
Net income	$	12,893		$	13,209

Statements of Cash Flows	For the year ended December 31,
(In thousands)	2017			2016
OPERATING ACTIVITIES
Net income	$	12,893		$	13,209
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary	(10,515		)	(5,808		)
Gains on sales of securities	—			(177		)
Gain on repurchase of subordinated debenture	—			(994		)
Net change in other assets and other liabilities	(80		)	118
Net cash provided by operating activities	2,298			6,348
INVESTING ACTIVITIES
Purchase of land and building	(55		)	(4,375		)
Purchases of securities	(262		)	(445		)
Repayment of advances to subsidiary	—			7,230
Proceeds from sales of securities	—			769
Net cash (used in) provided by investing activities	(317		)	3,179
FINANCING ACTIVITIES
Proceeds from exercise of stock options	509			550
Proceeds from capital offering	—			14,412
Proceeds from advances from subsidiaries	—			2,625
Repayment of advances from subsidiaries	(83		)	(59		)
Repayment of long term debt	—			(2,891		)
Investment in Bank	—			(21,500		)
Cash dividends paid on common stock	(2,380		)	(1,524		)
Net cash provided used in financing activities	(1,954		)	(8,387		)
Increase in cash and cash equivalents	27			1,140
Cash and cash equivalents, beginning of period	1,606			466
Cash and cash equivalents, end of period	$	1,633		$	1,606
SUPPLEMENTAL DISCLOSURES
Interest paid	$	374		$	273