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

12 Months Ended

Dec. 31, 2021

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

Condensed Balance Sheets

Balance Sheets

	December 31,		December 31,
(In thousands)	2021		2020
ASSETS
Cash and cash equivalents	$	1,685	$	640
Equity securities		5,043		1,003
Investment in subsidiaries		207,799		181,113
Premises and equipment, net		3,709		3,823
Other assets		—		52
Total assets	$	218,236	$	186,631
LIABILITIES AND SHAREHOLDERS’ EQUITY
Loan due to subsidiary bank	$	2,108	$	2,209
Other liabilities		89		201
Subordinated debentures		10,310		10,310
Shareholders’ equity		205,729		173,911
Total liabilities and shareholders’ equity	$	218,236	$	186,631

Condensed Statements of Income

Statements of Income

	For the year ended December 31,
(In thousands)	2021		2020		2019
Dividend from Bank	$	11,285	$	8,200	$	3,300
Dividend from Nonbank subsidiary		823		575		—
Gain on sales of securities		4		5		17
Market value appreciation on equity securities		588		—		293
Other income		532		465		454
Total income		13,232		9,245		4,064
Interest expenses		257		349		366
Market value depreciation on equity securities		—		246		—
Other expenses		258		259		251
Total expenses		515		854		617
Income before provision for income taxes and equity in undistributed net income of subsidiary		12,717		8,391		3,447
Benefit (provision) for income taxes		219		(22)		78
Income before equity in undistributed net income of subsidiary		12,498		8,413		3,369
Equity in undistributed net income of subsidiaries		23,621		15,231		20,284
Net income	$	36,119	$	23,644	$	23,653

Condensed Statements of Cash Flows

Statements of Cash Flows

	For the year ended December 31,
(In thousands)	2021		2020		2019
OPERATING ACTIVITIES
Net income	$	36,119	$	23,644	$	23,653
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(23,621)		(15,231)		(20,284)
Gain on sales of securities		(4)		(5)		(17)
Net change in other assets and other liabilities		(723)		285		506
Net cash provided by operating activities		11,771		8,693		3,858
INVESTING ACTIVITIES
Purchase of land and building		—		(87)		(64)
Purchases of securities		(3,500)		—		—
Proceeds from sales of securities		53		111		198
Net cash (used in) provided by investing activities		(3,447)		24		134
FINANCING ACTIVITIES
Proceeds from exercise of stock options		630		451		453
Repayment of advances from subsidiaries		(101)		(96)		(91)
Purchase of treasury stock		(4,191)		(7,442)		—
Cash dividends paid on common stock		(3,617)		(3,298)		(3,255)
Net cash used in financing activities		(7,279)		(10,385)		(2,893)
Increase (decrease) in cash and cash equivalents		1,045		(1,668)		1,099
Cash and cash equivalents, beginning of period		640		2,308		1,209
Cash and cash equivalents, end of period	$	1,685	$	640	$	2,308
SUPPLEMENTAL DISCLOSURES
Interest paid	$	361	$	458	$	479