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

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Balance Sheets
(In thousands)	December 31, 2018		December 31, 2017
ASSETS
Cash and cash equivalents	$	1,209	$	1,632
Equity securities	1,239		278
Investment in subsidiaries	143,487		124,634
Premises and equipment, net	3,893		3,999
Other assets	1,372		369
Total assets	$	151,200	$	130,912
LIABILITIES AND SHAREHOLDERS' EQUITY
Loan due to subsidiary bank	$	2,396	$	2,483
Other liabilities	6		14
Subordinated debentures	10,310		10,310
Shareholders' equity	138,488		118,105
Total liabilities and shareholders' equity	$	151,200	$	130,912

Condensed Statements of Income

Statements of Income	For the year ended December 31,
(In thousands)	2018			2017			2016
Dividend from Bank	$	2,890		$	2,452		$	6,598
Gain on repurchase of subordinated debenture	—			—			994
Gains on sales of securities	—			—			177
Other income	425			413			692
Total income	3,315			2,865			8,461
Interest expenses	251			251			265
Market value write-downs on equity securities	171			—			—
Other expenses	261			251			245
Total expenses	683			502			510
Income before provision for income taxes and equity in undistributed net income of subsidiary	2,632			2,363			7,951
Benefit (provision) for income taxes	(14		)	(15		)	550
Income before equity in undistributed net income of subsidiary	2,646			2,378			7,401
Equity in undistributed net income of subsidiary	19,273			10,515			5,808
Net income	$	21,919		$	12,893		$	13,209

Condensed Statements of Cash Flows

Statements of Cash Flows	For the year ended December 31,
(In thousands)	2018			2017			2016
OPERATING ACTIVITIES
Net income	$	21,919		$	12,893		$	13,209
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary	(19,273		)	(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	377			(81		)	118
Net cash provided by operating activities	3,023			2,297			6,348
INVESTING ACTIVITIES
Purchase of land and building	—			(55		)	(4,375		)
Purchases of securities	(1,133		)	(262		)	(445		)
Repayment of advances to subsidiary	—			—			7,230
Proceeds from sales of securities	—			—			769
Net cash used in investing activities	(1,133		)	(317		)	3,179
FINANCING ACTIVITIES
Proceeds from exercise of stock options	576			509			550
Proceeds from capital offering	—			—			14,412
Proceeds from advances from subsidiaries	—			—			2,625
Repayment of advances from subsidiaries	(87		)	(83		)	(59		)
Repayment of long term debt	—			—			(2,891		)
Investment in Bank	—			—			(21,500		)
Cash dividends paid on common stock	(2,802		)	(2,380		)	(1,524		)
Net cash provided used in financing activities	(2,313		)	(1,954		)	(8,387		)
(Decrease) increase in cash and cash equivalents	(423		)	26			1,140
Cash and cash equivalents, beginning of period	1,632			1,606			466
Cash and cash equivalents, end of period	$	1,209		$	1,632		$	1,606
SUPPLEMENTAL DISCLOSURES
Interest paid	$	368		$	374		$	273